Accountancy

Sineadlu

Hi all,

Really hoping someone can help me here please! I did my accountant technician course in 2000, and have worked ever since in either A/P or accounts assistant. Made redundant a couple of years ago, shortly after started working for hubbys business managing the accounts (external accountants as well).

Anyway, he is encouraging me to go about studying for accountancy and I’ve no idea which body I should go for...CA is the most appealing, but it sounds incredible tough. Can anyone advise me please as to how tough it actually is, how much study time is involved etc...I’ve 2 young kids as well, 1 is special needs...I must be mad for even thinking this, but it’s something I’ve also wanted to do, just terrified at the thought of it.

MartyMcFly84

Hello,

I am working through my ACCA exams, I am not sure about the other Accounting bodies but below is my experience so far.

I did not get any exemptions from the exams, you may be entitled to some through the accounting technician course. But best to check with ACCA.

For me there are 13 exams (all of them). After the first three you get a diploma. Then there are 6 skills based exam to get an advanced diploma or optional degree with an additional project. Then there are the 4 professional level exam which need to be completed to become qualified. There is an optional masters at this level also with an additional project.

Exams F1 - F4 are pretty straight forward computer based, but do require bit of application and can be done anytime you want. Then there is a steep decline in pass rates and the exam difficulty increases with exams F5 -F9 also computer based, but with some longer excel or word based questions. While the exams are tough and the international pass rates are scary, they can all be passed fairly ok with a lot of study and practice hours put in. There are 4 exam sittings a year for these exams and the professional level March, June, Sept, Dec.

Then the final 4 which are written exams, which are combination demonstration of knowledge application and technical skills. I am just starting these now, and again there is another jump in ability but doing the earlier ACCA exams definitely provides a good base for them.

Bad News: Is it easy - No , does it take many hours of practice - Yes

Good News: You only have to pass each one once and You can take the exams at your own pace.

I think there is a 10 year period which is loads of time. I have heard everything from 1.5 years - 10 years to complete them. Depends on the person and time they have. Most people can get it done in 2-5 years.

I have chosen to do them one at a time and am on my 10th one now. This format can suit those with other commitments. But I know others who don't have a day job or get time off work to study who bang them out at much faster rate.

When you are starting it seems like a massive body of work, but if you just focus one at a time it makes it much easier as you tick them off.

Hope this helps

heretothere

I am nearly finished Chartered Accountancy, I would honestly advise against it. They are very strict on time frames. You will have a lot of exams in the one week (5 in year 1, 4 in year 2, and the 'big 6' plus an elective in final year) with no option to split them up, it's a lot more like school/ university. My sister did ACCA and found the flexibility of being about to do one exam at a time very manageable. Unless you want to climb the ladder in a big practice in one of the cities I really wouldn't bother, I'd stick to one of the more manageable work loads esp with the children.

I work in the countryside, I have found so far that experience seems to matter far more than what letter are after your name.

Sineadlu

heretothere wrote: »

I am nearly finished Chartered Accountancy, I would honestly advise against it. They are very strict on time frames. You will have a lot of exams in the one week (5 in year 1, 4 in year 2, and the 'big 6' plus an elective in final year) with no option to split them up, it's a lot more like school/ university. My sister did ACCA and found the flexibility of being about to do one exam at a time very manageable. Unless you want to climb the ladder in a big practice in one of the cities I really wouldn't bother, I'd stick to one of the more manageable work loads esp with the children.

I work in the countryside, I have found so far that experience seems to matter far more than what letter are after your name.

Thanks so much for coming back to me, I don’t know what to do now as both ACCA and CA sound very difficult ! Would love to qualify thou...

MartyMcFly84

They are difficult, an Accountant is expected to have a professional level of expertise and reliability.

However 1000s of people qualify every year. It's certainly difficult but in no way impossible.

NSAman

Just as a side. After University, I took up Accountancy and got my ACCA qualifications while working in an office.

I would suggest trying it, yes it was difficult working and taking the exams at the same time. What it does, however, is open up a myriad of possibilities job wise. I combined the accountancy with other degrees and experience and currently enjoy the work that I do. Accountancy was the door opener for many interesting job opportunities and gave me the ability to try new things in varying industries and fields which I never thought were possible.

Honestly. nothing is easy in this life, if you want it, do it... and see where it all leads.... best of luck to you.

Sineadlu

NSAman wrote: »

Just as a side. After University, I took up Accountancy and got my ACCA qualifications while working in an office.

