Category Archives: Dealing with failure

Whose fault is it that you failed? – Attribution theory 

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If you are motivated, learning will be easy and even enjoyable, however motivating people to learn is one of the biggest challenges there is in education. And it’s complicated, what motivates one person does not motivate another.

One area that is worth exploring in order to get a better understanding of motivation is called attribution theory. Could it be that what you believe about the causes of your successes and failures play a part (Weiner 1995), If for example you believe that your success was as a result of hard work would you be motivated to work even harder?

“I’m a greater believer in luck, and I find the harder I work the more I have of it”. Thomas Jefferson

Attribution theory
Attribution theory was developed by Fritz Heider an Austrian psychologist in the late 1950s. It’s a concept about how people explain the causes of an event or behaviour. The individual’s conclusion will have a significant influence on their emotions, attitudes, and future behaviours. It’s important to note that this is how individuals explain causality to themselves, they are perceptions and interpretations rather than concrete objective realities. Working harder may well be the answer, and yes it was unlucky to be ill on the day of the exam, those are the realities, but attribution theory is about perception. It’s how the individual makes sense of such events that sit comfortably with their view of the world.

“I never blame myself when I’m not hitting. I just blame the bat and if it keeps up, I change bats. After all, if I know it isn’t my fault that I’m not hitting, how can I get mad at myself?” Yogi Berra (baseball player)

Internal and external – Heider’s basic theory suggested that causes could be internal, something under your control or external, something outside of your control. For example, if you scored highly in an exam, you might conclude that this was because you are very smart and worked hard, these are internal attributions. Conversely, if you did badly in the exam, an external attribution would be that the exam was unfair, and the questions unclear. There is a certain positivity about this perspective, but what if you thought the reason you failed was because you are not bright enough, and the only reason you have been successful in the past was pure luck?  The first more positive perspective would build self-esteem, the second erode it.

There is one other aspect of the theory that is worth highlighting, it relates to the perception the individual has in terms of the stability of the attribution. If its stable then it’s thought difficult to change, unstable, easier to change. For example, if you believe that you passed the exam because of your innate intelligence, which is stable, you are more likely to stay the course and overcome setbacks and failures. But if you believe that your intelligence is not fixed, and can get worse, maybe with age, then when faced with a challenge, you may well give up.

“In short, Luck’s always to blame”. Jean de La Fontaine (French Poet)

Why does this matter?
Attribution theory explains how “your perception” of events such as exam success and failure can impact your behaviour and levels of motivation. If you are aware of it you will develop a greater sense of self-awareness and an ability to be able to frame these events in a more positive and helpful way. Remember all that your doing is changing your perception of the event, not the event itself.

Below are a few more observations:

Embrace an attribution style that fosters a growth mindset. Attribute your successes to effort and strategies, and your failures to factors you can change. This mindset promotes a belief that you can develop your abilities over time through hard work.

Use attribution theory to fuel your motivation. When you attribute success to your efforts, it encourages you to work harder in your studies. Likewise, attributing failure to controllable factors can motivate you to adjust your strategies and try again. In order to help maintain your self-esteem and resilience, recognising that sometimes, external circumstances play a role, and it’s not always about your abilities or efforts.

When receiving feedback on your academic performance, ask for specific information about what contributed to your success or failure. This can help you make more accurate attributions and guide your future actions.

This blog is not really about attribution theory, its purpose it to provide you with an understanding of yourself so that you are better prepared for the challenges you will face both inside and outside the exam room.

Attribution or truth…..

“I’ve failed over and over and over again in my life and that is why I succeed”. Michael Jordan

Arnold Schwarzenegger new book– Arni has just brought out a new book called “Be Useful: Seven Tools for Life” and two of his seven tools are “Overcome Your Limitations.” and “Learn from Failure.” Both of which would require some aspect of changes in attribution. 

Exam resits – getting back on the horse

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resit

Failing an exam is not something people plan for but it happens. In fact, I have blogged about it many times because at some point almost all students will have to deal with it. The overriding message is that you should learn from your mistakes and move forward. There are two parts to this, firstly learn from your mistakes, after all you don’t want to make the same ones again, secondly pick yourself up and put together a plan that will take you towards your goal of passing.

Failures, repeated failures, are finger posts on the road to achievement. One fails forward toward success. C. S. Lewis

In the exam world after failure comes the resit, another exam on the same subject sat at some point in the future. But what are the stages in between, how best should you study for an exam that you have already sat and might have only narrowly failed.

Emotional reaction

Imagine the email has arrived and you have failed, as with other challenging situations there are any number of different emotions you might experience. These will depend to some extent on your judgement as to how well the exam itself went. If you didn’t make any huge mistakes, were not fazed by many of the questions and completed them all, you were in with a chance. As a result, you might be shocked, angry, disappointed, frustrated and then you will begin to think about the implications, sitting the exam again, how much time it will take, the costs, having to tell people etc. If on the other hand you thought the exam had gone badly, the result simply confirms you were right. That said the email has taken away that small hope you might have been wrong or in some way fluked it, after all exams have gone badly before and you passed them, so why not again.

Either way, eventually you will end up in the same situation and need the best approach to sit the exam again.

The best approach

  • Mindset

A mindset is little more than a series of assumptions and beliefs that lead to an opinion. What’s important here is to recognise that they are only assumptions. Carol Dwecks work around Fixed and Growth mindsets provide us with evidence as to the importance of having the right mindset and how best to think about it. Dweck argues that students who believe their abilities are carved in stone, intelligence fixed and failure not just a setback but proof of your ability, will find it very difficult to move forward. Alternatively, those with a growth mindset believe they can improve, that intelligence is not fixed, (brain plasticity) and that failure is something to learn from will be in a far better position to learn from their mistakes and try again.

