Hello, everyone.Today's show is a repeat of a previous podcast episode I did on the CGMA Finance Leadership Program, or FLP for short.I did this episode in 2022, after the introduction of the program in 2021.
I thought it would be a good time to actually revisit this episode again, especially for the benefit of current SEMA students or if you are planning on studying SEMA anytime in the near future.
Anyway, I hope this information is helpful to you and I hope you enjoy this episode.Hello everybody! You're listening to Accounting Makes Sense, an MJ the Tutor podcast, and I am your host, MJ.
In this podcast, we are focused on helping accounting students all over the world by offering a quick warm-up on various accounting and business topics, hoping to generate bigger discussions and conversations around them.
If you are currently a SEMA student, then this episode is for you. Today, we're going to touch upon something new and exciting happening within the SEMA circle.
I initially thought I wasn't going to do an episode for this, but I recently got a student email asking me more about it.And so, here it goes.Dear MJ, I'm currently thinking of studying for SEMA and would like to start my studies in the new year.
I've been hearing a lot about the FLP program and was wondering if you could tell me more about this. What is it and why is it different from the traditional SEMA learning option?Best regards, Lucy.
Well, Lucy, and for those students who are interested to know more about this alternative, here's the lowdown on the FLP or the Finance Leadership Program. The FLP is a new learning approach available for students who are interested in pursuing SEMA.
This program does not do away with the traditional way of SEMA learning, or what is now referred to as the PQ, Professional Qualification Option.It simply offers an alternative for students to learn in a different, but more digitized way.
Difference number one. No OTs.One of the biggest difference between FLP and PQ is how assessments are conducted with regards to the various subjects, E1, P1, F2, etc.Under PQ, a student goes through the objective tests, OT, for each of the subjects.
In FLP, there are no objective tests to be booked and taken.All a student does is he learns from the materials online.
Once the student gets to the end of a section, he can take an assessment which then tests his knowledge of the section that was just learned.If he passes the assessment, then that is done.
Of course, as you can see, a big benefit of learning this way is that you retain the knowledge that you've just learned with regards to a topic.
Let's face it, it is easier to remember things in small bite-sized portions, rather than taking an exam on a whole entire subject all at once.The rate for success should be higher.
Another thing with FLP is that the assessments are not timed, as opposed to the objective tests where you have 90 minutes to complete the tests.
The only thing to note with the FLP is that because you take an assessment after each topic, that obviously, there would be more questions to face than what one would expect under an objective test.The OT is capped at 60 questions.
The FLP, in total, has 300 topics, and if we guess that
there are at least two assessment questions per topic that would give us about 600 assessment questions that we have to face as opposed to the OT which would be calculated at 540 questions for all three pillars at all three levels difference number two all in one place
All learning and assessments are under one portal.Learning is delivered online, assessments are received immediately, also online.The materials are available 24x7 on demand.Almost like a Netflix for learning accounting.
So the benefit of this is that you have a one-stop shop to go to for all your SEMA learning needs.You study at your own pace and are not hindered by time schedules or anything.
If you want to study in the middle of the night or at dawn, you are able to do so just by accessing the portal.There are no wait times.
You receive the results of your assessments immediately since the assessments are automatically marked by the system.
The only caveat to this is that you may still need a tutor or some human assistance from time to time, especially if you're facing complex topics Hudor time and assistance can be made available, but at a cost.Difference number three.Subscriptions.
Certainly one of the many ways to show that we've arrived and we are here in the digital world.The FLP is subscription-based and offers various options and mixes when it comes to subscriptions.
There are currently three options, Skills Core, Skills Plus, and Skills Premium. Each of these options give you access to learning materials.Skills Core deal with the basics, just the learning materials for assessment.
Skills Plus offers what the core has, plus exam preparation for the case studies.Skills Premium offers the whole shebang, whatever is included in the core and plus subscriptions, plus live sessions and tutor support.
The subscription packages can be bought in 1-year, 2-year, or 3-year packages.Currently, the cheapest package is a 1-year Skills Core subscription, which starts at £1,920.For the 1-year Skills+, it starts at £2,400.
And for the 1-year Skills Premium, £3,600.To ensure you have the most current and the right pricing, please consult the SEMA website, which I will include on the show notes.
One of the benefits here is that you are able to secure all your learning materials in one go.You do not need to worry about the syllabus changing and getting outdated materials because of it.
Furthermore, the subscriptions include many other fees like registration and the annual fee, case study exam fees, etc. So I think in the long run, students are able to save money if they go through the FLP route.
Of course, the big price tag is undeniable.Not many students are able to shell out this kind of money in one go, especially if you are paying for your studies yourself.SEMA currently does not offer installment plans to pay off the FLP subscriptions.
Now that the biggest differences and benefits are covered, what stays the same for both FLP and PQ?Number one, the syllabus for both options will be the same.Number two, the case study exams will remain the same.
The materials for the case study will be the same.The exam windows will be the same.Number three, to qualify, you will still need to fulfill your Practical Experience Requirements, the PER. number 4.
Once you qualify, either through FLP or PQ, you will get the same designation.So students, it is a decision.I always like to tell my students that any learning decision is dependent on what kind of student you are.
And I think the new question, whether to do it FLP or PQ way, is the same. Think of how you study and what works for you, and then make that decision.
Something to remember though is that if you are currently studying SEMA via PQ, you are able to convert to FLP.You'll need to write to SEMA to find out and have this done.
However, once you've begun your studies via FLP and find out that maybe FLP is not for you at a later stage, you will not be able to go for the PQ option again. So, that is it for me today.I hope you enjoyed this episode.
Please do not forget to hit subscribe or follow the podcast to catch the next episode.As always, thank you for listening to Accounting Makes Sense.I'm your host, MJ the Tutor.
If you want to learn more tips and advice, you can visit the website at www.mjthetutor.com or if you want to connect through social media, I'm available on Facebook, Instagram, and Twitter under the name MJ the Tutor I hope to see you again next time.
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