INTERVIEWS AND INSPIRATION: ACCA Prizewinners in Latvia and Lithuania - December 2021 session

What is the greatest benefit of ACCA?

The greatest benefit of ACCA is an ability to be a part of the worldwide community and to have something in common with the people from various other countries. In addition passing exams and earning certification provides you with a confidence and enables you to believe in your own strengths. Moreover, it gives you a great experience and an advantage over other employees.

What was the key to the success of your exam pass rate in the December 2021 session?

The number of factors contributed to the success of my AAA exam pass rate in the December session of 2021:

What is your impression and opinion on the exam, taken in the December session of 2021?

Regarding my impression on the AAA exam, taken in the December session of 2021, I can say, that this exam was very comprehensive and covered lot of aspects from the syllabus. The description of the situation contained many details and if there was no time limit, I could continue to define audit and business risks and ethical dilemmas for another 3 hours.

How did you prepare for the ACCA exam?

I mostly prepared using self-study materials. I used study materials from one of ACCA's Approved Content Providers. I also went through all the past years exam papers available on the ACCA webpage.  And I also used the opportunity to participate in the ACCA provided webinars, which helped a lot. My practical experience supervisor supported me a lot also and was ready to answer all my questions and motivated me strongly.

What tips and practical advice would you give the other ACCA students, who are preparing for ACCA exams?

Several tips and practical advice for the other ACCA students, who are preparing for ACCA exams:

What are your future plans regarding ACCA?

This was last exam on my journey to ACCA certification and I became ACCA member on 31 January 2022. I am very excited to be the part of this very special community! And I am really looking forward to use my new status in order to gain new experience and to meet my career goals.

ACCA is a worldwide, recognized qualification. ACCA members are dedicated to learning and development in the field of their profession and are ready to take extra steps to reach their goals.

The keys were watching syllabus summary videos in "Practice to Pass" (on YouTube)  and taking previous exams.

The exam was well balanced between all topics from syllabus, with few exceptions. Some questions consisted of the topics, which most likely will not be used in a real life, for example specific definitions of the alfa, beta, gamma, etc.

With watching syllabus summary videos in "Practice to Pass" (on YouTube) and taking previous exams.

To watch/participate in the "Practice to Pass" webinar sessions. These have helped me to pass all the exams successfully, as the tutors gave useful tips for exam and covered the topics which would be tested during the exam most likely.  

As I have passed all necessary exams, my future plan is to complete Ethics module and then gain a certificate.

For me, the greatest benefit are the reputation of ACCA qualification the members complete, the knowledge base and skills required to be recognized as ACCA member, and the flexibility. The study process planning depends only on my choices, thus it allows me to dedicate quality time for full time employment and studies.

I strongly believe in hard work and regular preparation for the exam. The topics of the Performance Management exam are closely related to my everyday work responsibilities.

It was my first ACCA exam taken at home, so I had been worried whether my home set up would work properly. Thankfully, everything went smoothly. The questions and topics corresponded to the study materials I had used, and mock exams had helped to get familiar with the exam structure.  

I think that the responsibility of preparing for exam lying on your shoulders is one of the ACCA advantages. I have started preparation for the exam 3 months before the session, planned the studies on weekly basis, in order to sync busy time at work to study schedule. I have relied on licensed study materials and practice kits to build the knowledge base.

My main recommendation is not to skip any practical exercises and do mock exams, as these help to understand the real exam format, save precious time during the exam, and actually help to gain confidence for the actual exam attempt. Time management is important, and, in relation to studies I agree with the saying "procrastination is slow and insidious killer". ;-) 

The upcoming 2022 year brings new challenges for me - both at work and studies. However, I intend to follow my own advice for exam preparation and continue my path to become an ACCA member, while maintaining the work-life balance.

Scope of materials, covered in ACCA studies material, covers various areas, allowing students to broaden their knowledge in fields that are less familiar for them. The greatest benefit of the study process itself, to my mind, is the opportunity to plan your time and study at your own pace and schedule. Also, the abundance of support provided by ACCA and peers online, including revision courses and learning materials available online.

Since I had been preparing various financial and business reports to our clients at my workplace on daily basis, the format of the SBL exam has been very familiar to me. The only difference is that at work it takes me usually more than a few hours to prepare a report.

