In A Dilemma Need Urgent Help From Seniors!

[Muhammad Amir]

Dear Members,

I am now facing difficulty in choosing optional papers of ACCA. The problem is a two tier problem.

1)Some papers are very difficult and almost impossible to pass without having relevant audit experience(Like P7 Advanced Audit & Assurance) as you know that i have no experience yet.

2)If I opt to choose a particular paper(like P4 Advanced Financial Management & P5 Advanced Performance Management) then it will be impossible for me to claim maximum(i.e. 12 out of 15 Exemptions) from ICAEW.

<b>I have heard that ICAEW provides 12 out of 15 papers exemptions to ACCAs who have completed their ACCA with P6-Advanced Taxation and P7-Advanced Audit and Assurance.</b>

There are 4 papers in last optional module of ACCA out of which one need to pass 2 papers.

==>P4=>Advanced Financial Management.(It is my favorite subject I like its fundamental paper F9[Financial Management])
==>P5=>Advanced Performance Management.<b><font color="red">(Dead option for me)</font id="red"></b>
==>P6=>Advanced Taxation.(I scored Highest marks in F6/2.3[Taxation] and I like it)
==>P7=>Advanced Audit & Assurance.(Although I do not dislike it but I have scored lowest marks in <b>Fundamental Version(F8)</b> of this paper. Some people including sir Kazim abbas say that P7 is a partner level paper and it is difficult to pass)

P6(Advanced Taxation) has already been selected but there is a conflict in P4(Finance) and P7(Audit).

Now, I have 3 options(i.e. P4, P6 and P7) for me i am sure that Insha Allah P4(AFM) and P6(ATX) will not create any problem for me. However, I don't know about the difficulty level of P7(as I have no audit experience yet) but if I leave P7 as option and choose P4 and P6 then I can't claim maximum exemptions from ICAEW. On the other hand if I choose P6 and P7 then although P6 is Ok and will not create any problem for me but P7 is a real danger and it can waste my attempt or two in qualifying ACCA.

Now, my question is that should i take risk and choose P7(Audit) along with P6 so that i can claim maximum exemptions from ICAEW OR Should I make my last attempt a safer attempt by choosing P4 and P6 and try to complete ACCA as early as possible.

It is my near future plan to start ICAEW after ACCA.

I hope you have understood what I said and I hope your professional advices will provide some solution to me.

[Saracen]

You are absolutely right in saying that P-7 is the hardest of all. You have to have practical audit experience to pass it, though students do pass w/o any experience but number of such students is very low...so I wud say why take unnecessary risk...I would also say that P-6 shoud also be dropped.. because its pass % is very low and it involves tax planning that is also extremely practical in nature..even paper of CA final of tax doesnt require tax planning...I wud say that u choose safe options and pass ACCA...once you have the certificate then go for ICAEW...having max. exemptions should not be the criteria...criteria shud be to keep it safe and easy...I hope it helps....
Regards,

[Muhammad Amir]

Thanks for your advise, I am now thinking to attempt P4(Advanced Financial Management) and P6(Advanced Taxation)

<blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote">even paper of CA final of tax doesnt require tax planning...<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

CA Final Clerical papers(Mod E and F) have no match with extremely strategic nature papers of ACCA(Professional Level[i.e. 'P-Series']).

Regards,

[Saracen]

you cant say that CA papers are clerical papers...had they been what u call them, the pass percentage wud not have been such low...and further all those who think CA is not as competent as ACCA..I dare them to pass CA....ACCA is no match for CA from ICAP..the world acknowledges it..in the BIG 4 abroad ACCA is one category low hiring level than CA from ICAP...go ask them what is more competant exam...

Regards,

[kamranACA]

Dear Saracen,

I think we have done enough discussion on this topic. There is no need to through light on the misconceptions of certain ACCA's poor students and the general capabilities of majority of Pakistani qaulified ACCAs who do it becoz of the fear of failure in CA. Every one knows them. Normally they are hired by the entraprenure only where money is in shortage for giving salaries.

I just share my personal experience with you of dealing with such hi-fi business planner/manager and what not and what not, I mean ACCA. However, I qualify my undergiven statement by saying that yes personal capabilities do vary and I also have seen some very intelligent persons among ACCAs but majority of such persons has qualified from UK or has done ACCA along with CA.

My recent experience of an esteemed ACCA is a person who is CFO of a small private company (my client). He, as I said, is Mashallah ACCA. He does such sort of things on which I spontaneously wish to say some thing quite immoral which I don't do as it is immoral. He asked me, ........"AGM has approved the accounts then why you (being auditors) require approvals from board of directors? Who is the bigger authority?"......... What can one say on such dumb behaviour Saracen? He also cut a joke recently. He wrote me an official letter and asked to provide him with accounting record and details of certain headings appearing in the accounts. Mashallah. Mainay woh bajaai uss kee keh kuch saal tu yaad rahey gee Inshallah. Once he officially "ordered" us to tell him how cash flow appearing in his financials had been prepared. What can one say on this requirement? Once he came to my manager to ask him how minutes should be written of any meeting of board. Some other things he has also done which due to serious nature I cannot even tell on this public place. I can only say that I did not ever see such a stupid any where in my clients.

Still, I believe personal capabilities can vary. I always appreciate those who do ACCA considering it a good qualification instead of a gate way to do CA or CPA etc.


Regards,



KAMRAN.

[Saracen]

u are right Mr. Kamran...I just replied to Mr. Amir's query and the return was blunt. But I do agree with you that professional capabilities matter...if a person is sharp and intelligent ACCA or CA doesnt matter.

Regards,

[Atifboss]

well, what i feel that , the new commers wana pulisize ACCA by just lips service, they hardly get a better job. the job they get is only on the bases of article/internship otherwise i think , there is no competition between CA and acca. and i dont know , who say its a world reknown and highest qualificaion in world standards there are two hight memeberships and these two are CA and CMA in every country u go , u will find these two , and acca wana mix these two and makin a new , and the qualifer is not completely having Accounting knowlege , not having hard grip which is required in management , so he is inbetween. i saw guys takin admission just to go england or fearing of CA

[4thelement]

Mr. Atif first go and ask ur ICAP members to tell u how to comment, now just get out of this illusion ok
well i dont wana discuss wat is the market position in Pakistan of ACCA and ICAP because its useless to discuss
in a country where nothing can be predicted.
Moreover Ms Saracen, how the hell u r comparing ACCA with ICAP in abroad markets and i m surprised to know that ICAP is more in demand in abroad markets and i really doubt whether there is any kind of reality in this, go and again check the market may be u look for wat u wana look.
Well i am totally agreed with Kamran bhai that skills and competence varies with person to person
and i have also seen an ICAP member who do not know how to record the disposal of fixed asset and how to prepare financial instrument note in the financial statements and i have taken them with lots of mercy.
One of our client once told me that Annual Stock Take at 30th June is an analytical procedure and he was also a chartered accountants from a big 4 firm and i kept smiling.

regards,

[nakaiun]

i thing all icap students r just trying to detract acca and unfortunatly this is not going to happen if acca is not good why number of students registering in acca increases? Acca in ten years in Pakistan there r 23ooo registered student frm this only 900 to 1000 r completely able to qualify so who say that acca is easy is not based on facts and figure last thing that ca's r now become obnoxious they should accept the reality

[nakaiun]

and give respect to other qulifications all fimrs including big4 is taking acca