BLUEPRINT FOR UK ACCA

UK ACCA Qualification ensures a Recession-Proof Career for the aspirants.

Recession connotes negative economic growth, typically for two or more consecutive quarters. ACCA qualification helps to absorb shocks of economic downturn. In the midst of gloomy economic environment of massive retrenchments, ACCA qualified professional are much sought after.

They are engaged by the companies to surmount the crisis. They thrive in such situations with their skills and competence. Thus, no wonder they are placed in a Recession-Proof Profession.!

India has become a major outsourcing hub for Accounting and Finance functions. Many financial KPOS are expanding in size. UK ACCA qualified professionals enjoy the patronage of this business domain. They are carving out a position of strength and esteem for themselves.

Introduction of IND-AS in India has provided an added impetus to UK ACCA Qualification as its Curriculum also covers IFRS.

A majority of ACCA qualified professionals are employed by BIG4s with high profile jobs, designations and lucrative compensations and perks.

CONNOTATION OF UK ACCA

The term ACCA signifies Association of Chartered Certified Accountants. founded in 1904. The headquarters of ACCA is located in London. ACCA enjoys global presence and recognition.

• World’s largest growing accounting association
• 2,00,000 Members and 5,03,000 Students
• Presence and acceptance in 180 Countries
• 92 Offices world-wide

RATIONALE FOR UK ACCA

1. Global Recognition

UK ACCA has received recognition in 78 markets and has more than 80 international accounting body partnerships.

2. Top Credential

Students achieve proficiency after going through 14 rigorous exams.

3. Well-Designed Curriculum

 ACCA curriculum comprises of relevant industry knowledge, skills and professional values.

4. Long Term Career

ACCA qualified professionals are able to perform a strategic role at senior management levels

5. Cost-Effective.

Securing ACCA qualification is relatively cost-effective vis-a-vis other available options.

VITALITY OF QUALIFIED ACCOUNTACY QUALIFICATION IN AN ORGANISATION

• Reach and develop a new talent pool for the organization.
• Enhance the reputation of an employer in the employment market.
• Essential element of professionalism and ethics is introduced in the workplace.
• Cost control measures are effectively implemented in the organization.
• Develop essential finance skills across the organization.

RELEVANCE OF UK ACCA

UK ACCA qualification is relevant for:

• Higher Secondary Students interested to pursue career in Accounting.
• Accounting/MCOM or for Students with CA background.
• Experienced Professionals.

ELIGIBILITY CRITERIA

Current Qualification             Essential NO. Of Exams

12 th  Pass                                                      13

Commerce Graduate                                      9

CA Intermediate (both Groups)                   8

CA                                                                    4

It is important to note: CA Final pursuing candidates are eligible to get more exemptions by scoring 40 % Marks in the relevant subjects in Final Exam

RATIONALE OF UK ACCA QUALIFICATION

1. RELEVANT

ACCA qualification is relevant to the needs of modern finance professionals.

2. BALANCED

A unique balance of qualification with excellent coverage of core skills of accounting, business and finance is assured .

3. FLEXIBLE

Specific area of competence can be developed in greater depth depending upon the exam route opted by the student.

4. SUSTAINABILITY OF ETHICS

ACCA qualification instils the virtues of environmental responsibilities and places heavy emphasis of ethical conduct and integrity.

EXAM STRUCTURE

UK ACCA Qualification is divided into two levels:

1. Fundamental
2. Professional

Fundamental Level is subdivided into two Modules:

1. Knowledge
2. Skills.

Knowledge Module gives introduction to students to the core areas of Financial and Management Accounting.

Skill Module contains six subjects to cover main technical areas which are required to be mastered.

1. Law
2. Performance management
3. Taxation
4. Financial reporting
5. Auditing
6. Financial Management

Professional Level is divided into 2 Modules.

1. Essentials
2. Options

These Modules are designed commensurate with intellectual capability expected of a student taking Master’s degree.

The main focus is:

• to build upon technical skills already acquired.
• explore more advanced professional skills.
• develop techniques and value required by an expert accountant at senior level.

TIME SCHEDULE FOR EXAMS

UK ACCA exams are conducted four times in the year.

March, June, September, and December.

EXAM FORMAT

1. KNOWLEDGE MODULE

These exams are:

• computer-based (CBEs) providing automatic marking and immediate results.

• traditional paper-based exams.

Duration-2 hours.

2. SKILL MODULE & PROFESSIONAL LEVEL EXAMS

Exams include:

• short-questions and answers.

• extended computational exercises.

• essays.

• scenarios.

• case studies.

Other Conditions:

• the students may attempt a maximum of four exams within a period of six months including (CBEs).

