Over the last 2 months, I’ve had the opportunity to meet 17 (and even interview one for a job)students who were starting off with professional accounting exams. a few of them had already taken 1 or 2 papers, while the rest would be taking their first papers in December 2014. What was common to all of these students was that they had all received exemptions from some of the Fundamental Level papers.
10 of these ACCA students (who have exemptions) that I met had already sat for some ACCA papers, but only 2 of them had passed an exam since registering. Now, I’m not quite sure if this is peculiar to ACCA students in Nigeria, but I noticed, while interviewing an ACCA student (who was half-way through the fundamental level), that the candidate lacked basic accounting knowledge, which should be common to anyone who has studied through the introductory accounting exams.
An exemption is given on the basis that a student has knowledge of a paper, and is qualified to take a higher level paper. When an exemption is awarded, the ACCA assumes that a student’s knowledge of the paper on which an exemption is given is fresh, and as such the student has no difficulty progressing to the next stage. Students without prior knowledge of papers in which they have exemptions obviously will struggle with further exams.
I’m not advising against applying for exemptions – it is after all time saved (just time, not money, as each exemption is paid for). Rather, go back to the basics; buy Frank Wood/or other introductory accounting textbook/textbook on the subject, and work through past papers you have exemptions on.
Good luck to all of you receiving your results on Friday!
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