Accountancy professional and the AAT/ACCA/CIMA

marlasinger

dac1 wrote: »

CIMA have changed their syllabus last year and I have heard it is much harder due to the following reasons:
1) 50% to 70% pass rate now
2) You don't get told how much you've failed by.
3) You don't get told on which subjects you were weak with.
4) Too many questions and not enough time?
5) Three case studies rather than just the one.

CIMA seem to have made it much more difficult. For those that know - is it really much harder? Have CIMA made it easier in any way to counter the increased difficulty?

I'm currently studying CIMA (final exam next Thursday :T), and have sat my last 3 exams (Strategic Level) under the new syllabus.

I know they had some re-jigging of the marking scheme for P3 and F3 around May/June time, to take into account the many complaints and high failure rates.

I've passed all my exams first time under the new method, all via home study, so it definitely is doable. I haven't noticed any difference in difficulty level of the new syllabus - they have always been very tough exams.

Under the new syllabus, the marks are now scaled to reflect the difficulty of your particular exam. Marked out of 150, you need 100 to pass and now you are told your score (at the start of the new syllabus you were only given a Pass or Fail, with no score), and are also given a breakdown of your competency across the examinable sections.

Yes, the exams are very time-pressured, but they always have been regardless if you go for CIMA or ACCA.

With there now being 3 case studies instead of 1, I don't think you can compare them as the whole exam system has changed. For each level there are now 3 Objective Test exams - so no long answer questions, like in the old exams. These long-answer type questions have now been replaced by a Case Study to test how you can apply the knowledge that you have gained through the OT exams.

If you want to head down the Management Accounting route, then I would suggest CIMA, however I think ACCA or CIMA are both equally beneficial in the eyes of an employer.

Don't be put off by the horror stories about how difficult the new exams are.....their difficulty is the same as previous, just in a different format now. If you put the hard work in, then you will have no problems passing.

d70cw6

what i find odd is how often employers dont actual check for qualifications you put on CVs.

I passed my final lot of ACA exams back in 2007 but (stupidly) never applied for the qualification. Hasnt held me back in the past 9 years in applying for jobs working for 4 different large companies.

Pennywise

Whilst you're right to be thinking in detail about the exams side of things, what thoughts have you given to getting practical experience. One of the biggest hurdles suffered by newly qualified accountants is their lack of actual relevant experience, which puts them behind other applicants who have both the qualification AND the practical experience. You may well find that you can't get a decent job at the end of it if you don't have experience. Far better to get an entry level job and do the exams alongside a few years of relevant working - many employers will sponsor your training/exam costs and give time off for exam revision etc.

dac1

Again, thank you all for your replies. They have been really helpful.

Firstly, @marlasinger - good luck with you final paper. I'm really impressed how you have achieved all this via home-study.

So some very good points made and in short, yes I have thought about every (well most) possible options/routes to take.

MI/BI is what I currently do. Not finance related though. I feel this is indeed a strength that would help me be successful in Industry (more so than Practice). As for side stepping from my current role to a Finance role (non-Accountancy role) and study from there - I feel doing the 'bread and butter' accounts work will give me a good foundation and help understand the core parts to the role. So I wish to start at the bottom, and it will also help me with my studies.
Whilst in my current job I earn a better salary but sooner or later I will need that exposure doing the accounts. I think if a convenient position arose now I will switch now, if not then I will wait study and make a switch further down the line when I'm a little qualified and maybe get a few more grand in salary.

Yes I like the idea of the qualification being difficult so not every Tom, !!!!, and Harry can obtain it. I was questioning why CIMA have increased the difficulty so much. Why not just keep it the same difficulty as before. However, I have been made ware that they have tweaked it to become more friendly. This is good.
@marlasinger - thanks for the update on how the syllabus now stands. Encouraging to know CIMA have reviewed the syllabus based on feedback.

One last question. Any suggestions on how to study for the exams?
1) Do I read each text book from start to book and then try the mocks exams?
2) Do I just read the revision book and then try the mock exams, only referring to the text book when I need to?
3) Two hours a day each week?
4) No revision but then just blitz (5 hours a day) for the two weeks leading up to the exam?

I'm hearing that reading the text book from start to finish draws out the process and isn't the best approach to passing the exams as you would be better off doing only the revision books and then spend the time saved on mock exams.

