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ACCA Enquiry – Becoming a member
Response By E-mail (Alen) (08/12/2020 06.10 PM)
Hello Shastri Govind,Thanks for contacting us.
I hope you are safe and well during these unprecedented times that we are currently facing.
If a student is awarded full exemptions on registering with ACCA and wishes to go on to apply for the Practising Certificate and Audit Qualification, they are required to pass the ‘Professional’ level examinations (3 essentials & 2 options) within the next 5 years.
Failure to meet this requirement would mean they would become permanently ineligible for the PC+AQ.All students who are awarded full exemptions are told of this requirement on their initial welcome/exemption award notification.
Students who registered after 1st January 2010 who claim exemptions using a qualification older than 5 years previous to the time of registration would be required to forfeit these should they wish to go on and apply for the Practising Certificate and Audit Qualification.
This is again communicated at the time of registration/exemption award.Members who do not forfeit these examinations then wishing to go ahead and apply for the PC+AQ would be required to attempt all exams exempted from under post-qualification examinations.
For all students registering from 1 January 2016 the rules are:
The Strategic Professional exams must be completed within five years from the date of completion of the Applied knowledge and Skills exams these must be completed within five years from the date the member became eligible to sit that part.Students who fail to meet these requirements will not be eligible to apply for a practising certificate and audit qualification.
If you need any further help, please contact us again.
Thanks,
Alen
ACCA
ConnectI got 9 exemptions because I was a qualified CA in India and was practicing in India for 7 years. I had to write only 4 strategic level papers and ethics module. Out of this I cleared SBR and AFM so only SBL and ATX are remaining to qualify. I recently migrated to UK and that’s when I checked with ACCA and got the below reply from them
1. There should be 2 tier structure whereby the present Directors will take over the strategic role. This supervisory board should have a NED and should have knowledge in Risk governance as none of the current Board member have background in finance or risk governance.
2. The second tier of management should be constituted to execute tactical and operational decisions. It should either have the current functional level managers or should be recruited from outside and will report directly to the Supervisory board.Q1: Unbundling and synergy benefits were pretty straight forward. Even completed proposal 1 and 2. Was satisfied the way my calculations were. But then I saw I was lagging behind. So took the tough choice of not solving proposal 3. Proceeded with preparing the report and the discursive part which I felt was not satisfsctory as I missed critical points. Couldn’t return back to complete proposal 3.
Q2: I had promised myself before exams that I would attempt hedging related questions at last, but considering the novelty of Q3 at glance, I ended up breaking my promise and did Q2 before Q3. Wasted a lot of time working and reworking between call and put and buy and sell. Ultimately settled for sell futures and buy put option. It didn’t seem to be right considering the wayward outcomes that I got. Took the short cut approach for futures using lock-in rates at (sept futures price + unexpired basis). For Options went for put option and ended up considering some fictitious spot rate of R71/$ as I was running out of time. Forex swap and currency swap I could vaguely remember involves swapping the future cash flow at today’s spot rate. I couldn’t build up on my answer as I was not sure and didn’t have time to apply my mind. Overall it was a miserable performance.
Q3: When I started reading this question in detail I cursed myself for not keeping up my pre exam promise of attempting hedging related questions at last. This was really an easy one with calculation of VAR, NPV and MIRR for project 3. NPV was $20m with 9% discount factor. Rest were already there in the question with some minor tweaking here and there. Life was made easy by CBE spreadsheet as I could calculate MIRR by plugging in the spreadsheet formula. Sad part I couldn’t properly explain the figures that I computed.
Overall it was an easy paper if one had solved past years’ questions. If I fail then I won’t be able to blame my luck as I couldn’t have asked for an easier paper
Q1: Unbundling and synergy benefits were pretty straight forward. Even completed proposal 1 and 2. Was satisfied the way my calculations were. But then I saw I was lagging behind. So took the tough choice of not solving proposal 3. Proceeded with preparing the report and the discursive part which I feel was not satisfsctory by missing critical points. Couldn’t return back to complete proposal 3.
Q2: I had promised myself before exams that I would attempt hedging related questions at last, but considering the novelty of Q3 at glance, I ended up breaking my promise and did Q2 before Q3. Wasted a lot of time working and reworking between call and put and buy and sell. Ultimately settled for sell futures and buy put option. It didn’t seem to be right considering the wayward outcomes that I got. Took the short cut approach for futures using lock-in rates at (sept futures price + unexpired basis). For Options went for put option and ended up considering some fictitious spot rate of R71/$ as I was running out of time. Forex swap and currency swap I could vaguely remember involves swapping the future cash flow at today’s spot rate. I couldn’t build up on my answer as I was not sure and didn’t have time to apply my mind. Overall it was a miserable performance.
Q3: When I started reading this question in detail I cursed myself for not keeping up my pre exam promise of attempting hedging related questions at last. This was really an easy one with calculation of VAR, NPV and MIRR for project 3. Rest were already there in the question with some minor tweaking here and there. Life was made easy by CBE spreadsheet as I could calculate MIRR by plugging in the spreadsheet formula. Sad part I couldn’t properly explain the figures that I computed.
Overall it was an easy paper if one had solved past years’ questions. If I fail then I won’t be able to blame my luck as I couldn’t have asked for an easier paper