Should I quit ACCA?

Paulie1987

Hi i was wondering if anyone could give me their thoughts on my situation and whether it's worth continuing or not. I'm not one for giving up usually but I'm struggling for motivation . I got a degree in accountancy 4 years ago with a gpa of 2:68. Took a year out and started two years ago on my p exams as I was exempt from the f papers. I attempted p1 on it's own taking classes and got 38..I tried the follow sitting and got 42 while working full time still in retail. I attempted the p3 paper last December to take a break from p1 because I found it boring. I only got 43 in it while also taking classes (Ran out of time). I decided I'd try and do 2 of them this sitting considering I had good knowledge from the last time but I haven't had the time. Been struggling to motivate myself and I'm thinkin I should just focus on one again at this stage because i haven't done enough work. Is it worth me continuing on?.has anybody really struggled with p1 then gone on to finish the 5 of the p papers?..or does it sound like I'm wasting my time and money?

marizpan

The papers are doable but you need to have put in the work. You wouldn't get away with cramming a few weeks before the exam.
Maybe, the better question to ask is why you are not motivated ?
Are you working in an accountancy related area? Maybe this is a problem?

NSAman

OK a little piece of my OLD experience.

Did an arts degree, then ACCA and found it tough going years ago... it took some work but I was also working in practice and found the little time I had to study impossible.

I finished the exams and grazed past. Left accountancy to do business management, but the exams stood to me and I continue to use the basics in everyday work situations.

My advice, stick to it if you can, it is a fantastic starting point to SO many opportunities. I know... motivation is difficult when you have work to go to, but think about the other opportunities outside retailing.

Personally have travelled and continue to travel worldwide, I have a great career and I can attribute this to the start I had with ACCA.... and no I am not affiliated to them...:)

paulers06

I struggled the whole way though ACCA. I failed every P exam at least once and only scraped passes when I got them. I finally got through on the last sitting and it was all so worth it.

Keep chipping away at them, you may not get them all first sitting but you'll get there and it's incredibly satisfying when you do. You have 5 weeks left and you can achieve a lot in that time. If you get your head in the right place and commit to giving them a proper run you have a great chance. Give yourself 3 hours each night running through questions and you'll be surprised how much you cover.

It's as much about exam technique as it is about knowledge so the question bank is your friend

suffering golfer

I really struggled with the ACCA also. I had passed 4 of the P papers (but only passed P3 first time) and was stuck for years trying to get P4 or P5 and I have been in your exact position wallowing in self pity about the lack of time, too much to do, too hard, running out of time, and basically blaming the whole world but myself. I finally passed the last one P4 last year by being a bit smarter about the whole thing.

The key to the whole thing is exam technique and time management.

We all tend to spend too much time on the easier questions, which is only natural as we think we will get more marks on the stuff we know well rather than the more difficult questions were we don't know as much stuff. This is the biggest mistake we all make. For example, If there are two questions both worth 10 marks but we know 90% of the 1st question and 40% of the 2nd question and there is twenty minutes left, we tend to over compensate by spending too much time and writing too much about the question we know 90% about. i.e. 15 minutes on the 1st question and 5 minutes on the second question.

However what actually happen is that you will get 7/8 marks (say) in the 1st 10 minutes and waste 5 minutes trying to get 2/3 marks that you can't/won't get as these would be most technical aspect of the question, and leaving only 5 minutes to get 3/4 marks on the second question rather than the full 10 minutes.

This requires discipline, but when I figured this out and applied it properly, it was the difference between me failing P4 with 47% and passing it with 54%.

The exams are designed so that you won't have time to complete them properly, you have to manage your time and your technique.

I honestly thought I could never get them, but I got there, they are doable if you apply yourself correctly. Make sure you do mock papers and have the lecturer/reviewer give you feedback on the mock papers. Going forward, for future papers check out the different colleges for different papers, as some have better lecturers than others for different papers.

