Maiki Lynch: Hey, there, I'm Maiki Lynch and I'm an accountant. And in this series from ACCA, I'm sitting down with some other accountants and people who work in finance to lift the lid on some of the common myths you might have fallen for about this awesome career path. This time, we're looking at the process of actually getting that accountancy qualification. Getting a qualification like ACCA can take several years, requires quite a bit of studying, and can cost a bit of money too. It's a commitment. Is the training really hard? Are there good resources to pass the accountancy exams or do you have to go it alone? And are there benefits to getting through the tests even if you've started working already? Let's find out. This is By All Accounts. Now, this is a subject I happen to know quite a lot about. Although I have an accountancy qualification, I've spent the past 10 years educating those looking to acquire one. So I found two people who currently work in accounting and finance alongside studying for their accountancy qualification, to ask them, is the training worth it? First up, Ravi Tanna. Hello.
Ravi Tanna: Hi, nice to meet you.
Maiki Lynch: And Xhulja Duka, welcome.
Xhulja Duka: Nice to meet you.
Maiki Lynch: Ravi, I'm going to come to you first and ask, how's the studying going?
Ravi Tanna: It's very stressful, to be honest. I started ACCA about 10 years ago, and I just couldn't get back into it. Mentally, I just couldn't do it. And then I decided just to work my way up, like qualified by experience, and that's what I've been doing for the last 10 years. And the latest role, I mean, it's for a qualified accountant, but everyone around me is qualified and I just feel like it's a piece of me that's missing. So I've went back into it last year and started again, ACCA.
Maiki Lynch: Wow, that's quite a journey.
Ravi Tanna: Yeah, yeah. It's a journey.
Maiki Lynch: And when you're saying 49, what's the pass mark?
Ravi Tanna: That's 50.
Maiki Lynch: Ooh, so only one, one mark to go.
Ravi Tanna: Yeah, and I felt like I put so many hours into it and I just felt like this is not for me now. And then, I think, so my confidence was knocked big time and then I decided to give it up. I thought I'd just focus on working my way up in a company, and that's what I did basically. Yeah.
Maiki Lynch: Can I ask, what made you come back? What made you start again?
Ravi Tanna: I always felt like it was like a piece of me that was missing. I feel like if I'm working in an accountancy role, I just feel like it's something I need to do. So I thought I'm going to give it one more shot. And I started last year and I found a provider that I felt they were really good, and I started passing the exams again. And then my confidence kind of built up. But the first result I was waiting for last year when I went back into it was nerve- wracking. Those three months, four months were the worst. Even when I passed, I didn't open my results up for two days and my tutor contacted me, saying, " What did you get?" I said, " I'm not going to open my results up." But I was on holiday and I opened it up there and then I passed it and I couldn't believe it, honestly, I couldn't believe it.
Maiki Lynch: How did it feel?
Ravi Tanna: I felt like I won the lottery. Because I think you put so much effort into it and so many hours and you sacrifice your social life and it affects everything, your day- to- day. So I felt like, for me, it meant a lot to me. And especially going back into it after 10 years, I just felt like all I keep saying to everyone is, " I'm studying, I'm studying." So it was worth the sacrifice I made, and then I just slowly got back into it and started doing the exams again.
Maiki Lynch: That's fantastic. And how many have you got to go?
Ravi Tanna: So I've got five more now.
Maiki Lynch: Five more to go? Okay.
Ravi Tanna: Yeah, yeah. So I did the financial management exam and I failed that in the summer because I had year- end, so it's a combination of both. And then I just stopped it again. I went and did it again in December, so I'm waiting for my results next week.
Maiki Lynch: It's only a few days out.
Ravi Tanna: It's a few days out, yeah, yeah.
Maiki Lynch: We're just waiting for results at the moment, so we're a few days-
Ravi Tanna: Yeah. We are, yeah. Next Monday, right? So yeah, yeah.
Maiki Lynch: ... a few days until they come out. And you touched on that you were focusing on getting qualified by experience. Where are you working at the moment and what do you do?
Ravi Tanna: I work for ERM and they're based in Liverpool Street in London and they're an environmental consultancy, so they're backed by private equity. I'm doing a group accountant role there now. Yeah, so I love the role of ... The team are amazing and they're very supportive. And I think where you're working as well is really important, if they understand your studies and if they give you that sort of understanding, I think you can actually get your exams.
Maiki Lynch: And, Xhulja, if we can come to you, what do you do? Where do you work? Can you tell us a little bit about your job?
Xhulja Duka: Of course. At the moment I'm working as a financial analyst associate at Nomad Foods. It's a really great job. It gives you opportunities to grow, especially if you've got the ACCA title, which I'm working towards on.
