Reference

Glossary

Plain-English definitions of the terms you'll meet across the qualifications we cover.

SBAQ

Single Best Answer Question

The MCQ format used in SQE1. A short legal scenario followed by five options, one of which is the best answer — not necessarily the only defensible one. Tests applied judgement, not recall.

See also: the SQE room

FLK

Functioning Legal Knowledge

The knowledge domain assessed in SQE1. FLK1 covers Business Law, Dispute Resolution, Contract, Tort, Legal System, Constitutional and EU Law, and Legal Services. FLK2 covers Property Practice, Wills, Solicitors Accounts, Land Law, Trusts, and Criminal Law and Practice.

See also: the SQE room

SBR

Strategic Business Reporting

ACCA Strategic Professional paper covering the application and evaluation of IFRS in complex scenarios. Includes an ethics scenario worth 8-10 marks.

See also: the ACCA room

SBL

Strategic Business Leader

ACCA integrated case study paper combining strategy, governance, risk, technology and finance. Four hours, one scenario, professional marks awarded.

See also: the ACCA room

OCS

Operational Case Study

The case study exam at CIMA Operational level. Three hours, pre-seen material released six weeks before, tests the syndicate role of a Finance Officer.

See also: the CIMA room

TAC

Test of Advanced Competence

The final ACA exam. Combines three case studies over a single day. Requires ICAEW pre-course preparation and Professional Level exams first.

See also: the ACA room

AAT Level 4

Professional Diploma in Accounting

The highest AAT qualification. Covers management accounting, financial statements, tax and audit. Grants exemptions from the first stage of ACCA, CIMA and ACA.

See also: the AAT room

QTS

Qualified Teacher Status

The English statutory requirement to teach in state-maintained schools. Awarded on completion of a PGCE with QTS, School Direct, or an equivalent route.

See also: the PGCE room

CBT

Computer-Based Test

The exam delivery format used by CFA, FRM, ACCA and most other bodies. Fixed timing, on-screen calculator (usually), Pearson VUE or Prometric test centres.

See also: the CFA room

VaR

Value at Risk

A statistical measure of the maximum expected loss over a given horizon at a stated confidence level. Central to FRM Part 1 (Quantitative Analysis, Market Risk) and Part 2 (Market Risk Measurement).

See also: the FRM room

CIPD Level 7

Advanced Diploma in Strategic People Management

The postgraduate CIPD qualification. Required for Chartered Member (Chartered MCIPD) status subject to experience. Roughly equivalent to a Master's level.

See also: the CIPD room

CTA

Chartered Tax Adviser

The UK Chartered Institute of Taxation qualification. Requires two Advisory papers, one Awareness paper, plus Law and Ethics computer-based exams.

See also: the CTA room

PMBOK

Project Management Body of Knowledge

The PMI publication that underpins the PMP exam. Now supplemented by Agile Practice Guide content — roughly half the current PMP exam is agile or hybrid.

See also: the PMP room

Spaced repetition

Revision technique using expanding intervals

A learning method that schedules review just before predicted forgetting. Intervals grow exponentially (1 day, 3 days, a week, a fortnight). The best-evidenced technique for retaining discrete facts, definitions and formulae.

Active recall

Retrieval-based learning

Practising by generating answers from memory rather than re-reading. Producing an answer even when incomplete strengthens retention more than passive review. The mechanism underlying flashcards and practice questions.

Pass mark

The score required to pass

Set by the regulator or awarding body after standard-setting. SQE1 uses a modified Angoff method — the pass mark for each sitting is calculated after the exam based on question difficulty, so it varies (typically 55-60%).

Standard setting

How pass marks are calculated

The statistical process regulators use to set pass marks. Panels of experts rate each question's difficulty; the pass mark is the score a 'just competent' candidate would achieve. Why exam pass marks are announced weeks after the exam.

Mock exam

Full-length practice exam under timed conditions

A rehearsal of the real exam — same length, same format, same time pressure. Best used in the final month, marked (ideally by another person) with written feedback on technique, not just score.