Hope I explained the above properly.

Keep calm and don't panic. You can do this (I did).

Good luck

Whoisin thehouse

Normally you only hear about the students who pass the exams without difficulty. The majority of students struggle somewhere along the way, the accountancy exams should be challenging for the average person as the prize at the end is something very much worth having.

Stick with it OP

FuzzyDunlop100

Spend the next month just doing exam questions, under the clock. As a previous comment pointed out, ACCA is all about exam technique. Regretfully there's no shortcuts with the P papers.

Paulie1987

Thanks for the reassurance guys...it's just getting me down though...I don't remember much of the material even so I'm trying to cover it before I do the questions but it's taking me so long..I spent about 4 hours today going over 10 pages of the book like..if p1 is one of the easier papers what hope have I got with p2 and the options?

suffering golfer

Paulie1987 wrote: »

Thanks for the reassurance guys...it's just getting me down though...I don't remember much of the material even so I'm trying to cover it before I do the questions but it's taking me so long..I spent about 4 hours today going over 10 pages of the book like..if p1 is one of the easier papers what hope have I got with p2 and the options?

Best advice I can give is to talk to your lecturer about your issues, after all that is what you pay the college fees for.

Are you planning on attending the revision classes? they are excellent for covering the relevant areas. I assume they haven't been held yet as they are normally held two / three weeks before the exams.

In terms of studying, I am sorry but 4 hours for 10 pages is ridiculous and it indicates you are going about it wrong. The mantra should not be about X number of pages covered in a day over X number of days, you will get absolutely no value from that. You should break down the syllabus into key areas of topics and assign question banks to those topics (2/3 questions usually, with more if you are not comfortable with the subject area). In relation to the book, you should only be referring to it if you don't understand the topic. I would first go over my lecture notes to get my understanding right.

The Professional exams are not really about what you know (only 20 /30%) of the marks go to technical "book" knowledge, but about how you apply the situation in the case study to the knowledge to the situation (70 / 80%) of the marks go toward this - therefore the books only helps so far in that it gives you the technical knowledge. This is where exam technique comes in - you need to understand what you are being asked and how you should answer the question. You don't get this from the book but from case questions and solutions. This is why mock exams and revision days are so important.

Colemania

Just like to weigh in on this myself. Started my ACCA exams last year and haven't passed one yet.... I'm exempt from F1-F6 (with the exception of F4) and I have attempted F4 and F9 twice now and failed both on both occasions. I have decided to just focus on F9 this time around anyway.

I really thought I passed F9 in December and was saying to people that I'd be shocked if I failed it and low and behold, I fail again with an even worse mark than in June 2013. It really got me down and I considered giving up on my ACCA qualification but I know that I want to have a career in Accountancy for as long as possible so I'm persisting with it.

I have also been working in practice all during this time so have no motivation to study with the exception of the weekends on the lead up to the exam and obviously the study leave. It's all about having the interest in accountancy/finance anyway.

cocker5

OP,

Stick with it, trust me its worth all the pain and stress.

I too struggled with ACCA, i didnt do accountany degree so i started at the begining... found the first 6 fairly ok (luck played a part here), found F7 and F9 a really pain (failed both twice), strangely I found p1, p3, p5 and p7 ok (okish i had to put in alot of work) but P2 nearly drove me mental.

In between this I got married, my mum got sick and passed away after 18 weeks, worked crazy hours in work and yes many many times I said enough is enough that I'm not cut out for ACCA etc.

But i stuck with it (mainly because my mum would have wanted me to and my other half had put up with alot of ACCA crap during the years) and i eventually got there - OP you can do it, yes there are times you will fail (i did many times and its a horrible feeling) BUT the feeling you will get whe you get that email saying "congrats on passing all ACCA exams", the relfief and disbelief... its amazing!

Work wise it will open up alot of new avenues too...

