Archives For revision

Man using laptop, hand on chin, looking away

by ACCA student blogger Sarosh Fatima

As the next exam session approaches, the panic starts to strike! For some of us, panic attacks have become almost synonymous with exams, but I can now say that I have found a way to tackle them.

I have been able to plan my studies with the help of ACCA’s self-study guides. I don’t believe in exhausting myself; instead, I have spread out my studies and focused on different syllabus areas each week. It doesn’t take me long to grasp all the concepts this way and it has helped my confidence and reduced stress.

Patience and perseverance pave the way to success. An ACCA student will always need to possess these two attributes to avoid making any mistakes in haste and under stress. Every student needs to have self-belief, and a single exam result can never define one’s ability.

Failing an exam never means that you cannot do it. It just means you can do better. Every student needs to look ahead and think positively, which will enhance their confidence in their own abilities. We should be more believing – and have confidence – in ourselves.

Our exam success is solely based on the hours we spend in the exam hall. Tackling this time and taking control of our nerves will help impress the examiner with our knowledge and exam technique skills.

So, as we prepare for the March exam session, let’s believe in ourselves!

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by ACCA student blogger Pantelis Fouli

As we approach the December exams our ‘inner chatter’ and doubts may be starting to creep in and take over. Perhaps you may be telling yourself ‘I won’t be ready’, ‘Perhaps I’ll hold off taking my exam until the March session’, ‘Missing one exam sitting won’t make a difference’… and so on. But if we spoke to our friends in the same way that we speak to ourselves at times, we would have no friends.

There is a quick three-step formulae outlined by one of the best personal development coaches in my country that states the following:

  • Do less. Think about the famous 80/20 rule, where 20% of our efforts in any particular endeavour is responsible for 80% of our deliverables. For us, as ACCA students, what does this mean practically? It means that our exams are now our priority. Delegate what you can to family members and friends in order to lighten the burden on yourself, enabling you to focus on your studies.
  • Be present. When Warren Buffett and Bill Gates were asked about their number one strategy for achieving all that they have, their answer was the same: Focus, focus! Be present in the moment!
  • Disconnect. We live in an age of continuous distraction where it’s virtually impossible to remain focused on our revision without being tempted by Facebook and Twitter. Therefore, to avoid all temptation, switch off your phones, tablets and PCs and focus on the task at hand.

Here are some practical tips:

  • Schedule your revision time and stick to it – consider that ‘the things that get scheduled are the things that get done’.
  • Wake up an hour earlier. Get in that extra one hour of study while the world still sleeps.
  • If you can, cram in 30 minutes of reading time during your lunch break.
  • Focus on the task at hand.

Let us all pull together for the final push of the year, let’s cram in our study sessions, let’s sweat a little more over the next few days… it will all be worth it come exam time next week.

You are never alone – remember that we have our exceptional ACCA Learning Community that is both a wealth of knowledge and support.

Anyone wishing to get in touch with me is welcome to connect with me via LinkedIn – though please include in the personal message that you are an ACCA student.

Best of luck to you all!

by ACCA affiliate blogger Durre Adan

The aim of P7, Advanced Audit and Assurance, is to apply relevant knowledge, skills, and exercise professional judgment in analysing, evaluating, concluding and reporting on the assurance engagement and other audit and assurance issues in the context of best practice and current developments.

At this advanced level in the qualification, ACCA is aiming to test students’ skills on evaluating situations and applying proficient intellect to resolve problems or recommend ‘precise’ actions to these problems.

Allow me to suggest a systematic approach to P7 that worked for me.

Most of the marks for P7 are not just for knowledge. You also score marks for your aptitude on applied scenario-based questions. Initially, there are only around five or six types of applied audit questions. Therefore, phase one is to study the techniques for all the types of applied audit questions and grasp an understanding of theories like audit risk, internal controls, substantive testing, and so on.

Many students do well when they are tested on the techniques. However, many students also fail to practise these techniques during the actual exam, which ultimately leads to a fail.

So first, I would recommend recognising the key points to learn. Then keep practising exam questions (always make sure to use revision kits from ACCA’s Approved Learning Partners). Repeat this as much as you possibly can in the weeks leading up to the exam. Repetition can be irritating and time consuming, but it is effective.

