I completed AAT level 4 last June through a local college. At the time I was buying my first home and felt I needed a break from studying after 3 years of working FT and studying in the evenings.
Now, a year on I am six months pregnant with my first child and due to go on maternity for 9 months in August.
I have been with my company for three years, started when I was on level 2, processing invoices, expenses and credit control etc. I then got promoted to accounts manager where I did P & L before we got taken over by an international group. Reporting became much more demanding and so I started month end closing and was required to produce monthly P&L and Balance Sheet. Our company has a £27m turnover and the type of things I must do at month end to produce P&L & B/S are: Depreciation, Foreign exchange revaluation, stock adjustments, Warranty WIP, Accurals, Prepayment, Depreciation and deferred income calculations. These are then sent to HQ for where the consolidation accounts are produced.
I found AAT quite 'comfortable' and passed all exams first time so now I feel I have not reached my potential IYKWIM. Also despite efforts to further my career and be taken seriously professionally, I am still treat by some at work (who view accounts as only raising invoices and making payments) like a skivvy/ PA! In between my tight schedule for producing month end accounts I get roped into booking flights, accommodation, IT problems, nipping here and there and all sorts.
So, should I be thinking of starting a new (distant learning) course just as I am having a baby? I want a family and a career but is it realistic? I am thinking of enrolling soon and sitting my first exam in December (3 month old baby! ) with at least one other booked in for June 2015, just as I will be returning to work. I would then begin to look for another job.
Sorry for the long post but has anyone else been in a similar situation? I am not sure distance learning is even for me. Do I have relevant experience that would be appealing to employers if I was also studying towards ACCA? I guess I lack confidence to take the next step towards becoming certified.
You could study ACCA, I'm sure Shaun will be along before too long to explain more about that option.
You could alternatively study CIMA (Chartered Institute of Management Accountants), which would be very relevant considering that you are already doing management accounts.
it sounds as though you are looking purely at employment opportunities so there's no issue over regulation 8 that causes people headaches if they go down the self employment route.
ACCA actually covers all of the CIMA syllabus plus has a more even balance between management accounting and financial accounting.
You don't "need" a training provider although some people find a structured approach to study beneficial.
If you can organise yourself then there are the free opentuition lectures. Mix that with dedication and a good book and you've saved yourself a fortune (which you'll need with exams at best part of £100 a pop).
I find Kaplan study texts to be the best. Aim for a chapter a day then onto the revision text which is old exam papers brought up to date.
ACCA is a step progression from AAT. Thats nothing against AAT but where that qualification will test you on how to do things. ACCA is coming from the angle of what would you do in this situation? What advice you would give? Is the company director doing something illegal? etc.
ACCA does cover more ground and even though it covers management accounting with at least equal depth, CIMA is better known for that side of things.
As an aside you've reminded me of when my boy was very young and I was studying I would read him ACCA study texts as bedtime stories as its not about the story at that age, its just about making it sound exciting with the right facial expressions and inflection.
Either that you choose will help your career but just be careful before you start that you are not taking on too much.
kind regards,
Shaun.
__________________
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 will take Shaun's word for it on the comparative breadth of the syllabi of ACCA and CIMA.
In the management accounting employment market place all of the chartered level qualifications have equal standing. In various organisations in the commercial, public and non-profit sectors I have worked under finance directors qualified with ICAEW, ACCA and CIMA over the last 25 years. So there is no limit to your career aspirations in management accounting whichever qualification you choose to pursue.
CIMA does not have an equivalent regulation 8 (the requirement that you must have prior experience of practice before granting a practice certificate), so you would not have that problem should you wish to start your own practice.
It is also worth mentioning that you could go into practice using your AAT qualification. I understand that this can be a very worthwhile direction in which to develop your career. This could enable to fit your career and child care commitments together more easily.
just read through my message again and it doesn't quite read how it should.
What I was trying to show was that where CIMA is regarded by many as THE qualification for management accounting, there isn't actually any major difference between the two syllabuses in relation to management accounting.
I was not in any way trying to imply that ACCA is Superior as the exams are very much on the same level.
Regulation 8 is nightmare to work around as no matter which other body you are a member of or no matter how much past experience you come to the table with regulation 8 takes precedence requiring one to have at least two years post qualification signed off within a recognised ACCA practice certificate training practice.
I've recently commented in the ACCA members area of Linkedin about this as the system only works where everyone is ACCA. As things stand it seems that those choosing practice are being punished for choosing one of the best qualifications.
I have suggested that the ability to practice should be based on client size as it is unacceptable that fully qualified ACCA members who must have at least three years fully signed off experience accross a full spectrum of services to gain membership cannot offer advice, accounts prep or filing for any size of entity without being supervised. Yet members of every other body including those with far lower membership requirements can.