OP you can do it, for the P's I would suggest the following:

P1, P3 & P5 (if you do P5) - write out key points, read over and over again... with P1 and P3 I did out alot of charts stuck them all over the study room walls...

P2 - do EVERY question in the book - even if you can only do 50% of a question do the bits you can do.... P2 ia all about question style.

P7 - same as P1 only I got the Sucess Cd's and listened to them in my car EVERY day... something stuck

Best of luck.. you can do it

cocker5

OP…

sorry just wanted to make one last point, you mentioned P1 is supposed to be easy and what hope would you have with P2, I just don’t agree at all on that point, I think it all depends on what’s subjects you as a person are best at… i.e. I prefer discursive papers so P1, P3 and P7 I found hard but doable…. P2 nearly killed me as its mathematical etc…. so it all depends on where your strengths are. P1 and P2 are totally different papers… don’t get hung up on what’s “supposed” to be easier… they are totally different.

You know from my experience girls are better at the discursive papers and guys at the more mathematical papers…

I was not a strong ACCA student BUT I passed P5 when they had their lowest pass rate ever….
so my advice to you would be DON’T look at who says certain papers are hard / easy etc., for the “option papers” do the ones that suit you best… the ones you will have a better chance at passing etc. – well that’s what I did anyway.

Best of luck

IrishAlice

I'm currently in the middle of my ACCA exams and completely understand where you are coming from. I've lost track of the amount of times I've wanted to quit!

If it wasn't for my friends and family being so supportive I probably would have numerous times.

Here's my pennies worth:

Do as many questions as possible. Spending 4 hours reading 10 pages is a complete waste of your time. Even if you don't understand the question, look at the solution and then try answer it without the solution the next time.

The ACCA webinars are really helpful as are the examiners and markers articles on the website. The articles really help with exam technique.

Be regimental on your timing. After failing F5 twice I went into the exam in December with a digital watch and once my time on a question was up I was onto the next question straight away. No hanging on trying to get an extra mark or two on a question I was good at. I finally passed it in December, 3rd time lucky

Take every revision class and free masterclass that's going. Griffith College do free master classes and they're not just for Griffith students (I don't work for them but do go to classes there and find them excellent!)

You can do this, it's just all about how you approach it. Good Luck!

Paulie1987

Hi guys been really struggling through the study the last few weeks. Iv tried and the mock did not go that badly but I really can't focus an study the stuff. I just find p1 so boring. I don't know if the rest of the papers are like it but I'm close to giving up I feel really down an lost. Would anyone have advice of any other career paths for someone good with numbers??..any opinions would be great

cizolin

Hi Paulie.

I'm sitting 2 Acca exams next week myself. P3 and P6.Of course the sun is blaring in the window to add yo my woes.

Study is going ok but I've never been one to keep the head down for long periods as required to get through these exams. I like you sat a mock exam two weeks ago and I got 49%. Although technically I failed it was a confidence boost. And confidence is key so you need to start being more positive.

In relation to making study more interesting I recommend watching online lectures. Youtube has got some very informative videos in relation to ACCA subjects. I have used them for p3 but am aware that there are also lectures online for p1.

TheExpGroup
LSBFacca
Kaplan
Bpp

The above have videos covering the varying topics of most of the ACCA exam modules.

I've used theExpGroup for p3. Each lecture gave a good detailed overview of all the main topics. I took notes as I went along each one and found them interesting with real world examples given also to give a greater understanding. I would recommend using their lectures for p1.

In relation to the p1 exam. Some of the questions can be answered and marks gained by giving logical answers to the questions. Not all rote learning. Just keep practising the questions and keep at it.

Don't give up. You might regret it later in life. The level of difficulty in passing these exams will make the rewards of passing feel even greater.

Impetus

I can still remember the day I went to my PO Box and found a computer generated note stating that I had succeeded in the final exam. I sat on the ground outside the Post Office sort of not believing the piece of paper. Exhilaration etc.