The difference between average people and achieving people is their perception of and response to failure. John C. Maxwell

Failing an exam is a fact, why you failed and what caused that are often assumptions. The secret here is to revisit your assumptions, what you think they mean and change the negative mindset to a positive one. It is very easy to think you are fooling yourself, this is not about putting a positive spin on a set of poor results, if you didn’t do enough work telling yourself it will be better next time will achieve little. The positive mindset here is to recognise that working harder will give you a better chance of passing which of course it will.

Another reframe is to take the advice of the famous behaviourist B.F Skinner, a failure is not always a mistake, it may simply be the best one can do under the circumstances.

  • Learning from your mistakes

Rather than making emotional assumptions as to why you failed far better to spend that energy figuring out what exactly caused the failure. Was it for example lack of work, be honest, was there one area or topic that you simply had no idea what to do, did you run out of time?

Examiners reports and where possible script reviews can be very helpful. One word of caution, script reviews are not remarking exercises. They are there to provide personal feedback on your exam performance. Also, in professional examinations they can be expensive, are not always returned promptly and can sometimes offer little more than what is said in the examiner’s report.

If a script review is not available you could sit the exam again but this time in the comfort of your own home. The purpose here is to provide some insight as to what went wrong, it’s better if you can get your answer marked by a third party, this doesn’t have to be an expert e.g. teacher but it will help. Don’t worry that you will know the answers, think about this in the same way that the police reconstruct a crime, its to give you insight. Not knowing what you did wrong makes it very difficult to do something differently next time.

  • Studying

Firstly, remember you have done this all before, you have a base knowledge of this subject, you’re not starting from scratch. This means you will already have materials, revision notes and a bank of past questions. If you don’t then the good news is you now know exactly what to do!

Past papers – analyse what came up in your exam and add the findings to your existing analysis of past papers. With objective tests or where getting past papers is not possible try and think was there anything different in terms of style, complexity etc.

Revision notes – Although you will have an existing set of notes, it’s a good idea to start with a clean sheet of paper and rewrite them. By all means use your existing notes as a template or guide but re-reading your old revision notes is not particularly effective. You might also want to consider an alternative note taking style for example mind maps.

New question bank – as with revision notes you will also have a book of past questions, get a clean copy e.g. one with no workings or writing in the margin. This is a mindset trick; a clean copy will make each question feel new. Also consider buying or borrowing a completely different set of questions.

Timetable – having a timetable was important last time, its essential for a resit because you are more likely to have limited time available so need to maximise what you do have.

All that remains is for me to wish you the best of luck with the resit and take note of what Zig Ziglar said – failure is an event, not a person.

What to do if you fail the exam? – growth mindset

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failure-sucess

Back in 2011 I wrote about what to do if you fail an exam, it’s one of my most read blogs. Last week I delivered an online presentation for the ACCA, (Association of Chartered Certified Accountants) on how having a growth mindset can help improve your chances of passing an exam, the very opposite of failing. But that is partly the point, very few successful people have never failed, in fact coping with failure is one of the reasons they ultimately succeed.   Having the “right mindset” can not only help you pass, it can give direction and motivation if you fail.

Mindset

The term “growth mindset” was coined by Carol Dweck, Professor of Psychology at Stanford University. She became fascinated as to why some children shrink in the face of problems and give up, while others avidly seek challenges, almost as a form of inspiration. What she discovered was that the type of mindset students held was at the heart of these two differing views. This search for resilience in the face of challenge and adversity has become her life’s work and something that has guided her research for over 40 years.

Fixed – When students have a fixed mindset, they tend to believe abilities are carved in stone, that you have a certain amount of let’s say talent or intelligence and that’s that. They perceive challenges as risky, that they could fail, and their basic abilities called into question. And the fact that they hit obstacles, setbacks, or criticism is just proof their views were correct in the first place.

Growth – In contrast, when students have more of a growth mindset, they believe that talents and abilities can be developed and that challenges were one way of doing this. Learning something new and difficult was in fact the way you get smarter. Setbacks and feedback are not seen as confirmation of frailty but as information that could be used to improve.

This does not mean that people with a growth mindset think talent doesn’t exist or that everyone is the same. To them it’s more a belief that everyone can get better at whatever they do, and improve through hard work and learning from mistakes.

How can you develop a growth mindset?

The good news is that you can develop a growth mindset, but just to be clear, the world is not divided into those with a growth mindset and those with a fixed one, a mindset is not a character trait. Everyone is a mixture of fixed and growth mindsets. You could have a predominant growth mindset in one area but there can still be a thought or event that acts as a trigger and moves you into a fixed one. The secret is to work on understanding your triggers so that you’re able to stay in a growth mindset more often.

Beliefs – ask, what you believe about yourself and the subject you are studying. Do you believe you are below average, not very clever or that the subject or topic you are studying too hard? If this is the case you have wandered into a fixed mindset. What you believe is neither true nor false. What we can say is that it’s certainly not “helpful” to believe you are not clever, and is not what someone with a growth mindset would do.

Talent and effort – thinking that people are either naturally talented or not, is a classic example of being in a fixed mindset. You may never be top of your class but you can improve, and this is achieved by making more effort and working harder.

Positive self-talk – we all have voice inside our head, it’s called your inner speech. It has a significant impact on what you believe and how you behave. If you find your inner speech is telling you to give up or that you will never understand a particular topic or subject, change your voice, tell it off, and then say something more positive. Dweck says that just by adding NOT YET to the end of your statement can help. For example, I don’t understand portfolio theory – at least NOT YET.

