The key to passing the ACCA exams is to work smart. This does not dismiss the notion that you have to work hard to get through these exams - we all know that they are tough. But it wouldn't be worth being an accountant if everyone were able to cruise through these exams. It's simple supply and demand - and the ACCA does a good job in ensuring that the ones that make it show they are capable of meeting a rigorous level of competence. That being said, working hard exclusively will not get you a pass.
I've known too many people that feel guilty about every minute that passes in which they do not study as they think only of the opportunity cost of marks lost in this passage of time. I say its nonsense. My concept is much different - I think a balanced approach increases the retention of material you read. Taking a break could actually help you pass. So make sure to factor them in and have a balanced diet of studying and relaxing. This holds more true for those, like me, who are distance learning while holding a full time job.
So what is the secret then? Working smart! I know it sounds cliche but I will elaborate a little more. Follow these tips to get better marks:
1) Prepare a timetable of the material you want to get through and by when. Try not to be too aggressive. Allow yourself ample time to absorb the information. I'd say anything more than a chapter a day (on a workday) or two chapters (on a weekend/holiday) is enough.
2) Follow the timetable. Implement a system of reward and punishments for adherence to the timetable set. This will encourage you to keep up.
3) Get your Z's in. It's really important to have a fresh mind when you approach the material. So I would not jeopardize missing key parts of the syllabus because you're zombied out. Get your 8 hours.
4) Take interest in the material. All professional exams emphasize the practical element of the material contained. Therefore, I say fake it till you make it. When you study think of real life situations that people face. For example, I tend to always think of how the accountants/auditors/tax advisors at Apple Computers must think about their business. It makes things a little more interesting.
5) Use a top down approach. The number one mistake people make is getting involved with the details without understanding the bigger picture. Examiners love to test how different parts of the syllabus interact with each other and therefore framing the bigger picture is the key part of any syllabus.
a. Keep an open mind about how you expect the syllabus to come together.
b. Be skeptical about conflicting theories and views. This helps frame the classic advantage and disadvantages questions that keep coming up again and again.
c. Make arguments for and against theories and play them out in your head.
d. At the revision phase, start by sketching a roadmap of the main syllabus areas and how they interact with each other. Something like a flowchart really helped me understand the whole audit process for F8. Something like a bubble chart helped me understand the three main areas of the F9 syllabus.
e. After you have got your roadmap all sketched out (from your head) start filling in the little details of everything you can remember. You will surely identify that you've left things out and you will get a sense of where to focus your efforts.
6) Practice makes perfect. They tell you to practice past exams in exam conditions for a reason. Get as many under your belt as you can. Time management is the most cited reason for failing and this is probably the best way to get rid of it. You start to learn the ropes of what the examiner is asking of you, the verbs that are included in question prompts, and what dictates a reasonable answer. This is the last step because once you get the passing mark and you have the stamina to go through a full length exam - answering questions concisely and with precision - you will greatly increase your confidence going into the exams.
By this point you will be ready. Anything extra will be extra credit. :)
Remember the big picture!
