Oh bad luck Shaun, but obviously you have well and truly broken the back on P2 and with only the one paper to do I'm sure you'll fly through it next time...maybe get a prize! Don't be too much of a stranger, you'll need the odd break from studying!

Not sure that I warrant that title...all my accounting ability has been self taught and from experience so although I'm happy to pipe in with 'this is how I do it...' I don't know whether it is the best way or even the absolute correct treatment....so you can't get away that easily my friend!

Shaun

What can I say, absolutely gutted for you.

When can you retake it? As Rob has said, if there is only one paper to concentrate on it will be easier next time?

Bill

PS bet you wont be able to resist contributing just as much as you have always done

Really sorry to hear about your disappointment, Shaun.

I already owe you loads for your help on here and although I doubt I can tell you anything you don't know about accounting, I will undertake to pray to a deity of your choice if that will help

Seriously, though, good luck with your re-jigged study. looks like we'll both be sitting exams in June.

Neil

Hi Shanu,

I hope yu will get it right this june. Same happened here, I am getting ready for June exams. My P1 result was not favourable. 

Sorry you didn't pass Shaun I'm sure you will next time your knowledge far exceeds anyone else's on here. Don't be a stranger. Oh and I can have that shower tonight!!!!!!

Hi Shanu,

You are a star, your comments has motivated me to start studying now. I have a look at the P3 syllabus this afternoon,is almost same as P1, I will do both in June and probably with P2 because I have started studying for P2 since January. But can you tell me the best options to chose from the 4 when am to do the options.

Hi Lawason.

Nice to know my words are motivating you.

for the options it all depends on what you want from the qualification.

P4 and P5 would suggest that you are working in the corporate sector.

P6 and P7 would suggest practice.

P7 is a written rather than calculation paper but it's very difficult to get a pass score as the examiners for that paper are strict to the point of draconian.

This makes sense as if your going to get sued for significant sums then it will be in Audit. However, unless you pass P7 you will never be able to get an audit practice licence!

Despite with P7 you also needing to memorise all of the accounting standards, abstracts and practice notes it is very closely tied to P2 and it helps if you take those two at the same sitting (I would say P7 is closer to P2 than to F8!).

P6 is the odd one out as that only relates back to the other Tax paper F6. It's also a real swine as unlike the others at this level you only have two sitting (June and December of the same year) to use the study materials and then they're defunct when the next finance act comes in!

If you have no interest in tax then P5 is closely linked to P1 and P3 but with more emphasis on management accountancy type calculations rather than the theory of the other two papers.

P6 does however give you entry (and one exemption) to study for CTA as your CPD without having to do ATT first.

So, in short my professional stage (in matched groups where applicable) is :

P1 & P3
P2 & P7
P6

If you don't want to do advanced tax then I would suggest (again matching linked papers) :

P1 & P3 & P5
P2 & P7

Have you done any mocks for P2 yet? Don't underestimate how hard and how time pressured that one is! You really need to be able to incorporate an associate undertaking and a subsidiary without having to think about the calculations as there doesn't physically seem enough time to calculate all of the numbers in the 1.5 hours it should take to do question 1.

When you go into the exam hall you also need to know when you open the paper you would be just as able to answer question 1 whether it required creation of a group balance sheet or a group cashflow statement (which is where at the last sitting I was not well enough prepared and I feel that my pre exam nerves may have been reflected in my result).

Just a suggestion but you might want to hold off on P2 till December and do it with P7.... Are you doing UK or International reporting standards by the way? If UK then I think that there are only a few sitting remaining before the ACCA drop that stream due to the convergence with IFRS.

If your determined to sit P2 this June try and sit one mock under exam conditions per week for the six weeks prior to the exam.

Hope that the above helps in deciding your options.

Kind regards,

Shaun.

Cheers Amanda,

as proven this morning, just can't keep away from our merry little community.

Think that it's one of the main commonalities on this site that so many of us are in the same boat. i.e. work / study / children... Sorry, hate the word kids. Always brought up being told that "Children are young humans, Kids are young goats".

I'll endeavor to keep the advice and humour flowing during my studies but suspect that I'll have to slow down somewhat from the 400 messages that were posted in my first month on the site!

Talk soon,

Shaun.

Hi Shanu,

Thanks for your response. I will think about the combination and make the right choices. I am doing international streams. And, getting practicing certificates includes doing Tax and Audit, what of if I take options of Advance financial mangement and Advance performance management will I get practising certificate?

Sorry to hear your news Shaun, my friend has just passed this (7th sitting), its not easy..