It has been a while since I started my journey as a Chartered Accountant, but I vividly remember the feeling of excitement, anticipation and apprehension all wrapped up together.
Whether you’re starting a new job, moving to a new town or city, or beginning a professional accountancy qualification, it can feel like a lot of change in a short space of time.
The journey ahead will be exciting and challenging. It will require dedication, discipline and a realistic approach to your studies. One of the most important ingredients for success is starting your study early.
Rethink the way you study
Chartered Accountancy exams are unlike any you have done before. In college and university, assessments and exams test your knowledge of a particular topic or subject. Even if you had a surface-level knowledge of the topic or subject, you still may have done well.
Professional accountancy exams are designed not only to test your knowledge but to assess your ability to apply that knowledge in real-world scenarios. Having a surface-level knowledge of a topic will not suffice; these exams require you to have a deep understanding of subjects and scenarios presented to you.
If you think you study best by cramming, it is time to rethink your study strategy. Early preparation is essential for exam success. Engaging in spaced-out learning rather than cramming will build strong foundations of knowledge as well as reduce stress and academic burnout.
Building the foundations
By starting your study early, you give yourself time to build a strong foundation in each subject, allowing you to approach the more complex topics with confidence. It will also give you time to revisit topics on numerous occasions, which will help reinforce your learning. Our brains love repetition.
Looking at a topic once or twice will not result in deep learning. This requires you to continuously repeat and reinforce what you have learned.
When you have that deep understanding, you can apply your knowledge to any scenario. That is what is required for these exams.
Reducing stress and overwhelm
Trying to cover vast amounts of material in a short time can be overwhelming. By starting your study early, you can reduce stress significantly.
Advance preparation gives you time to address any difficulties early on as opposed to waiting for a few weeks before the exams when your stress levels will be elevated.
Optimising exam results
Beginning early gives you time to practise exam-style questions, make lots of mistakes and use the lessons from your mistakes to refine your study approach.
Tips for starting early
Establish a realistic routine
There will be a lot to navigate as you embark on your new career path. You will be working busy jobs, attending lectures and studying as well as maintaining personal commitments. When you are setting out your study plan, the key is to be realistic.
Every week commit to drawing up a loose plan for the week ahead. Consider your work and personal commitments as well as the lectures you need to cover. Within that plan, see where you can fit in a few hours of study. Even if you only get an hour of study done a week, all these hours will add up in the long term.
Set learning goals
For each study session, set learning goals as opposed to outcome goals.
An example of an outcome goal is: “I will review two webinars and read two chapters of the manual”.
Instead of doing this, focus on what you want to retain during your study.
An example of a learning goal is: “Today, I want to understand the double entry book-keeping entries for depreciation”.
By focusing on learning goals, you will get a good appreciation of what you know and what you need to focus on going forward.
Stay organised
Keep your study materials, notes and resources well-organised. This will save you time and make it easier to find the information you need when you need it.
Prioritise your wellbeing
Your physical and mental wellbeing is the cornerstone to success. Get plenty of rest, eat well and make time for exercise and relaxation. Rest and recovery fuel productivity.
Strategy for success
Starting your study early is one of the most effective strategies for ensuring success in your professional accountancy exams. It allows you to build strong foundations, reduce stress and ultimately optimise your exam results.