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Exam (elaborations)

PSC Financial and Business Skills Exam, 2026/2027 – Professional Skills Course Solicitor Training Competency Assessment

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This document covers the University of Law PSC Financial and Business Skills Examination for the 2026/2027 training cycle. It includes 50 practice questions focused on financial management, business awareness, professional conduct, and legal practice competencies aligned with SRA Principles, SRA Accounts Rules, and the University of Law PSC curriculum. The material supports exam preparation by reinforcing law firm finance, client account management, billing procedures, profitability analysis, regulatory compliance, ethical decision-making, financial calculations, and scenario-based business application skills.

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Six stages of design thinking - ANSWER-empathize, define, ideate, prototype, test,
implement (build on eachother, can move back and forth)
Purpose of empathise - ANSWER-Learn about users experiences and pain points, base
off REAL insights
Methods for Empathy - ANSWER-- interviews
- surveys
- ethnography
- competitor analysis
- focus groups
Define stage - ANSWER-Turn research into clear problem statements, a pause before
development
Define stage activities - ANSWER-- identify themes and trends
- create personas and journey maps
- tell the story of user experience
- write problem statements
Ideate phase - ANSWER-Brainstorm as many ideas as possible without judgement
Activities in ideate - ANSWER-Cross functional teams, set rules, seperate idea
generation from evaluation, brainstorm
Prototype Phase - ANSWER-Create quick, low cost representations of ideas to test and
refine
Prototype activities - ANSWER-start low fidelity like sketches and increase as confidence
grows
Plan what each is going to test
Test phase - ANSWER-evaluate how well the design meets user needs and uncover
issues
Test phase activites - ANSWER-revisit goals and questions, recruit users, plan logistics,
iterate and retest, surveys

, Implement phase - ANSWER-Bring final design to life and keep improving after launch
Implement activities - ANSWER-Produce guidelines, validate design, set measurable
success metrics, monitor performance after launch, use HEART (happiness,
engagement, adoption, retention, task success)
Article 1 summary - ANSWER-Lack of engagement, responsibility and problem solving in
customer servies leads to unproductivty which spreads like a chain reaction
Good customer service = solving customers problem not just being friendly
Unproductivity chain reaction - ANSWER-When one person is unprodcutive, it causes
others to be that way too
Human engagement vs organizational engagement - ANSWER-Organizational
engagement: loyalty to the company
Human engagement: willingness to help others regardless of company loyalty
Lack of human engagement leads to negligence and selfish behavior
Good customer service - ANSWER-Not just friendliness or politeness, solving the
customer's problem, efficiently (ex: waiter that smiles but takes 45 min to serve food
failed)
Micro-costs of unproductivity - ANSWER-Small, hidden costs that add up
Strategic productivity - ANSWER-Goal: maximise profitability and improve quality of life
Involves reducing micro-costs and improving service efficiency
Lost charger story - ANSWER-A forgotten charger leads to wasted time, failed store
interactions, multiple purhcases, highlighting how small problems escalata
Online versus local stores - ANSWER-Online stores solve problems faster, even if they
lack personal touch, making them more competitive
not thinking is free but - ANSWER-leads to costly mistakes
Small businesses often lose customers due to - ANSWER-poor service, not just
competition
Productivity isn't just about money, - ANSWER-its about improving life and work quality
Article 2 sumary - ANSWER-Explores corporate dysfunction and misuse of imporvisation
in business strategy
Lack of trust, poor leadership, and failure to listen to emplyees leads to low morale,
unpordictivty and financial losses
Wearing the T-shirt - ANSWER-Metaphor for employee pride and emotional connection
to the company
Employees who refuse to wear the shirt reflects a deeper disconnect from the
orgaizations values and products
Corporate anorexia - ANSWER-Term for companies that starve their own operations and
employees (burnout, high turnover, poor service)
Good improvisation - ANSWER-Being preapred for the unexpected
Bad improvisation - ANSWER-constant disorganization and last minute decisions, should
be PLANNED not habitual
Toothpaste theory - ANSWER-Metaphor for lasting impact - the final 10% of toothpaste
seems to last longer than the first 90%
Short emotional messages often have more lasting motivational effect than long
speeches
Sportswear launch - ANSWER-employees discard company t shirts after an event,
showing lack of pride in brand

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May 15, 2026
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