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To those studying Kaplan ELC... don't fret :)

Discussion in 'Financial Planning Study Group' started by CJ. Wentworth, 28th Nov, 2008.

  1. CJ. Wentworth

    CJ. Wentworth Well-Known Member

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    Location:
    Cairns, QLD
    Hey guys, just finished my ELC assignment and exam (DFP through Kaplan). I struggled along with the assignment and actually failed my first submission by 1 point. 15/20 and you need 16/20

    But don't fret because they do give good feedback and I find it almost impossible to fail the assignment if you have a passion for the work. The exam is multiple choice and as long as you can read and understand well, you'll also do fine.


    I'm now doing my Risk Management subject and compared to ELC it seems 10 times easier... don't misunderstand that to say that it's easy though. ELC seems like a good test to weed out people who aren't interested in the field, or people who cannot apply themselves to study.

    I'm hoping that the remaining subjects fall along the lines of the RM subject (less modules to learn, but more specific detail) :)

    So yeah, power on through ELC :)

    Of course I haven't seen the other Subjects, and if anyone's doing them I would highly appreciate the PDF's available from My Kaplan (if we're allowed to share of course).


    Long story short, ELC = testing and trying, but looking back it's not overly difficult
     
  2. bowling2020

    bowling2020 Bowling

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    Location:
    Sydney, NSW
    Hey CJ, thanks for sharing.
    I was in your shoes with the assignment, I missed 1.25 points on my first submission, but then again they left the comment as what you can do to get the full score. Finally I passed !

    I'm now just preparing for the exam, I've just recently been back from overseas for the second time this year and really need to get back on track with ELC.

    I was told to read the questions really carefully coz there would be some traps along the way. So I'll bare in mind for that one.

    I hope I won't have to repeat the exam, since I'll have to pay to re-sit the exam, so fingers crossed for me !

    Hey CJ, any exam tips you might wanna share? I'm just reviewing the whole ELC book again and hope to practice the questions online soon.

    It's so great to hear that next subject isn't as bad ! :)
     
  3. CJ. Wentworth

    CJ. Wentworth Well-Known Member

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    Ummm, can't really give any hints for the exam since it already sounds like you have the most appropriate one. Read the questions very well... they probably don't mean to, but sometimes they can use double-negatives (not often though)

    In some cases I used process of elimination to verify my choice of answer. Other times they took quotes almost directly from the online practice exams, or out of the course material.

    To be blunt, if you're smart and know how to navigate the Course Manual, there's no way you should fail the exam. :) good luck!
     
  4. bowling2020

    bowling2020 Bowling

    Joined:
    18th Jun, 2008
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    Location:
    Sydney, NSW
    Hey there,

    I went online to practice the exam and found one question confusing.
    If you could help me clarify the answer on the practice exam under module 8, question 2, regarding Tax free component. The answer I got is different from their correct answer.

    Here's the question:

    Sofia, age 58, has $200,000 in her superannuation fund, of which $20,000 is a tax-free component. She uses her whole accound balance to provide an income stream and draws $15,000 per annum. How will the income stream be taxed?

    a. It will be entirely tax-free.
    b. $1,500 will be taxable, but a rebate of $225 will be available to her.
    c. $13,500 will be taxable, but a rebate of $2,025 will be available to her.
    d. $15,000 will be taxable, but a rebate of $2,250 will be available to her.

    Cheers,
     
  5. AsxBroker

    AsxBroker Well-Known Member

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    Location:
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    Hi Bowling,

    The answer should be "C".

    $20,000 of $200,000 is tax free which means 10% is tax free.
    If Sofia is drawing $15,000 pa, 10% is tax free $1,500.
    $15,000 less $1,500 means that $13,500 is taxable.

    The taxable amount ($13,500) comes with a 15% tax rebate which is $2,025 pa.

    Which answer were you thinking?

    Cheers,

    Dan
     
  6. bowling2020

    bowling2020 Bowling

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    Location:
    Sydney, NSW
    Thank you for your reply, Dan !
    I guess I misunderstood the question, but I got it now.

    :)
     
  7. SillayKetha

    SillayKetha New Member

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    Sydney,NSW
    Thank you C J Wentworth for your encouraging words about ELC exam and thank you ASXBroker for your great help on the ELC assignment tips. I completed my assignment the second time but passed the exam the first time.
    The exam was not so tough after all, phew!
     
  8. SillayKetha

    SillayKetha New Member

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    I would also like to thank Young gun for his point by point assignment tips which was fantastic.
     
  9. SteelMonkey

    SteelMonkey Member

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    Perth, WA
    Thanks

    Thanks for the post CJ

    Am currently completing the Assigment at the moment, and struggling somewhat as i find it a bit difficult completing it(would probably help if I had signed up for the workshop, which i might do next time!), ive been wondering if I have missed the point on the questions altogether having no one to bounce ideas off, but fingers crossed it all works out.

    Its reassuring to know that they give you comprehensive feedback in the even that you do fail, so that will at least point me in the right direction if I do need to resubmit the assigmnent!
     
  10. baobaolan

    baobaolan Member

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    Melbourne
    hi , Congratulations!
    I am doing my assi now, can I send you my answers for you to have a look , see if I am on right track ?
    Thank you so much .
     
  11. jen.e1

    jen.e1 New Member

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    22nd Sep, 2009
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    Location:
    Ballarat, Vic
    Hi guys, i have to resubmit my ELC assignment and Im terrified Im not going to pass! I have struggled with this assignment and received 13 and 3/4 on my first submission. I have tried to add in all the corrections they have given me but am worried it wont be enough. Is there anyone that might be able to give me a few pointers?
     
  12. enem

    enem Member

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    9th Mar, 2010
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    Location:
    Sydney, nsw
    Hi everyone, I am really struggling with the Risk Management DFP2 assignment case studies. I find the information in the questions vague and inadequate. I
    Can anyone please assist me with the case studies. I could really do with some help. Thanks