I am currently thinking abhout starting out on my own book keeping,
I have completed an Accounting and Finance, ragistered with ACCA as a student and in the process of paying for my exemptions (I am exempt from all 9 foundation papers but need to pay for the exemptions before I can look at sitting any professional level papers.)
I am currently emplyed as the Financial Controller in a SME, which involves everything from day to day sales and purchase ledge to completing the year end accounts. I plan to stay in this role for another year but am just starting to think about going it alone and wondered if anyone can offer any advice as to how to get started, building a client base etc?
just because you can take the exemptions doesn't mean that you should.
By all means if you don't intend to take P6 (advanced tax) or P7(advanced Audit) of the options papers then get exemptions from F6 (Tax) and F8 (Audit)
Get the exemption from F4 (Corporate and Business Law) only if your degree taught you that.
Also get the exemptions from the fundamentals papers :
F1 Accountant in Business F2 Management Accounting F3 Financial Accounting
However, before jumping in and taking the exemptions from any of
Realise that the P level papers build strongly on these and a lot of people fail at the higher level papers because they took the degree route and missed out those skills level papers.
For the ACCA that's great as the more times you fail the more you pay them for exams so it's to their financial advantage for you to fail.
Before accepting those exemptions just sit down with those three at least (and possibly F4 as well) and if you can't get a pass mark (sit the paper under timed conditions, be honest in your marking and see your paper as the examiner would) then your really shouldn't or your own sake take those exemptions.
On the timed conditions note above, note that the exams are very, very time pressured and merely being able to answer the questions doesn't get you a pass when half of the paper remains unattempted at the end of the three hours.
For a handy reference the paper flow to get to any specific P level paper would be :
F4 -> F5 -> P1
F5 -> F9 -> P1 -> P3
F5 -> P1 -> P3 -> P5
F5 -> F9 -> P1 -> P3 -> P5 -> P4
F7 -> P2
F6 -> P6
F7 -> F8 -> P2 -> P7
Because of the cross overs its beneficial to sit P1, P3 and P5 together. (P4 is more complex but also fits in with that batch).
P2 and P7 should be sat together.
P6 should be sat alone.
Hope that helps and good luck in your studies.
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.