The chartered that I know tend to be ACCA people who took the transfer whilst it was still available... Sort of defeated the idea of ACA being above ACCA and CIMA didn't it when many ACA's were actually cunningly disguised bods from the other two bodies.
That does confirm your point though in that there is really no major difference in knowledge bases between those three.
kind regards,
Shaun.
__________________
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.
it sounds as though you are looking purely at employment opportunities so there's no issue over regulation 8 that causes people headaches if they go down the self employment route.
ACCA actually covers all of the CIMA syllabus plus has a more even balance between management accounting and financial accounting.
You don't "need" a training provider although some people find a structured approach to study beneficial.
If you can organise yourself then there are the free opentuition lectures. Mix that with dedication and a good book and you've saved yourself a fortune (which you'll need with exams at best part of £100 a pop).
I find Kaplan study texts to be the best. Aim for a chapter a day then onto the revision text which is old exam papers brought up to date.
ACCA is a step progression from AAT. Thats nothing against AAT but where that qualification will test you on how to do things. ACCA is coming from the angle of what would you do in this situation? What advice you would give? Is the company director doing something illegal? etc.
ACCA does cover more ground and even though it covers management accounting with at least equal depth, CIMA is better known for that side of things.
As an aside you've reminded me of when my boy was very young and I was studying I would read him ACCA study texts as bedtime stories as its not about the story at that age, its just about making it sound exciting with the right facial expressions and inflection.
Either that you choose will help your career but just be careful before you start that you are not taking on too much.
kind regards,
Shaun.
Ah yes I remember fondly the great bedtime stories that included Little Red Abacus, Goldilucks and the 3 equations and my all time favourite Hansel and the Accountant lol
sorry, your line sounded so much as though its taken straight from a Tarantino movie.
If it says anything about how highly I actually regard the quality of the CIMA qualification I took delivery of a job lot of CIMA study texts today for P1, P2 and P8.
The way its going I'm either going to have to move the library downstairs of reinforce the floors.
Only had a glance at them so far and I'm seeing subtle differences in the material such as the more common sense approach to the value chain conveyed in those texts as opposed to the ACCA ones which are not so self explanatory.
all the best,
Shaun.
__________________
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.
Ultimately I would like to work in practice. My AAT tutor likened Financial Performance to CIMA and Financial Statements to ACCA. I must admit I much preferred FS, which seemed very natural and logical to me. I did not so much get on FP.
I must admit I feel I would need some sort of structure so may look for a local study partner. Unfortunately, none of my AAT alumni that I am in touch with are looking to continue studying at the minute.
I don't think that your tutors done ACCA then Jenna as there is at least as much financial performance in ACCA as in CIMA.
Don't worry, the penny will drop with financial performance when your doing old ACCA papers as the ACCA approach to questions is to put you in real life scenarios which really brings the material to life.
Dont know about you but with me I cannot learn with rote learning and need to apply the ideas to real life situations for all of the bits to become clear.
__________________
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 am a B.Com. graduate and planning to do a career in accounting so is ACCA better or a MSC(finance/accounting) or MBA(finance) from a well known university?my questions are
1)in how much time i can complete ACCA (say 2 or 3 years)
2)if i want to complete study faster is it advisable to do the job together (as 3 years of experience is required)
3)should i take exemptions in fundamentals level,will i lose something
4)can i take employment in other country not the one in which i studied do it offer the same salary and status (how is employability in other countries)
5)which are the best countries to pursue ACCA qualification is ireland good (please list some good well known universities providing ACCA qualification)
6)what are differences in roles and work of Msc(finance), ACCA qualified and MBA(finance)
thanks.
-- Edited by rohinpatel on Tuesday 1st of July 2014 02:12:41 PM
-- Edited by rohinpatel on Tuesday 1st of July 2014 02:15:52 PM
-- Edited by rohinpatel on Tuesday 1st of July 2014 02:17:21 PM
i am a B.Com. graduate and planning to do a career in accounting so is ACCA better or a MSC(finance/accounting) from a well known university?my questions are
1)in how much time i can complete ACCA (say 2 or 3 years)
depends if doing full or part time. Full time I would work to a timeline of around 4 years, Part time 5-6 years.
2)if i want to complete study faster is it advisable to do the job together (as 3 years of experience is required)
Thats not just three years of experience, its threee years covering all of the various experience requirements so that may need you to change jobs a couple of times to get the breadth of experience required. As a result it may take more than three years to get your PER signed off sufficient to move from Affiliate to member on passing the exams.
3)should i take exemptions in fundamentals level,will i lose something
Thats an interesting one. When I did the fundamentals level I had exemptions from it. I joined with a group of others who started three papers ahead of me but I was of a mind that where is the fun in paying to take a paper and being given an automatic pass by not turning up (you still have to pay the same amount for exemptions).
