Should I study the ACCA exams?

Blueberry101

Hi guys, a quick question.

I am heading into my mid 30's and already a post grad. I come from an Economics background with a MSc in International Management. I am just wondering if I should start to study for the ACCA exams. My knowledge of accounting is pretty poor. Though I think to work in finance it would be hard to make it without some kind of Cert.

I am not currently working so I am thinking of doing the exams by home study. Do you think this is suicide? I mean. With limited knowledge can i start from scratch? And learn by myself? I probably have no hope of cracking a big four at this stage but could maybe get a job in industry as a finance assistant etc..

I'm just wondering if its beyond me. Or even pursuing a career in finance at this stage. I know alot of people in Ireland are in the same boat and we are all struggling but im very anxious about the whole thing.

Also what kind of time frames do people use to study for the different exams?
Do they requite the whole six months of study. Each evening and weekend?

Cheers for any replies. They would really mean alot! I guess I am panicking but am just so unsure.

jjjd

Blueberry101 wrote: »

Hi guys, a quick question.

I am heading into my mid 30's and already a post grad. I come from an Economics background with a MSc in International Management. I am just wondering if I should start to study for the ACCA exams. My knowledge of accounting is pretty poor. Though I think to work in finance it would be hard to make it without some kind of Cert.

I am not currently working so I am thinking of doing the exams by home study. Do you think this is suicide? I mean. With limited knowledge can i start from scratch? And learn by myself? I probably have no hope of cracking a big four at this stage but could maybe get a job in industry as a finance assistant etc..

I'm just wondering if its beyond me. Or even pursuing a career in finance at this stage. I know alot of people in Ireland are in the same boat and we are all struggling but im very anxious about the whole thing.

Also what kind of time frames do people use to study for the different exams?
Do they requite the whole six months of study. Each evening and weekend?

Cheers for any replies. They would really mean alot! I guess I am panicking but am just so unsure.

I would say go for it!! What have you got to lose? With your education to date achieving an accountancy qualification is certainly not beyond you. ACCA is a Level 9 qualification, equivalent to that of a Masters. In saying that, professional exams tend to be more difficult to pass than academic exams, as the pass rates from all the accountancy bodies indicate. This just reflects the high standards expected by the accountancy bodies. You may be entitled to some exemptions based on your education to date.

Check here: http://www2.accaglobal.com/irishgradguide/exemptions/

Exams are held twice yearly, in June and December. You can sit up to 4 exams in one sitting. As someone with little or no accountancy knowledge, I would recommend tuition in one of the approved institutions rather than trying to do it all on your own. I think Independent Colleges are offering 50% discount for anyone who is unemployed at the moment. ACCA courses start this week for the June sitting. They are located in Dublin and Cork. You can choose to study full time or part time.

More info here:

http://www.independentcolleges.ie/faculty-of-accountancy

Best of luck whatever you decide!!

SBWife

You certainly can do the initial exams without paying for tuition and probably all the F exams can be easily completed self study. I'd say when not working a mature student with your background could easily sit F1, 2 and 3 in June. These would be equivalent to the first year or so of an undergrad accounting degree.

It's certainly not beyond you. ACCA is considered equivalent to a Masters program BUT IMO this is just barely, the level demanded is more like the later years of a good business BSc. than that of a well regarded Masters. That being said the P level exams are difficult and require a concerted effort to cover and apply the material as well as decent exam technique to get through them on the first attempt.

Blueberry101

I cant believe ACCA only gave me one exemption. Still though, as I read somewhere else they can be a double edged sword. Going into later exams could be suicide if I plan to progress.

Apparently the first 3 exams aren't so difficult. What time frame would I need now going into the exams for studying? Even if I tried one in June? Say f3 as it relates to book keeping I believe. Perhaps I should look for an Accounts Payable/ Receivable role while I am studying..

