Earlier this year Professional Paraplanner teamed up with Brand Financial Training to answer your questions on the exams ahead. With J02 approaching, for anyone taking the exam, here is a reminder of the Q&A which we hope you’ll find useful.
Q: Please can you help me gain a better understanding as to how trusts work for my J02 exam?
J02 is a very technical exam, you will need to know and understand the J02 syllabus. You will see from the examiners’ comments that lack of technical knowledge is the main reason for candidates losing marks.
The J02 study text is a great place to start with your technical revision but if you did not want to purchase the book then this government guide is particularly useful:
Trusts and taxes: Overview – GOV.UK (www.gov.uk)
Even if you do buy the study text, you may find this website useful in explaining some of the more complex areas of the syllabus.
Usually, the J02 paper has a mixture of questions that have been asked many times before, along with more challenging technical areas (for example back-to-backs or discretionary trust IHT charges). So, using the CII past exam guides and a range of mocks papers will also help with your understanding of the technical subjects likely to come up in your exam. Our advice would be to not sit the exam until you are ready.
Q: How should I approach exam technique for the J02 exam?
J02 will ask open-ended questions designed to assess your knowledge and understanding. It is a ‘short answer’ paper, so bullet points are suggested. You’ll also need to ensure that you provide enough detail to demonstrate your understanding and relate your answers to the client in scenario-based questions.
For any answers that involve a calculation, will need to show all your workings and make sure you include each step; even if your final answer is wrong, you could still pick up the majority of the marks if your workings are correct.
Focus on the questions you are comfortable in answering. You are sure to find some questions easier than others, so focus on these rather than spending endless time on the harder questions, where you are less likely to pick up marks. You can come back to any incomplete questions at the end.
Have a go – your initial thought may be that you don’t know the answer, but if you’ve done your prep then once you start trying to answer a question it might trigger a memory which may enable you to get some of the marks. There is no negative marking, so you won’t lose marks for incorrect answers.
Finally, of course, thorough preparation and use of past exam papers and mock papers will always stand you in good stead for your exam.
Main image: isabella-fischer-LXDFEdtEGUQ-unsplash
