ACA exams - just how hard are they, really?

aoibhebree

Hiya,

I've wanted to be an accountant since studying accountancy for leaving cert. However, all though I work hard, I'm not exactly the most academically gifted! I managed to scrape commerce in NUIG (got the offer third round), and I've put so much effort in all the way through - however I can never get my average above the low 60s. I'm in final year now, and (fingers crossed!) on track for my 2.1. And, somehow, I've managed to persuade one of the big 4 to take me on next september

I'm so so happy to get this opportunity, however I'm just scared I wont be able for the exams and the work (I'll be in Audit, I think Financial Services.) I'm exempt from the CAP1s, but what about the rest of them? Just how tough are they? I know a lot of people are going in as trainees with much better college results and academic strength than me, will this hold me back a lot?

Any advice from any current trainees/accountants would really be appreciated

Aoibhe

boredatwork82

i scrapped through accountancy for 4 years (low 40%'s)... one exam left to be a cima head. Different qualification, similar exams. ACCA are really hard but ACA is open book.... a few mates of mine are doing them, not too bad apparently. don't worry about it. If you actually do a masters you may get more exemptions and get to spend another year in college!

swanvill

From talking with friends the exams for ACA are not that hard, I myself studied ACCA, which has high levels of failures but if you are disciplined and are willing to work hard then you will get through. The concepts that are studied are not difficult but you will just have to grind your way through a large volume of work. My advice if you can get a masters, that will give you more exemptions and try persuade your employer to postpone your job for a year, then get the masters, as the less external exams you have to sit the easier it will be.
The other factor that you will have to consider is you will now be working full time 40 - 50 a week and will have to study at evenings/weekends so it will be a slog.

boredatwork82

some of the big 4 will actually pay half of your masters fee in smurfitt and then you start work the following october. Also I think you have to get 2 years work experience before you sit your finals in aca, so i wouldn't really worry too much about. As swan said, its mainly about been disciplined for the few months you are actually studying.

MrMatisse

The exams themselves are not too difficult but studying whilst working is hard, although you got a lot of study leave there is an increasing amount of continuous assessments throughout the year which are tough as there all or nothing and you get no study leave.

hughs

boredatwork82 wrote: »

i scrapped through accountancy for 4 years (low 40%'s)... one exam left to be a cima head. Different qualification, similar exams. ACCA are really hard but ACA is open book.... a few mates of mine are doing them, not too bad apparently. don't worry about it. If you actually do a masters you may get more exemptions and get to spend another year in college!

Only the final set of ACA exams are open book. In my auditing paper, I only had time to refer to books/notes twice and that was only 2 quick gances.

ACCA have a higher failure rate because most people who are studing them are in industry and dont get the same work experience as someone in practice.

LoveDucati2

Congrats on the contract Aoibhe

Dont worry too much, you will get plenty of support and so many others will be in the same boat as you.

They are not that difficult once you study well and understand what you are doing.

Stop worrying and enjoy the fact that you have succeeded.

Well done

Hanley

hughs wrote: »

Only the final set of ACA exams are open book.

CAP 2 is fully open book now, except for tax.

smcgiff

hughs wrote: »

ACCA have a higher failure rate because most people who are studing them are in industry and dont get the same work experience as someone in practice.

How much management accounting do you do in practice?

hughs

smcgiff wrote: »

How much management accounting do you do in practice?

The 4 main areas of accountancy exams are:
1)Financial Accounting;
2)Tax;
3)Auditing and;
4)Management Accounting.

In the case of the first 3, you get a good practical experience in practice. Training in industry may aide you with management accounting.

Stabshauptmann

hughs wrote: »

The 4 main areas of accountancy exams are:
1)Financial Accounting;
2)Tax;
3)Auditing and;
4)Management Accounting.

In the case of the first 3, you get a good practical experience in practice. Training in industry may aide you with management accounting.

