Common Challenges Faced By Students While Studying ACCA

ACCA is a global professional accounting body that offers chartered accountant qualification and has over 2,33,000 fully qualified members and more than 5,36,000 students. It is one of the most prestigious certifications in accounting needed to build a successful career. Regardless of its popularity, many students do not have a clear idea about its challenges while studying ACCA, career prospects, and how enrolling in the ACCA course can help you excel in a career in finance and accounting.

In this blog, we discuss some of the common challenges while studying ACCA faced by students while studying ACCA and its various aspects. By the time you reach the end of the comprehensive ACCA guide, you also understand the rewards of completing the qualification. With this in mind, let's get started!

Why is ACCA Difficult?

Before we go into the details regarding the challenges of studying ACCA, let's first talk about whether ACCA is hard to study. If you are wondering about difficulty, the simple answer is that this qualification is not a simple task, and to build a career in it. The level of difficulty, however, depends on several factors.

One of the most overwhelming factors is the huge volume of information that you need to take in. In fact, you should understand each concept and subject matter and thereby put it into practice effectively. Aside from the subject complexity, other aspects, such as study load and time management issues, contribute to the overall difficulty.

What Makes ACCA Papers Challenging: Insights from Students

From the look at the pass rate of 40% to 50% displays that students find this ACCA exam tough to get through. In fact, this is specific in subjects like Advanced Audit and Assurance(AAA), which tends to have a pass rate below the overall average. Considering the percentage of passing ACCA, many of you might have questions such as what makes ACCA papers challenging. That’s why we have prepared a list of key factors involved in making ACCA papers challenging.

• The ACCA paper requires a strong sense of discipline. This means you need to stay committed to your study plan.
• Aside from the academic needs, ACCA certification requires a professional experience in order to become a fully qualified member.
• The huge volume of study materials to learn can be overwhelming to the students who are enrolled in this course.
• Many students find it difficult to manage multiple responsibilities and studies simultaneously. This could lead to failing the examinations greatly.

These are the challenges that candidates face in ACCA. As you may have noticed, these obstacles can and do vary based on the individual academic background, commitment, and access to good resources. We hope this offers you with a wide array of overall perspectives.

Common challenges faced by ACCA student

By now, you must be aware that ACCA is difficult and requires high effort to prepare for your exam papers. Not just the challenging papers but unpredictable schedules might add extra complication to their study process. Let's take a look at some of the common challenges faced by ACCA students and explore strategies to tackle them.

1. Time Management Issues for ACCA Students

If you are someone who has a problem with managing time and handling studies under work or responsibility pressure, then this again is not going to be an easy task. Even simple factors such as the length of travel time to and from the class or work can influence your time available for study. As the demand to perform well in your work increases, you might need to give up on much of your leisure time.

2. Managing the ACCA Syllabus

Another challenge that most students face is managing extensive content and the demanding nature of the ACCA syllabus. The syllabus covers key areas such as accounting, finance, management, taxation, and auditing. These comprehensive curriculums take a substantial amount of time and effort to master. Effective time management comes in handy as most individuals have a hard time striking a balance between work, study, and family responsibilities.

3. Handling ACCA Financial Pressures

Here, another challenge that students come across is the price tags associated with receiving the global qualification. The key aspects that require costs to pursue the ACCA exams include but are not limited to registration costs, study materials, and ACCA course fees in Nepal. These pose a financial burden, particularly for the students who are self-financing. For managing the investment, it is ideal to make a study plan and a budget, ensuring they align with each other from the start to the finish of the course. Also, you can divide the cost into manageable amounts and spread it over time to reduce any financial burden associated with each test cycle.

4. Dealing With Exam Stress and Anxiety

One of the major challenges common in the students studying ACCA comes with the investment of time, effort, and resources to prepare for the exams, in an already heightened stress associated with the exams. The high-stakes nature of the ACCA exams further elevates this level of stress, as one wrong move could lead to unwilling consequences. In such a scenario, the necessity to succeed in each examination results in anxiety, which could turn into self-defeating.

In order to not feel overwhelming anxiety, it is a fair idea to be on schedule and plan out consistent reviews with tests under the timed conditions. Further, take your time to learn about a wide range of stress reduction methods that work for you, including mindfulness and breathing. Maintaining balance helps you pass each exam.

5. Keeping Up With Changes in the Accounting Industry

Besides the stress of passing each exam, the field of accounting is dynamic with the constant changes in legislation, guidelines, and industry standards. These become challenging and demanding for ACCA students to keep pace with and pursue their studies simultaneously. Keep yourself updated with the latest happenings about accounting through the news portal. To do this, you can take advantage of valuable updates and tools from ACCA that help you stay at the top of the curriculum changes and professional advancement. It is advisable that you set a habit of regularly reading industry publications and attending workshops to be up to date in your field.

6. Gaining Practical Experience During ACCA

While some students are successful in securing internships in a good audit firm and gaining practical experience, they are, in general, placed in lower positions. This could be a setback as they just entered into the accountancy profession. Overall, the competitive atmosphere and high level of expectation in those firms can be overwhelming as they might not fully learn the trick of the trade.

7. Staying Motivated Through the ACCA Journey

ACCA is a long and hectic process that needs patience and persistence for progress. Thus, it is not surprising that individuals get demotivated in the middle, particularly after facing any failure in the exams. The unforeseeable problem along the way contributes to losing enthusiasm and causes the feeling of wanting to give up.