• papers may be attempted from different Modules at the same sitting but in order.

EXEMPTION POLICY

• No Exemptions are available for Professional Level.

• Relevant degree holders from ACCA accredited institutions may be exempted from up to all 9 examinations within the Fundamental Level.

• Then, they can register for Professional Level.

ROLE OF ETHICS

UK ACCA has adopted a holistic approach for ethical development of students via exam syllabus.

• practical experience requirements.

• professional ethics module.

These are essential requirements to be complied with for qualifying ACCA exams.

ROLE OF EXPERIENCE

• To ensure that the students demonstrate their abilities and maturity to become a Member,
• ACCA provides a framework to trainees to gain highs standards of knowledge and ability in the workplace.
• Practical Experience Requirements (PER) is designed to reflect international best practices in learning and development.
• Trainees are required to complete the 3-year (36 months) relevant work experience and achieve practical experience before passing eligibility test to become ACCA Member.

SOLID LINKS BETWEEN EXAMS AND PRACTICAL EXPERIENCE

ACCA Qualification closely links practical experience to exam syllabus. It reinforces the fact that any capabilities developed through exam process will have direct application in workplace.

VAST SPECTRUM OF JOB AVENUES FOR ACCA PROFESSIONALS

AND FINALLY SECURE YOUR UK ACCA QUALIFICATION

After completion of individual components of ACCA Qualification, the students are invited to transfer to Membership and are entitled to use the ACCA letters after their name. This is how they can enjoy the reputation associated with being a Member of the global body for Professional Accountants.

CRAFTING EXAM STRATEGY FOR UK ACCA

Spectacular success in UK ACCA Exams warrant a compound of inputs containing:

3 Cs:

1. Confidence

2. Concentration

3. Conviction

3 Ds:

1. Determination

2. Diligence

3. Discipline

10 MAIN REASONS WHY STUDENTS FAIL IN EXAMINATION

1. Lack of preparation.
2. Lack of time management.
3. Procrastination.
4. Distractions.
5. Lack of perseverance.
6. Low self-esteem.
7. Overconfidence.
8. Lack of interest.
9. Faulty study strategies.
10. Lack of proper information.

8 REASONS WHY STUDENTS FAIL TO SCORE AS ASPIRED

1. Failing to answer the question set.
2. Misinterpretation of question.
3. Not reading the instructions carefully.
4. Not referring sufficiently to the course material.
5. Running out of time, and so, final question is not answered in sufficient depth.
6. Commit silly mistakes.
7. Writing long, complex sentences leading to meaning getting lost.
8. Ineligible handwriting.

 PRE-REQUISITES FOR EXAM SUCCESS

• Adopt a positive mental attitude.
  – Consider exam as a challenge to demonstrate your knowledge.
  – Avoid last-minute panic and cramming.

ATTITUDINAL RECAST : RE-ORIENT YOUR DAILY REGIMEN

• Wake up early morning.
• Continue with normal routine sleep.
• Do workouts, exercise, yoga and meditation.
• Maintain good health, hygiene and take nutritious diet full of fresh fruits and vegetables, carbohydrates and vitamins.
• Relax and take periodic breaks to concentrate and rejuvenate.
• Plan routine for better time management.
• Learn something new every day.
• Strictly avoid all distractions like – TV, Mobile, Facebook, Parties – at least three months prior to exams.
• Believe in yourself.
• Prepare overnight for tomorrow.

GUIDELINES FOR EXAM PREPARATION.

• Write notes in your own words to equip yourself with better learning and understanding of the subject matter.
• Notice headings and sub-headings to gain clue about theme of the chapter.
• Summarise after reading chapter till the end.
• Avoid over-highlighting.
• Follow a time table:
  – workout study schedule.
  – divide Syllabus and allot specific time duration for all the Subjects.
• Polish your presentation skill.
• Improve your writing speed.
• Avoid mugging up at any cost.
• At the end of the day, have a quick revision of the study done in the day.

SUCCESS FORMULA FOR UK ACCA EXAM

• Be a positive thinker and innovative person.
• Create a self-confidence.
• Take Coach as a Facilitator rather than a Guru in traditional avatar.
• Emphasis on understanding concepts rather than having a sole motto of just passing the exams.
• Identify your strong and weak subjects. Strengthen your base in strong subjects to obtain higher aggregate marks. Convert you weak subjects to a stronger base.
• A continuous study from the beginning is essential rather than starting late 2/3 months prior to exams.
• Concentrate on our exhaustive study material and solve critical problems.
• Enjoy mock test and solve previous years’ question papers.
• Smart study rather than page-by-page study ensure success.
• Never, ever dither from your cherished goal of Cracking Exams at any cost.

