As we have moved into April, the June exam diet is fast approaching and most students would have decided on what papers they are to take in the June exams and also started extensive preparations for the same. My blog in the month of March was the first of a series on the right combination of exams to take in an examination sitting from the 6 fundamental skills module papers. Now I wish to continue on the very same topic, though I am aware that this blog might have been more effective, had it come much earlier, before a choice of the appropriate combination of subjects from the 6 papers in the Fundamental Skills module for the June sitting had been made by many. Nevertheless, I will pen some more of my thoughts on this topic and hereby complete my series on the 'THE RIGHT CHOICE'.
Paper F9 - This paper covers Financial Management, which was earlier a part of Paper 2.4 on the old curriculum. On the old system, students were examined on Financial Management for 50 marks and Costing for another 50. However on the new ACCA qualification, costing and FM are tested individually on 100 marks in paper F5 & F9. In order to examine the students out of 100 marks, the scope of the paper was expanded to include some topics, which were earlier a part of Advanced Financial Management. This makes the exam a tough one and a lot of thought, hard-work and understanding needs to go into the preparation for an F9 examination. Those students intending to take Advanced Financial Man.as an option are advised to take F9 closer to their options. In other words, it is preferable to do F9 after completing other simple papers on fundamental skills module and just prior to (or along with) the Professional essentials.
Paper F7 - Paper F7 covers Financial Reporting and builds on the basic knowledge from F3- Financial Accounting and also paves way for Paper P2- Corporate reporting. Being a number-paper, involving evolving standards and rules, it is preferable to take F7 one sitting before doing Paper P2. By doing F7 one diet prior to P2, students gain a clean understanding of consolidations and certain basic accounting standards, which form the basis for study on P2. A Larger time-frame/ gap between taking paper F7 and P2, is least advised.
Doing P2 immediately after F7, lowers the amount of effort needed on Corporate reporting paper to relearn topics covered in F7.
F8 - Audit and Assurance - Though this is not the most favourite subject of mine, I am aware many students, especially those working in the field of audit and assurance services, develop a liking for this subject during the course of its study. Paper F8 (AA.) is a pre-cursor to the paper in Advanced Audit, which is an option, which many students would want to take-up. Although paper F8 does not require any prior learning, basic concepts on the role of auditing and control are covered in F1, though not in very great detail. Paper F8 may be taken at any point of time within the Fundamental Skill module as the linkage to other subjects on the Fundamental Skills level is less evident.
Thus, in the light of above and considering the points made in Part I of my blog, I would , if given a choice of 3 papers per diet would do Papers F4, F5 and F6 in my first sitting and F7, F8 and F9 in my second sitting on the Fundamental Skills module. However one must certainly appreciate the diversity that exists with regard to the work-life exposure and prior knowledge that students studying on ACCA possess. Hence, choice of an appropriate combination boils down to a personal decision based on one's experience and aptitude. I hope my blogs on this particular area have helped at least a few students make the right choice!
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