I bought champagne cocktails for everybody in my department (champagne + brandy), and probably disrupted their office productivity for a day. (The champagne bubbles up the alcohol in the brandy to turbo charge the drink etc)

It is worth the struggle to get there. But once you have qualified, it is a case of back to “0” – you have to prove yourself in the real world.

DerekDGoldfish

Impetus wrote: »

I can still remember the day I went to my PO Box and found a computer generated note stating that I had succeeded in the final exam. I sat on the ground outside the Post Office sort of not believing the piece of paper. Exhilaration etc.

I bought champagne cocktails for everybody in my department (champagne + brandy), and probably disrupted their office productivity for a day. (The champagne bubbles up the alcohol in the brandy to turbo charge the drink etc)

It is worth the struggle to get there. But once you have qualified, it is a case of back to “0” – you have to prove yourself in the real world.

I agree, the only thing I can remember more in relation to my accountancy career was the day I got the results of my 3 finals and the resit of my auditing elective I got 49 in all 4 exams. I was absolutely gutted and spent the next few months considering my future in the profession.

But I spent as much focusing on exam technique as possible as I felt I had the knowledge. I got them all eventually (auditing on my 4th try) and I now manage in the audit department of a top 20 firm.

Some people are just not exam people but that doesn't mean you don't have the ability to succeed in the profession. Once you qualify nobody cares if you got 51 or 91 in the exams in the 40's you are not a mile off a small bit better time management, clear and concise writing (my biggest problem) and you can do it.

ucd man

Hi, I'm currently awaiting results from the ACA exams, but am not at all confident.

Is there anybody out there who has switched over from ACA to ACCA and subsequently gone on to qualify?

If so, how did you find the exams in relation to the ACA's?

I have CAP1s and CAP2s done, but this was my second attempt of the FAEs, so cant sit again. Any idea on how many ACAs I would have to sit to qualify?

paulers06

I did ACCA from the start but one of my friends switched. She said she was expecting the ACCA's to be easier but wasn't the case. She struggled through them (as did I). The added benefit is that you're not limited with amounts of resits. If i had sat ACA, i probably wouldn't be qualified today. I had to repeat all of the ACCA Prof papers but am glad that I did now. If ACA doesn't work out then definitely look at moving

ucd man

When you say your friend struggled through, I'm assuming she qualified eventually?

If so, do you know at what stage of the ACA process s/he was at?

nekuchi

You don't say if you're self studying or not. I also don't have great motivation for study and for that reason I do classes. Almost everyone I've ever asked doing classes said the same. If you are self studying, depending on where you're living, I'd recommend doing an evening class before quitting to see if it makes any difference. I know City Colleges in Dublin do live streaming of their classes but not sure about the quality of their lecturers (have heard good and bad) so that may be an option if you're not near a college (and it's much cheaper than BPP).

As for the exams, a recent development has been to introduce an additional 2 exams (March & September) from 2016 I believe, so that may give you more opportunity to resit a previous one while studying for your next one and so not cramming so much into so few weeks:
“As a direct response to feedback from students, ACCA will be introducing four paper exam sessions, starting with a staged approach in September 2015. From 2016 you will be able to take your exams in March, June, September and December, meaning that you can choose the ACCA journey that suits you.”

As cizolin says

cizolin wrote: »

Don't give up. You might regret it later in life. The level of difficulty in passing these exams will make the rewards of passing feel even greater.

NewYork1979

Just a quick note, the main thing I would say is that you need to show these papers the respect they deserve. None of these exams are easy and not everyone passes them BUT I was told when I started out that if you put the work in, there is a good chance you will pass them, they aren't rocket science but they are hard work. I wouldn't say I'm above average intelligence but I put a lot of work in and I passed them. I was lucky in that I passed them when I was 24 so I hadn't any kids, debts etc to be worrying me and taking my time.

Best of luck to everyone.