New to ACCA - advice needed

Pisco Sour

Hi all,

I passed my ACA CAP1 and CAP2 exams in 2008 and 2009, but failed the FAE Core in 2010 (passed the elective). I've been in Australia since then and am now sponsored on a 457 visa here. I have no intention of ever putting myself through the FAE course again (pure torture!) but want to get qualified. The ACCA seems like the most flexible option to me as the papers are the same all around the world so I don''t have to commit to one particular country (have no idea in 2 years whether I will be here or back in Ireland).

I should get 8 exemptions leaving me these 6 to do:

F4
P1
P2
P3
Then 2 of P4-P7

I want to take 2 exams in June 2013 and one of them needs to be F4. Here is the timetable for June 2013

June 2013 session



Monday 3 June

F5 Performance Management

P7 Advanced Audit and Assurance



Tuesday 4 June

F6 Taxation

P4 Advanced Financial Management



Wednesday 5 June

F7 Financial Reporting





Thursday 6 June

F8 Audit and Assurance

P5 Advanced Performance Management



Friday 7 June


F1 Accountant in Business
F9 Financial Management

P6 Advanced Taxation



Monday 10 June

F4 Corporate and Business Law

P3 Business Analysis



Tuesday 11 June

F3 Financial Accounting

P2 Corporate Reporting



Wednesday 12 June

F2 Management Accounting

P1 Governance, Risk and Ethics


P3 is on at the same time as F4 which means I have to chose either P1 or P2 to do along with F4. Which one of these would be best to study with F4?

In your experience which one of these 2 is easier to pass first time? I wont be able to go to any lectures as the ACCA have none available in Australia so it will be all self study.

If I sit P1 I get a day off between the 2 exams to recover, but is doing P1 and P4 together a bit too much theory/waffley stuff to do at once?

Also with regards F4 I'm a bit confused why I don't get an exemption from that. I studied Business Law in first year Commerce in UCD which is one half of their requirement for exemption from F4 (the other being Company Law which I did not do). However I sat the law subject as part of CAP 1 which covered all that company law stuff. Seems a bit much to have to do all that stuff again?

All advice welcome'

Thanks

SBWife

There might be some overlap with P1 from and you'd have a day in between for revision but you'd be taking 2 theory based exams which may or to suit. Also IMO P1 is a hard exam to judge, it could be considered more subjective than many of the other papers. I'm glad I had the opportunity to have taken a few ACCA papers before tackling it.

P2 on the other hand is difficult but straightforward as its the advanced financial reporting exam, obviously more numbers based.

My advice would be to play to your strengths.

I passed all first time with self study so it's definitely doable.

As for taking P1 and P4 at the same time. If you do two at a time your next sitting would be P1 and P3, then your two electives. ACCA progression rules require you to have passed or be sitting P1-P3 before you can take the elective.

thefa

I done F6 and P1 in my first sitting and found it a manageable combination and passed both. I found P1 easier than P2 which I failed on my first attempt simply because I underestimated that it is one of the most technical content of all the papers, especially when it comes to the section B of the paper and which is also incorporated into parts of section A. It also doesn't help if you haven't studied/practiced content from the F7 paper/accounting degree fairly recently. I have talked to people who have just taken on P2 in the one exam session to get it out of the way.

On the other hand, F4 is theory as far as I know so combining it with P1 which is pure theory might not suit you. I like to combine a theory paper and numeric based one if possible.

As SBwife said, play to your strengths.

Pisco Sour

Thanks guys. A bit overwhelmed by it all and the idea of doing these exams half way around the world. All my notes from CAP 1 and CAP 2 are at home which will make brushing up on areas I would need to know before even starting P2 difficult. Might have to get some of it sent over to me.

With regards these exams, are the Kaplan text books sufficient? I dont have the option of lectures out here in Australia and to be honest I never find them useful anyway. I've always been a better self-learner and study from notes I am provided, assuming they are good (which they were not for most ICAI ACA exams!).

Also wondering is it doable to take 2 subjects (F4 and P2 for example) while still work 8.30-5 and have a pretty intensive training routine for athletics (though will be in the off season so probably will only train 2-3 days a week instead of 5), as well as have time for the girlfriend, and have a bit of a social life? Basically what I'm asking is 2 exams in June a realistic aim and how easy is it to fit the other important things in your life around it?

Also a bit worried that I will find the exams difficult seen as it has been 3 years since I attempted the FAE's and I may be rusty.

Finally I've read online on random forums that ACCA is not highly regarded here in Australia. That's a bit of a pain. They seem to be all about CPA here. But CPA and ACA are not very flexible. I don't think I would get as many exemptions (if indeed I get any) and if I left Australia I would be stuck again having to start from scratch when I get back to Ireland. Am I right that ACCA is the best option for somebody who doesn't know where in the world he wants to live in the medium future?

A lot of questions.

EDIT: Just came across this website which is free and has loads of notes and online lecture videos. http://opentuition.com/start/ Anybody used this before?