Well you'd get good experience in either tax or audit, not both

smcgiff

Kaptain Redeye wrote: »

Well you'd get good experience in either tax or audit, not both

And you don't get any accounting experience in industry

hughs

smcgiff wrote: »

And you don't get any accounting experience in industry

Not a lot really.

hughs

Kaptain Redeye wrote: »

Well you'd get good experience in either tax or audit, not both

If you train in a practice outside of the big 4, you are guaranteed to get experience of both.

Geansai

aoibhebree wrote: »

Hiya,

I've wanted to be an accountant since studying accountancy for leaving cert. However, all though I work hard, I'm not exactly the most academically gifted! I managed to scrape commerce in NUIG (got the offer third round), and I've put so much effort in all the way through - however I can never get my average above the low 60s. I'm in final year now, and (fingers crossed!) on track for my 2.1. And, somehow, I've managed to persuade one of the big 4 to take me on next september

I'm so so happy to get this opportunity, however I'm just scared I wont be able for the exams and the work (I'll be in Audit, I think Financial Services.) I'm exempt from the CAP1s, but what about the rest of them? Just how tough are they? I know a lot of people are going in as trainees with much better college results and academic strength than me, will this hold me back a lot?

Any advice from any current trainees/accountants would really be appreciated

Aoibhe

OK, this thread seems to have turned into a load of bickering and is not answering your question.

OK, the ACA exams can be reasonably tough, but you get ample study leave from the big 4 accounting firms to study for them. This is the reason why the pass rates are higher (and not the experience).

When it comes to these exams, everybody does tend to help each other out and its not competitve as college (that is you find your working with your class, and not competing against them).

all that said, the big four firm wouldn't have offered you a place if they felt you were going to fail, so obviously they belieive you can do it. With a 2.1 you sould be well able for the exams so have a little faith in yourself.

You'll be grand!!!

lassykk

Geansai wrote: »

OK, the ACA exams can be reasonably tough, but you get ample study leave from the big 4 accounting firms to study for them. This is the reason why the pass rates are higher (and not the experience).

When it comes to these exams, everybody does tend to help each other out and its not competitve as college (that is you find your working with your class, and not competing against them).

all that said, the big four firm wouldn't have offered you a place if they felt you were going to fail, so obviously they belieive you can do it. With a 2.1 you sould be well able for the exams so have a little faith in yourself.

You'll be grand!!!

I fully agree with you. With a 2.1 average coming through college you'll be well able for ACA exams. I wouldn't get stressed out about it.

It is hard attending lectures whilst working but it is only for a short period of time in the overall scheme of things and once your finished you'll be glad you persevered.

A Big 4 in the current climate wouldn't have accepted you if they didn't see potential so you just need to be confident in your own abilities

khennessy86

ACCA OR ACA

1.Which is better, how long does it take to complete
2. Can it be done through home study for some papers and courses for others, or do you have to do them all through college course.
3.what order to you take them in , for acca do you do all the p's first or f's
4. are they very hard. not that im afraid to work, but how hard are we talking


THANKS FOR ANY HELP , PROVIDED, JUST TRYING TO DECIDE WHICH IS BEST ROUTE TO GO

colmha

khennessy86 wrote: »

ACCA OR ACA

1.Which is better, how long does it take to complete
2. Can it be done through home study for some papers and courses for others, or do you have to do them all through college course.
3.what order to you take them in , for acca do you do all the p's first or f's
4. are they very hard. not that im afraid to work, but how hard are we talking


THANKS FOR ANY HELP , PROVIDED, JUST TRYING TO DECIDE WHICH IS BEST ROUTE TO GO

1)Personally, I think both are equally good qualifications. However, there is still a bit of snoberry out there amongst ACAs. I think its more important where you train (would recommend practice), the experience you get, and the amount of study leave your employer gives you. If you get 6 weeks study leave you have a much better chance of passing than if you get 4 days. With ACA there is a minimum number of days study leave your employer has to give, I dont think ACCA has any minimum. I qualified as an ACA 3 years ago, it took be 3.5 years with 3 sets years of exams. If you had a masters degree in accounting (or post diploma in accounting), it was 3 years. This is assuming you pass all your exams.
2)Both can be done through home study.
3)Dont understand your queston.
4)Exams are difficult. However, if your job is providing you with relevant experience and good study leave, and you put it in the work you have a good chance of passing.

smcgiff

hughs wrote: »

Not a lot really.