The importance of mindset and failure

If you have failed an exam or just sat one and believe you have failed, I have two pieces of advice.

Firstly, on the whole students are not the best judge of their own performance. They tend to reflect on what they didn’t understand or thought they got wrong rather than what they might have got right. As a result, you may have done better than you think and are worrying about nothing.

Secondly, if you do fail, you have a choice as to what this might mean. On the one hand, it might simply be confirmation of what you already know, that you are not very good at this subject or clever enough to pass. Alternatively, you could move to a growth mindset, recognising that you have slipped into a fixed one.  Find out what areas you need to work harder on, and start again.

Everyone has to deal with failure, it’s what you do when you fail that matters most.

True Grit – Passion and persistence

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True Grit“They say he has grit. I wanted a man with grit.” So says Mattie Ross in the 1969 film True Grit staring John Wayne. But what exactly does the young Mattie Ross actually mean, what is grit?

Well maybe Angela Duckworth can answer this, she is the author of a book called, Grit, the power of passion and perseverance.

IQ, EQ and Grit

Many will be familiar with IQ (The Intelligent Quotient). It was developed by Alfred Binet around 1911. Not to measure intelligence so that individuals can demonstrate superiority over others, but to identify under performers so that remedial action could take place. Then in 1995 Daniel Goleman wrote about the Emotional Quotient (EQ) or Emotional Intelligence. The idea that individuals can recognise their own, and other people’s emotions, discriminate between different feelings and use this emotional information to guide thinking and behaviour. This idea has enjoyed some success and helped people shift their focus towards valuing something other than simply being clever.

Grit in a way makes a similar point. If we took at a group of highly successful individuals, what qualities would they have, what would it be that made them so successful? Would it be intelligence, maybe a high EQ or is it something else. Angela Duckworth found that it was grit, which she defines as having a passion and persistence for long term goals.

Grit is sticking with your future, day in, day out, not just for the week, not just for the month, but for years, and working really hard to make that future a reality. Grit is living life like it’s a marathon, not a sprint.’

Gritty people work hard, but they are doing this with a long term goal in mind.  They also find their work meaningful, important and interesting.

I’ve never interviewed someone who was truly world class in what they do, who didn’t say in the first five minutes “I love what I do”.‘

You can become grittier

To learn how to become “more gritty” we need to bring in Carol Dweck. A professor of psychology from Stanford University. Dweck coined the phrase a growth mind set and identified two groups of people. One those who believe their success is based on innate ability, a fixed mindset and two, those who believe their success is based on hard work, learning, training and doggedness a growth mindset.

The logic being that you are more likely to develop grit if you have a growth mindset. This is because if you fail, rather than giving up, you see it as a learning experience and continue to work hard towards your long term goal. Dweck even uses the term doggedness, often described as someone who has an obstinate determination or persistence.

Grit and exam success

I would argue that examination success has far less to do with intelligence and more to do with grit. This is not to say that passing an exam does not require intelligence just that along the way most will face some form of failure and having a growth mindset together with a large dollop of grit is more likely to result in success.

Think about the following:

  • You don’t have to be the cleverest person to pass the exam
  • It is possible to learn most things – if you work hard
  • It’s a marathon not a sprint – failing an exam can be a setback but that’s all, pick yourself up and carry on
  • Be clear what your long term goal is – three years to pass an exam is a long time but your goal is probably much longer. Passing the exam is only part of the journey
  • You may not at first find the work meaningful, but almost everything you learn can be interesting

Find out your grit score

If you would like to find out what your grit score is then click here, it will take less than a minute and you get immediate feedback.

John Wayne also said

Tomorrow is the most important thing in life. Comes into us at midnight very clean. It’s perfect when it arrives and it puts itself in our hands. It hopes we’ve learned something from yesterday.

A growth mindset perhaps.

“You never fail until you stop trying.” – Toms story

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The young Tom

The young Tom – inspiring us even then

I am not sure when I first met Tom but it was certainly early on in his studies. Tom was not your typical accountancy student, he was slightly older and perhaps more reflective, the two points may be related. Students studying for professional accountancy exams are probably around 25 and focused very much on looking forward, not back.

Tom started his exam journey in November 2009, his first 2 papers went well and he passed them first time. You need to pass 10 exams broken down over three levels if you want to become a member of the Chartered Institute of management accountants (CIMA).  Boosted by this Tom decided to sit the next 4 papers all at once, something he now thinks was a mistake, he passed just the one. By the end of 2011 however he had passed the other 3. That was 6 papers and two levels complete, Tom was back on track.

“Even though the ship may go down, the journey goes on.” – Margaret Mead

2012 was not a great year for Tom on a personal level which almost certainly had an impact on his performance in the exam room. As a result the whole of that year went by with only one exam success. Between 2012 and 2013 Tom sat one of the remaining papers three times and the other one six times, to quote Tom, that’s six, count them 1…..2….3…..4…..5…..6….. He finally passed that paper in November 2013.

It’s probably worth pausing at this point, how would you feel if you sat an exam twice and failed, let alone 6 times. At this stage your biggest enemy is your own mental attitude. You begin to question your ability, your intelligence and even your choice of career. On top of this is the boredom and stress of having to study the same exam over and over again, trying to do something different, fearing if you don’t you will get the same result. And of course as many of you will know when you are studying your life is on hold, making decisions about work, family/friends is difficult as you need to put your studies first.