The exam reminded me of a real-life business case very much. It required to combine knowledge gained in almost all previous ACCA courses.

I planned to devote sufficient time to my exam preparation studies, and balance between spending time on reading and summarizing the theoretical knowledge on one hand and doing calculating exercises and sample exams on the other hand. The advantage of SBL exam is its strong integrity with the previous ACCA exams, meaning that in fact I have been preparing for SBL exam throughout all my studies.

To pass the remaining exams successfully and obtain ACCA membership!

It is internationally recognized qualification. It emphasizes professionalism and ethics and it shapes me as a professional. It also gives a decent amount of knowledge and a well rounded understanding of the subject.

I liked studying for the exam. I saw the importance of it and I did study a lot. I aimed for understanding rather than memorization. I kept ACCA as a priority. However, if I did not find it interesting, it would have been almost impossible to force myself to study.

I can't say that exam was easy, as I found AA paper very challenging to study. However, I have not come across any question that I could not have expected or that I have not seen in the Kaplan exam kit. So far I can say the same about every single ACCA exam I took - no surprises.

I self studied for the exam, using Kaplan text book and exam kit and I studied a lot. My approach to ACCA exams, and AA is not an exception, are to cover every single page of the text book, take notes while reading (because I learn while writing) and not to move on to the next chapter if I don't feel confident of understanding the material. So, sometimes I spend one week or even more on one chapter, if I feel it does not click.

I don't like memorizing material, so I aim to understand it. When I come to the revision stage I make short notes from my long notes and I spend a couple of weeks (way less than recommended) on the exam kit - focusing on quality rather than quantity of the questions covered, meaning spending equal amount of time analyzing the suggested answer as it took me to answer the question. In this way,  I did not cover all of the questions, but I took the most from them given the limited time. Question practice is very important (that's the only way to avoid surprises at the exams) and I found Kaplan exam kit great, because questions are very similar to what is in the exam.

I have a full time job in EY and it means overtime in busy periods, usually on quarterly basis. On top of that I learn Japanese and take baking classes. Hence time is very limited and I don't have the luxury to study every day and sometimes I feel I have extra capacity to study only at the weekends. In the last month before exam, I took a few Thursdays and Fridays off from work, but the key for me is to spread the learning throughout a couple of months so that the last week is only for wrapping up. Also, I need time to digest all the information.

Just before the exam I start seeing the whole picture, how each chapter links to the other. And this is the moment I am almost certain I will pass an exam. Also I know that while I naturally forget the details once exam is over, the understanding of the subject will stay. And this is the main reason why I study for the ACCA exam.

The key tip is understanding why you are doing it and liking the subject. Even if the subject seems to be boring, find something you like about it. Focus on the valuable knowledge you get rather than the pass mark. If you feel you lose out too much on the social life, choose different place to study (cafes are my favorite because I start feeling isolated, when I study at home all the time). And, if on some particular days you don't feel like studying - don't study! As most likely it will not be productive anyway. Don't undervalue sleep. Also, find your own way of studying as what works for me might not work for the others. But don't skip the text book and especially the exam kit.

I have Ethics module and 4 exams left to complete the ACCA Qualification. I am planning to take Strategic Business Reporting exam in June and hopefully by March or June next year all the exams will be passed! My work at EY is very much related to my studies, hence practice and exams are going hand in hand.

I think there are couple of benefits which are worth mentioning. First of all, the knowledge you get from studying ACCA, which I can apply almost everyday in practice. Second, it improves your discipline and finally it is a good workout for your mind. I think we already learned to never skip a leg day but is crucial to learn to never skip a mind day and ACCA is a great tool for that with valuable additional benefits.

I just did not leave the entire preparation for the final week before the exam - such strategy can work at the university but does not work for ACCA exams. I had a pretty strict studying plan which I managed to follow around 80% of the time. So, I would say the key factors are having a plan and studying according the plan regularly.

The exam was challenging and tested various topics of the syllabus. Also the entire syllabus of FM exam was very interesting for me, thus overall experience was good.

As I mentioned earlier I had the plan. I divided entire syllabus into 2 months periods and used Kaplan on-demand resources for studying.

