To take exemptions or not?

bulmersgal

I'm currently waiting to hear about my exemptions from Acca. I have completed the accounts technician course and I got 3 exemptions from that. I also did an ordinary degree in Accounting and Finance and got a first this will give me 4 more exemptions.

Even though I've done well in my exams I feel like I don't fully understand it and that for parts I'm just rote learning.

I'm now debating if I should take the further exemptions or do the test again. I think this will make me understand everything more clearly.

What would you do if you were me?

barneystinson

bulmersgal wrote: »

I'm currently waiting to hear about my exemptions from Acca. I have completed the accounts technician course and I got 3 exemptions from that. I also did an ordinary degree in Accounting and Finance and got a first this will give me 4 more exemptions.

Even though I've done well in my exams I feel like I don't fully understand it and that for parts I'm just rote learning.

I'm now debating if I should take the further exemptions or do the test again. I think this will make me understand everything more clearly.

What would you do if you were me?

Do NOT under any circumstances sit any exams you don't have to!!

The most important learning you do in accountancy is the learning you do on the job - spending extra time with the distraction of exams/study will probably hinder your development in practice IMHO.

TiGeR KiNgS

bulmersgal wrote: »

I'm currently waiting to hear about my exemptions from Acca. I have completed the accounts technician course and I got 3 exemptions from that. I also did an ordinary degree in Accounting and Finance and got a first this will give me 4 more exemptions.

Even though I've done well in my exams I feel like I don't fully understand it and that for parts I'm just rote learning.

I'm now debating if I should take the further exemptions or do the test again. I think this will make me understand everything more clearly.

What would you do if you were me?

That is fine your still only a student. You need to see these things in practice to put any context to what you are doing.

bulmersgal

Thanks, I thought maybe college was too easy and I should no and understand it all. Maybe it's the summer break that has me nervous, it always feels like you've forgotten loads while your not studying

Tarzana

bulmersgal wrote: »

Thanks, I thought maybe college was too easy and I should no and understand it all. Maybe it's the summer break that has me nervous, it always feels like you've forgotten loads while your not studying

If you earned exemptions, then the college work done to get them isn't too easy. The accounting bodies don't give out exemptions willy nilly.

shuyin1

Take the exemptions, you still have 7 exams to do. I remember you enquiring about doing the honours degree. The last year is when you learn a lot of advanced material that aids you in the latter stages of the prof exams (80% of Cap 2 Tax, Consolidations P/L, B/S, C/F, specific standards, adv finance ,adv mgt a/c, adv audit etc) College will afford you this learning opp, whereas prof exams are all about 50%. If you wanted to understand the material, finish your undergrad, get 2 extra exemptions and have the freedom to really understand the material.

bulmersgal

shuyin1 wrote: »

Take the exemptions, you still have 7 exams to do. I remember you enquiring about doing the honours degree. The last year is when you learn a lot of advanced material that aids you in the latter stages of the prof exams (80% of Cap 2 Tax, Consolidations P/L, B/S, C/F, specific standards, adv finance ,adv mgt a/c, adv audit etc) College will afford you this learning opp, whereas prof exams are all about 50%. If you wanted to understand the material, finish your undergrad, get 2 extra exemptions and have the freedom to really understand the material.

Thanks I don't think I could go back to college for 4th year. We have the most horrible man teaching us one of those stupid filler subjects. We had him last year and he's just horrible put me off the whole course.

Think I'll just have to revise each subject before I do it. I think I'm worrying over nothing though, typical of me. 😄

Prettyblack

I had the same worry, though I went ACA. I found though that I was OK, I had the chance to get stuck into myself and learn as I was going along.

With IATI and an ordinary degree you wouldn't necessarily get many ACA exemptions - some of CAP 1 I think (just to make the comparison) - but with there aren't as many exams so it would probably even up. I think all the bodies are generally the same when it comes to exemptions, though ACCA have a load more "foundation" exams than ACA do.

If you did the honours degree you'd be laughing then as you'd most likely have CAP 1 / Foundation exemptions. But if you wanted to get stuck in before you might as well as it gives you a head start on completing your experience. How much do you have to do with ACCA? Can you start it now?

bulmersgal

Prettyblack wrote: »

I had the same worry, though I went ACA. I found though that I was OK, I had the chance to get stuck into myself and learn as I was going along.

With IATI and an ordinary degree you wouldn't necessarily get many ACA exemptions - some of CAP 1 I think (just to make the comparison) - but with there aren't as many exams so it would probably even up. I think all the bodies are generally the same when it comes to exemptions, though ACCA have a load more "foundation" exams than ACA do.

If you did the honours degree you'd be laughing then as you'd most likely have CAP 1 / Foundation exemptions. But if you wanted to get stuck in before you might as well as it gives you a head start on completing your experience. How much do you have to do with ACCA? Can you start it now?

I get 7 exemptions so 7 exams left and my boss has agreed to pay half my college fees so it's make more sense to do Acca.

Thanks every1 for the help, looking forward to starting just so that I'm nearer to the end :-)

Prettyblack

bulmersgal wrote: »

I get 7 exemptions so 7 exams left and my boss has agreed to pay half my college fees so it's make more sense to do Acca.

Thanks every1 for the help, looking forward to starting just so that I'm nearer to the end :-)

You do know it'd probably be 7 CAI exams as well don't you? Why would your boss paying college fees influence your decision on what accountancy body to go with?

Just curious.

bulmersgal

Prettyblack wrote: »

You do know it'd probably be 7 CAI exams as well don't you? Why would your boss paying college fees influence your decision on what accountancy body to go with?

Just curious.

Sorry when I said college I meant acca fees plus tuition fees. I don't think Aca would suit me as I've a 4 year old child so doing prefer to do 1/2 exams each semester as it's more manageable for me.

Going to back college to finish degree and doing 3 nights a week is very tiring especially with full time job and my daughter starting junior infants. She will need help with her work that I won't be able to fully give her.

Prettyblack

bulmersgal wrote: »

Sorry when I said college I meant acca fees plus tuition fees. I don't think Aca would suit me as I've a 4 year old child so doing prefer to do 1/2 exams each semester as it's more manageable for me.

Going to back college to finish degree and doing 3 nights a week is very tiring especially with full time job and my daughter starting junior infants. She will need help with her work that I won't be able to fully give her.

Totally understand that. Just to note you can do ACA exams in two's as well (I did). In fact, I took subjects in twos. Only had half the amount of lectures per year, was great. Meant I wasn't run out the door with work.

FAE is a different story now but I'm well geared up for it!

thomlin

Hi Bulmersgal,

I would advise you to take the exemptions as you'll qualify quicker and to be honest like with any education you'll probably only ever use 10% of the knowledge/theory you learn.

You'll only get a better understanding of accounting and business once you're in that role like all of us. You've clearly got the smarts so use them to your advantage like any good accountant will do :-)

I did the accounting technician and then completed an honours degree which gave me F1-F9 exemptions and enrolled with ACCA and just completed and passed P1 and now enrolled for P2 providing I pass first time I will be qualified in two years and will also have completed 2.5 years PQE that some employers require from a qualified accountant.

If you can in anyway finish your degree do trust me it could be difference between you getting a position and not if it came down to you and someone else for the same job employers will sometimes pick the one thing to eliminate a candidate regardless of how trivial it is.