SBWife

Best thing to do is to look at the self study books and you can get an idea from them (Hodges Figes sell them) how long it will take you. I did the old mature student equivalent of F2 and F3 in my first session and spent about two or three weeks preparing. I'd no management accounting background (but did have an undergraduate degree in Economics) and I'd taken a financial accounting course in university many years ao.

jjjd

Blueberry101 wrote: »

I cant believe ACCA only gave me one exemption. Still though, as I read somewhere else they can be a double edged sword. Going into later exams could be suicide if I plan to progress.

Apparently the first 3 exams aren't so difficult. What time frame would I need now going into the exams for studying? Even if I tried one in June? Say f3 as it relates to book keeping I believe. Perhaps I should look for an Accounts Payable/ Receivable role while I am studying..

The first few F papers are fairly straight forward and relatively easy. You can easily pass these though self study. The P level papers are quite tough to pass first time. In any event you can't get any exemptions from the P level papers. You should aim for a minimum 2 exams this June, and maybe 3 in December.

statss

Maybe have a look at the CIMA certificate in Business Accounting. I recently completed it, without having come from an accounting background


http://www.cimaglobal.com/Students/Exam-preparation/Certificate/

Blueberry101

SBWife wrote: »

Best thing to do is to look at the self study books and you can get an idea from them (Hodges Figes sell them) how long it will take you. I did the old mature student equivalent of F2 and F3 in my first session and spent about two or three weeks preparing. I'd no management accounting background (but did have an undergraduate degree in Economics) and I'd taken a financial accounting course in university many years ao.

Are you trying to say that if I crammed for two or thee weeks I could pass them?

Economics background- nice me too! :-)

jjjd

Blueberry101 wrote: »

Are you trying to say that if I crammed for two or thee weeks I could pass them?

Economics background- nice me too! :-)

I think what they are saying is that the early F papers are not too difficult but I wouldn't advise you take this approach! Cramming doesn't work for everyone.

Blueberry101

Thanks for the quick reply jjd! Sure. Also i think it wouldnt be realistic for me as i was going to oder the Text books and papers so I probably wouldnt know where to start cramming!

Could you suggest a good starting career in accounting? Maybe like accounts payable? Though its more industry but not sure I want to be an auditor anyway.

I hear ACCA was a bit easier that CIMA hence this approach. Thanks.

jjjd

Blueberry101 wrote: »

Thanks for the quick reply jjd! Sure. Also i think it wouldnt be realistic for me as i was going to oder the Text books and papers so I probably wouldnt know where to start cramming!

Could you suggest a good starting career in accounting? Maybe like accounts payable? Though its more industry but not sure I want to be an auditor anyway.

I hear ACCA was a bit easier that CIMA hence this approach. Thanks.

First of all register as an ACCA student so that you can sit exams! Exam fees get more expensive the closer you book them. A bit like Ryanair! I would buy textbooks and or revision kits from the book depository website or amazon. Which ever is cheaper. BPP and Kaplan publish the best texts and revision kits. If you are short on cash you can download revision notes from www.opentuition.com . The notes may not be top quality but might be enough to get you through the easy F exams. Also on that site there are plenty of forums, study groups, online lectures, etc. to help you with your studies. Next download exam papers and solutions from ACCA website for each exam you intend to sit. Also read all published articles for each paper on the ACCA site.

As regards the work experience requirement look for any trainee accountant roles, accounts assistant roles, accounts payable, accounts receiveable roles etc. to get you started. You can always push on from these quickly enough. Be sure to let potential employers know on your cover letters that you've already signed up to do exams and are preparing for same! It will look good on your cv and in the interview. They may even offer you sponsorship for tuition for the P exams if you get hired!

The first 3 Papers are ok, as other posters have said and should be well within your capabilities. You have a number of years to complete the course, so start with the easy ones and see how things go. You have nothing to lose. Good Luck.

thefa

Do you like accountancy or are you really interested in it or is it just a potentially rewarding job? I don't think you've mentioned it above. You're never going to like all the content but if you don't like/are interested in the core topics then studying for these will not come easy.

deepriver

I was in a similar position to you and got exempt up to F5.

It is very slow progress without an accountancy background and there is a steep learning curve. I find ACCA professional exams are a multiple of 5 - 10 times the difficulty of the masters exams I completed.