In fact Tom did consider giving up, but there were two reasons he didn’t. One the support of his teacher, Maryla who remained positive throughout whilst working with Tom on what he needed to do to improve, and two Toms stubborn attitude, his determination and desire to get something good from all the hard work he had put in so far. To quote Tom, “all I kept thinking was I have lost so much because of this bloody course I have to get something positive from it.” When Tom finally passed that paper he felt excited, and as if he had slain a personal demon.

“Adversity causes some men to break; others to break records.” – William Ward

With only one paper to go Tom was still to face a number of challenges, and it was far from plain sailing.  Knowing a large amount of detail was essential for the earlier papers, now it was all about the big picture, prioritisation and time management.

He was told that gaining the qualification would open doors … So he imagined an open door, on the other side were green fields, money, cars, holidays, being the boss. This focus really helped motivate him to see it through. He passed his last exam on the 29th of May 2015.

It had taken Tom 6 years, in which he had sat in the exam room approximately 22 times. This is not the story of someone who always knew he would pass, destined for success nor of a naturally gifted student who simply needed the right motivation to bring out his talent. This is about what you can achieve if you are willing to make sacrifices, give everything you have and learn from failure.

Congratulations Tom you deserve your success.

 

Big fish – little pond

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Best be a Big fish in a Small pond

It’s taken me a little time to get round to reading the latest Malcolm Gladwell (MG) book, David and Goliath, underdogs, misfits and the art of battling giants. Although consisting of three separate sections they all examine the idea of what it means to have an advantage and how we account for the success of the underdog.

Of all the ideas MG lays before the reader, the one I felt was of most interest is something called the big fish little pond effect (BFLPE) and the theory of relative deprivation.

Relative deprivation theory (RDT)

Relative deprivation refers to the discontent people feel when they compare their positions to others and realise they have less. e.g. I judge BMW ownermyself to be successful on the basis I have a brand new car that cost £15,000.  That is until my neighbour pulls on the drive with a brand new BMW costing £30,000, now how successful do I feel?

MG applies this theory to the world of academia. If you take Harvard’s Economics PhD programme and consider the number of times each PhD graduate was published in the last 6 years, Harvard’s top students will do this 4.31 times. Those that are about 5th or 6th in the class publish .71 times and those that are about average .07 times. If however you compare these results to a “mediocre” school, say the University of Toronto, where MG went,  the top students will publish 3.13 times, those that are 5th or 6th .29 times and those that are average .05 times. The point being that students who attend a much lesser university but where they are top of their group perform considerably better than the 5/6th best at Harvard. The question is why?

The smarter your peer group the dumber you feel…..

This is where RDT comes in, we tend to judge our ability by comparing with others, and if you are in a class with very smart people who always do better than you, your perception of your own ability will be effected. The second problem is that this self perception will have a significant impact on your behaviour and ultimately what you achieve, hence the results above. The implication, you will achieve more if you are in a class with others of equal or less ability than yourself.

Bottom line, your performance will improve if you are a big fish in a small pond. It’s even called, the big fish little pond effect (BFLPE)

But what to do?

Admittedly you can’t always pick and choose your peer group, but you can be aware that comparing yourself with the very best may be having a detrimental impact on your own performance, so stop doing it! Instead be inspired by the best but compare your performance with those that are the same as you. Better still compare your current performance with what YOU have achieved in the past and if you are doing better you must be improving…..

David-and-Goliath-Malcolm-Gladwell

 

Listen to MG talking about relative deprivation theory or if you prefer the Big Fish little pond theory….

 

Listen to MG being interviewed about the book

Reflection/Goals/Planning……Inspiration and bravery

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2013_time100_yousafzaiIt’s nearly the start of a New Year 2014, traditionally a time for both reflection, taking stock of what went well/not so well and looking forward to what the future might hold. On the whole this is a healthy process, looking back gives you chance to put things into perspective and hopefully learn a few lessons, whilst looking forward gets you thinking about what you might like to happen and set goals to make those events more likely.

Looking back on 2013, one event that stood out for me was the nomination of Malala Yousufzai for the Nobel peace prize in November 2013*. It is not the nomination that is important but the fact it provided a reason to revisit the incredible story of one little girls determination to have an education, something that many of us are fortunate enough to be given for free or at least freeish!

Reflection – The story in brief

By 1997, the year in which Malala was born her father Ziauddin Yousufzai had been running a private girls school for several years in the Swat

A classroom in Swat valley

A classroom in Swat valley

district of Pakistan. This was before the Taliban took over. At the end of 2008 the local Taliban leader, Mullah Fazlullah, issued a warning, all female education had to cease within a month, or schools would suffer consequences. Malala was 11 and supported by her father started an anonymous blog for the BBC “Diary of a Pakistan school girl.”  The blog stopped after only 10 weeks as Malala had to leave Swat. Although clearly influenced and inspired by her father Malala had a voice of her own and one that was now being heard outside Pakistan, she was passionate about education, especially for women. A documentary by the New York Times bought the story to a wider audience.

 All I want is an education, and I am afraid of no one. 

But on the 9th of October 2012 when Malala was just 15 two men boarded her school bus and asked “Which one of you is Malala? Speak up, otherwise I will shoot you all” The other girls looked at Malala, innocently identifying her; she was shot in the head and neck and left for dead. She was initially flown to a military hospital in Peshawar and then onto the Birmingham Queen Elizabeth hospital in the UK where she had further operations and continued her recovery.

They cannot stop me. I will get my education, if it is in (the) home, school or any place. 

On 12 July, nine months after the shooting, came a major milestone. Malala stood up at the UN headquarters in New York and addressed a specially convened youth assembly. It was her 16th birthday and her speech was broadcast around the world.

