CFAB?
Discussion on internships, jobs and graduate schemes for playing with numbers and cooking the books.
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Re: CFAB?Isn't that quite expensive to do? My understanding is that the CFAB gets you a few exemptions from the ACA (something like 5 out of 15), but if your intention is to gain an ACA training contract then it would seem a waste of time and money to do this yourself. Also you might not even be allowed to use the exemptions, as some firms (including big 4) want you to sit most of the papers whilst with them to ensure you learn the right stuff.
It does show commitment to the field granted, but you'd be better off IMO trying to get some decent work experience (easier said then done of course). -
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Re: CFAB?Well, I can use my savings to pay for it, but all I've done so far is bought the ICAEW book and been going through that. If Im confident, Ill register with them and start booking exams.(Original post by M1011)
Isn't that quite expensive to do? My understanding is that the CFAB gets you a few exemptions from the ACA (something like 5 out of 15), but if your intention is to gain an ACA training contract then it would seem a waste of time and money to do this yourself. Also you might not even be allowed to use the exemptions, as some firms (including big 4) want you to sit most of the papers whilst with them to ensure you learn the right stuff.
It does show commitment to the field granted, but you'd be better off IMO trying to get some decent work experience (easier said then done of course).
I am hoping to get an ACA contract when I graduate and thought this might distinguish me. I do see your point but I don't get why they wouldn't give me exemptions if Ive already got it?!
I guess I wouldn't mind re-learning it if it came to that.
I have had some work experience in a small firm, and am writing to the larger firms with offices in Leeds but Im not too hopeful they'll give me any. -
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Re: CFAB?Personally I'd focus on gaining work experience and keep your savings. I think the CFAB would help you to show your interest in interviews, but I don't think it is required. Bare in mind most firms take students from all degree backgrounds, they aren't necessarily looking for prior financial knowledge, just an interest in the field and the aptitude to succeed. Work experience will help no end in answering competency questions and setting yourself apart from the competition, so my advise is to focus on that. Bare in mind it doesn't have to be experience within a firm, you can get relevant experience working with the finance department of any organisation. To be honest it doesn't even really have to be finance experience, I was an analyst at GM and had no prior finance experience.(Original post by GlassesFreak)
Well, I can use my savings to pay for it, but all I've done so far is bought the ICAEW book and been going through that. If Im confident, Ill register with them and start booking exams.
I am hoping to get an ACA contract when I graduate and thought this might distinguish me. I do see your point but I don't get why they wouldn't give me exemptions if Ive already got it?! I guess I wouldn't mind re-learning it if it came to that.
I have had some work experience in a small firm, and am writing to the larger firms with offices in Leeds but Im not too hopeful they'll give me any.
With regards to the exemptions, I may well be wrong (I don't know much about the CFAB or which modules are included), but I'm basing it on the following info off the Deloitte joiners website. Perhaps check to see if the modules in the CFAB are the ones on the allowed list for exemptions and remember this is the case for one firm, others may vary.
"Who can apply for Exemptions?
Graduates commencing under an ICAEW 36 month Training Contract
Student doing the CFAB qualification
Which Modules/Subjects can I get exempt from?
As a Deloitte graduate joiner you can apply for exemptions in the following subjects:
Business & Finance
Management Information
Law
Financial Management
Business Strategy
Can I apply for exemptions from other subject?
Students cannot apply for exemptions in any other subject (including Accounting, Assurance and Taxation) as these form a fundamental part of the ACA qualification. The only exception to the above rule is if you already hold a Professional Accountancy qualification, for example ACCA, CIMA, in which case you may be eligible to apply for additional exemptions." -
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I've just started studying the CFAB, I'm my opinion and considering my circumstances it's the best option for me as I'm in full time employment but looking for a career change from science to accounting, so I don't have time for work experience - hence my decision to self-study for CFAB.
It seems pretty good so far, quite a learning curve for me as I have no prior experience but I've just landed myself an interview for an ACA training contract so I do think that helped no end.
Hope that helps
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Re: CFAB?For about 2 weeks now. I had already done some of frank woods so already understood a few concepts. Though a lot of it is confusing!(Original post by aewart)
How long have you been studying? 24th of July isn't that far away! I'm still reading my book, it's solid work!
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What modules have you done?
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Yeah definitely, I take it you're self studying over the summer? I've only just started accountancy, thought I'd get that out of the way first and then law as they're probably the hardest ones! I find the concepts fairly easy to grasp but when I've been looking at the exam questions all the answers are very subtly different, so I make a lot of mistakes(Original post by GlassesFreak)
For about 2 weeks now. I had already done some of frank woods so already understood a few concepts. Though a lot of it is confusing! What modules have you done?
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Re: CFAB?Yep! Ive gone for the accounting and tax ones. It it comes to it, I can say I completed the tax module before interviews cause that what service line i ant to apply to.(Original post by aewart)
Yeah definitely, I take it you're self studying over the summer? I've only just started accountancy, thought I'd get that out of the way first and then law as they're probably the hardest ones! I find the concepts fairly easy to grasp but when I've been looking at the exam questions all the answers are very subtly different, so I make a lot of mistakes
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If you don't mind me asking, where was your interview for the ACA training contract? -
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Re: CFAB?Nice one, that's a good idea! Sorry mate I think i'm going to keep the firm to myself for now as they're not particularly big, so I might be hurting my chances of getting a job there!(Original post by GlassesFreak)
Yep! Ive gone for the accounting and tax ones. It it comes to it, I can say I completed the tax module before interviews cause that what service line i ant to apply to.
If you don't mind me asking, where was your interview for the ACA training contract?
I could tell you about the interview though. I had 3 'tests' to do, each was 10 minutes long - there was a maths test (20 number pattern questions including some percentages), I had to spot spelling mistakes in a letter and I had to read a sheet of A4 which described a scenario of a time a customer had a bad experience with your 'company', you had to take the role of Admin Assistant and write a mock letter back diffusing the situation! So that wasn't too bad.
Then followed the competency interview which was 1 hour. They asked me questions about my leadership, my affinity with technology and software, how would I act in certain situations relating to an audit environment ("What would you do if the people you were auditing were reluctant to relinquish information"), stuff like that!
So it doesn't sound quite as bad as the Big 4 but I still have part 2 to get through, if I get that far!! -
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Re: CFAB?I'm currently looking at studying for the CFAB as I'm hoping to train as an accountant after uni. Only, I worried that the exams and study will interfer with uni work (reading Accounting and Management). I passed second year just shy of a 2:1 (59.5%) so am wanting to work harder in the coming months to secure a 2:1. Part of me thinks that the qualification would help me out; what do people think? If you've sat any CFAB tests, your advice would be much appreciated! Thanks!
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Re: CFAB?You're borderline 2:1, weigh up CFAB vs getting a 2:1.(Original post by HM91)
I'm currently looking at studying for the CFAB as I'm hoping to train as an accountant after uni. Only, I worried that the exams and study will interfer with uni work (reading Accounting and Management). I passed second year just shy of a 2:1 (59.5%) so am wanting to work harder in the coming months to secure a 2:1. Part of me thinks that the qualification would help me out; what do people think? If you've sat any CFAB tests, your advice would be much appreciated! Thanks!
What modules have you done?