I would consider taking the ACCA foundation certificates or go directly for the CAT qualification.

This has a shorter turnaround and should get you employed quicker. Check the job specs advertised on recruitment websites.

It also leaves you the option to get further exemptions from ACCA professionals and continue on your studies with a good technical base

http://www.accaglobal.com/en/student/qualification-resources/foundation-accountancy.html

Food for thought anyway.

If you home study opentuition.com is a good option, with the past exam papers and maybe a block of three months per exam

SBWife

deepriver wrote: »

. I find ACCA professional exams are a multiple of 5 - 10 times the difficulty of the masters exams I completed.

Unless your "Masters'" exams were below the level of those of the Junior Cert. I find this impossible to believe. No question the exams are difficult especially at the P options level, but scaremongering like this is unproductive and only puts you in a poor light.

deepriver

SBWife wrote: »

Unless your "Masters'" exams were below the level of those of the Junior Cert. I find this impossible to believe. No question the exams are difficult especially at the P options level, but scaremongering like this is unproductive and only puts you in a poor light.

I think you are a bit of touch here SBWife, I'm not sure what the 'old mature' version of F2 is or who, if anyone, uses Hodges books to study.

My masters is from a recognised Institute and a level 9 on the NFQ framework.

You have a poor tone in written communications and unadvisedly have made personal comments in what was an objective thread.

The OP is been given advice for which he can do what he wishes.

SBWife

deepriver wrote: »

I think you are a bit of touch here SBWife, I'm not sure what the 'old mature' version of F2 is or who, if anyone, uses Hodges books to study.

I passed the two F 2 and 3 equivalents plus F1, F4, F5 (2nd place in Ireland), F6, F7, F8, F9, P1, P2, P3, P4 and P5 between June 2010 and December 2011, so I don't think I'm out of touch with the tenor and difficulty of the exams.

Most books were Kaplan which are available at Hodges Figes which is handy if a person wants to have a quick browse at the level and quantity of the information included in the ACCA materials.

deepriver

SBWife wrote: »

I passed the two F 2 and 3 equivalents plus F1, F4, F5 (2nd place in Ireland), F6, F7, F8, F9, P1, P2, P3, P4 and P5 between June 2010 and December 2011, so I don't think I'm out of touch with the tenor and difficulty of the exams.

Most books were Kaplan which are available at Hodges Figes which is handy if a person wants to have a quick browse at the level and quantity of the information included in the ACCA materials.

If you got second place in Ireland in F5 with 2 to 3 weeks preparation you are obviously an exceptional student. I do not believe this is the norm from both my own experiences and talking to my peers. I prepare for on average 3 months.

The OP can make his own mind up on what he feels is required based on the two ranges of data I guess.

deepriver

SBWife wrote: »

I passed the two F 2 and 3 equivalents plus F1, F4, F5 (2nd place in Ireland), F6, F7, F8, F9, P1, P2, P3, P4 and P5 between June 2010 and December 2011, so I don't think I'm out of touch with the tenor and difficulty of the exams.

Most books were Kaplan which are available at Hodges Figes which is handy if a person wants to have a quick browse at the level and quantity of the information included in the ACCA materials.

In fact you say you passed 14 exams F1 - P5 in 4 sittings and were placed in one?

I find that very hard to believe.

PopTarts

Would an ACCA qualification (having completed all 14 modules) be as valuable as a degree in Accounting in any of the colleges / universities?

Is it worldwide acknowledged?

SBWife

deepriver wrote: »

In fact you say you passed 14 exams F1 - P5 in 4 sittings and were placed in one?

I find that very hard to believe.

It's true. I posted my results here as I received them.

I only said I spent 2-3 weeks preparing for the F2 and F3 equivalents, the others which I took 4 at a sitting I spent 8 to 10 weeks preparing for, I believe the OP's question was directly related to the kind of effort required for the F2 and F3 exams which is why I mentioned the shorter study time.

deepriver

SBWife wrote: »

It's true. I posted my results here as I received them.

