Archives For ACCA exams

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!

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!

by ACCA student blogger Kevin Bradfield

How does one get the drive to continue studying after having failed the same exams consecutively?

One needs to reconsider the strategy being employed. From my personal experience, I have studied the text and syllabus for an exam only to end up failing.

I decided on the resit to scan through the study text and the syllabus and felt I was more than ready for the exam, especially as it was a resit.

However, I failed again. What was I doing wrong?

A suggestion a passed finalist gave to me was to discard all the prior knowledge I had on the subject and to start over, as if I was taking the exam for the first time. She implied that I was going into the exam with ‘preconditions’.

I think this piece of advice is a good one, but after having extensive knowledge of a subject, it’s difficult to do.

I will, however, try this advice, and see how it turns out. I would encourage anyone who is in the same position to try and do the same too.

waiting

by ACCA affiliate blogger Farisa Najam

My feelings a week before the exam results are not only full of fears, but also full of anxiety. We all work very hard for six months to pass. Passing or failing these exams makes us feel positive or negative about ourselves. It affects our confidence and makes us worry about how others might react to our results.

ACCA students taking exams have to go through this phase twice a year (soon four times a year thanks to the new exam sessions!). No, I will not tell you to relax and not to worry because I have been in the same boat and you definitely cannot control your natural emotions. Hopes should always be high.

I always had a really panicky feeling before checking my exam results. Well, that’s pretty natural. I always used to think why did ACCA release results so early before I could get to pray properly! It was always difficult to make a decision whether I should go ahead and enter for my next exams or wait until the results.

While waiting for results and taking classes, I always had nightmares about my upcoming results… Would I pass all papers?

A week before the results, I also had nightmares that I marginally failed by scoring 49% or that, at times, I had just passed with 50%. Trust me, the fear of flunking at 49% used to stay with me until that moment on results day when I checked my emails, scrolling down with my eyes closed and heart beating heavily.

The moment of relaxation after seeing myself PASS is unexplainable. Every ACCA student must have gone through this and new ACCA students will definitely experience it. My only advice is to surround yourself with family or friends, go out for the day, do what you love to do, and don’t spend your time worrying about something you cannot predict.

Remember, even if you fail, never give up because FAIL means First Attempt In Learning.

Good luck!

Don’t forget to share your experiences with us. How do you tackle the anxiety or fear of exam results?

ACCA support

theaccablog —  21 April 2015 — Leave a comment

support

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