STATEGIZE FOR SUCCESS IN UK ACCA EXAM

Devising Exam Strategy well in advance ultimately delivers the desired results. Strategy can be segregated into vital Segments encompassing:

A. Planning

B. Study

C. Practice

D. Preparation

E. Performance

A. PLANNING SEGMENT

PLANNING

• Decide on the exams you intend to undertake.

• Amount of time you can devote for exam preparation.

• Expected work routine.

• Family commitments.

Now work out number of days at your disposal for each paper.

Plan should be flexible, workable and realistic.

Any compromise on plan and set targets just not repeat not allowed to preserve momentum and commitment.

Inertia and procrastination should not creep in at any point of time.

FAMILIARITY WITH SYLLABUS AND STRUCTURE

Studying structure of syllabus will provide sufficient idea of:

• what is examinable.

• what is most important and relatively less important.

• intellectual level required for each details of the syllabus.

INSIGHTS INTO EXAMINERS’ EXPECTATIONS

Study Examiner’s Approach Interview to understand their expectations.

This will enable your preparation to succeed.

ACCA APPROVED TESTS

It is essential to study ACCA’s approved tests which are frequently reviewed, up-dated and revised.

B. STUDY SEGMENT

OBJECTIVE-ORINTED APPROACH

Set achievable targets for each day in terms studying chapters and past papers.

CONCEPTS

Make a thorough study of all the concepts. Right application in a given scenario will strength your base.

NO SKIP OVER

Do not skip over topics simply because they are difficult to comprehend. Persistence shall definitely help you in the long run.

C. PRACTICE SEGMENT

PRACTISE PAST PAPERS

Regular and deep study of Past Papers and Model Answers shall prepare you for:

• time management skill.

• concept building.

• stress management

EXAMINERS’ REPORTS

Study Examiners’ Reports published by ACCA Global Website to understand common mistakes committed by the students in previous exams.

MARKING SCHEME

Critical evaluation of Marking Scheme and its pattern shall help you understand weightage  to be accorded to each question.

For example,

-1 mark for basic questions like ‘list’, ‘identify or ‘define’.

More than I mark required for “to explain’ ‘compare’ ‘distinguish’ ‘analyze’.

Marking Scheme will guide appropriate length of answer.

EXAM PAPER ANALYSIS

Studying past trends in exams will help you to understand the nature and frequency of questions appearing.

Priority can be set for studies.

However, a word of caution here:

You should always be ready to answer any question that appears out of blue.

EXAMINER ANALYSIS INTERVIEW

To improve your performance, watch Examiner Analysis Interview highlighting weaknesses of students.

TECHNICAL ARTICLES

Technical Articles by the experts give valuable insights into potentially important topics for the upcoming examination.

D. PREPARATION SEGMENT

REVISION

Prepare your study notes well in advance and revise them at least twice before the exam.

PANIC CONTROL

Think positively and logically. Do not allow panic to creep in as it adversely impacts your concentration power.

E. PERFORMANCE SEGMENT

READING TIME

Earmark 15 minutes in exam for planning and reading time to generate relevant, and well-structured answers.

UNDERSTAND QUESTION REQUIREMENTS

• understand precise requirement of each question.

• understand expectations of the examiner.

• correct interpretation of question is vital for exam success.

ANSWER TO THE POINT

ACCA follows a specific policy in rewarding marks. Instead of a lengthy introduction, it is advisable to proceed straight towards answering the question according to weightage of marks.

WELL-STRUCTURED ANSWERS

Follow the requisite structure and coherence in your answers. Never miss out on key points.

IMPRESS THE EXAMINER

Follow strict rules of neat and clean presentation. Try to write concise and in a legible manner.

DO NOT SKIP ANY QUESTION

First answer the question you know the best.

Leave guesswork towards the end.

Even if you do not know the answer do not ever skip any question. Just jot down at least points which may fetch you some marks for the attempt made.

REVIEW

Review the answers before leaving the exam hall.

IN RETROSPECT

Striking features of UK ACCA exam are an impressive degree of ease and flexibility.

• CA Qualification has a pass rate ranging from 3 – 4 to 10 – 12 percent. 
  On the other hand, in the case of UK ACCA, it stands on average at 30 to 40 percent.

• Being flexible, ACCA opens avenues for part-time as well as full-time study. It provides convenience for simultaneous pursuit of study and work.

• Choice of subjects to be taken up at a time is made possible.

• Convenience of attempting ACCA exams is, indeed, a bonus factor.

• Global relevance of UK ACCA stems from its adoption of International  Accounting Standards. Its partnerships with over 100 Universities and Colleges in India, especially with Department of Commerce are good enough reasons to bolster the utility of the Qualification.