Changes to LCCI Financial and Quantitative Qualifications June 2017 series
This update provides an overview of important changes to four of our LCCI Financial and Quantitative qualifications: L2 Bookkeeping and Accounting, L3 Accounting, L3 Financial Accounting and L4 Financial Accounting.
After much research and listening to Centre feedback we have made revisions which will be effective for the June 2017 exam series onwards. It is therefore vital that you are aware of the changes so that you can inform your students and prepare them for the new style exam papers that they will face if they are sitting exams from next month onwards.
No changes have been made to the specification content of the four qualifications but the assessment has changed to better meet the needs of your learners:
- Exam duration and number of marks
The exam duration is now 3 hours, total marks of 100 and five questions. Each question is worth a total of 20 marks (although the agreed range is between 18-22 marks).
- Grade Targeting
Questions, when written, will be assessed for the level of difficulty and how they link to grade descriptors with the aim that each and every paper will have a pass mark of 50 marks. However, when awarding takes place, if we find that students have been unintentionally disadvantaged for some reason, the 50 mark pass mark may change very slightly - this will be under exceptional circumstances only.
- Assessment Objectives
The weighting and wording have been revised to make them clearer and more simplistic so it is more obvious to students what they need to be able to do.
- Question types
All seem to agree that a degree of written work is required to prepare students for employment or progression to higher levels but the number of marks available for open response questions will be limited.
NB For L2 only, we have introduced a small number of multiple choice questions.
- A clear and defined list of command words
We have developed a defined list of command words. Only the words on this list will be used in the exam papers so students should know from the command word used what the question is asking them to do. The Command word along with the mark allocated to the question will help students to determine the breadth and depth they need to cover.
- Grade descriptions have been reviewed to ensure expectations are clear
The grade descriptors are what Examiners use to identify what a Pass candidate should be capable of and what more is required to achieve a Distinction. The previous grade descriptors, although accurate, have not been very clear. We have made them more explicit so it is easier to differentiate between what a Pass candidate should be capable of and what extra is required of a student to achieve a Distinction.
- Tables and templates have been removed
LCCI qualifications have been primarily designed for employment and students are unlikely to have templates in the workplace (unless a computerised accounting system is used). Hence, we believe that it is appropriate for us to assess students’ ability to draw up accounts themselves. As a result, there will no longer be a template or table printed for students to complete. However, if students are required to complete a question involving a non-standardised/established format then we will provide a template so as not to disadvantage them.
More space is going to be provided for students to answer questions and show workings. However, please make your students aware that they can ask for additional paper at any time throughout the exam period should they require it.
- A separate resource booklet will accompany the exam question/answer booklet
Feedback has highlighted that students find it difficult to complete their answers when they have to refer back to data on previous pages especially when data needs transposing. The problem is even more difficult when the question is in several parts or involves very large templates. As a result, we have decided to produce a separate resource booklet which contains the data required for each question. Students can keep this open in front of them, highlight important data whilst recording their solutions in the separate answer booklet.
NB This resource booklet is for reference only - it will not be submitted for marking. It must be treated as secure examination material and destroyed immediately at the end of the examination.
See the new style sample assessment materials for the four qualifications below:
I hope you can appreciate that these revisions have been made very quickly in order to, hopefully, best meet the needs of the students. I welcome comments and questions from you re these changes.
- The amended specifications showing the changes to the assessment objectives and grade descriptors will be released on 12 May
- A second set of SAMs for the four revised qualifications will be released in early June.
- We will confirm the timeline to review the impact of the changes on the other qualifications in the LCCI Financial and Quantitative suite.
Upcoming Exam Dates
|Online exam results will be released as follows:|
|March exam series||15th May 2017|
|April exam series||12th June 2017|
|June exam series||14th August 2017|
|Series entry deadlines|
|July exam series||22nd May 2017|
|September exam series||24th July 2017|
Final certification dates for legacy qualifications
You have only six months from the last assessment date to claim certification for any legacy qualifications. For example, if the final assessment date was December 2016 you will only have until 30 June 2017 to claim certification. You need to claim certification for all learners by the deadline. We will be unable, under any circumstances, to make exceptions to the last certification dates.