To what extent will we apply everything we learn in the exams? I doubt anyone can remember everything they studied. I can barely remember what I ate yesterday. Won't this be a problem as a professional accountant?
Ask the Tutor ACCA FM
Application in real life
5y ago#1 No - it is not a problem for several reasons.
Obviously which topics from the exams end up being relevant to you in real life depends on what work you end up doing (for example, if you only end up preparing financial accounts, then things like variance analysis would not be important for you). But qualifying means you are capable of performing any accounting function.
You are not expected in real life to remember in detail everything you learned for the exams. However the exams teaching you what factors are of importance (which is why only about 50% of the Paper FM exam involves calculations - the rest of the questions are testing your understanding). Also, when it comes to calculations in real life, although you might not remember all the various arithmetic techniques you will remember that techniques are available and will obviously refresh your memory where relevant.
If you end up being involved in financial management in real life, how on earth would you know how to approach anything without a background in the subject and an understanding of what we are trying to do?
Yes that's true. Thank you for the explanation.
5y ago#3You are welcome :-)
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