Goals and Planning

Malala wanted to be a Doctor, but wanting to be a Doctor is not an effective goal, it’s a wish or desire, it was outside her control. What was within her control was to work hard, motivate herself and fight for the education she deserved.

Malala wanted to be a Doctor but events changed all that, a bullet intended to kill her sent her down a different path. Now she wants to be a politician, not a goal but a wish, driven perhaps by a deep routed desire to help people less fortunate than herself. Yet those same goals of hard work, motivation and learning will equally help turn this wish into a reality.

Let us make our future now, and let us make our dreams tomorrow’s reality.

And so to 2014

When thinking back on 2013, learn from your mistakes, maybe the exams (life in general) didn’t go as well as you might have hoped. But don’t Happy New Yearask why, ask what have I learned and so need to do differently in 2014. Remember when setting those goals make sure they are within your control and take inspiration from the story of a brave little girl who worked hard, motivated herself and most of all believed in the importance of education.

  Let us remember: One book, one pen, one child, and one teacher can change the world. 

Ps

Malala is now working hard for her GCSE’s incidentally at the same school as my daughter.

Well worth watching – BBC – Shot for going to school.

And the *Nobel Peace Prize 2013 was awarded to Organisation for the Prohibition of Chemical Weapons “for its extensive efforts to eliminate chemical weapons.

Related articles

Just answer the question!!! – but how?

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Last month I looked at the best way to tackle a case study, but case study is only one type of exam, what about the more traditional style of exam question?

The world is full of great advice, lose weight, exercise more, stop smoking, just answer the question ….all these statements are very clear with regard to WHAT you should do but terribly unhelpful as HOW to do it.

The reason that students fail exams is simple, every examiner since the beginning of time will have made some of these comments.

Students fail exams because?

  • They don’t know the subject – inexcusable and the only reason you should fail
  • They don’t read the questions properly – and as a result  misunderstand what was being asked
  • They don’t  manage their time – so only complete 50% of the paper
  • They don’t write good answers – true this might be due to lack of knowledge but could also be the result of not knowing how much to write

The last three of these can be overcome with the use of good exam techniques. In this blog I want to share with you two simple techniques that I think will help.

How to read questions properly – Tip one, the rule of AND

Below is an exam question worth 12 marks. You don’t need to know anything about the subject so don’t worry.

Using the information given for DT Co, calculate the adjusted present value of the investment and the adjusted discount rate, and explain the circumstances in which this adjusted discount rate may be used to evaluate future investments. (12 marks)

The rule of AND is simple, where there is an AND in the question simply put a line through the AND then make the next statement the start of a new question.

Now read the question

1. Using the information given for DT Co, calculate the adjusted present value of the investment. and

2. (calculate) The adjusted discount rate, and

3. Explain the circumstances in which this adjusted discount rate may be used to evaluate future investments.                                                                                  

There are now three questions and because we have broken it up, it is so much clearer what you have to do.  If we were really clever we might be able to guess how many marks out of 12 relate to those three questions, a tip for another day perhaps.

How to write a good answer – Tip two, Define. Explain and Illustrate

Define Explain and Illustrate is a technique to help you write more using a simple structure.

Read this question

Discuss the proposal to repurchase some of the company’s shares in the coming year using the forecast surplus cash. Other implications of share repurchase for the company’s financial strategy should also be considered. (10 marks)

Firstly Define the technical words. In this example the technical word is repurchase, so firstly we need to say what a share repurchase is.

E.g.  a share repurchase is where a company buys back its own shares and as a result reduces the number of shares available on the market.

Secondly Explain in more detail.

E.g. the share buy back has to be financed in some way so one implication is that it will result in a reduction in the company’s cash balance. It also means that because there are fewer shares, earnings per share (eps) will increase.

And lastly and in many questions most importantly, Illustrate. This could be by way of a diagram an example or by referencing to the question in more detail. The reason this is so important is that this is how you will demonstrate to the examiner that you can apply the knowledge. If you don’t understand something you will not be able to apply it. The application section of the answer will often carry the most marks.

E.g. in the example above it is clear that the company is forecasting surplus cash, i.e. they have more money in the future than they need. Leaving this money in the bank is not considered sensible partly because the level of return that can be earned from the bank will be less than the shareholders require, it can also be interpreted as a lack of ambition on the part of the Directors. Blah blah blah

Depending on the detail provided in the question this final illustration section can go on and on. How much you write will depend on the marks available.

I hope you have found these two tips helpful, if you want more in the coming months just add a comment to this blog and I will oblige.

Epic exam failure – what not to put on your exam paper

And finally a short video showing students real exam answers – funny

Click here

 

What’s the point of exams – what do they prove?

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With many students in the middle of exams right now, working long hours, making huge personal sacrifices and putting themselves under considerable pressure, perhaps we should stop, take a moment to reflect and ask ……….what’s the point of exams?

Why are you doing this, what will it prove when you do pass, what will passing give you that you don’t have now?

 

 

It’s not about knowledge

If you pass an exam, you have proved that you knew the answers to questions set by the examiner at a particular point in time. To be precise you have only really proved you knew enough answers to get a pass mark, in some instances this might be less than half! But you have not proved that you understand everything about the subject or that you could work unsupervised in practice, knowing what to do is not quite the same as doing it.

This is not to say that examinations are easy, they are not or to underestimate their importance, it is just to be a little clearer on what exam success means.

Higher level skills

By passing an exam you are demonstrating many other skills, for example;

Motivation – You have proved that when you set your mind to something you can achieve it.

Concentration – For some people, concentration comes easily for others it might involve removing all distractions by locking themselves in a room. Whatever method you used, you have learned how to cut out distractions and focus on the task in hand.