I only said I spent 2-3 weeks preparing for the F2 and F3 equivalents, the others which I took 4 at a sitting I spent 8 to 10 weeks preparing for, I believe the OP's question was directly related to the kind of effort required for the F2 and F3 exams which is why I mentioned the shorter study time.

4 at a sitting... The last ACCA student seminar I was at, a room full of students were asked to raise their hand if attempting 4 exams, one person did out of 80-100 people. It may have been bravado and that doesnt even indicate he passed any, to sit four exams and pass four in my estimation would be exceptional.. very exceptional. And I assume you didnt have an accountancy background as you got no exemptions which makes it even more exceptional.

I dont think this is realistic for the average student, with no accountancy background as the OP has indicated.

I have started studying for June sittings already and feel up against it.

Blueberry101

deepriver wrote: »

4 at a sitting... The last ACCA student seminar I was at, a room full of students were asked to raise their hand if attempting 4 exams, one person did out of 80-100 people. It may have been bravado and that doesnt even indicate he passed any, to sit four exams and pass four in my estimation would be exceptional.. very exceptional. And I assume you didnt have an accountancy background as you got no exemptions which makes it even more exceptional.

I dont think this is realistic for the average student, with no accountancy background as the OP has indicated.

I have started studying for June sittings already and feel up against it.

How many? What ones are you sitting in June???

thefa

PopTarts wrote: »

Would an ACCA qualification (having completed all 14 modules) be as valuable as a degree in Accounting in any of the colleges / universities?

Is it worldwide acknowledged?

An accounting degree will exempt you from a max of 9 of those modules and the ACCA exam completion is the equivalent of a postgraduate degree/level 9 I believe so I don't see why a degree could be more valuable than completing all ACCA exams which you imply.

ACCA is recognised in a lot of countries but not all. The USA being the main exception.

deepriver

Blueberry101 wrote: »

How many? What ones are you sitting in June???

If you are home studying start an opentuition.com account... that way you can look at the syllabus notes and view online lectures without committing any money at this point.

Once you know what exams you are going to take you will have to register with ACCA.

here are the pass rates

http://www.accaglobal.com/en/student/qualification-resources/acca-qualification/pass-rates.html

http://www.accaglobal.com/en/press/june-2012.html

FA1, Recording Financial Transactions and MA1 Management Information could be a good starting point if you want to get a quick wins under your belt

SBWife

deepriver wrote: »

FA1, Recording Financial Transactions and MA1 Management Information could be a good starting point if you want to get a quick wins under your belt

Given the OPs background (an Undergrad degree in Economics and an MSc in International Management) going for the Foundation Qualification would be a waste of time and resources, the exams you suggest are the equivalent of a GCSE!

deepriver

SBWife wrote: »

Given the OPs background (an Undergrad degree in Economics and an MSc in International Management) going for the Foundation Qualification would be a waste of time and resources, the exams you suggest are the equivalent of a GCSE!

I thought the goal was to get a job, entry level accounts or payable etc... maybe your idea of what the OPs goal is, differs from the OP?

Blueberry101

Do you really want to know the OP's situation? I am almost 33years old. I have feck all work experience except in an estate agency and in customer accounts for GE Money. The girl I love is from London and cant leave for many reasons including property investments. Its really hard to get a job there and I'm wondering what the hell to do. I can't lose her. I have been unemployed for two months already and am wondering how to get a career in finance going!!!

If anyone has good advice about a career path I'd love to hear about it. Was thinking something like Accounts Payable-Accounts Assistant-Revenue Accountant etc..

I think the home study would b ok for the first few exams and hopefully I would find a company to fund me further down the trot if I ever get a job. Anyone know about fund accounting? Are the hiring? I know there is Statestreet Killkenny, Bank of New York Cork, Northern trust Limerick. Had an interview for an accounts payable 6months contract role yesterday. They'll let me know on Monday. Could really help me later on if i got that, Fingers crossed!!

SBWife

Well you need to look at career paths that will give experience that will be valid in the London market. Fund accounting companies tend to be continuously hiring as their turnover is relatively high so that might be an option, you'd be then open to perhaps getting a back office job in financial services in the UK. The career path you mention above would be one that's reasonably common in Industry, if you were to go this route ideally you'd try and find a position in a company which is in an industry that's pretty large in London, so a technology company might provide more marketable experience than say a pharmaceuticals company.