Super_Whiskey

In terms of studying, like with anything better to do it often unless you're academic enough to take it all in when you blitz it. Everyone learns different but better to make notes which summarise what you're reading plus any key points as it means you're actually actively studying instead of just reading the book. If you're going to be working alongside you're studying, it'll probably be more effective to do 1-2 hours of active studying a night than coming home and doing 3-5 hours of revision.

marlasinger

dac1 wrote: »

One last question. Any suggestions on how to study for the exams?
1) Do I read each text book from start to book and then try the mocks exams?
2) Do I just read the revision book and then try the mock exams, only referring to the text book when I need to?
3) Two hours a day each week?
4) No revision but then just blitz (5 hours a day) for the two weeks leading up to the exam?

I'm hearing that reading the text book from start to finish draws out the process and isn't the best approach to passing the exams as you would be better off doing only the revision books and then spend the time saved on mock exams.

My method is to read the full text book, several times. First I give it a quick once over without bothering to answer any of the questions at the end of the chapter, just to get an idea about the material covered. Then I read the text book more thoroughly, going over sections in detail, and answering questions at the end each chapter. Sometimes, I'll have to google something as the textbook just doesn't explain it in a way I understand.

Once I'm comfortable with the textbook, I do the Exam Practice Kits. My textbooks are mostly Kaplan, but I try the exam questions from Kaplan, BPP, and any other sources I can find.

This is the method that works for me, but I know others have recommended different methods, such as jumping into the questions straight away and then referring to the text book to work out the answer. That just wouldn't work for me, as I like to read the textbook cover to cover in case I miss something.

I work full time so was studying most evenings and most weekends. Make no mistake.....this will take up huge amounts of time. But I suppose it depends on how quick you learn. I never wanted to risk failing, so I probably studied more than I needed to, but I just couldn't bear the thought of repeating a subject (and paying the exam fee again!).

I wouldn't just blitz for the last 2 weeks....I preferred to take quite a while in advance to prepare. The good thing is that with these exams, you can sit them whenever you want (except for the case studies which have 4 set weeks each year). But the disadvantage is that sometimes you end up postponing over and over again, until you feel really comfortable. I think I postponed my exams about 8 times because I never felt like I was ready enough.

Best of luck!

Folander

I did the old style written exams, final exam Nov 13. I went to classes but here is my advice.

Read the book - I preferred Kaplan because I went to Kaplan's classes.
Read the book again and attempt the questions, you'll most likely be rubbish at this point but that's ok. Look at the answers and work them back to the questions.
Start exam questions - do not even think about time at this point, just answer the question, build technique & confidence.
2 weeks before your exams - attempt questions to time.
3 days before your exam - do mock exams under exam conditions.

Life will be on hold for a while but it's worth it. My salary has increased by 53% since I became ACMA CGMA

dac1

Again, thanks for all your replies.
Was looking at the job market over the weekend, it is daunting how much of a paycut I will be looking at taking. However, I see this journey as an investment - to have job security, higher salary, and be a decision maker (rather than a robot following orders). Maybe fully qualified with five years experience I could (should ?) be on £40k+. We'll see.
I've purchased some text books. I read that just reading the text isn't good and that you need some interactivity for it to sink in. Is there some extra materials I could buy to help me along (i.e. PassCards, i-PassCards, Study/Course Notes, Revision kits, Question banks, Mock exams, etc...)? Any of these worth buying in addition to the study text?

Folander

For one of your first exams, buy all of them and try them. You'll soon work out how you study, what you need and what you don't. You can buy lots of 2nd hand materials from eBay or Amazon.

Generally, you can never have too many questions to practice, use BPP & Kaplan. You can make your own passcards if you have the time or want them. I found passcards useful on the commute to work, that's all.

marlasinger

dac1 wrote: »

Again, thanks for all your replies.
I've purchased some text books. I read that just reading the text isn't good and that you need some interactivity for it to sink in. Is there some extra materials I could buy to help me along (i.e. PassCards, i-PassCards, Study/Course Notes, Revision kits, Question banks, Mock exams, etc...)? Any of these worth buying in addition to the study text?

I bought all of the extras for my first lot of exams, but after that I just stuck with text books and exam practice kits. It depends on how you learn, but once you start doing the Practice Questions you will know whether you are ready for the exams.