Prioritisation and Time management – Undoubtedly you have had too much to learn and too little time to learn it. But if you pass the exam you have proved that you got the balance between an endless, or at least what appeared endless set of demands and the overall objective just right.

But most of all exams give you….

A great sense of achievement – You set yourself a target and achieved it.  It is a statement to others that you worked hard and have succeeded. It will remain a tangible and permanent reminder of success that can never be taken away.

Self confidence – It will build self esteem and help you develop a type of confidence that only comes from being successful in a chosen field. Others will congratulate you and as a result, treat you differently.

Choices – it will open doors to opportunities that simply would not have been possible without the piece of paper that says “Congratulations, you have passed”. Exam success will give you choices, it will change how others look at you but perhaps more importantly it will change how you feel about yourself…

So if you have been working hard keep at it, you may not be proving you are the greatest mathematician in the world, but if all goes to plan the end result will make up for all the pain you are going through right now, honest!

But just in case…..everything doesn’t work out check out these Famous A-level flunkers

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It’s a Wonderful Life – lifelong learning

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In 1946 Frank Kapra made what is arguably the best Christmas film of all time, it’s a Wonderful Life. It tells the story of George Bailey (Jimmy Stewart) who on Christmas Eve gets drunk after being told that there is a warrant out for his arrest for bank fraud.  In a moment of despair he threatens to throw himself into an icy cold river, believing that this will solve all his problems. He is interrupted by Clarence, his guardian angel (second class) who appears and jumps into the water before him. George is forced to rescue Clarence but does not believe that he is his guardian angel and wishes that he had never been born.

And so the scene is set for Clarence to show George that the world would be a very different place had he not been born. Had he not saved his brother from drowning, stopped Mr Gower (the local pharmacist) giving out a lethal prescription and put his dream of travelling the world on hold to run the local bank (Savings and loan).

George was a man with ambition and drive, he constantly put others before himself, in every way a good man. But as can often happen he found himself in situations that he had not expected, arguably did not deserve, that at the time seemed impossible to solve.

Lifelong learning

We often think that studying is something that you do when you are young and then when you have learned everything by the age of say 25/30, you sit back and relax!  Of course this is not true, learning is a lifelong pursuit. It may not always have an exam at the end, but there are lessons to learn and successes and failures to deal with in equal measure. A Wonderful Life follows the ups and downs of George Bailey and in one way is sad because he never does fulfil his ambition to travel. But he learns so many other things along the way, perhaps most importantly that some of the smaller things you do have a huge impact on others and that when faced with apparent failure or disappointment there is always a solution, and it’s not jumping off a bridge…

So perhaps you didn’t get the exam results you wanted or didn’t get a place at university but this is only a moment in time. It is not the end of the journey; it’s just a different beginning.

Steve Jobs tells a great story about “Joining the dots” how you can only join the dots backwards not forwards. Had he not dropped out of Reed College and wondered into a calligraphy class one day then in Steve’s words “the Mac would have never had multiple typefaces or proportionally spaced fonts. And since Windows just copied the Mac, it’s likely that no personal computer would have them.”

So wherever you are in your lifelong learning class, have a very Merry Christmas.

A lesson for today’s bankers

When faced with the bank collapsing George Bailey put in his own money to save it. A modern day lesson for some of today’s greedy bankers perhaps. Sir Fred Goodwin, please note….

Exam results – what to do if you fail!

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August is an interesting month, for some it is the time to take a well earned holiday and so de-stress for others it is the month in which the exam results drop through the letter box or inbox and so a time to get stressed.

I have taken the easier of these two options and so have been on holiday, which for me is always a chance to read a couple of books. One of them was called Talent is overrated by Geof Colvin, senior editor for Fortune magazine. In the book Geof puts forward some interesting arguments as to the role talent plays in the success of people who by many would be considered exceptional, even gifted. He argues not so much that innate talent does not exist, more that successful people, those at the top of their respective tree, Tiger Woods (okay not personally – but he is still a great golfer) Warren Buffet, Bill Gates for example have other qualities, they worked hard, and practised a lot…..

Greatness does not come from DNA but from practice and perseverance honed over decades. The key is how you practice, how you analyse the results of your progress and learn from your mistakes.

What has this got to do with exam failure?

If you looked around your class and picked the best, brightest, most talented students, I bet they passed their exams. And the reason you failed was because you are not good enough, you are not talented!

Well here is the bad news, what Geof Colvin and in fairness many others have found is that it is often not down to talent, it is down to hard work and practice, and we are all capable of that. If you believe that your poor exam results were because of your lack of innate abilitiy then you are wrong. You are in fact creating what is called a fixed mindset, you begin to believe that you can’t affect your performance and so don’t try. What’s more it’s not all that good to believe you are naturally talented. Research has proven that if you believe that you do well because you are talented, when faced with failure you are more likely to give up. If you believe that you did well because of hard work and then you fail, you carry on but just work harder next time.

So what should you do?

Geof goes on to say that it is not just practice that matters but how you practice, you need to practice deliberately. He calls it deliberate practice and it should;

  • Be designed to improve performance
  • Be repeated a lot
  • Enable you to get feedback continuously
  • Be highly demanding mentally
  • Not be much fun

But what satisfies the above criteria…….. yes practicing using past exam questions. So if you were not successful in your exams, find out when you can re-sit then;

1. Take a deep breath, get out your notes from last time and draw a mind map or review the one you did for revision, sometimes it’s best to make a fresh start. This will remind you of what you have to cover and get you thinking about the subject again.

