Work Smart

Dear ACCA Minions, 

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!

The heart of a champion

I've gone on an emotional rollercoaster since the night before results were released. Hot flashes, fear, confidence, heart beating out of my chest. Falling asleep but yet wide awake. I ended up sleeping with one eye open that night and woke up at every hour - a miserable experience. And then the moment came, but the servers were clogged. I was pushing refresh on my browser every 30 seconds - helplessly. Finally, a single line on my email inbox appeared - and it was the moment that was long awaited. I didn't want to open it. Some part of me likes the feeling of the adrenaline rushing through my veins. I remember that in all of our supposed aspirational intellect, we are but animals. Something about being reduced to something so simple makes life fun in an otherwise groundhog existence. So i divert my attention to the hypotheticals - I have it all planned out. If I fail, its okay. If I pass, its okay. I have a backup plan for everything. And that's when the animalistic instinct started to disappear. I double clicked on the email and started to scroll down slowly, one click at a time. Until it revealed something that would in fact change life. And the adrenaline came swooping in again without reservations... I never did get back to sleep.

The storm before the calm

Let's take a second to think about what's important. I've got a great family, a solid core of friends and a job in this recessionary climate. Someone decided that I am worthy of a warm bed tonight. So I want to give thanks for what I have, and ask for assistance in being steadfast - no matter what the outcome.

The weekend before

Tick tock. Tick tock. Tick.......................... tock. The reluctant hands of the clock decide to slow and let me endure each painful repetitious rotation of its inner mechanics. Why can't I just have my way with time? What a remarkable thought - the ability to go back and forth as I please. Imagine turning the clock to Monday afternoon having no anxiety or distress over the then past moment of dreaded anguish. If only I were so lucky. 

So perhaps a change in outlook might be advantageous. How about we say fuck it! Enjoy these last moments before the torture of flipping page after page of indifferent text books continue. When I study, I mindlessly force feed information into my head hoping that the neurotransmitters will do my bidding. When in fact they suffer from my neglectful mistreatment. Let's give them a chance - a dose of the glory days! Soak in the sun, make use of your time, the great outdoors! Because in all likelihood - you will pass - and you will be subject to a world of dismay going forward. Bittersweet isn't it?

One step at a time and in the end you have another few letters after  your name. But what does it really matter when you can't enjoy the more simple things in life? So let's give it one last hoo-rah. One last blissful weekend of freedom!

The Tensions are High

If you've come looking for a comforting article to ease your concerns going into the next week, heed my warning - this isn't the place for you. You see, zoloft would love to have me as a customer. As the results day is approaching in what seems like Ussain Bolt-like speeds, I'm reduced to a nervous sorry excuse for an audit associate. The waiting game has rendered my cynical persona delirious - and no pharmacist could cure my delusions. Who would have thought that ACCA exams could invoke a out-of-body, out-of-mind experience such as this? But I digress. 

The funny thing is, I believe I would make a great accountant - I tend to over-analyse everything. As such, I've taken the opportunity to weigh in on my perceptions of the last exam sitting in the grand scheme of things.

I've sat two papers in the past exam sitting: Audit and Assurance (f8) and financial reporting (f7). These exams have an average pass rate of 46% and 35% respectively. So based on these statistics alone, theres an 84% chance that I will be spending Monday morning on carrying out extraneous measures to avoid my performance manager. Also implied, there is an 84% chance that I will not pass my exams in the duration of the required tenure to apply for membership to the ACCA. In my firm, it's quite common for an associate to receive a promotion to senior on admission to ACCA membership. Along with this promotion comes a  60% pay increase. Without disclosing my earnings, I've come to the conclusion that the expected present value of the opportunity cost (six months of increased pay) of failing one of these exams will be quite substantial. Not to mention, there are certain potential employers that recruit and reward those with all first time passes. I suppose it might also be a good time to think about the consequences for those of you looking to get an honors degree from OBU. Needless to say, there is much riding on the line for every one of these devilish little exams. I wish I had kept that in mind when I was preparing. Instead the brain cells tumbling around in my cranium were as spaced out as the last bowl of honey nut cheerios floating lifelessly  around my spoon. 

So as your results come in - remember how f*cked you are if you don't pass.