Oh please... I started off in practice (admittedly only a mid-tier) and it's only when I went working for large companies that I got involved in complex accounting transactions.

And as for the auditors' understanding what was going on.... I could only help/train them so much. Everyone knows that the person with the least understanding of what goes on a company is the external auditor - and by extension the accounting involved.

Geansai

smcgiff wrote: »

Oh please... I started off in practice (admittedly only a mid-tier) and it's only when I went working for large companies that I got involved in complex accounting transactions.

And as for the auditors' understanding what was going on.... I could only help/train them so much. Everyone knows that the person with the least understanding of what goes on a company is the external auditor - and by extension the accounting involved.

A bit harsh... and not entirely true!!

smcgiff

As for the OP - As an ACCA I'd say go with ACA if you can get the contract. Most of the top jobs in Ireland are held by ACAs (they got there first!) and they will, naturally, look more favourably on their own qualification all things being equal. If you intend to travel I'd go with ACCA.

However, as an ACCA I've never had a problem getting a job, and have a very good interview success rate. My current job as FC was vacated by an ACA when he moved onto GM in a sister factory, and he hired me. Not sure if any ACAs applied though.

If, say, your intention is to one day open your own small private practice then I'd wager Joe Public wont know the difference between an ACCA or ACA.

smcgiff

Let me correct that for you!

Geansai wrote: »

A bit harsh... and not entirely untrue!!

hughs

smcgiff wrote: »

Oh please... I started off in practice (admittedly only a mid-tier) and it's only when I went working for large companies that I got involved in complex accounting transactions.

And as for the auditors' understanding what was going on.... I could only help/train them so much. Everyone knows that the person with the least understanding of what goes on a company is the external auditor - and by extension the accounting involved.

smcgiff - i actually have a similar background, trained in a mid-tier practice and now work in a large company. I agree with your comments on auditors, (well to an extent) but this actually works to the benefit of the experience of practice trainee v industry trainee. Do you spend as much time explaining these complex transactions to trainee accountants in your own company as you do to the audit trainees?

smcgiff

hughs wrote: »

Do you spend as much time explaining these complex transactions to trainee accountants in your own company as you do to the audit trainees?

It's painful when you've to repeat the same thing more than once to the same auditor and again, perhaps, to a different colleague during the same audit - that's a cardinal sin to my mind. But what I really hate is that they get younger each year!

Trainee/junior accounts differ - I find it depends on how well motivated they are, but the major difference is that you can slowly build them up over time - whereas you're lucky to have the same auditors two years in a row.

Sure, if only they were all as perfect as us, eh?

Cyrus

smcgiff wrote: »

Oh please... I started off in practice (admittedly only a mid-tier) and it's only when I went working for large companies that I got involved in complex accounting transactions.

And as for the auditors' understanding what was going on.... I could only help/train them so much. Everyone knows that the person with the least understanding of what goes on a company is the external auditor - and by extension the accounting involved.

to be fair that would reflect a little on where you trained aswell

smcgiff

Cyrus wrote: »

to be fair that would reflect a little on where you trained aswell

Which part - being able to recognise that big 4 send out their trainees without very little training?

Cyrus

smcgiff wrote: »

Which part - being able to recognise that big 4 send out their trainees without very little training?

well they send them out with none but with people that have, thats how they learn

i was referring to your lack of exposure to complex accounting

aoibhebree

Thanks for the advice guys I'm looking forward to the challenge really, it just seems a tad daunting at times!!