It's a very nice environment. It's a big company with many opportunities to socialize, but also to grow and to travel as well because we are currently collaborating with Germany, their finance department is moving to London. So I found myself there in this amazing team and I'm currently very happy with my job.
Maiki Lynch: That's fantastic. And can we ask, where are you in your studies at the moment?
Xhulja Duka: Basically I'm done with a practical practice of ACCA because I started ... Since I started uni, to be honest, I started my journey with ACCA, as well at the same time I was working. I looked for an internship. And as soon as I said, " I'm working towards ACCA," they said, " Okay, good. There's an ambitious girl and who has work ethic," of course, because that's what ACCA gives you basically. It makes you more reliable and more professional people, which is very important in the financial career. You are dealing with money, you are dealing with different assets. So it's really important for people to trust your ethics and professionalism.
So that's when I started. Now I have only two exams left so I can reach to the next stage of my career and become a full analyst. And they assist, what ACCA does basically helps you grow.
Maiki Lynch: That's a fantastic answer. So you've only got two exams left to do?
Xhulja Duka: Yeah.
Maiki Lynch: So you've passed many exams so far. What does it feel like to pass when you've opened that email or that text message that gives you your mark, your passing mark?
Xhulja Duka: It's the greatest satisfaction to see your achievements become true, your dreams become true in a way. You feel properly that all this investment that you've put on all this time, everything that you had to invest, it gives you a reward, it has a light in the end of the tunnel.
Maiki Lynch: And could you go over a little bit about what investment there is? As in, are we talking time, work? What goes into taking the exams and what has that looked like for you?
Xhulja Duka: Obviously it requires a lot of time management. So basically you need to sacrifice a lot of time, do a lot of reading of course, and be very well- prepared. For me, it was a sacrifice that those hours I could be working but I was instead studying.
And in the end of the day, as far as I can see progressing through my career, all these hours that I invested in studying, that I didn't go to work or do socializing or do something else, take a trip for myself or just be on my own time, basically it has its rewards because it helps you grow and in the future it helps you earn more money and be in another position for yourself. Be more independent, be more proud of yourself, be more professional.
Maiki Lynch: And have you found other people as part of a student community? Is there a community of those who are studying?
Xhulja Duka: There is a large community, actually people in finance, or our people, aim towards the ACCA because it is an internationally recognized title, of course. But I actually found my study buddy in my friend at uni, she was an ambitious girl, all 70% plus. So we joined together and we are currently studying towards ACCA so we can have it in our pocket, let's say.
Maiki Lynch: That's lovely. That's really lovely. What's been hard? Has there been any bumps in the road in your journey through the qualification?
Xhulja Duka: Of course, because life happens when we are busy doing other things. Like family time that required my attention, lots of travel because of work, university studies as well at the same time. So I was doing three jobs and ACCA, at the same time uni.
Maiki Lynch: Three jobs?
Xhulja Duka: Yes.
Maiki Lynch: Wow.
Xhulja Duka: So time management is a quality that was a must for me. But still even with three jobs and life happening on the other side in uni, I'm telling you, you can still do ACCA and still excel on it.
Maiki Lynch: I think that's a really inspiring message to hold down three roles and still be continuing with your studies, with that goal of getting to the end. That's really lovely to hear.
Ravi, I want to come back to you. How do you think your job will change when you've completed your exams? You've got five to go.
Ravi Tanna: I just think when I finish the exams, I think think my job will still stay the same, but there'll be opportunity to be promoted in the company, maybe more management positions. Or if I want to leave, say, in say five or 10 years, there'll be other opportunities worldwide. Because ACCA is recognized worldwide, so it's good a qualification to have. You can go and work abroad, which is something that will ... And we have offices all around the world as well, so we can even maybe move between those offices.
Maiki Lynch: What have you enjoyed about the process so far? I know that your journey, you've started, you stopped, you've gone back. And now we are at the point where we've got lots of passes under our belts. You've got five more exams to go. What have you enjoyed about the process so far?
Ravi Tanna: I like how when you're practicing the studying and revising and you feel that you're getting the answers right, I just feel like you feel that you're achieving something. I think it's like a self- confidence thing. So I definitely feel that after passing these exams and studying for the exams, it definitely helps the self- confidence.
And then that kind of mirrors into your work as well because you can apply a lot of the skills, the discipline, and the learning that you learn through ACCA into your day- to- day work. You don't realize it, but subconsciously it does improve your work standards and yeah, sort of self-confidence.
Maiki Lynch: And have you found a student community, is there someone that you are studying with or a group that you've worked with?