The best thing to do to stay motivated here is to put in place the achievable milestones for both long-term and short-term goals. Individuals find it beneficial to acknowledge any steps forward, even if it's small. Further, communicating with fellow ACCA students can help boost your "morale and enthusiasm". It is also a good idea to remind yourself why you wanted to do ACCA qualification in the first place.

8. Adapting to Different Learning Methods

The options of learning methods range from online tutorials to traditional classrooms offered by ACCA. With an array of techniques to choose from, most students find it overwhelming and face challenges to select the approach that meets their individual needs.

What you need to do here is investigate several options till you come across the best fitting that works for you. By doing this, you can create a personalized study plan. You may prefer going to the classroom for one exam while self-learning for the other. This, in turn, allows you flexibility and balance between your studies and responsibilities.

9. Career Placement

As you continue to explore the challenges while studying ACCA, you know that audit business favors ICAN students over ACCA students, which makes it very challenging to secure employment. Further, ACCA students often face pay disparities, typically earning lower than their ICAN counterparts. However, a fully qualified ACCA member is highly valued by employers worldwide, which leads to better job prospects and employment advancement.

Rewards of completing Acca

After learning about the challenges, the reasons for difficulty and what makes ACCA exams so difficult, let's talk about the rewards of completing ACCA. Now, there are many benefits to studying this course, such as they offer a pathway for global opportunities in accounting and finances. Some of the key rewards for completing the ACCA course include.

1. Global Credibility

The international recognition is one of the many reasons why this course is worth the effort for enrolling in the ACCA. This qualification opens the door to opportunities and prospects in 181 countries all over the world. ACCA in Nepal eligibility is low enough for any candidates interested in this course. The curriculum emphasizes international accounting standards that prepare you for global financial roles.

2. Study Methods

By now you are familiar with the major areas where you can pursue after you become an ACCA professional, ranging from auditing and assurance service. This course allows for flexible study options and exam scheduling, accommodating a variety of learning styles and schedules. The study methods are designed to focus on ethical practice and personal integrity, which are essential for maintaining high standards in the finance profession.

3. Diverse Career Opportunities

After you complete ACCA, this certification provides several opportunities in a wide range of career paths in finance, management, and accounting across different industries. As multinational companies are on the rise, you can also find plenty of ACCA jobs in Nepal for professionals.

Further, you cannot only work as an audit associate, tax consultant, or forensic accountant, but you can also open your own accounting firm or business consultant. Thus, you can offer services to small businesses, individuals, or overseas. Some of the careers include finance manager, internal audit manager, and senior accountant.

4. Pay After Completing ACCA

Although meeting the qualification is important, it doesn't automatically ensure higher pay, but rather, it is a stepping stone for personal and professional development. As you reach the career milestone, your salary increases. ACCA job salaries in Nepal differ depending on which type of industry you are working in and your years of experience. The students pursuing ACCA can earn an average remuneration of NPR 10,000 per month during an internship period. Although we cannot provide you with a specific salary, we can provide you with a rough estimation. After clearing all the said papers, the entry-level can expect a monthly salary ranging from NPR 15,000 to NPR 30,000, based on the employer. With skills and experience and a mid-level position, you can earn between NPR 50,000 to NPR 1,00,000 per month.

Conclusion

The Association of Chartered Certified Accountants, ACCA for short, is a highly respected global professional body that offers you a chartered accountant qualification. As you navigate through the route to success, you might face many challenges. These challenges range from the comprehensive syllabus, time commitment, and the pressure of the examination itself. However, with the right mindset, preparation, support, and resources, the passing of ACCA is feasible.

This blog discussed many challenges that ACCA students face during their journey, along with its rewarding options for career paths and future growth. We hope you find this helpful. If you seek further insight into the various aspects of ACCA, do check out some of our other blogs. If you plan to study ACCA, we highly recommend you register with the learning partner, Seekshya Academy, the best ACCA college in Nepal.

FAQ Common Challenges While Studying ACCA Faced By Students

1. What makes ACCA difficult?

Completing ACCA can be difficult as you require a strong understanding of technical finance and accounting knowledge. The pressure to complete the huge volume of the question within the tight deadline. This is particularly challenging for individuals who find it difficult to manage their time effectively.

2. What are the challenges of accounting students?

The challenges of accounting students who are pursuing the ACCA course are as follows.

Managing the work, studies, and responsibility. The stress of the exam can be overwhelming, as students face the daunting task of performing well on multiple tests. Advanced financial management and strategic business reporting demand a high level of experience.

3. Which is the hardest subject of ACCA?

The hardest subjects typically vary depending on your background, preparation and strength. Regardless, we have listed some subjects that are considered to be the hardest.

• Strategic Professional Exam
• Strategic Business Exam
• Advanced Audit and Assurance
• Advanced Financial Management
• Advanced Performance Management
• What is the easiest subject in ACCA?

The easiest subject based on the statistics collected from students and multiple educational institutions, F1(Accountant in Business) is considered the easiest subject in ACCA. However, the difficulty of the subject can and does vary depending on your background, strength, areas of interest in finance and accounting, and past experience.

4. What is the salary of ACCA in Nepal?

The salary of ACCA in Nepal depends on your background, location, and level of experience. On average, the salary of qualified ACCA professionals can earn anywhere from NPR 5,00,000 to NPR 15,00,000 per year.

5. Which institute is best for ACCA in Nepal?

Seekshya Academy is the best institute for ACCA in Nepal. Established with the goal to create a brand, and offer quality education for ACCA. They are committed to professional development and remain true to their mission. Seekshya Academy provides expert guidance to enhance your performance.