A year ago, I was really looking forward to starting my ACCA study....as I have enjoyed working in finance and wanted to get a piece of paper to back up my knowledge. I did not expect that it would be easy to go back to studying, but at the moment I am finding it really difficult - and I am only on paper 3.
All this studying has taken all the fun and enjoyment out of things - from doing journals to cash flow statements - nothing in my books looks like anything I do at work and it makes me feel like I know nothing at all.
Has anybody experienced anything similar....I want to get over this....but at the moment I am seriously thinking about quiting after paper 3.
I'm a newbie as am basically studying what I can to learn what I can in the hope that some employer or sole trader will accept capability over experience! And sometimes I feel exactly as you do.
I am doing all these examples and exercises, and from that it seems logical, straight-forward and (from my mindset point of view) obvious. Yet I see questions on this forum all the time which I try to answer to myself before the "solution" is posted, and invariably I've missed something or even got completely the wrong end of the stick. It seems that the actual process is much more complicated than the training implies, and I feel that if I was in a real job with the question posed, I'd just screw it up.
But... I figure that the training is providing the groundwork, and the application of the groundwork to actual situations does end up needing the experience which so far I have not been able to acquire. I think of it as learning a language - you can learn the vocabulary and grammar all you like, but nothing compares to actually getting out there and speaking to others. At the same time, though, I'd never be able to have a go at these problems if I hadn't learned the basics, and that's better than before. So I continue to practice, and I know that in the end I'll overcome the "lack of experience" hurdle enough to gain some real experience, and from there it's only going to get better.
So stick with the papers, and the studying, and look to the long term. It's not a waste of time, it's the first stepping stone to something so much better.
It is hard at times especially when the study doesn't match what you are doing at work.
Back in the early nineties I was doing my ICAEW exams whilst doing public sector audit work. My contempories in the class were all with the big 4 woking in the city.
Some of the examples in the study text were completely alien to me but exactly what they were used to.
Had similar feeling to what you describe but perserved and I am glad I did.
The study and exams aren't easy and I am sure that alot of students at some point feel exactly as you describe.
Stick with it as you might regret it if you give up now, I know that some of the information you read seem to not match what you are actually doing but what I suggest is that find someone that has done the ACCA in your work place and buddy with them. As they will be able to guide you through what you dont understand and put it into practical concepts that you can get better.
even I've had doubts at times and you can't get much more of an ACCA advocate than myself.
At times it seems that you are learning to pass exams rather than learning the subject. You go through one exam knowing everything that there is to know and then study something completely different to the point that you can't even spell half the things that you knew inside out six month previously.
At each sitting of the papers you note that there are less and less people sitting the exams (but the quality of cars is getting better for those who are still sitting them!!!).
Right, now here's the pep talk...
The first three papers are horrible. It's all about lots of small answers and multi choice questions. That's not what the qualification is about at all and all you are doing is preparing for the real thing which starts at F4.
Just get through this next one even if some of your answers are blind guesses. (I'm thinking that you know more than you think that you do and the blind guesses will only be a small percentage from which you might pick up a couple of extra points).
Don't leave any answer blank. You don't lose anything for a wrong answer and you don't gain anything from a missing one.
The real ACCA starts at F4 when you start getting proper scenario based questions. Just stay with it and at least aim to get to F9 by whichh time you will be thinking in a different way and know when things are being done incorrectly even if you can't quite remember why.
There are many times that I can't remember details of something but what ACCA has given me is that although I can't remember something I know exactly where to look and more to the point I know that I need to look.
That's the really frustrating thing about closed book exams as in the real world although we carry a lot of stuff around in our heads some things we don't.
If I had to write to someone and quote from a standard then to me it seems fine that I know the point that I'm trying to make and I know the standard that I need to quote from. Why then in exams do I need to remember the exact wording from the standard espechially as the IASB will only come along and change it a couple of months later.
Getting off peist a little I know but all in all my advice is stay with it and don't give up ofn the ACCA qual;ification at least until youve started taking some of the real papers such as F6, F7 and F9 which will very much relate to the day job.
All the best and keep with it BJ,
kind regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I've read study texts over and over until i can't remember what i've read. I only hope that some poor soul (because they will be employing the class clown) recognises the amount of effort one has to put into study to achieve the qualifications we are all chasing (although i am merely studying AAT as compared to the daddy of all quals)
Sometimes a longer break from study is better than a short rest, it's amazing what you churn over in your mind while doing other stuff.