Ravi Tanna: I use FME Learning. They're like a learning provider. And each time we do a subject, the tutor creates a WhatsApp group. For three months you'll be in contact with everyone that's studying in that period. So there'll be a lot of questions going back and forth about any queries they have on an exam question to the tutor, and they've always answered it straight away. So there is a kind of community every three months, or whenever you do the exams, with this learning provider.
Maiki Lynch: That's fantastic.
Ravi Tanna: Yeah, it's really good. Yeah.
Maiki Lynch: What's been difficult about progressing through your studies?
Ravi Tanna: To be honest, I feel like it's making time for yourself as well and your friends and your partner, family. And that's what I find the most hard because sometimes when you work in a job Monday to Friday, you might work until, say, eight o'clock sometimes or seven o'clock, and then the weekend is the only time you get to relax and wind down. And if you have to go straight into your studies on a Saturday morning or a Friday evening and you have to sacrifice saying no to people, not going on holidays, missing out on just having great times with your friends or your partner, I feel that's what's been the most difficult, just balancing everything in terms of saying no to people and just keeping your head on the studying game. Honestly, that's what I've done.
Maiki Lynch: On the prize.
Ravi Tanna: On the prize, yeah. And I took the time out and I managed to go and see a lot of places around the world. I, say, do scuba diving, practice my hobbies, but I can't do that right now. Now I have to say, " Look, you know what, I can't go away right now. I need to just focus." And that's what I have to sacrifice. That's the hardest thing.
Maiki Lynch: Is there something that you'll reward yourself with when you do qualify?
Ravi Tanna: I would like to travel, maybe just go away for three months. I don't know if my employer will allow it to me, but I'd love to just go to Philippines, Bali, Southeast Asia. I just want to go away, I just want to travel. I think that's the best thing, honestly-
Xhulja Duka: Disappear.
Ravi Tanna: And disappear and switch off. And honestly, I would like to do it by myself as well now because I feel like-
Maiki Lynch: Okay.
Ravi Tanna: Yeah, because I just imagine myself just sitting on a beaches. Because even when you go on holiday and you know have to come back to studying, I mean, work is work, but when you have to come back to studying, it's a big shock to the system to get back into it. I think it takes me about two to three weeks to actually sit there on a desk on a Saturday and say, " Look, just focus on that one thing." And not look at my phone, not watch TV, or not go out or anything like that.
So it'd be nice just to go away and just completely switch off and not have to think about sitting on a desk for three months or something like that on the weekends.
Maiki Lynch: You're not going to take some ACCA notes, just light reading on the beach?
Ravi Tanna: Whenever I've done that, I always say I would do that. And then when I take it, I never look at them. So I always feel like just maybe just leave the notes back home and then just ... Yeah.
Maiki Lynch: Would you do anything differently?
Ravi Tanna: If I could go back now, say 10 years, I think I would've finished my ... If you can do that, I would feel that just don't even work if you can and just maybe just do the exams for a year or two years and just focus on your exams. Because obviously, if you have the opportunity not to have to ... Living at home or whatever, I'd just say, you just do your exams for two years, like a university degree, and just treat it like that, and then go into the work world. Because I think work's always there for you if you're studying or something like that, but in terms of exams, you need to give your time to that.
So I would say I would've completed it, say, 10 years ago and just focused on my studies, and not focused on looking for a job or working. Something like that.
Maiki Lynch: I think there are many different ways of gaining your qualification. Obviously studying full- time is definitely one of them. But then I guess you're missing out on the experience that you are gaining in the workplace-
Ravi Tanna: True, true.
Maiki Lynch: ... that kind of solidifies what you are learning in the classroom, whether that's in- person or online.
Xhulja, would you change anything? Would you do anything differently if you could go back to the start of your studies?
Xhulja Duka: To be honest, I was fully invested since I started the journey with ACCA and I wouldn't have done anything differently, even though it cost me a lot, like social life and everything. But I can say with a full voice, let's say, it was worth it in the end. So everything was worth it, all the time and ... Yeah.
Maiki Lynch: That's lovely. What resources have you found helpful to you? You're so far through your studies, you're almost at the end. And I hope you'll stay in touch and you'll let us know when the end has arrived and you've got no more studies left to do, but what resources have you found helpful?
Xhulja Duka: There are all sorts of resources. Like online, you have everything you need. But what I use actually is the Kaplan books and the ACCA resources to do different mock tests, which are very, very helpful. You test yourself before you go to the actual exam, so you have the opportunity to see where you stand and how far you need to go. It's a clear mirror.
So I would suggest to all of the students to actually firstly to start with a mock test, see where you are, then study through the ACCA materials, Kaplan books. Everything you need is there. And if you find boring, like reading a book, you are not the bookish type, there are so many videos on YouTube, which are very helpful.
