Experience of ACA qualification

Hi,

I'd only sent out a handful of applications but received an offer for an ACA TC from a regional firm in South-East England and it was my first ever professional interview, so I was chuffed.

I'm sure like many who didn't do A&F at uni, you cannot expect to know too much or even know if you're going to like it as, after all, we don't know much about what we're going to be doing!

I looked at big4 but they didn't really appeal as I was after a less corporate feel. My contract begins in September but after my dissertation at the end of April, I won't have much to do other than my driving test.

A few questions:

1) Is there anything I can do to prepare myself beforehand? Any basic accounting books you can recommend? Would you recommend I brush my maths up - had to do tests but that's all.

2) In terms of the 6 knowledge/certificate papers - from what I've read is that if you can pass these 6 you tend to go on and complete the qualification as they weed out lazy candidates. How much studying is required for these papers in terms of hours? Is the pass rate high? For the professional stage papers, it seems to be 75-85% from what I've seen.

3) When you go to college, do you meet other people? If not, how have you met new people? There's around 60 people at my firm but I can imagine the social side of things being tough in the first 2 years of the contract. This isn't a worry for me as I'm a very easy going, personable person but I'm interested to know how others have found their social situation post-uni.

Thanks

Reply 1

snakesnake

Original post by wannabeaca

Hi,
A few questions:

1) Is there anything I can do to prepare myself beforehand? Any basic accounting books you can recommend? Would you recommend I brush my maths up - had to do tests but that's all.

2) In terms of the 6 knowledge/certificate papers - from what I've read is that if you can pass these 6 you tend to go on and complete the qualification as they weed out lazy candidates. How much studying is required for these papers in terms of hours? Is the pass rate high? For the professional stage papers, it seems to be 75-85% from what I've seen.

3) When you go to college, do you meet other people? If not, how have you met new people? There's around 60 people at my firm but I can imagine the social side of things being tough in the first 2 years of the contract. This isn't a worry for me as I'm a very easy going, personable person but I'm interested to know how others have found their social situation post-uni.

Thanks

Big Four ACA trainee here, 14 out of 15 exams under my belt.

1) Wouldn't worry about it. There are lots of people who come from irrelevant backgrounds and they all do fine. I guess you could read up on the basics of accounting/finance online but even if you didn't, it would make little difference.

2) I haven't really seen many people 'give up' on the qualification as such. At least in the Big Four I'd say some 80% or so pass all 15 exams without a single failure. The pass rates are quite high (you can find them on the ICAEW website) of around 75-75% as you say. If you put in the time you will pass the exams, there's no rocket science involved.

3) Depends on what college you go to and who you have your classes with. I've been to classes with just other people from my firm (as the Big Four have the most trainees, there are several classes full of people from my firm).
I wouldn't say the exams had too much of an impact on my social life. They're only there for short periods of time of the year and even then you do most of the studying in college. Yeah you'll have to give up a few evenings and maybe even some weekends but not everything.

Reply 2

Tas321

Original post by snakesnake

Hi,

I'm about to start the ACA exams with a big 4 in two weeks and was hoping you wouldn't mind answering a few questions.

I have a couple of exemptions which I have chosen to take, but I was hoping I would have access to the learning materials for the exams I am exempt from- do you know if I would? I'm a little worried that I'm going to be at a disadvantage having taken my exemptions and starting to think I should have just done all the exams with the firm.

Im also a little curious as to whether everything you need to know will be taught to you, or whether you are required to do some outside reading using your own judgement?

Reply 3

snakesnake

Original post by Tas321

I had 3 exemptions and never felt disadvantaged by it. I also never went through the materials of the exams I missed. Everything you need to know for a given exam will be given to you in the study materials.

You don't really need to know much/if anything outside of what is given to you. These exams are in that sense fundamentally different from uni: all you need to do is pass and the materials for that are spoonfed to you.