LCCI Finance and Accounting - January 2019 update
Read the latest information on LCCI Financial and Quantitative, including key dates, latest news, current resources and exam tips.
Welcome to 2019
Let’s hope that the year ahead is happy, healthy and successful. As the first exams of the year took place recently, the cycle of hard work continues as we strive to help our students achieve their best.
I hope that you and your students were happy with the November series results released a couple of days ago.
Well done Mr Pegasiou
Well done to Mr Akis Pegasiou of The Pegasiou Private Institute in Cyprus. At the Outstanding Pearson Learner Awards held in Cyprus in December, two of his students were rewarded for their achievements:
- Ioannis Hadjiyiannis – LCCI Cyprus Gold Medallion for L3 Certificate in Accounting
- Natasa Lambrou – LCCI Gold Medallion for L1 Bookkeeping
Congratulations again to Kolarides Institute
They have received an Outstanding Pearson Centre Award for academic year 2017-2018.
I am always grateful to receive good news stories which promote the success of your centre and your students. Keep those stories coming so that I can post in future editions or on our Facebook page.
Remember to access my subject page and, in particular, the News tab to obtain up-to-date qualification information.
Exam key dates
|4 March 2019||L1 Bookkeeping|
|6 March 2019||L3 Financial Accounting|
|6 March 2019||L3 Accounting|
|7 March 2019||L2 Bookkeeping and Accounting|
|8 March 2019||L3 Cost & Management Accounting|
|19 February 2019||April 2019 exam series|
|29 April 2019||June 2019 exam series|
|14 February 2019||December 2018 series|
|25 March 2019||January 2019 series|
|13 May 2019||March 2019 series|
You can find all the dates for the 2019 exam series in the examination timetable document. For administration support for LCCI exams please refer to the guidance.
This year's training programme is in the process of being finalised. Watch this space for the when the schedule is released.
LCCI Information manual
The 2018/19 LCCI Information manual is available online and includes important information surrounding unit codes, subject availability and key dates.
Exam Tips for Teachers
Level 3 Accounting
- In company accounts, students must input one figure only for 'trade and other receivables'. If two separate figures are listed for trade receivables and other receivables, marks will not be awarded. Similarly, students need to present only one figure for 'cash and cash equivalents'.
- Full and accurate labels must be used eg equity and liabilities is not sufficient to be awarded a mark, students need to write total equity and liabilities. I cannot stress this enough because students are losing valuable marks by not knowing the correct terminology.
- Labels omitted also means that correct figures may not be rewarded.
- For an 'explain' question, it is important that the point of identification is stated first before writing about the linked justification/reasoning.
- Please make sure that if answers to break even quantities come out as a decimal that students round the answer UP to be awarded the mark.
- If a question asks students to evaluate two businesses using ratio analysis, students must analyse at least two ratios. When analysing the figures, instruct your students to not say that one ratio is better/worse or higher/lower than anaother. This is not sufficient to be awarded marks.
- I am seeing some scripts where students are rote learning answers to questions set on previous past papers to the extent that they literally write 'any supported evaluation' as part of their answer beacuse they have seen that phrase in the mark scheme.
- Make sure that the figure accompanying a 'loss for the year' does NOT have brackets as this is incorrect.
LCCI redeveloped qualifications
We are redeveloping several qualifications. These will be available in 2019. The exact dates will be published shortly.
- L2 Business Calculations
- L3 Advanced Business Calculations
- L3 Computerised Accounting
- L2 Business Statistics
- L3 Business Statistics
LCCI students applying for university via UCAS must make sure that they use the correct full title. If they put in 'Pearson LCCI' in the box, a link for 4 qualifications will appear:
Pearson LCCI Level 3 Certificate in Accounting
Pearson LCCI Level 3 Certificate in Business Statistics (VRQ)
Pearson LCCI Level 3 Certificate in Cost and Management Accounting (VRQ)
Pearson LCCI Level 3 Certificate in Financial Accounting (VRQ)
Please note that the Level 3 Accounting qualification does not have (VQR) at the end but students do not need to worry about that.
Questions raised during training for L2 and L3 Computerised Accounting
A series of questions/issues were raised during training delivered in Myanmar and Malaysia at the end of last year:
- Delegates were concerned about the high percentage of marks awarded for word processed answers.
Word processed short answer questions are necessary to better enable the assessment of competency.
- Delegates requested more support materials.
Currently one specimen assessment material (SAM) is available. The production of resources is important to us. A second SAM will be made available before September 2019.
- What will be the approximate pass mark?
The pass mark for all LCCI qualifications is 50%.
More Q&As to follow - watch the news tab.
Pearson LCCI Marketing and Business qualifications
The additional set of SAMs (Sample Assessment Materials) for Marketing and Business qualifications has been slightly delayed and will be ready in March.
From September 2019, for the live assessments of all Marketing and Business qualifications, there will be a two week window when students will be able to sit two papers ie two exam dates. Please note, that for the June 2019 series there will only be ONE live paper available in the two week assessment window.
LCCI Business & Marketing student e-books
Good news, 8 out of the 9 LCCI Markeing and Business e-books are now available online.
- Level 2 Business Fundamentals
- Level 3 Business Principles and Enterprise
- Level 3 Marketing Fundamentals
- Level 3 Modern Marketing Principles
- Level 3 Digital Marketing and Analytics
- Level 3 Sales and Account Management
- Level 3 Customer Experience and Communications
- Level 3 Public Relations and Media Relations
These are free for you to download. You can find them on the individual qualification pages under the tab: 'Teaching and learning materials' or click on the link above.
The remaining student e-book L2 Copywriting and Content for Marketing should be ready by March but I will keep you updated when this is available.
The teacher guides are still being finalised. All being well these should be available in the next month or two as a plain PDF document before going to Publishing for more formal presentation.
My Facebook page is a closed group so you need to send a request to join. It is a friendly support group for you as teachers. It’s aim is to provide the opportunity to ask for help, ask for resources and anything else appropriate. You may wish to share good practice or ask other members to check resources, lesson plans, schemes of work, etc. All resources must be free.
Numbers are increasing but for it to be of real use we need to grow it further. Please remember to answer the questions that I have posed to be accepted as a new member.