Maiki Lynch: Thank you. I think that's great advice. And that's something that we also advise at ACCA, practice is key. Practice, practice, practice, in terms of question practice for your exam. Have any of the exams or study helped specifically in your work so far?
Xhulja Duka: Yes, absolutely. In the beginning when I started the ACCA, it was taxation. Actually helped me a lot because I was working before in an accountancy office, so obviously it helped me through the self- assessment, different taxes for different business. And then it was strategic business leader, which I actually just did in December. Still waiting for the results next week.
Maiki Lynch: We'll keep our fingers crossed.
Xhulja Duka: Yes, please. And it helped me through the financial journey to understand better the corporation world and how it works. So definitely, as you previously said, is very important to get in touch with the reality from studying ACCA, you are in touch with the reality as well, it helps.
Maiki Lynch: And as you're so close to the end of your studies, what are your hopes for when you finish?
Xhulja Duka: When I finish I will start another title with ACCA. That's the beauty of the ACCA title, it gives you basically the basis to reach for the stars in a way because there are titles which I've been researching on actually, international audit because it's not just finance and accounting, it's the auditing as well. And there are so many career opportunities out there, like international opportunities. So just put a finger on the globe and you can be there with ACCA.
Maiki Lynch: What an inspirational message there. But I do understand where you are coming from, it is an internationally recognized qualification, and accounting and finance, there's so many career paths open to you, specifically once you have qualified. Xhulja, can you tell me if there have been any rewarding aspects about studying for the qualification?
Xhulja Duka: Of course. My teacher obviously knew that I was studying towards ACCA, so she selected me as one of the students to make it to this international competition for the UK. And basically we submitted our application and I was selected the Accountancy Graduate of the Year by the PQ Magazine because-
Maiki Lynch: That's amazing. That's really amazing. You got your trophy, did you get to keep it?
Xhulja Duka: Yes, I got to give it. I have it at home.
Maiki Lynch: That's really fantastic. I'm very impressed.
Xhulja Duka: Thank you.
Maiki Lynch: I'd like to return to you, Ravi. Is the training worth it?
Ravi Tanna: I think it is, yeah. I think it definitely is. In terms of, like Xhulja was saying, there's a, module financial reporting, and I find that really helpful in my work because of looking at balance sheets, financial statements, cashflow statements, that worked hand in hand. So what you're studying, the study actually is very detailed, but overall what you're learning can be applied in your day- to- day work. So I think it is worth it 100%. Yeah.
Maiki Lynch: Have you done strategic business reporting just yet?
Ravi Tanna: Not yet, no.
Maiki Lynch: You're going to love it.
Ravi Tanna: Okay.
Maiki Lynch: It's going to be great. Xhulja, I want to come to you. Is the training worth it in your opinion?
Xhulja Duka: It's definitely worth it. As Ravi previously said, it's day- to- day life. It applies day- to- day life because in the end that's what you need, something that's going to be applied in reality. We are more and more going into a practical world who teaches exactly what you need to do, and that's what ACCA does.
Maiki Lynch: And lastly, if you were to give some advice to someone listening at home who's considering accounting and finance as their career path, what advice would you give them?
Xhulja Duka: Please do, first of all. But what amazes me about the world of finance is that you don't get just stuck there. It just opens the door to so many other opportunities. So basically, if you've chosen finance, you just chose to open the door to many opportunities for yourself. So please do.
Maiki Lynch: And, Ravi, same to you. If you could give some advice to someone at home who's considering this career path, what would you say to them?
Ravi Tanna: Yeah, like Xhulja said, finance and accounting has so many different areas. You've got FP& A, you've got audit, you've got tax. There's so many areas you can look into. And ACCA does actually cover every single area as well, which is great. So you might pick something up when you're studying and you will enjoy that area, say tax, and you can actually apply for that job in the future when you've qualified.
But if you are looking to do ACCA, I would say exam practice. If you're doing these exams, ACCA provides a website that provides you with many examples of exam questions. I would say just be prepared to just practice as many questions as you can so when you walk into the exam, you feel more confident and ready. It's not just about the knowledge, it's all about the confidence. I think 50% of the exams are confidence as well. And if you practice those exams that ACCA provide on their website, I think it really helps you to build on that confidence and walk into the exam, be able to get the pass.
Maiki Lynch: Thank you so much.
So that's it from this episode of By All Accounts. Thank you Xhulja and Ravi for joining me today. For a link to watch the video version of this podcast, check out the show notes. With skills in accountancy and finance you can work in any business anywhere, and turn your passion into an exciting and rewarding career with an ACCA qualification. You can sign up to find out more by heading to accaglobal.com/ beyouanywhere. That link is also in the show notes. See you next time. I'm Maiki Lynch, and this is By All Accounts.
