ACA - Should I move forward - Self-doubt

GlobalSun

Hi all,

Hope all is well.

Back in July, I applied for eligibility to the Chartered Accountants and got my eligibility confirmed today. I therefore need to enroll to start my CAP1.

I've been working in finance for the last 6 years and been dealing with numbers & financials statements/reports on a constant basis (thus far). I worked in a Big4 and I wasn't too keen on becoming an accountant. I recently switched jobs and started contemplating getting the ACA, not to become an accountant in the traditional sense, but more so as a stepping stone towards career progression. A lot of people who are Chartered Accountants I know work in various fields, not strictly accounting.

My issue is that I come from a legal background from an academic standpoint. The courses I excelled were those that incorporated a numerical & corporate aspect (corporate law, financial instruments etc..), the others I wasn't overly interested in and didn't perform as I hoped. Part of me wants to pursue the ACA, but I've always told myself I'm terrible at Maths, so I shouldn't bother (odd as I work with numbers all day and I'm usually pretty on point). I'm simply inhibited and also due to the fact that I failed some law exams when I studied overseas (primarily human rights law etc, thus not relevant here) that I'm afraid I'm going to make a fool of myself trying to get the ACA.

I looked at some mock exams (financial accounting & management accounting) without looking at the solutions - tried to answer to the best of my ability based on what I know from a practical/professional exposure and to my surprised, I didn't do too bad when I cross-checked the solutions.

I have to pay for this myself, hence the additional doubt.

Is it all in my head or should I move forward with this?

Thanks!

unhappys10

Wouldn't worry about being terrible at maths.
I think in the LC I got a B in ordinary level, had no patience for higher level stuff at all. But I could do a calculation in my head while someone else would be trying to do it on a calculator.

Qualified as an ACA there earlier this year. Go for it I say!

Nidot

There's no need for higher level Maths atall with the ACAs.

If you're sharp enough and can take in information, review it, pull out the salient points and respond to these then you'll do very well with the ACAs - for that matter you'll do well in life with this ability.

I'm qualified 10 years now and I don't do any heavy lifting Maths wise or accounting theory wise either. A good accountant can understand the information they're presented with and make decisions based on that.

fankity flank

I think you should ask yourself what you want in terms of career progression, what's the end goal? And is the ACA qualification what you need to get there?

Being an accountant is not many people's dream, but it is one of those professions that lends itself well to working for yourself if you want to build your own practice. That was the big draw for me, but it doesn't sound like you want to work in practice. With that being the case would ACCA or CIMA be more for you?

Wit respect to being good at maths, you'd be surprised how many accountants you meet who aren't good at maths! Sounds like you are pretty comfortable with numbers, so don't sell yourself short there.

Good luck with the decision!

GlobalSun

Thank you all! I highly appreciate your inputs which are definitely encouraging!

The end goal is not necessarily to become an accountant in the "traditional" sense. A lot of roles (M&A, Credit Risk etc..) require the ACA/ACCA qualification these days. The market has definitely become a lot more stringent.

Additionally, my current risk role in a corporate/investment bank requires a certain familiarity with accounting principles. Hence, the fact I want earn the ACA qualification as it will either allow me to progress in my current role or move into a different role at a higher rank. Either way, I believe it will allow me to perform my job with far more expertise.

Also, I know a lot of people who have the ACA and do not work in practice at all (if anything, they work in consulting with no relation to accounting whatsoever).

CIMA is strictly management accounting, so it won't be very useful in my current role as I work in credit risk.

As far as ACA vs ACCA, I think the major difference is the course structure, exams and practice requirements. I've looked at both curriculums and I don't see a major difference aside from the fact that ACCA has more exams and is more of a global qualification. Also, I feel comfortable with the ACA's flexible route.

unhappys10

Also don't forget ACA exams are open book where Acca aren't, makes a big difference!

GlobalSun

unhappys10 wrote: »

Also don't forget ACA exams are open book where Acca aren't, makes a big difference!

That's a good point! I didn't even factor this in!

unhappys10

GlobalSun wrote: »

That's a good point! I didn't even factor this in!

I did ACA but my brother is doing ACCA, I think he has 2 exams left and it's tough going learning all those standards etc
Now I know you need to learn them anyway but it takes a a lot of pressure off knowing you can refer to a standards book etc

GlobalSun

unhappys10 wrote: »

I did ACA but my brother is doing ACCA, I think he has 2 exams left and it's tough going learning all those standards etc
Now I know you need to learn them anyway but it takes a a lot of pressure off knowing you can refer to a standards book etc

Yes, indeed! I think it comforts me in my choice.

I had another look at the ACCA curriculum and whilst it is pretty much the same as the ACA, there are some additional modules I'm not particularly interested in although I'm sure they are very useful, I don't want the added pressure. The curriculum is heavy enough as it is. If I go down the ACCA route, I will certainly take me more than 4 years to complete. For me as for some reason, it seems to be less straight forward than ACA.

floydstapleton

yes