On exam day, when writing your answers, keep re-reading the techniques and reiterate them inside your head and make sure you adhere to them when applying your answers to the question scenarios.

While preparing for P7, take time to practise writing a minimum of five bullet points for each accounting standard to help drive home in your mind the key topics. Understanding the more complex ISAs such as succeeding events and initial audit concepts is important. Core standards on areas like audit risk and response, evidence, and audit reports must not be overlooked either.

If that all seems straightforward enough, why isn’t the pass rate for P7 as high as it could be? It is discouraging, but you need to read, comprehend, grit your teeth and try to follow the above.

Rigorous exam practice can always save you from making any blunders in the exam – and I hope you find my detailed tips useful for your exam practice.

Good luck to those preparing for P7!

diary
by ACCA student blogger Pantelis Fouli

‘There is one quality that one must possess to win, and that is definiteness of purpose, the knowledge of what one wants and a burning desire to achieve it.’ Napoleon Hill

It is a well-known fact that only 3% of adults have clear, written goals. We come together every so often because we have a common goal, and that goal is to qualify as an ACCA, so let’s practically see how we will approach our common goal.

  • Step 1: Decide exactly what you want.
  • Step 2: Write it down.
  • Step 3: Set a deadline on your goal. Set sub-deadlines if necessary.
  • Step 4: Make a list of everything that you can think of that you are going to have to do to achieve your goal.
  • Step 5: Organise the list into a plan.
  • Step 6: Take action on your plan immediately.
  • Step 7: Resolve to do something every single day that moves you toward your major goal.

Let’s use myself as a practical example:

  • Step 1: Qualify as an ACCA, successfully pass my remaining two papers P2 and P6, and commence college on 6 July for my P2 studies.
  • Step 2: Done.
  • Step 3: Deadline, sit and pass P2 in December 2015. Sit and pass P6 in June 2016.
  • Step 4: Sign up for college (evenings); study first thing on Saturday and Sunday mornings; attend all lectures; attend all progress tests; attend all mocks; work through at least six past papers; and solve the revision kit twice.
  • Steps 5 and 6 are self-explanatory.
  • Step 7: Wake up each morning an hour earlier to make sure I can read at least 10 pages of a good book; workout first thing to get the endorphins released (happy hormones!); and review my weekly and monthly goals.

Don’t forget to connect to ACCA’s Learning Community

I intend to keep in touch more regularly. An ACCA student recently left me some great feedback on my LinkedIn profile regarding my blogs. What she and most of you may not realise is the strength and motivation this gives me to carry on with this exceptional professional qualification – so thank you!

Feel free to connect with me for any further questions you may have. Until next time!

ACCA support

theaccablog —  21 April 2015 — Leave a comment

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by ACCA student blogger Pantelis Fouli

‘In September 2015 ACCA will be offering an additional exam session in some of our larger markets, which will be followed in 2016 by the introduction of four exam sessions a year across all of our markets, allowing you to take your exams in March, June, September and December.’

Whenever such news is announced we always tend to think about how it will affect us and then, after it has been digested, we consider how it can benefit the wider group.

Personally this decision is huge for me. My 10-year limit expires in June 2017 and, while I only have two papers left and I should by all means be qualified by then, ACCA has just thrown me and thousands of other students a lifeline.

ACCA is doing all in its power to get behind students and, in doing so, sends them a tangible message. That message is: ‘While we acknowledge the level of difficulty of these exams, we are behind you in every aspect.’ This is the message I am getting anyway.

ACCA has done this with the introduction of bloggers, live Q&As on Facebook, and the ACCA Learning Community (which hosts regular learning event Q&As with experts), and I am sure that this is only the beginning of ACCA’s way to separate itself from the rest.

This is ACCA’s way of adding that extra value to us as students, and to give us the necessary tools to succeed.

The next exam session is about six weeks away, and it is all about revision now, so here are a few pointers of what not to do while studying:

  • Having your mobile phone on
  • Cramming in too much data
  • Getting overwhelmed
  • Looking at the answer before even attempting to answer the question
  • Procrastinating
  • Reconstructing notes
  • Having a heavy meal beforehand
  • Pulling all-nighters
  • Not believing in yourself