To complete ACCA qualification in 2023.

ACCA broadens your understanding by teaching different but interconnected subjects and encourages to think outside the box.

Practice, practice and practice. It is essential to study not only the material, but exam techniques as well and to try as many examples as you can.

It was a bit stressful as for me it was the first remotely invigilated exam. But once I got connected and started the exam, everything fell into places and due to a lot of practice the exam seemed familiar and not that hard.

The OpenTuition lectures helped a lot on exam techniques and basic rules. And of course Kaplan exercise book, I would advise to do it all.

Focus on Section C examples when practicing.

Keep studying though not straining myself, give time to study and take only 2-3 exams a year depending on my work load outside studying.

You can develop your professional skills in a long perspective.

Consistency.

At first glance it did not look very tough. But at the end I realized that I do not have enough time to do all the exercises. So I would suggest to plan time carefully and do not spend too much time on one particular question. Move to the next one. On the other hand, I had some technical issues when launching the exam, so this part was even more stressful than the exam. :)

It took a lot of time, actually approximately about 9 months. I could not spend a lot of time on preparation so I did it step by step. I did not force myself to learn everything in a short period. So, I have divided the whole material into smaller parts. Firstly, reading the syllabus and then trying to do the exercises. Later, when 1 month was left to the exam, I started to repeat the whole material once again.

Stay consistent to your plan. Revise what you learnt as many times as possible. Make sure you understand the content and concept, instead of trying to put everything to your head.

After some rest, start preparing for the next exam.

ACCA has benefited me a great deal both professionally and personally. Professionally, I’ve been able to transfer a lot of the knowledge obtained from the ACCA curriculum into my line of work – forecast and understand future market practice developments and establish new processes aligned with them. I’ve found up-to-date market practices and considerations on upcoming changes particularly useful. Personally, preparing for ACCA exams has enabled me to achieve my personal development goals.

A lot of the issues and concepts covered in that session are the same ones I encounter on a regular basis. This allowed me to combine theoretical knowledge with practical application – I was able to apply the learnings in my daily work, thus allowing for a firmer grasp of the concepts.

I really appreciate the ability to take a remote exam session. This flexibility allows to take the exam in a familiar, comfortable setting, while allowing to choose the examination session in accordance with my schedule. And of course, saving time on commuting is always a huge benefit.  

I usually prepare on my own, using Kaplan Publishing self-study material.

In order to pass Strategic Professional level exams successfully, relying on professional experience is a key. Therefore, I would advise students to try to find applications of the encountered concepts in their daily work. That would not only allow better retention and application of the covered material, but also real-world practical experience needed to develop professionally.  

Currently, the goal is to pass the remaining two exams and become a full member of ACCA. Long-term, I want to focus on my professional development by building a strong network within the ACCA community and taking advantage of ACCA professional insights.

The greatest benefit is to be able to broaden knowledge in different areas of accounting and finance.

The main key is practice, so in order to pass the exams successfully I spent a lot of time on question and exam practice. ACCA practice platform helped me a lot, it is a very useful tool to get ready for the actual exam.

SBR exam was focused on broad understanding of IFRS and not learning standards by hard, so questions were linked to the situations which we can face in the real world.

I prepared individually and spent most of the learning time on question practice. Also, reading Technical articles helped me to be ready for tricky questions, such as financial aspects of cryptocurrency.

Best advice is to use all the materials available on ACCA website: ACCA practice platform, Examiner's reports and Technical articles. This information will help to understand what is expected during the exam.

Preparing for ACCA exams keeps me constantly improving and updating my knowledge.

I did not do anything differently before this session, compared to the others. But I would say thourough revision and practise of exams on ACCA platform.

Even though I had some bugs on the chat function during the exam, overall experience was great. I really appreciate the possibility to have remote exams as it saves so much time!

I usually keep the same strategy for preparation: make weekly plan for reading workbook and revision. I divide my plan in 2 - 2,5 months and dedicate 2 hours per 2-3 days a week. And I always practise exams on ACCA platform to get used to the system. So far, this worked.

Dedicate more time for revision and use all available resources on ACCA platform. 

I have finished 9 of 13 exams, so a couple more to go.