SBWife

I used Kaplan with the technical articles on the ACCA site and the OpenTuition.com website. Passed all exams first attempt.

2 exams is a reasonable aim, if you start now a commitment of 4-6 hours a week should get you through the information. I'd at least double this in the 2 or 3 weeks immediately prior to the exam in order to get some serious past question practice in.

thefa

I find that opentuition notes can be good for summaries and make good use of examples and practice questions but is not that comprehensive. I have only checked out a few lectures on it because with I already attend lectures but they seemed like a good standard. Reading the forums on specific papers can be interesting too. I usually focus on the lecture notes I get and use the Kaplan/BPP books to clarify or get more detail on important topics. If I just learnt the lecture notes I wouldn't have quite enough information/an understanding of the important parts but at the same time, if I tried learning the whole Kaplan/BPP book I would have far too much detail on some minor topics so you would want to get an impression of what areas gets examined regularly and use time wisely if just using the Kaplan books.

2 subjects is manageable but it will be helped if you can arrange some study leave around the time. It can be hard to get into the habit of studying after work and there will be days when you just won't feel like it so the sooner you could make a habit of it, the easier it will be become.

sReq | uTeK

Just on this guys, is the revision notes from bpp sufficient for home study.

Where do I go about getting past papers?

SBWife

sReq | uTeK wrote: »

Just on this guys, is the revision notes from bpp sufficient for home study.

Where do I go about getting past papers?

You need the full text rather than the revision notes.

Past papers are on the ACCA website.

sReq | uTeK

SBWife wrote: »

You need the full text rather than the revision notes.

Past papers are on the ACCA website.

Oh I have bot the full text and revision kit for all F1-F3 and am getting stuck in so far.

5 to go

Hey pisco, don't normally reply on boards.ie but I was in a similar position to you so I thought I'd let you know how I got my head round the whole acca/icai switch.

I passed cap2 in 2010 and had no intention of doing the FAE. I flew back to Ireland to repeat the two CAP2 exams I failed, got them...but it was hard work doing the ICAI from Austria where I moved to. On the hand it's grand because you work at your own pace and you're doing what you want to do (i.e. job, where you want to live) but it's easier going to lectures in town etc, with your mates, and just bash through the exams. I mean, you could go back to Ireland for those 2 days and get the final exam at FAE done. You'd pass. Always sounded to me like the notes weren't good enough to save people time during study (so you could actually get down to question practice ASAP) and the assessment is just complicated. But you'd pass next time. But, if you had to pay €4k again to repeat...forget it.

I say this as ACCA is perfectly suited to your situation, but it won't be the fastest way to finish. It depends on you. I switched in 2010, paid for exemptions for the CAT (got 8 from 9) and then I passed one exam in 2010 to get the cert and title. Brilliant. After all the work I had something to go to employers with. Saying you're part-qualified outside Ireland, UK (places where chartered accountancy qualifications are known and popular) doesn't have much meaning. But once employers see the cert and the know what it's equivalent too, you're in business.

So then I got started with the ACCA proper in 2011. Had to pay for exemptions again (bummer) and like you, I had everything up to the P-papers except F4. They don't recognize the ICAI law exam as it's only half a paper as such. Tbh, the syllabi are more or less identical...so I was irritated, but you just have to get on with it. It won't be a big deal for you to pass it. But more emphasis is on the practical scenario questions which I think are 30% of the paper. You pass or fail mostly on how well you do on that as the rest of the exam is just rote learning and knowing a few case studies. Stick to doing the Irish variant and don't do the international one. You just need 8-10 weeks hard study to get it.

I'm only getting round to the p-papers now so the ICAI transition takes time. I'm at the same point I'd have been in in 2010 with progress in exams but I'm happier doing ACCA. The learning materials (exam kits, CDs, online lectures from whoever you choose) are all first rate. When I think back to the lectures and notes from ICAI...I mean, it made the exam cramming much harder. But it's unfair to compare the size of CAI and ACCA. There's so many students and tuition providers, it's an industry in itself providing the learning materials. You'll be way happier preparing for the exams as it's more straight forward. You won't have to prepare your own notes. And nothing is open book...which is also probably better for time management in exams.

I'm going to do 2-3 exams per sitting in starting in June and hope (please god) to be done at Christmas or latest June 2014. ACCA will announce soon if they're opening up even more flexible exam sessions...so it might be faster to get through the exams. The June / December window is better than CAI. You need 3-4 months to prepare for 2-3 papers. But if you start sooner, say straight after the next exam after a little break...you've got more time to actually learn something and not cram. The p-papers actually look pretty interesting.

I'm doing p1 and p3 this sitting. P2 would have been on the Tuesday in between these exams which is a bad idea. I like the paper, but why stress yourself out preparing for those three exams in three days. I want to do p2 in December so I can focus in the second exam week just on that paper. It's a technical paper with lots of prep needed...but that's the advantage of acca. You decide what suits you.