The mention of Pink Floyd in the other thread has really got to you hasn't it Neil... Bet you've even got Wish you were here on the old turntable now haven't you.
P.S. did anyone ever find a copy of that album that didn't jump? Thank God (and Sony entertainment) for CD's
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I've read study texts over and over until i can't remember what i've read. I only hope that some poor soul (because they will be employing the class clown) recognises the amount of effort one has to put into study to achieve the qualifications we are all chasing (although i am merely studying AAT as compared to the daddy of all quals)
Sometimes a longer break from study is better than a short rest, it's amazing what you churn over in your mind while doing other stuff.
Peace dude,
Neil.
Grumble mumble @ merely. Now if you were studying ICB, I could understand, (just kidding James ).
Love Pink Floyd, I just never find the time to listen to music anymore, I blame the kids.
Rhianrach wrote:Love Pink Floyd, I just never find the time to listen to music anymore, I blame the kids.
Thats the great thing about trying to get the little ankle biters to sleep. Stick em in the back of the car and put something on the stereo so that they go off to sleep.
Sure my youngest boys got no idea at all why he's grown up loving exactly the same sort of music as me! (Floyd, Zep, Yes, Sisters, early Genesis, T-Rex, Kate Bush, etc.).
Actiually, on the ground that one now needs easy repayment terms to put Petrol in the car how the hell are we going to get children to sleep now!!!
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Rhianrach wrote:Love Pink Floyd, I just never find the time to listen to music anymore, I blame the kids.
Thats the great thing about trying to get the little ankle biters to sleep. Stick em in the back of the car and put something on the stereo so that they go off to sleep.
Sure my youngest boys got no idea at all why he's grown up loving exactly the same sort of music as me! (Floyd, Zep, Yes, Sisters, early Genesis, T-Rex, Kate Bush, etc.).
Actiually, on the ground that one now needs easy repayment terms to put Petrol in the car how the hell are we going to get children to sleep now!!!
They are too old for the car trick nowadays, however they still succumb to a good dose of calpol when things get desperate.
I think what I find the most frustrating of all is the feeling that I can do my job really well, but the same thing in the study text and even worse in the practice and revision books just looks like something I have not seen before.
It seems to me, they are trying to confuse students LOL.
I will get through paper 3 (somehow) and let the paper 4 to surprise me. Somehow I think that I will really enjoy paper 4, as it is the "law" one I believe, and I originally wanted to be a lawyer, then decided to do finance (because I worked in finance).
"Feel the fear and do it anyway" motto for today. LOL
BJA wrote:I think that I will really enjoy paper 4, as it is the "law" one I believe, and I originally wanted to be a lawyer, then decided to do finance (because I worked in finance).
Me too
Even got as far as being accepted by several pretty good Uni's to study law before being stupid and taking money now rather than more money later!
The law paper is one where a lot of people hit their first fail because they thought that ACCA was all about calculations and are not so good at remembering cases and dates.
When you do this one for the first time you'll start to feel like an accountant rather than a bookkeeper as you will be giving advice in the exam on legal form (limited, LLP etc.), Corporate Governance and contract advice.
I absolutely loved this paper and got a first time pass. I think that you'll love it too.
My advice for that one is different to the others in that I don't generally rate the success CD's but for this paper I feel that it's pretty essential.
All the rest of it will be same advice as normal. Lots of index cards with the scenario on one side and applicable case law or statute on the other.
Just get this darn paper F3 out of the way and then you can start enjoying the qualification,
all the best,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Shaun,
That was a first smile of today! Thanks.
That is one thing I am excellent at - remembering dates and I can talk for England. At school, when my classmates caused some sort of mischief, they used to send me to "negotiate" with the teachers lol. As a hobby I used to and to some extent still remember all the major Oscar wins in main categories by year...I am mad I know...
I was terrible at maths, but I am very good at excel, including programming, so my brain is working in mysterious ways.
Maybe "corporate financial lawyer" is the job for people like us. Bit of both.
Have a good evening.
BJ
Ps: thank you for all your help, I really appreciate it.
Sounds as though you're going to be a natural for F4.
You have a good one too BJ.
kind regards,
Shaun.
P.S. quite jealous now. I want to take the law paper again instead of P2!
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
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