Introduction:
Are you an ACCA aspirant curious to know effective tips to navigate your ACCA journey? Are you scared to face failure? Don’t worry, this blog will guide you to the path of academic success by providing you with effective study tips.
Indeed, the qualification of ACCA in the UK is a very competitive qualification that has a unique structure and focuses on modern technical skills, comprehensive academic knowledge, and regulatory compliance. Students find it difficult to focus on all the areas and therefore fail in the ACCA exams. But with the help of effective planning, study techniques, and consistent efforts, aspirants can easily crack the qualification of ACCA in the UK.
10 Areas You Need To Focus on During ACCA in the UK:
1. ACCA is More Than Just Exams:
Unlike other qualifications, ACCA in the UK doesn’t focus only on exams to complete the qualification, it has other qualification requirements as well that equip you with soft, technical, and professional skills for the practical world. Aspirants are advised to concentrate on all the other academic requirements as well, along with the ACCA exams, to showcase the best of their abilities.
These additional requirements include Ethics and professional modules and Practical experience requirements. Ethics and Professional modules are the additional modules that ACCA aspirants need to clear to complete the qualification. These modules equip you with ethical skills and professional qualities important to work in the financial sector. Whereas, the Practical experience requirement (PER) is a mandatory work experience of 36 months that one needs to gain in a relevant sector/ role.
2. Plan Your Route Early:
Students of ACCA in the UK are advised to create a plan or route to achieve their goals. The ACCA qualification offers diverse pathways, and aspirants need to choose the route that works best for them. If you are eligible for exam exemptions, you will have a different route, whereas if you need to take all 13 exams, your route would be a bit different. Do not wait for the end time; rather, plan when to take which module and make sure you register for the selected exams in the chosen exam session on time; planning will avoid burnout or panicking during the exam period.
3. Work and Study Balance:
Usually, the aspirants of ACCA in the UK are working students trying hard to manage their studies and work together efficiently. However, the qualification offers part-time learning and online learning options, yet these aspirants need to have extremely good time management skills to perform well in ACCA exams. These students face many challenges, especially when exams are around the corner, therefore, they are advised to stay consistent with studies since day one to avoid burnout during exam season.
4. Costs of the Qualification:
ACCA in the UK is more affordable as compared to many degrees and qualifications in accounting, but there are several different costs attached to this qualification, other than registration charges and exam fees. Aspirants also need to pay annual subscription fees, tuition fees (to the institute or learning provider), study material costs, and exemption fees (if you avail of exemptions). In such a situation, when the qualification has so many financial obligations, budgeting can be a great help for you.
5. Complexity of Certain Exams:
Certain papers are quite complex and require more attention, especially the modules at the strategic professional level. The modules from this advanced level cover complex areas comprehensively, which leads to students getting stuck in exams like strategic business reporting, Advanced audit and assurance, Strategic business leadership, etc. Therefore, aspirants should not take these exams lightly and give undivided attention to these complex modules, especially.
6. Choosing the Right Tuition:
There are numerous international and local tuition providers of ACCA in the UK, offering online and on-site services. Aspirants are advised to do proper research before registering with any institute. Make sure the institute is ACCA-approved, read about them, what they offer, and the previous academic results of their students. Tuition providers and tutors can make a great impact on your academic performance; therefore, be very serious about this matter.
7. Per can be Tricky:
Just completing 36 months of work experience in a relevant field with an approved employer is not enough; ACCA in the UK requires you to record this experience and keep track of all your achievements, then get it signed by a supervisor who needs to be an ACCA member as well. Once you have all the records of your work experience documented and signed, you can now submit them to ACCA Global, and they will examine whether your experience is valid. Start your work experience at an early stage of the qualification so that you can complete the requirements alongside studies.
8. Regulatory Compliance:
Make sure you concentrate on international accounting standards and follow regulatory compliance, as the qualification of ACCA is extremely focused on this particular factor. The global recognition of the qualification makes it crucial for ACCA aspirants and professionals to follow international reporting and auditing standards.
9. ACCA Can Open Global Doors:
The qualification is recognized internationally, therefore, professionals can expand their careers in the international market as well. This contributes to enhancing job prospects, better job opportunities, and a progressive career.
10. ACCA is a Marathon, not a Sprint:
ACCA in the UK takes at least 3-4 years to complete normally, however, the period can exceed this, depending on an individual’s speed and study route. If you achieve success in this qualification, you will have to overcome inconsistent habits. Make sure you are consistent with your studies, create and follow a structured study plan, stay motivated, and do not give up even when facing failure.
Frequently Asked Questions
Q1: List down the challenges faced by students during the ACCA qualification.
Answer: Some of the frequent challenges faced by aspirants of ACCA are:
- Difficulty in staying motivated
- Stress Management
- Managing study and work, time management
- Understanding complex topics of accounting & finance
Q2: What are the job prospects for ACCA in the UK?
Answer: After completing ACCA in the UK, you can work in different industries under several financial roles, some of which are: auditor, accountant, tax consultant, financial manager, advisor, etc.