ACCA stands for the Association of Chartered Certified Accountants, and its qualification is the epitome of success in finance. While ACCA qualification can be your gateway to the accounts sector, the examination can be a minefield. It comes with various modules, papers, topics to be covered, and tons of test papers, workbooks, and case studies.
Suppose you're asking yourself, "How do I ace the exam on my first attempt?" you're not the only one. Every year, millions of students ask themselves this question: Only in June 2024, 107,506 ACCA aspirants were appearing for the exam!
Eat, sleep, study and repeat - if that is your ACCA exam strategy, then it's time to think again. ACCA exams need not ruin your sleep if you follow a proper study schedule, check out the tips, and utilise your resources. Here’s a guide on ACCA exam preparation 2024, tips, and study resources.
ACCA Examination Structure
The ACCA examination has three levels, each with a different module. The examination is designed in such a way that by the time you pass them, you will have a strong foundation and understanding of the basic concepts.
Here’s a breakdown of the exam pattern:
- Applied knowledge level: This level has three modules: Business and Technology (BT), Management Accounting (MA), and Financial Accounting (FA). The format for all these three papers is the same - multiple-choice questions with a passing mark of 50%. All three papers are 2 hours each.
- Applied skills level: This level has six modules, out of which only Corporate and Business Law (LW) is of 2 hours with multiple-choice questions. The remaining modules are Audit and Assurance, Performance Management, Financial Management, Financial Reporting, and Taxation. Along with 60% multiple-choice questions, there’s also a 40% weightage given to subjective questions in these modules, to be completed in 3 hours.
- Strategic professional level: This level has four subjective question-based papers, two mandatory and two optional. Strategic Business Leader (SBL) is a module in this level of 4 hours, and the remaining are 3 hours each.
ACCA Study Tips: Top 6 Strategies to Crack the Examination
Crack your ACCA examination with these ACCA study tips:
Draft a study plan
Creating a study plan is crucial to cracking ACCA exams. This ACCA exam strategy gives a sense of organised study, reduces stress, and enhances productivity. It would help if you blocked your study hours with specific subjects or topics. Once you stick to your study schedule, you will retain knowledge better and won't be overwhelmed with the approaching exams. Here's a sample study plan:
| Subject | Core concepts/Focus areas | Time allotted (per week) |
| Business Technology | Information system
Data analytics |
8 |
| Taxation | Tax compliance
Tax principles |
10 |
| Audit and Assurance | Audit principles
Risk assessment Ethical standards |
11 |
| Strategic Business Reporting | Corporate governance
Reporting standards |
6 |
Focus on past papers
Practice is important if you have to pass ACCA exams. So, the strategy in this ACCA exam preparation 2024 guide is to solve the previous year's papers. Solving past year's papers will give you an idea about the exam format and time management. You can also solve mock papers and practice questions to boost your confidence.
Do not procrastinate
When you start preparing for an exam early on, you get more time to study and revise. It’s that simple. By starting preparations early, your chances of passing the exam increase manifold, and decrease your last-minute stress. With more time in hand, you can also devote more time to the tougher concepts.
Understand, do not memorise
You need to understand the core concept to avoid memorising the study materials. Memorising is a temporary solution, but it will help you connect the theory with real-life experiences when you grasp the core principle. You will be able to develop analytical skills. This is a study approach that not only works for exams but also in real life.
Look for a study group
Preparing for your exam with a study group helps you stay motivated. Are you stuck on a complicated topic? Your peers become your rescuers. Along with a study group, you can also ask for guidance from tutors or mentors who are more experienced in the field.
Utilise your resources fully
The internet offers an ocean of resources, some relevant while some may not. So, you need to choose your study materials wisely and carefully. Use reputable sources, preferably those accredited by ACCA and revision guides.
ACCA Course Resources to Look for
Here are a few ACCA course resources that you can study from for your ACCA exams:
Official website
They offer support services and update their resources promptly.
Books and publications
Opt for books and study materials that cover the complete syllabus and provide additional resources like workbooks and test papers.
Conclusion
Cracking the ACCA exam will give you global recognition and is a much-needed stepping stone in your career advancement. It enhances your career prospects by opening doors to senior positions, better remunerations, and promotions.
With this qualification, you can also broaden your professional networks. Such a network is helpful to explore job opportunities and share any industry insight. You will get a lucrative opportunity to work in diverse fields: consulting, management, audit, or taxation.
Imarticus Learning offers the Association of Chartered Certified Accountants, UK programme, which is recognised in 180+ countries. This globally recognised certificate provides you the much much-needed hands-on training, making you a perfect fit for well-reputed companies.