P1 and p3 are theory and you can't move on to p4-p7 without applying to do the p1-p3 "block". My thinking is to get p1 and p3 done this time (second week of exams) and go for p4, p5 and p2 in December which are split nicely between weeks 1 and 2. But it's a lot of work.

That's the thing about acca from abroad. It's an international qualification but it means more in some countries. If there's a local equivalent, people won't know it. You have to sell it to your employer. I don't get any study leave, exam fees paid...I'm pushing myself through it. But it's not that expensive tbh (depends if you pay for all the tuition, self study is definitely doable but you need online lectures IMO). But my employer is happy that I'm doing them. In the end, you'll have a business/accountancy qualification plus membership and a title. Comparing institutes is like saying what's better, an Audi, a BMW or a Mercedes...you'd be happy to own any of them right?

So, just get started. If you really want to do acca...it will suit you and you could be done in 3 exam sessions. Just get f4 out of the way, it's a nuisance that just has to be done. And you can sit the exams anywhere, probably even Australia. I can do mine in Munich or Vienna which is grand. Tbh, the flexibility is brilliant. But you pay extra to do the exams in "exotic" locations lets call them. For me an extra €100 per exam.

Wishing you all the best. Most important thing is to get back on the horse and set a few targets. In 1-2 years, you'll just have more options. And apparently finishing the qualification is worth €10k a year if you have the right experience to. So motivation isn't a problem. Just get them done...and do your thing in Australia. You'll fit in everything if you're focused and you just need to set some priorities. It's costing you maybe €10k a year!

All the best

copyandpaste

Hi Pisco Sour and 5 to go,

Im in the same boat as you too, failed the faes and I am now living abroad.
I have signed up for acca and have 5 exams to do. Will do P1 and P3 this June.

Have you guys looked at the PER? I worked in a firm at home and kept a 3.5 CA diary with them. I thought I could use this for my PER, but it looks like the acca dont require you to keep a diary, you just have to answer challeging questions??! I want to try get this done as soon as possible so my old boss can sign it off, while they still remember who I am!!
Any advice as to go about doing this PER would be greatly appreciated? also if anyone knows, do I answer the challenging questions then print them out and send them to my old boss to sign or does he have to log in and sign somehow online? I'd like to keep it as simple and as straighforward as possible for him to do.

Brewie

ACCA Exams
I think you have to have all of the F's done before you can sit P1 P2 & P3 or sit the last F and the P exams in the same sitting.

Same rule applies to P1, P2 & P3 before selecting 2 of the P4-P7 exams.


PER Challenge questions
There is some info on the ACCA site about these questions. There are individual PDF's on each question and there is also a booklet of sample answers on the ACCA website, please note that there are not sample answers for all of the questions.
I think the info I mentioned is only available when logged into MyACCA so I cannot link it unfortunately.

I will try to attach the sample answer PDF here though.

copyandpaste

Thanks brewie,

Do you know about this part;

also if anyone knows, do I answer the challenging questions then print them out and send them to my old boss to sign or does he have to log in and sign somehow online? I'd like to keep it as simple and as straighforward as possible for him to do.

Also, if i pass P1 and P3 this June, I hope to do P2 & the two options in December. But you say; Same rule applies to P1, P2 & P3 before selecting 2 of the P4-P7 exams

Does this mean if I pass the two options in december but not P2 that I dont get to keep them? and only repeat P2??! Thanks in advance for any help!

Brewie

Say you sit the outstanding F paper and P1 & P3 and pass. You will have to sit P2 in the next sitting you choose to sit. You can sit P2 on its own or with either of the P4-7's or both.

WARNING guess incoming.
I doubt if you sat P2 and say for example P4 in june, fail P2 and pass P4, I can't see them discounting the pass in P4. As I said though, thats only a guess.

Regarding the PER challenge questions, I'm not a 100% sure how to go about getting my work place mentor to sign them. I'm working on them now myself. I have them saved in word doc's. This way I can copy & paste them into ACCA site. I do know a couple of years ago, when talking to a lady on the ACCA help/contact line she said you could submit them in hard copy.
Might or might not have changed. I will need to ring them to be sure.



On a personal note, depending on your 2 options from P4-P7 I would consider sitting P1 - 3 in June if its not too late.
I sat P1-3 and then the Adv Tax and Adv Audit in the next sitting. Depending on your 2 options it might be easier.
I found P1 & P3 waffley nonsense/common sense type things that weren't all that difficult to understand and take in.

Anerak

Hi

I was wondering I am currently considering a move to Australia. I am registered with ACCA and I have only 2 years experience done, If I was to move would it be hard to get a job that is recognised towards your experience to become qualified?
Any advice I would really appreciate or on accounting jobs in general in Australia?

Alanx80

Hi,
Im registered for Acca P1 -exam is in 11 days.. For various reasons i've done very little study to date. Is it possible to pass if nuckling down for the remaining time??
Any study tips would be welcome.

Alanx80

Hi,
Im registered for Acca P1 -exam is in 11 days.. For various reasons i've done very little study to date. Is it possible to pass if nuckling down for the remaining time??
Any study tips would be welcome.