Are you planning a career in accountancy? A simple undergraduate and postgraduate degree in Commerce and Accountancy may not be enough. You should consider getting ACCA qualified to have endless opportunities for career advancements. The world economy is ever-changing and needs professionals who can upgrade themselves as per the company’s needs. An ACCA qualification will already be a step forward in that direction and give you a competitive edge over your peers.
However, the journey to becoming a qualified member of the Association of Chartered Certified Accountants (ACCA) is a challenging one. It requires a significant investment of time, effort, and resources, and it is not uncommon for students to face a range of obstacles along the way. In this blog post, we will explore some of the common challenges faced by ACCA students and provide tips and strategies to overcome them.
Challenge 1: Time management
One of the biggest challenges faced by ACCA students is time management. Applicants often have to balance work, study, and social commitments. This can be a daunting task and it is very easy to become overwhelmed and stressed out. To overcome this challenge, it is essential to develop effective time management skills.
The solution:
Follow the recommendations given below to manage your time effectively:
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Create a self-study schedule:
You should always plan your study sessions in advance and persists with this regular study schedule. This way you can utilize your limited time more efficiently. Firstly, set aside a certain time of the day according to your daily schedule, when you can devote yourself to studying for the ACCA.
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Prioritize your tasks:
You have to juggle many important tasks throughout the day. In order to meet all your objectives prioritize your tasks on the basis of urgency and importance to you. This will help you to focus your time and energy on the most critical tasks and ensure that you make progress toward your goals.
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Minimize distractions:
Anytime you make up your mind to study if your phone starts pinging notifications, it will eventually distract you. It will be better if you can switch off your mobile phone and other digital devices in your vicinity to minimize such distractions. Also, request your friends and family politely, not to disturb you at these certain times of the day.
Challenge 2: Staying Motivated
The journey to becoming an ACCA member can be as long as four years. Thus, it is not uncommon for students to lose motivation along the way. To overcome this challenge, it is essential to stay motivated and remain focused on your goals.
The Solution:
Follow these tips to maintain your level of motivation throughout the journey:
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Set clear goals:
This will help you to stay focused and motivated and will give you a sense of accomplishment as you achieve each goal. There is nothing better than the sense of accomplishment you get when you achieve your goals. But it is vital that you remain vigilant and don’t lose your focus and motivation along the way. Hence, set clear and small achievable goals throughout your ACCA journey.
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Break down your study sessions:
The huge pile of knowledge you need to learn for the ACCA qualification can often seem impossible. You should divide your study materials into manageable chunks. As you go along each chunk it will give you a sense of progress. This will also help you to avoid feeling overwhelmed
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Find a study group:
Join a study group or find a study partner. This. You are not alone and can easily find a study partner if you look for one. Joining a study group can help you to stay motivated by leaning on your peers during challenging times. You can also benefit from the support and guidance of other students.
Challenge 3: Technical difficulties
Another common challenge faced by ACCA students is technical difficulties. This can include problems with internet connectivity, software compatibility issues, or lack of hardware. You need to be proactive and prepared before starting on this journey.
The Solution:
The following recommendations can help you overcome technical difficulties:
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Have a backup plan:
Your current hardware can anytime break down or your internet connectivity may be obstructed due to technical faults. It is always better to have a backup plan if such situations arise.
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Test your equipment:
Regularly test your devices for any hardware issues and software malfunctions. You can fix this on time and avoid technical difficulties during your study.
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Contact technical support:
This is in conjunction with the previous point. Once you have detected an issue contact technical support as soon as possible.
Also read: Computer Skills that must be known by every Commerce Student
Challenge 4: Exam pressure
Exams, especially competitive exams such as ACCA, can be a significant source of stress and anxiety for many students. There is intense personal pressure to perform well, and it is common for students to struggle with anxiety. To overcome this challenge, it is essential to develop effective exam preparation strategies.
The Solution:
Here are some tips to help you manage exam pressure:
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Develop a study plan:
You must make a comprehensive study plan that covers all the topics you need to learn. Then break it into manageable chunks and devote particular hours of your day to preparing for each exam. Thus, you can avoid cramming.
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Practice past papers:
It is recommended that you practice a lot with the previous year’s papers. This way you can familiarize yourself with the exam format and identify areas where you need to improve.
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Take care of yourself:
Taking care of your physical and mental well-being is essential. You must eat a healthy meal, exercise daily and sleep at a fixed time to keep fit.
Also know: 5 Productivity Tips for commerce students to prepare for the ACCA exam
Conclusion
The journey to becoming a qualified member of the Association of Chartered Certified Accountants (ACCA) is a challenging one. There are many obstacles that students face along the way. Follow our tips and ace your ACCA exam with ease. Just, remember to stay focused on your goals, and never give up on your dreams. With hard work and determination, you can achieve anything you set your mind to. Believe in yourself just as much as we do. Good luck!