All in all starting the ACCA exams (not the foundation in accountancy/ accounting technician exams - if I saw these on the CV of someone with your background I'd wonder question why you'd taken such a large step backward academically) should show that you're serious about this career approach.

deepriver

Blueberry101 wrote: »

Do you really want to know the OP's situation? I am almost 33years old. I have feck all work experience except in an estate agency and in customer accounts for GE Money. The girl I love is from London and cant leave for many reasons including property investments. Its really hard to get a job there and I'm wondering what the hell to do. I can't lose her. I have been unemployed for two months already and am wondering how to get a career in finance going!!!

If anyone has good advice about a career path I'd love to hear about it. Was thinking something like Accounts Payable-Accounts Assistant-Revenue Accountant etc..

I think the home study would b ok for the first few exams and hopefully I would find a company to fund me further down the trot if I ever get a job. Anyone know about fund accounting? Are the hiring? I know there is Statestreet Killkenny, Bank of New York Cork, Northern trust Limerick. Had an interview for an accounts payable 6months contract role yesterday. They'll let me know on Monday. Could really help me later on if i got that, Fingers crossed!!

well good luck with it what ever way you go, you sound in better shape than a lot of longer term unemployed out there, GE are very good on the CV no? check out these sites...

http://www.reed.co.uk/
http://www.hays.co.uk/

Hyndsy85

Blueberry101 wrote: »

Do you really want to know the OP's situation? I am almost 33years old. I have feck all work experience except in an estate agency and in customer accounts for GE Money. The girl I love is from London and cant leave for many reasons including property investments. Its really hard to get a job there and I'm wondering what the hell to do. I can't lose her. I have been unemployed for two months already and am wondering how to get a career in finance going!!!

If anyone has good advice about a career path I'd love to hear about it. Was thinking something like Accounts Payable-Accounts Assistant-Revenue Accountant etc..

I think the home study would b ok for the first few exams and hopefully I would find a company to fund me further down the trot if I ever get a job. Anyone know about fund accounting? Are the hiring? I know there is Statestreet Killkenny, Bank of New York Cork, Northern trust Limerick. Had an interview for an accounts payable 6months contract role yesterday. They'll let me know on Monday. Could really help me later on if i got that, Fingers crossed!!

I'm not sure if i have any really good advice but i'll tell you my situationwhich is not to dissimilar from yours and you can make up your own mind on whatyou want to do.

I got my degree in Marketing and travelled for a year after it. I had worked as a cleaner and baggage handlerin an airport while in school and then college. I got 4 months’ work in my oldjob in the airport when I came back to Ireland. In October 2010. I decided toregister and start doing the ACCA exams on my own dime, thinking it would lookgood on the CV and that the more exams I passed the better chance I had ofgetting a job.

I was exempt from F1-F3. Now after two and a half years (unemployed for 2years of it and unemployed for a year before I started) I only have my twooption papers left. In January I started an Internship in Northern Trust inLimerick as a fund accountant ( It was 3rd time lucky. First time I appliedI got no response, Second time I got an interview but not the position).

I say over half the workforce here is either on jobbridge or was on jobbridgebefore they got a contract. So while they do plan on hiring lots of people overthe next 2 years I imagine the majority of those jobs will come through jobbridge.I’m only sitting one paper this June because I still have to pay for it myselfas northern trust would only pay for me once I’m a full time employee and havecompleted a 6 month probation period.

Basically what I’m saying is that just because you register with ACCA foryour exams it doesn’t necessarily mean it will land you a job straight away. Ittook me 2 and a half years just to get an internship

Then again it’s different for everybody. A mate’s girlfriend was a teacherand got an interview for a trainee accountant position despite never studyingit and having no exemptions. She was offered the position but turned it downbecause the pay was far too small for her liking.

You can’t tell how things will pan out.
Best of luck on the jobfront and hopefully you'll get that job offer on monday