The Association of Chartered Accountants is spread over 178 countries. Even though it has people from different parts of the world, there are many commonalities between all of them. An example of this is the general challenges they face while studying for the ACCA exams in their professional life. Since the passing percentage of ACCA exams is about 40%, it is not surprising that many students have a hard time completing their degrees.
If you are an ACCA student or aspirant and want a general outlook regarding the challenges that are faced by the community at large, specifically ACCA in Pakistan, then this article is for you. We have put together some problems and provided you with the relevant solutions.
Managing Your Career
Passing all of your ACCA exams can take up to 10 years. Since this is a lot of time, many people who are studying for it are already working and are trying to build a career for themselves. They are mostly full-time workers who study side by side. This gives them less time to focus and practice the content. Even though working helps you support yourself, it also leaves you with less time to prepare for exams. As a result, you might not get your desired score.
The way to manage is by creating a proper schedule for yourself and sticking to it. If you plan on setting aside three hours every day for studying, make sure you do that. Try to fit in time between your work breaks, or you can even try to get more work done when you have a relatively less workload. This would leave you space for studying even when your office requires you to work more. Make a realistic schedule and try to stick to it. It might require a lot of time and effort on your part, but once you get the ACCA qualification, it will be worth it.
No Prior Experience
Another major challenge that people face while starting ACCA is that they do not have relevant experience in the field, which is why it might be difficult to grasp a few concepts or generally make sense of what is happening. If you have a degree in Accounting or Finance, it can be relatively easier since you will be more familiar with the course being taught. Moreover, since you are just beginning, you might find it hard to find the right way to attempt the papers. You can only do that after you have experience.
The way to go about this would be to ensure you keep up with the speed of the course from the first day. Make sure you go home and practice whatever was taught in class, otherwise you might just forget. This would also increase your retention rate. Other than that, practicing extra every day would also put you at the same level as those who have prior knowledge of accounting.
You Do Not Give Yourself Enough Time
A major problem that arises in ACCA is that students try to complete it within 4 to 5 years only. This can be an unrealistic expectation to have, especially if you are working alongside them. Some of the exams need you to practice a lot and require a lot of effort. This is why the certification allows you ten years. However, since people want to get done with it early, they end up speeding through papers.
One way to deal with this problem is to plan ahead of time. Our first suggestion would be to spread all exams evenly throughout the period allocated for their completion. However, if you want to leave a year to two as a backup in case you cannot clear them, then try to give yourself an adequate amount of time to prepare. Do not rush through them.
Getting the ACCA certification can be challenging, however, there are ways to deal with these problems. Just make sure you practice consistently and follow a well-planned schedule.