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OK so I know this is an often discussed topic, but when I did a search, the discussions all seemed to be a few years old. I wanted to start another discussion to see who else is thinking about this and what their thinking!
I took F8 and F9 in June, I’m fairly confident I passed them, find out Monday I guess 🙂
My original plan was to take P1 and P2 next, but with the professional level changes, I think I’m going to skip P1 and P3 and wait for the new exam, so I’m looking at taking P2 and an option in December.
The problem is I’m not sure which and I’ll need to tell work on Monday!
I don’t want to take audit so at least that ones out. My current role (in industry) is half Financial reporting and half treasury. So financial management is probably most relevant to my roll, but I worry its quite specific and I am not committed to staying in this role long-term.
My worst performance in the F modules so far was Tax (but not a disaster at 63%). Though obviously I don’t know how well I’ve done in F9 yet.
I am tempted to take Financial management and Financial performance , but I worry I am limiting myself a lot by not taking tax. I feel like what i learned in F6 was very basic and already out of date. And who wants to be an accountant who doesn’t understand tax? Although maybe advanced tax would become quickly out of date too. In addition, a lot of people have told me they found tax useful because it helped pull things together. But then I’ve seen the size of the kaplan tax textbook, and its a bit offputting!
I don’t think I’d ever want to do a role that was JUST tax but I’d be happy to do a role that at least involved it.
I enjoyed F5 and found it quite straight forward. And although not strictly part of my current role, I think its likely a management accounting role would be in my future.
So basically, I feel like I would have best chance of passing performance management and financial accounting. But I feel like I’m keeping more doors open if I take tax.
What has everyone else picked and why ?
I actually like P2 myself, but I found it to be a very theories / knowledge-intensive paper, learning the IFRS and also the application, so I think you need to spend quite a bit of time in preparing for the exam.
P1 is very much common sense and you can apply your F8 knowledge on this too, P3 which is what I am taking in September is very similar, learning the models and then applying them to scenario…
It depends on your affinity with the subject and how much time you can put into the preparation.
Hi Dave, I think you misunderstood my post – I was talking about options as in: p4,p5,p6,p7. The ACCA syllabus is changing so that I can either take P1,P2,P3,2 options or P2, 2 options + 1 new exam. And I would finish at the same time, so I’m choosing to take the latter option. I have to say though the more I hear about P2 the more nervous I get about it =/
🙂 P2 requires a lot of memorisation and then application. As you are in that field, you may find that easier. P4 & P5 are more for industry finance and P6 & P7 are practice.
If I were you, I would organise them based on the timetable of exam as well, I made a bad choice last time taking P1 & P2 together, so I didn’t have time in between to rest my brain. P2 was on a Tuesday and then P1 on a Wednesday. As far as I know, P1 & P3 are the only one changing, being merged into one paper…P2 name is changing but still the same topics. I heard also that the options are more difficult judging by the pass rate year on year.
Its nice to hear that It wouldn’t be daft not to study P6. Someone i work with who has just passed her ACCA keeps advising me to take it … I almost wish I could take 3 😉
I’m not committed to staying in my current role forever, but I assume that if I ever wanted a more tax based role, I’d probably need to take further tax exams anyway wouldn’t I? Because any job I applied for I would be competing with someone else who had.
The pass rates are funny things, everytime I start a new module the tutor warns me that this is the hardest one yet etc etc and I almost feel a bit fatigued by it. Plus I have yet to fail one so that helps my confidence (I hope I haven’t jinxed myself for Monday now…)
I am quite keen to do P2 alongside an optional module, but I keep being told it would be very hard. On the other hand, with the changes in exam structure I would only be sitting my other optional module next June because the new exam wont be out until September, so if I did fail one in December resitting it in June alongside my next module wouldn’t be the end of the world.
I know P2 is changing, but my understanding is a pass in P2 will count as the same as the new exam, so I’m happy to take that in December, I just thought it would be less stress to do the new exam than take P1 and P3.
Yes fingers crossed for us for Monday result 🙂 Not long now.
P2 and another optional paper would be a good option. I’m pretty sure there is someone on here who took 3 papers at a time as well and did alright. I think if you are focused in your studies, that is achievable.