I would suggest trying it, yes it was difficult working and taking the exams at the same time. What it does, however, is open up a myriad of possibilities job wise. I combined the accountancy with other degrees and experience and currently enjoy the work that I do. Accountancy was the door opener for many interesting job opportunities and gave me the ability to try new things in varying industries and fields which I never thought were possible.

Honestly. nothing is easy in this life, if you want it, do it... and see where it all leads.... best of luck to you.

Thanks for your reply! I’ve been in accounts/finance for the past 20 years, and I know that not having a qualification has held me back. I’m now working for a small company owned by my husband and have taken over the accounts role, external accountants prepare and sign off our year end accounts. He is pushing me to do it thinking I would be well able, but it’s to do with me having no confidence in myself and the fear of failure! ACCA seems to be the way to go now, so I’ll look into them, but their pass rates are very low😥...I have myself talked out of it again!!

NSAman

Sineadlu wrote: »

Thanks for your reply! I’ve been in accounts/finance for the past 20 years, and I know that not having a qualification has held me back. I’m now working for a small company owned by my husband and have taken over the accounts role, external accountants prepare and sign off our year end accounts. He is pushing me to do it thinking I would be well able, but it’s to do with me having no confidence in myself and the fear of failure! ACCA seems to be the way to go now, so I’ll look into them, but their pass rates are very low��...I have myself talked out of it again!!

Jesus woman.... whats with the fear of failure?? If you fail, dust yourself up and get back on that damned horse and ride it till you get where you want to be in life.

No one cares!!!!

Why bother with what everyone else thinks? Do something for yourself. Hubby has the right attitude, he thinks you can do it... try it at least. At least you gave it a go and if you feel it is not for you, then you know... but not doing it because you are frightened of failing??????? Thats pure mad....Get off yer arse and just DO IT!!! FFS!!!

Sineadlu

NSAman wrote: »

Jesus woman.... whats with the fear of failure?? If you fail, dust yourself up and get back on that damned horse and ride it till you get where you want to be in life.

No one cares!!!!

Why bother with what everyone else thinks? Do something for yourself. Hubby has the right attitude, he thinks you can do it... try it at least. At least you gave it a go and if you feel it is not for you, then you know... but not doing it because you are frightened of failing??????? Thats pure mad....Get off yer arse and just DO IT!!! FFS!!!

You should be a motivation speaker! I know, you are completely spot on, it’s like something I’d say !!! Really funny thou.

bungalow

If I can do it anyone can, I joined Acca 3 years ago only cause my sister was doing it. I had years of experience but the tought of committing to years of study put me off. I also have three children and they were pretty small when I started. I had planned on doing just the first 3 to get a diploma but within the first 12 months I had sat and passed 8 exams. I'm sitting my final 2 exams in June. I really can't believe how quick the time went, although the exams were hard, doing a couple at a time makes them manageable.

Sineadlu

bungalow wrote: »

If I can do it anyone can, I joined Acca 3 years ago only cause my sister was doing it. I had years of experience but the tought of committing to years of study put me off. I also have three children and they were pretty small when I started. I had planned on doing just the first 3 to get a diploma but within the first 12 months I had sat and passed 8 exams. I'm sitting my final 2 exams in June. I really can't believe how quick the time went, although the exams were hard, doing a couple at a time makes them manageable.

Omg, 8 exams in 1 year!! That’s unreal, fair play! How many hours of study did you have to put in per week? It’s trying to find time as well that I’m trying to figure out!

MartyMcFly84

If I can do it anyone can, I joined Acca 3 years ago only cause my sister was doing it. I had years of experience but the tought of committing to years of study put me off. I also have three children and they were pretty small when I started. I had planned on doing just the first 3 to get a diploma but within the first 12 months I had sat and passed 8 exams. I'm sitting my final 2 exams in June. I really can't believe how quick the time went, although the exams were hard, doing a couple at a time makes them manageable

.

Wow that is savage getting 8 done in a year with a young family at home. Congrats on the success must feel great to be almost there.

bungalow

Thanks yes seems a bit unreal to be nearly finished . The first 4 are cbe and for me they only took a few weeks to study. Especially f1 and f4. Super easy. I then I self studied f5 and f7 and sat them in the September sitting and went to DBS for F6 and F8 and sat them in December. I switched to accountancy school for F9 and the P papers and did the online course.

jockey#1

Sineadlu wrote: »

ACCA seems to be the way to go now, so I’ll look into them, but their pass rates are very low��...

