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Hey,
Just completed P3 in June and if I have passed it then its onto the optional papers!
Is their any of the optional papers which are considered easier than other optional papers??
I was thinking of doing P5 in my next sitting as I have heard that P3 is very relevant to it, is this the case??I would like to avoid the Auditing paper if possible so really its down the Tax or Financial mgmt…any advise from past experience would be great!
Thanks,
CraigHi Craig,
I also sit P3 in June and will be starting to study for P5. I have readed and reviewed P5, there alot of theory from P3 which make it easier to use. The models and frameworks are the same. In P5 context it looked from performance management point of view to see if the models are useful or not. P5 also looks at budgeting and there are some calculations.
Thanks,
LaylaHey Layla,
Ya i seen that too, pretty much one of the reasons I am going to do it!
Which other option paper are you thinking of doing?? I really dont know which would be easier to pass….hopefully well get passed P3 first!!! ha
I chose P7 as my lecturer convinced me that there is a tie in with P2 which I was also doing. It is true that a large part of P7 is knowing the IFRS’s and how they apply to preparing FS as it is these FS that you are now auditing.
What I did not know until I started the lectures were all the “other” bits they include within the syllabus. I’m talking about all the areas related to the simple running of an accountancy practice. i.e. indemnity, advertising, training etc.
I work in a Law firm and all these areas are very similar, so I did not need to learn anything. In the recent exam there was a question on Money Laundering. I had only just had to watch the firms video, so for me they were easy marks.
So I would suggest anyone who works in any type of Professional practice would have a clear advantage with P7.
In my opinion if you work for a company like Big 4 then P4 + P7.
If you work in a “standard” company e.g. industrial sector P5 + P7.
Are you a fan of taxes? Planning to work in taxes? No ? Then don’t do it just for the sake of doing it.
Best of luck !
I think P4 is a must and P5 is probably the least valued of the exams. By this I don’t mean that employers even care which exams you’ve sat, but the knowledge you gain in P4 is likely to come up and reflect well on you, whereas I doubt you’ll gain many ‘points’ by reciting one of the models in P5.
P4 and one of P6 and P7 would be my recommendation.
This site is the only site I’ve found which briefly compares all possible combinations of the optional papers, could be helpful for you: https://acca-studying.blogspot.co.uk/2014/02/acca-optional-papers-best-combinations.html
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