@Isabelle I actually replied to your question in a previous thread that you started with the same question, anyway here is the copy paste:
If you plan to attempt the new exam, you will probably have a break from exams because the new exam will first come into place in September 18 session. So apart from P1&P3, you will have just 3 P level exams and starting from now, you have 1 whole year to clear just 3 exams. So yeah, you must consider this extra time that you will have if you plan to attempt the new combined exam. But obviously it also depends on how much time you normally take to study before attempting the exams i.e 3 months or 6 months? 2 exams or 3 exams?
Taking Advanced Financial Management will not limit your options to just treasury function, there are plenty other finance related areas as well.
You seem to have enjoyed F5 and therefore are tempted to take P5 but be open to the fact that pass rate for this paper is extremely low. However, someone like me who enjoyed F9 the most, I wouldn’t worry about the pass rate for P4 (also very low) because I enjoy the subject and I will do it no matter what.I am taking P4 as I plan to attempt CFA exams after ACCA and P7 because I found auditing to be much more interesting than tax.
According to your position, you should, in my opinion choose taxation to be the fixed option and choose between P5 and P4. Make a choice of interest and not difficulty.
rafayazhar: I apologise. I did try and post this thread about 2 weeks ago but it didn’t show as posted, I waited an hour and looked at my profile where it didn’t show so I tried to post it again, it warned me I had already posted so I waited 24 hours and looked again and still nothing. I’d copied and pasted the body of the text before posting into a word file so I just posted it again when I got chance… I didn’t realise it had actually worked or I would have just bumped my old thread to keep discussing it.
I am curious as to what you said about timing though, I want to make sure I’ve got this right.
I can’t take exams in March due to work commitments. I don’t want to take exams this September (I need a break!). My agreement with work is I get leave and study support provided I only take 4 exams per year.
So this year I have taken 2 exams already, I plan to take 2 more in December.
My understanding is I can either do:
P1 and P2 in December 2017, P3 and an option in June 2018, and my last option in December/ September 2018 ORI can do P2 and an option in December 2017 another Option in June 2018 and then the new exam in September / December next year.
Either option ends with me finishing in September/December next year and doing it the second way means one less exam and not having the worry of failing P1/P3 and having to resit before the deadline, although there are obviously concerns about being the first cohort to sit a new exam. Is this not correct? I plan on booking these exams tomorrow so I would be keen to hear if I’m wrong.
Oh I see, no problem, its easy to get confused with technicalities of forums.
I wasn’t aware that you are restricted to attempt no more than 4 exams per year, now that I have such information I am in a better position to provide a better advice.
I completely agree regarding the concerns that revolve around when sitting a new exam the first time it comes into place, maybe then try getting done with P1 & P3 first?
I am a full time student and racing towards the qualification – giving 2 exams every 3 months and passing at first attempts. Cleared P1 & P2 in June. However, in your case, 2 exams per 6 months will be the most logical approach to take. So how about taking P1 & P3 in December 17? They have some co-relation and they are the easiest P level exams.
Many students prefer taking one of these with one of P2 or the options as it creates a good recipe of 1 tough 1 easy. But as you want to be done with P1 and P3, you should consider taking these in December. Might become too much of a wordy sitting as both of these are theory exams so you should consider this factor also. I personally prefer 1 theory and 1 numerical exam.
Do let me know if this options seems suitable to you.
So you think the “risks” involved in taking a new type of exam are enough that in my position you would rather sit P1 & P3?
If you still have doubts regarding my suggested combination for the December 17 session, then simply go ahead with the other option and without thinking twice.
December 17 – P2 + optional 1 (Preferably P7 due to similarities)
June 18 – optional 2
December 18 – Strategic Business Leader
This option will indeed be a comfortable one, shall you have any reservations with the other option. Hope this helped 🙂
The risks are not so material rather its just reluctance to do the new thing too early. The revision kit that you will use for the paper will prepare you well for the exam and the examiner will also have in mind that the candidates are new to this so will consider this while marking.
Forgot to say, congrats on your exams as well btw! I am very jealous at the idea of being a full time student 🙂
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