My understanding is the pass rates are low overall as many people from non-english speaking countries (China, Pakistan etc) study ACCA but they have to do the exams in English.

My two cents for what it's worth, I am ACCA qualified over 10 years. If i had my time again i would choose chartered as i believe it is still viewed as a more prestigious qualification plus if you move to another country you can transfer to an accounting body in that country quite easily due to reciprocal agreements, not as easy with ACCA.

Loughc

NSAman wrote: »

Jesus woman.... whats with the fear of failure?? If you fail, dust yourself up and get back on that damned horse and ride it till you get where you want to be in life.

No one cares!!!!

Why bother with what everyone else thinks? Do something for yourself. Hubby has the right attitude, he thinks you can do it... try it at least. At least you gave it a go and if you feel it is not for you, then you know... but not doing it because you are frightened of failing??????? Thats pure mad....Get off yer arse and just DO IT!!! FFS!!!

MOD NOTE: Ease up there buddy, fear of failure is a real thing for some people, telling someone to get off their arse and do it FFS is not helpful, less of that here please.

NSAman

Loughc wrote: »

MOD NOTE: Ease up there buddy, fear of failure is a real thing for some people, telling someone to get off their arse and do it FFS is not helpful, less of that here please.

Sorry, I shall refrain from encouraging anyone from achieving anything for themselves in future... mea culpa..now do I get a medal for participating like everyone one else even though I came last?

tanit

Sineadlu wrote: »

Thanks for your reply! I’ve been in accounts/finance for the past 20 years, and I know that not having a qualification has held me back. I’m now working for a small company owned by my husband and have taken over the accounts role, external accountants prepare and sign off our year end accounts. He is pushing me to do it thinking I would be well able, but it’s to do with me having no confidence in myself and the fear of failure! ACCA seems to be the way to go now, so I’ll look into them, but their pass rates are very low��...I have myself talked out of it again!!

The syllabus with all the certifications is more or less the same. The explanation for the low passing rates for ACCA seems to be related to:

1. The amount of time you have to study. The majority of people doing ACA are in training contracts and they have study leave. The majority of people doing ACCA are in industry and have no study leave. You have to make do with your annual leave and it gets exhausting. I have passed the exams for ACA without study leave the first two years and it was exhausting
2. ACA asks you to have recent study experience. It does make a difference if you have been studying recently. You enter into the whole studying thing much faster. They also ask for college level study and that also helps to get a different type of candidate. You have been studying recently subjects with a higher complexity and passed those exams. People not having that background may or may have stamina/prep to go through the Accountancy exams level. It's a more touch and go without it
3. There tends to be people that go to ACCA thinking that being one exam at a time it's not that difficult and you don't need to study that hard. It's more or less the same material you have to study, end of story

If you don't have that much time to study but you are committed to put the hours ACCA might be best. You can space the exams, do one at a time, have breaks during the year if you need to. It's feasible and if your husband thinks that you can do it, you should give it a try. There is no reason to believe you cannot

Tipp-Boy

Can I suggest the CA route, I did the distance/flexible approach and you can space the amount of exams you sit in each period. I did it over 4 years as lost all my exemptions and it worked out fine. The best approach is day by day and build on your own experience. The materials and tutors were great and at this level it's about using your experience and not going for perfection.

onlinepal100

Before you jump into the ACCA/CA routes be aware that they are more financial accounting/reporting oriented. As you say you already have a fimr of external auditors to do that! Consider the CIMA qualification which focusses more on the internal management of a company.

It syllabus is structured on three levels beginning with a certificate level and progressing to full qualification and membership.

Most exams are done online with a written case study at each level pulling together what you have learned at that level.

Something to consider!

Jim2007

onlinepal100 wrote: »

Before you jump into the ACCA/CA routes be aware that they are more financial accounting/reporting oriented. As you say you already have a fimr of external auditors to do that! Consider the CIMA qualification which focusses more on the internal management of a company.

It does not actually make much difference after say 10 years of experience. And it is defiantly much easier to move from professional practice to industry than vice versa.

I qualified with a big 4 and of the 30 of us that started out, none of us are in practice, all are in industry and most hold senior management positions. In my own case I spent the absolutely minimum amount of time required in audit/tax/etc. about 6 months. The rest of my time was in corporate restructuring where I was often involved in running companies for short periods of time, working on spin offs, raising finance etc.

The qualification is only a starting point, it's your abilities, a willingness to take the odd risk and the opportunities that present themselves that will determine where you end up.