2.  Analyse the past exam questions (including the last exam) and find out what is examined the most then identify the areas you need to improve.

3. Start to practice these past questions using the answers for feedback, and no it may not be much fun but then you now that.

Failure – the only way to learn

Here is a great video by a guy called Derek Sivers, Derek is a professional musician and founder of a company called CD baby in the US. He makes an argument as to why we need failure because it is a major factor in how we learn and grow.

Final thought

I know at the moment that failing an exam can feel like the biggest disappointment in the world and that it may seem that your career is over before it really got started. But it is what you do next that really matters

As Michael Jordon once said “I can accept failure, everyone fails at something. But I can’t accept not trying”

Inspirational true story…Never give up!

Congratulations on failing from one failure to another…

Exam techniques worth £100,000

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I am not sure what to make of the latest news that a law student Maria Abramova is suing the Oxford Institute of Legal Practice (OXILP), part of Oxford Brookes University for £100,000 claiming they did not prepare her well enough to sit her legal examination, specifically they did not teach her exam techniques. 

She claims that failing the exams left her with a ‘blind spot’ when it came to taking future exams and eventually contributed to her failing the New York bar examination in 2008. She has since decided not re-sit the American examinations, as the process of taking legal tests causes her to become psychologically distressed.

Maria Abramova was clearly academically bright; she graduated in July 2004 with a 2:1 degree in law from Oriel College, Oxford. In all her studies with OXILP she had consistently been graded “very good”, the top grade.  Of the 357 other students that studied that year more than 99% went on to pass the paper at the heart of the litigation.

Who is to blame?

So what went wrong, does she have a case, is a college or university responsible for getting the student through the exam or is their job simply to deliver knowledge in an inspiring and understandable manner. And do exam techniques make that much difference anyway?

It is perhaps not surprising that a case of this nature has finally come to court. With exam results determining the opportunities for many and the price of education on the increase, why should educators not be accountable………….What is interesting is that this case has focussed not on the content of the course – “I was not taught X and X came up in the exam and that is the reason I failed,” but on exam techniques.

Now as someone who delivers courses on exam techniques and believes they are a vital part of passing examinations, it would be hard for me to argue they are unimportant or make no difference. But I come from a world (Professional accountancy and tax qualifications) where passing an exam is considered a vital part of the success of the course. I am not sure that this is the case with OXILP.

Its about responsibility

To answer some of these points you need to clarify how much responsibility should rest with the student and how much with the tuition provider. Education has to be a partnership; students are not empty vessels simply waiting to be filled with knowledge, they do have to try hard and study independent of the class, they should talk to other students and find out what they do and perhaps most importantly, they should challenge and if they are not happy seek a remedy.

I am of course no lawyer and await the outcome of this case with interest, but I can’t deny that I am pleased that someone has managed to put a £100,000 price tag on the value of exam techniques. And should Maria ever want to reconsider her decision to give up exams and need help with exam techniques I could certainly recommend a good book…..

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No failure……..only feedback

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In last month’s blog I wrote about what it feels like to pass exams so in the interests of balance I thought we should look at what happens if you don’t pass.

One good thing about failing is that you are in good company.

Sir Tim Rice, the Academy, Golden Globe, Tony, Grammy award winning lyricist has along with Andrew Lloyd Webber written some of the world’s most popular musicals. They include, Joseph and his amazing Technicolor Dreamcoat, Jesus Christ superstar, Evita to name but a few. Tim was doing pretty well academically having gained A-Levels in History and French. Perhaps surprisingly he chose not to go to university but instead started work as an articled clerk for a law firm in London, Pettit and Westlake with a view that he would become a solicitor. However after 3 attempts to pass his law exams Tim gave up.

Realising he was a complete failure Tim decided that he would settle for what he had. He spent the rest of his life working for others who were far clever than him. And although many thought he had a particular gift with words Tim never had the confidence to take that gift any further.

Of course I have made the last paragraph up. But how different Sir Tim Rice’s life might have been had he sat back and let his exam failure dictate his future.

In 1895 aged 17, Albert Einstein failed his first college entrance exam at Zurich Polytechnic.

Sir Winston Churchill, author, artist, statesman, and prime minister of England failed the entrance exams for the Royal Military College not once, but twice.

Sir Tim Rice, Einstein and Winston Churchill all failed exams yet they did not let the failure define them as individuals. They all went on either to try again and succeed (Einstein and Churchill) or as in Sir Tim’s case do something very different. He joined EMI as a management trainee, and through this ultimately met Andrew Lloyd Webber. And that’s the point, we all have to deal with failure, sometime you need to work twice as hard and give it another go, other times recognise that a change in direction is needed. Either way keep going, failing an exam is not the end of the world and in the grand scheme of things means very little. I am sure that when Sir Tim looks back he is probably very glad he never became a lawyer, and so are thousands of music lovers all over the world.

The E word – the book about how to pass exams

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E for Exam


I have to say that I feel a little self conscious writing about a book that I have written, yet it has taken up such a large part of my life for the last four years, I cannot let its publication go without saying something.

The E word is a book about exams and how to pass them, and part of my motivation to write it came from the simple observation that success or failure in the exam room was becoming increasingly important. Increasingly important because unlike in the past, when there were jobs and opportunities available regardless of your academic record, this was not the case anymore.
My daughter was 11 at the time and was just about to sit her first really important set of exams. It seemed then and is becoming a reality that this was the start for her of 10 to 15 years, perhaps even longer, of sitting exams! That is a huge chunk out of someone’s life, and for my daughter and many others it was also the first time that her success and failure would be so ruthlessly measured.

