People who pass the ACCA exam for the first time are just twenty five percent of the total applicants who appear for the exam. Not surprising though! It’s one of the most difficult exams to get through in one shot.
You can take multiple chances to pass the exam. However, clearing it in the first attempt would keep your resume on top when you compete in a challenging job environment.
So, are you preparing for the ACCA exam and planning to become a financial management professional? We have a few secret tips to share which will help you to clear ACCA exams. Read on…
Start revising early
Allot plenty of time for revision while you frame your study calendar. Cover all the portions in advance, and leave enough time for revising it multiple times before the exam. You need to learn and allot time to thoroughly understand what you’ve learned.
This way you can perform better in your ACCA exams. Trust us! Long-term memory works better than short-term memory for your exam.
Think from the perspective of the examiner
Know what the examiners of the ACCA exam are looking for, so that you can streamline your exam preparation. Also, know the common reasons of failure for students who have previously appeared for the exams. Make sure you correct it before appearing for the exams.
You can get an idea of an examiner’s perspective by going through the Examiner’s Interview Approach guidelines given in the website of ACCA.
Don’t get drowned in exam stress
As mentioned earlier, the ACCA exam is not easy to clear. However, you should not drown in stress while you prepare for the exam.
Although you should prepare hard for the exam, do not assume that you don’t have a life outside. Relax for sometime during the revision days. You cannot perform well if you are stressed about the exam.
Also Read: How to start a career in Financial Analytics in India?
Keep practicing the answering techniques
Knowledge about the portions is necessary. At the same time, you should be proficient about the answering techniques as well, to come out in flying colours.
Download questions papers from the ACCA website, and keep practising. The way in which you answer is very important in this exam.
Be healthy
In the run-up of the exam, don’t ignore your health. Make sure you do not skip your meals. Give rest and sleep for six to seven hours during the exam days. You can hardly perform well for the exam, if you ignore your health.
If you haven’t yet started preparing for the ACCA certification, check out our preparatory courses in association with London School of Business & Finance.
All the best!
Here’s a little excerpt into the differences between accounting and finance
Accounting and finance are two phrases that are often used in the same context. While they are closely related, there are evident differences that set them apart. Individuals who are interested in pursuing a career in either one of the fields must understand the difference between them in order to identify their interest and make a clear career choice.
Accounting
Accounting professionals summarize, analyze, and record financial information in order to maintain financial statements that adhere to the Accounting Standards (AS). Accounting also involves generating reports that are to be presented to management, shareholders, investors, creditors, auditors, etc. at the end of every financial year. Post an audit, the financial statements are made public, where anyone can view the position and performance of the respective company for the respective period.
Finance
Finance is denoted as the science of acquisition and investment of the fund in the most effective manner. It is a broader concept that includes constant analysis of money and capital markets along with the arrangement and management of funds. Financial risk management here helps in analyzing the budget for determining an investment plan, thereby lowering the financial risks for an enterprise.
Accounting vs Finance
Following are the key difference point between accounting and finance:-
| Basis | Accounting | Finance |
| Meaning | Accounting focuses on the daily movement of money within the company | Financial management is a broader concept that includes the management of money and assets and planning for the company’s financial growth |
| Nature | It involves tracking and reporting the flow of money and ensuring compliance with the best accounting practices | It focuses on increasing the ROIs and mitigating the possibilities of financial losses. |
| Objectives | Accounting professionals need to be meticulous with every detail associated with day-to-day transactions. | Financial management professionals need to plan and work to meet the long-term financial objectives of the company. |
| Career Options | You can have a career as a controller, tax manager, fund accountant, staff accountant, treasurer, etc. | You can be a financial analyst, investment banker, financial examiner, personal financial advisor, etc. |
Starting a Career
To start your career in either one of the above fields you have to first obtain a bachelor’s degree (BAcc or BAFM). Subsequently, if you want to pursue a career in accounting, then you need to obtain an MBA degree in your preferred field of accounting (tax accounting, government accounting auditing and assurance services, cost accounting, etc.). To become a financial management professional, an Advanced financial management course online would help you strengthen your portfolio and gain a competitive advantage in the job market.
The transaction records and reports generated by the accounting team serve as the basis of work for the financial team. Evidently, both spheres complement one another and hold equal prominence in any company. Additionally, both fields offer good compensations (provided you do well in your chosen field), making them equally fruitful career options.
More Information:
What is the Role of Financial Manager?
How to Become a Financial Risk Manager?
The Importance of Finance Management Training Courses
What Are the Most Popular Careers in Financial Management?
How Good is The Online Certification in Financial Management?
