Last week I returned to the office after my Christmas break and as is traditional I wished my colleagues a happy new year. Somehow the words seemed more important than usual with many of us facing an uncertain future due to the deepening economic recession. There is no doubt many of us have a difficult year ahead.
On a personal level I have a difficult year ahead as I tackle the remaining four ACCA professional papers. I have taken one professional paper P1, (which hopefully I have passed) and therefore I am already aware of the difference between the fundamental and professional subjects. To be successful at the professional papers requires a higher intellect to interpret and analyse information given. It is certainly not sufficient just to learn the material, you need to know how to apply it and have knowledge of how businesses work.
After the December exams, I took a longer break from studying than usual. Past experience has shown that I needed the break to be able to maintain sufficient motivation to study. Last week I started to read my books for my next two courses and I have hardly put them down since. I suddenly realised that I had actually missed not studying and without the exam pressure it can be very enjoyable learning new subjects. Studying in the evenings is much more fun than watching TV or doing the ironing.
I am studying F3 Business Analysis which is basically about strategic planning. Yet again the calculator will remain unused for this subject. This subject appears to be very relevant as it is essential accountants understand how businesses work. As I am working as an accountant within a business I know I will find this course very useful.
The other paper I am taking is International Corporate Reporting. This builds on a previous paper which is the first time I have done this. So far it has taken a considerable amount of time just to revise the fundamental level of corporate reporting and understand recent changes in IFRS. The calculator will certainly be needed for this subject to the extent that I think I better go buy a replacement battery now. This course no doubt will prove to be very challenging but no point panicking yet.
So with the New Year ahead of me I am ready to take the challenge of the professional papers. As with the current economic climate it’s important to remain positive and remain confident. I just hope there is still a need for accountants through these difficult economic times and not just administrators.
Can someone give me tips for passing P2?
Having passed P3, not easily and just scraping the necessary 50%, and having passed P1 relatively easily with about 40 hours of study, I am about to retake my nemesis P2 for the THIRD time in the June exams. My problem is now that this paper terrifies me and I've got it in my head that I'm never going to pass it. Don't think it helps that it's my last paper. Suggestions on passing this torturous paper would be greatly appreciated!
Posted by: Caroline Selby | 14 May 2009 at 08:37
Hi Carol
P3 Business Analysis requires some business knowledge. I suggest you read the business section daily of a good newspaper. I also read the publication 'economist', which covers lots of business issues from around the world. I also suggest that you pratice exam questions so you get an idea of how to answer questions.
Good luck in the exam.
Posted by: Angela Jeffrey | 30 March 2009 at 15:45
Hi
I have the same feeling as you on the difference between fundamental and professional level, esp on the application skills that's a essential requirement. I have realise this when I study for P1. Have heard my friends talk about it many times before but as I've not reach the level yet, I have yet understanding the real difference.
I'm studying P3 for this Jun09 exam, and since the start of this ppr class learning, I have being scar of this paper due to lack of the application skills in P3 that's seems more than P1 & P2. The other skill required (which I'm being told) is that I have to have some business accumen and have to think out of the box in answering P3 Q. This had already scar me till now.
You have seems to be enjoying studying for P2 & P3 now. Do you know of any way to avoid having this kind of feeling? Being telling myself to be determined, just study for knowledge and not for exam (so that the info read can be captured into mind cells even thou in the end I still need to take exam). But, somehow it doesn't seems to help much.
Posted by: Carol | 13 March 2009 at 08:30
I think the paper, Business Analysis is P3. For this paper, I believe you will still need your calculator as you may be given financial and quantitative information in a scenario situation where you will be required to do some calculation and interpretation of standard financial ratios.
For P2 CR, the paper is both discussive and computational, requiring thorough understanding of IAS/IFRSs and especially new developments. Other than the text books, the IFRS workbook (the examiner is one of the authors) is also very useful for the exam preparation.
Wish you the best of luck in your June 2009 exam sitting. See "Study My Way" in Feb-09 SA there is an extract of how I studied.
Posted by: Dalton Mwaghogho | 11 February 2009 at 08:35