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Hi all,
Firstly thank u OT for getting me to where I am now…. started in 2014, and now almost done… always relied on OT lectures, notes and rev. videos.
Now I cannot decide between P5 or P7.
I have been employed in a Finance position before & currently in a strictly accounting role, to be honest i have never liked accounting as much as I liked Finance.. I loved P4 and F9, moreover I felt P3 was too easy….My P2 was not easy, it took some work, not only did i find it very dull, but also lengthy and too much of memorizing – never liked it, F8 – I never liked it at all,
All this^ being the reason i prefer P5, the problem is this;
my colleagues, and study buddies have suggested P7 as there is a lot of growth & scope potential in the audit market, then they have also tried convincing me the fact that P5 may look easy from its material and from previous papers to which its related (p3, f9 & f5), but infact it is the worst paper of ACCA, passing rates are the biggest evidence obviously and many i knw gave up and switched from p5 to p7 after repeated attempts and failing…
They say P5 is not for everyone, and only if u are looking specifically to get into consulting should u attempt it, otherwise its of no use.. so i really do not know what to do here?
I work full time, study on weekdays and weekends… considering there is about a month to go until March sitting, pls advise what paper is beneficial for me, not only just to pass ACCA but also in the long run for my job-related prospects ??
I will attempt to provide you with my personal experience which unfortunately will be quite biased.
I passed P7 on my 2nd attempt scoring 48% on my first attempt (This really hit me hard)
I passed P5 on my first attempt.
Working in the auditing field I found P7 to be quite easy, that being said I can understand how those who are not in the audit environment may struggle to grasp many of the concepts and their application. Auditing is however a subject that requires extensive focus on past papers and examination questions. Generally similar scenarios will usually pop up to previous questions you have attempted. I further find that attempting exam questions further expanded my understanding of auditing and the why and how of its application.
I really enjoyed P3 and like you really disliked P2, I honestly thought P5 would be similar to P3 but this was not at all the case. It was also my last paper so it could be I was just over the whole studying thing.
P5 has a focus on knowing many business models for analyzing a companies performance, this would include risk of corporate failure. The problem for me arose with the fact that there are many models that could be applied to a single scenario and for exam preparation it became quite en-cumbersome to study them all and find where best they fit.
Ultimately I have not provided you with an answer on which one you should pick but hopefully you can glean some insight from my experience and make a better informed decision.
All the best! I would love to say that its all worth it in the end, but desperately waiting for my membership approval (Should be tomorrow!) So I cant really say its all worth it yet since I havent technically finished!
But Im certain that it will all be worth it! Just look at all the job ads for random places over the world. The amount of times the requirements include, CPA, CIMA, ACCA shows the potential of the membership.
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