There was also this somewhat elitist attitude to rank people in accordance with their exam record, pass and you are in the club, fail and you are not. And from there it gets worse; people begin to plan out your whole life based on what you did on a piece of paper for 3 hours. In some instance elevating you to the highest position, with comments like “he/she will go far”, “very bright, they have a great future ahead”, which is fantastic, but not so motivational if they say “not cut out for an academic career”, “not really bright enough”. It was as if the exam result was a crystal ball that people stared into to predict your destiny.

And based on what, the performance in an exam, and the result you get…….

This is not an argument to change the system nor am I suggesting that we do not need exams; it just brought home to me the importance of passing and the implications of failing.

But I had another motive; my job is to get accountancy students through their final level professional exams. To do this we use a whole raft of techniques that together with a lot of hard work by the students had proved very successful over many years. I was convinced that the techniques we used at this level could be of benefit to anyone who has to sit an exam. So I thought I would write them down and find out.

Run Forest run
Although not explicit in the book, there is a theme on which it is based and one that is important to me. In the film Forest Gump, Forest, the main character (Tom Hanks) is born with learning difficulties, he has an IQ of only 75 (90-110 is normal) yet despite this he manages to excel and ultimately achieve success, because of hard work, determination, clarity in his objectives, oh and with a little luck.

And that’s what this book is about, anyone can be successful, you have to play with the cards you have been dealt. To pass exams, intelligence (whatever that means) is just one factor. Everyone has it in them to pass, you just need the right mental attitude, knowledge of how the exam system works and techniques that will improve your performance.

And if you don’t have them, then buy the book………please

Available for £10.00 from all good book stores, or by following the link to Kaplan publishing

Just in case you forget the many ways that you can eat shrimp
Bubba: Anyway, like I was sayin’, shrimp is the fruit of the sea. You can barbecue it, boil it, broil it, bake it, saute it. There, uh, shrimp kabobs, shrimp creole… shrimp gumbo, panfried, deep fried, stir fried. There’s pineapple shrimp, lemon shrimp, coconut shrimp, pepper shrimp… shrimp soup, shrimp stew, shrimp salad, shrimp and potatoes, shrimp burger, shrimp sandwich… that’s, that’s about it.

Cheating is not the only option

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January somehow slipped by and February is upon us and I have yet to post a blog in 2010. I have been awakened from my blogless slumber by the news that 4,415 students cheated in their GCSE and A level exams last year compared to 4,156 in 2008, an increase of some 6%. There is of course much condemnation and moral indignation that students would stoop so low. “You are only cheating yourself” is the often used expression.

In China the college entrance exams are thought so important that parents don’t simply drop their children off on their way to work, they wait anxiously outside the exam hall whilst they take the exam. More than 10 million students sit these college entrance exams. For many it is life changing, pass and you will go to university, fail and you are destined for a life of manual work. And with families in China only allowed to have one child, that one child carries the hopes and aspirations of the entire family.

Last year in Sanman County in Zhejiang Province some parents persuaded the teacher to fax through the exam questions, after the students had entered the exam hall. These were then answered by some university students and fed through via wireless ear piece to the students sitting the exam. The Chinese authorities took a hard stance and jailed 8 of those involved for between 6 months and 3 years.

So is this increase in cheating a breakdown in the moral fibre of this generation, is it on the increase because new technologies make it so easy or is it simply that the pressure to succeed is so great that students, and parents will do anything, including cheat.

It may have something to do with all three, but I suspect it is mostly the result of exams creating a Gattaca (The movie that portrays a world organised according to genetic talent) type environment where those that have the exam passing gene are accepted and those that don’t feel they have little choice other than to break the rules.

In this country at least we are fortunate in that although failing exams is not the best career move, it is not the end of the world. True you may not get into the school that you wanted, but you will be able to get into another one. And yes you may have to put your life on hold for another year in order to retake an exam, but you can retake it. So cheating is not the only option, with a little self belief and determination, the future can still be what you want it to be, as they say in Gattaca “There is no gene for the human spirit”

How to be positive about exam failure

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One of the problems with exams is that every now and again you fail one or maybe two. So what to do?

Well you could tell yourself that the exam was completely unfair, “He/she/the examiner examined something that was not even in the syllabus” a kind of get angry strategy or a blame someone else approach. This can be very effective as it makes you feel a whole lot better. Particularly if you can find someone else who feels exactly the same way. The best thing here is that you are not blaming yourself and so you won’t feel personally that bad.

Another idea is that you think it was a fair exam but have not put the work in, so you deserved to fail. A kind of well what did you expect strategy or yes a blame yourself approach. This also has much merit as although you are blaming yourself you know what to do to put it right.

In fact the best strategies for dealing with exam failure need one or two things, both if possible, one a reason why you failed and second a plan of action to put it right.

The get angry strategy  has a reason why but not a plan of action to put it right, other than to kill the examiner perhaps….The second idea has both, it was my fault (the reason for failure) and a need to work harder next time, a plan of action.

Now there is one last element in all this, do you want or have to pass?

 If the answer is no, then you can follow the I give up strategy. “The reason I failed is because I am not very clever or not good enough or this exam is just too hard for me and my plan of action is that I should give up”. This on the whole will make you feel inadequate lower your self esteem and gives you only one course of action, to give up. To stop falling into a deep depression you can always tell yourself “who wants to be a stupid accountant/doctor traffic warden anyway”?

However If the answer is yes I have to pass, then you need a reason for failure and a positive intention that will mean that you will do better next time.  Positive here simply means something that you can do as appose to not do. Unfortunately this something very often includes the statement “must work harder” or at least smarter.

More on how you can work smarter in latter blogs.