If you have recently graduated from university, your days of study in your quest to become a qualified accountant are still not quite over yet. Studying for a professional qualification is very different to being an undergraduate, and many students embark on this journey without really understanding what they are getting into.
This article sets out to explain what those differences are, and to give you some strategies to ensure you make the most of the help available.
Should you take exemptions?
If you have taken a relevant degree, then it is likely that you will be exempt from some of ACCA exams. However, you do not have to take the exemptions. Your employer may have a policy on this but, if the choice is left up to you, think carefully before you make your decision.
While exemptions will not be granted unless there is a good match of topics covered, and that coverage is at the appropriate level, inevitably there will always be some differences. Many exams build on underpinning knowledge from earlier exams (for example, P7 builds on knowledge gained from F8) and, so, if you did not sit the earlier exams you may have a gap in your knowledge that may cause you problems later.
In addition, if you are new to the rigours of studying professional exams, the transition may be easier if you start with an exam where you already have some knowledge before moving on to the more advanced exams.
Type of course
At university you will probably have been taught in large lecture groups supported by smaller seminars and classes. Professional courses normally do not make any distinction between lectures and classes, with group sizes being around 10 to 30 students. The different study options available range from day release or evening classes, to block release and to distance learning.
Look at ACCA's Tuition Provider Directory (see ‘Related links’) and the relevant learning providers to find out the best option for you. Also, find out from other ACCA students which options worked best for them, and why.
Textbooks
Whatever study mode you choose, you will need a textbook published by an Approved Content Provider, which may or may not be provided as part of your course. The good news is that you should only need one book per exam.
On an undergraduate course you are expected to read widely around the syllabus. ACCA Approved Content Provider textbooks are written specifically for the syllabus, and are updated on an annual basis. Make sure you keep up to date with current events in finance and business through reading content published by Student Accountant and daily newspapers.
Breadth of the syllabus
As you work through the syllabus you may feel a bit overwhelmed by the volume of knowledge expected. Although you may have studied accountancy before, the nature of the two qualifications is different. A degree is more theoretical. It involves exploring the options for accounting and business problems and evaluating the impact of alternative solutions. You will look at the overall picture.
A professional qualification is far more about how to do something and, for this, you need to know the fine detail with all the complexities. As a result, the volume of material you need to learn can seem much higher in professional exams. Another point to note is that a professional qualification relies on the practical application of knowledge and workplace relevance – this is a key difference between studying for a degree and for ACCA.
Working and studying
Whichever study method you have decided on, you will need to get used to working and studying at the same time. At university you may have had a part-time job, but this doesn’t really compare to what it is like to hold down a responsible full-time job and study for a demanding qualification. You won’t have the holidays to catch up and, while there was often no sanction for missing the odd lecture, it is not acceptable to skip work in order to study.
If you are fortunate, your employer may allow you to take any overtime as holiday. However, it is not an option open to all. Good time management skills are essential, and you need to make the most of the available study opportunities such as travel time or lunch times. You will probably have to accept that, for a few years, your social life may need to be restricted.
Assessment
At university, scoring good marks on an assignment – together with positive feedback – can boost your confidence and ease the pressure a little in the run-up to an exam. With professional exams, you will pass or fail based on what you write in the exam.
Very often, the exams are extremely time pressured. On top of all this, you may not be used to writing for so long, particularly if your university had shorter exams and you took notes on a laptop.
Exam technique is critical if you are going to give a good account of the knowledge you possess. The answer is to sit mock exams before the real thing. These are often offered as part of both day release and block release courses, but frequently have low attendance rates. Students often tell themselves that they are not ready for the mock, and completing a bit more revision is a much better use of their time. However, they are usually fooling themselves.
Most students who sit a mock, even if they perform badly, do better in the real exam than those who did not sit the mock. If your tuition provider does not make a mock exam available, it is recommended that you still attempt one under timed conditions and then check your answers. You will need to be strict with yourself, though.
At university the norm is that your lecturer also assesses you. This means you are less likely to encounter surprises when you open the exam. They will have ensured they covered the topics in the exam and, having been taught by them, you have an insight into the way they think. If you are lucky, some of your lecturers may also have been generous in the hints and tips they provided.
This is not the case for professional exams, where the lecturer and examining team are totally independent. Your lecturer will have no idea what will appear in the exam.
It is worth it in the end!
There will be times as you work towards the ACCA Qualification when you wonder why you are putting yourself through the stress. However, I encourage you to keep going. The fact that you have a degree demonstrates you have the intellectual ability to complete the qualification, and remember that nothing worth having is easy.
I would like to finish with the words of Sukdev Taak, a Southampton University alumni, who has recently completed ACCA. He says: ‘The time and energy it takes to pass these exams is immense. However, the rewards are priceless. I shall gain something that will remain with me forever.’
Carol Masters is accountancy lecturer at the University of Southampton, UK