The others had not realised what they were walking into by starting at the higher level and I was quickly the only one left as I had got used to the subtle twists in ACCA questions before reaching the meatier papers from F4 onwards.
As such personally I would advise not to take the exemptions as you don't save any money and unless your Uni course really covered the material up to ACCA standards then you would be at a disadvantage with the later papers.
4)can i take employment in other country not the one in which i studied do it offer the same salary and status (how is employability in other countries)
Depends on the country. ACCA is a global brand with global recognition by other professional bodies. In some countries the best option is to use ACCA to get exemptions from the local equivalent qualification.
5)which are the best countries to pursue ACCA qualification is ireland good (please list some good well known universities providing ACCA qualification)
ACCA is a professional, not a university qualification although you can get a BSc. if you want it after you've completed the first nine papers. The big three places to study if you are not just doing it alone from the books are LSBF, BPP and Kaplan.
LSBF (London School of Business and Finance) has an awsome reputation.
On the books front I like the Kaplan materials as they adopt the learn, try, repeat with more complexity approach which works with my learning style.
It should make no difference which country that you study the material in.
thanks.
-- Edited by rohinpatel on Tuesday 1st of July 2014 02:12:41 PM
kind regards,
Shaun.
__________________
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.
should i take exams in this december or next june? will i be able to pass papers if taken in december?(if and if not taken exemptions of fundamentals f1 to f4)
traditionally a thankyou for taking the time to answer your question would be considered polite. The members here are not paid to help people, we are financial professionals who work in industry and practice who give our time for free to try to ensure that those looking to enter this business get the best possible start whether thats technical or study advice.
That aside...
the question that you ask cannot be answered
It's like asking "how long is a peice of string?".
ACCA exams are very, very time pressured. You may read an old paper and think that it sounds reasonable when one is able to look at the stock answers but try doing it in just three hours! One cannot know how you will handle the pressure until you have sat their exams.
I don't know what your skill level is like or how quickly you take information in or whether in a high pressure exam situation you are able to understand and answer the question asked within the time (understanding what is being asked is half the battle in ACCA exams as there is as much question written between the lines as on the paper. I.e. in a scenario question its often what the client has not done rather than what they have done that forms the basis of your answer).
What I willl say is that if you take the exemptions I would not look at your first sitting of an ACCA paper as any more than a practice run.
The minimum study time per paper that you need to allocate at around 6 hours per day is 13 weeks (a month to read the book, a month of non timed questions, a month of doing old exam papers under exam conditions). You can study for more than 6 hours but it won't go in any faster.
You should not consider taking more than two fresh papers per sitting.
Have you studied double entry bookkeeping as part of your existing studies? If not then you should not skip F3.
Do you know and are able to wield all of the main management accounting formulae? If not then you should not skip F2.
Can you quote relevant case law and legal acts for given scenarios? If not then you should not skip F4
Do you understand motivational management theory? Stakeholder theory? Organisational structures? etc. If not then you should not skip F1
ACCA is not just about passing exams, it's about developing a sound knowledge base upon which to develop your career. You can't rush that.
If you feel that your skills in any area at the lowest level are not up to scratch and you skip that module then you are simply guaranteeing failures further into your studies.
You need to put down the foundations before you build the house as you can't put them down afterwards.
kind regards,
Shaun.
__________________
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.
sorry i usually do thank(as in previous post),but as i was in hurry i forgot.i regret for the mistake and thank you so much for your quick and proper support.
All depends on your learning style and motivation.
If you go it alone you need to set a timetable and stick to it.
I personally did the qualification completely from books and the free online lectures from open tuition plus the course on CD from BPP.
The study material that I used were generally Kaplan. although I did acquire a few BPP study texts.
For the revision texts its a good idea to buy both BPP and Kaplan books.
For the timetabe I set up an Excel spreadsheet that counts down the days. I list each chapter of the book and as I complete it I put the date against it and keep comparing that against plan. I also do the same with opentuition lectures. Plus group the questions from the BPP and Kaplan revision texts by the sitting and work through the sittings from oldest to newest two months before the exam.
Final month is timed exam practice for three hours a day then an hour marking your own paper against the stock answers followed by a few hours of going through anything that you found difficult.
Always factor in one day per week where you do no study at all otherwise you will get study fatigue.
If you can do all of that without a study provider helping you then you could do it alone. If not then trying to go alone will prove a false economy.
If you go it alone expect each paper to cost you on average around £180 for all study materials and the cost of the exam. Some exams will be a bit cheaper than others as a few of them you can get away with previous sitting materials so thats just an average cost.
The above cost also factors in that there are certain non study texts that you will need including Exploring Strategy by Johnson Scholes and Whittington and Management and Cost accounting by Colin Drury enither of which are cheap books.
kind regards,
Shaun.
__________________
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.
) with at least one other booked in for June 2015, just as I will be returning to work. I would then begin to look for another job.
lol
