AIBU to not do my final chartered accountany exam?

[butcanicount]

NC for this but I am a regular poster.

Basically I have 1 final chartered accountancy exam to do in order to be fully qualified but I haven't done it. List of excuses coming:

Final year in 2017 I passed all exams bar one which I failed by 2% - had it rechecked no go

2018 - mum was in ICU I was told to 'prepare' myself. I didn't do the exam

2019 - I was in a MH hospital for 3 months

2020 - with covid they put the exams online, I tried to get extra support due to dyslexia, they couldn't do anything because I can't find my official diagnosis

2021 - twice more in MH hospital approx 4 months total, had 3 miscarriages also

2022 - had a baby

2023 - thinking maybe I should try do the exam again.

My work place, everywhere I have worked since finishing my training time have employed me as an accountant. Positions are advertised and paid as fully qualified accountants. But I have never lied, they know I am 1 exam off, but that I have done my 'time'. So it hasn't has any impact on my career, I work in industry not practice and with how my MH is I have no desire to ever be the top of the ladder, I am on a 'nice wage' and happy. But every so often I think I should try again to qualify. I don't even know if they would let me re-sit at this point. DH is worried that the stress would be too much for me. Also we are hoping to have another baby next year

YABU - do the last exam
YANBU - It's not affecting anything do not do the exam.

Or you will at least worry it will.

Just get it done

I completed the ACA qualification but a fair few years ago now - is it the case study paper you have left? I think you should give it a go to future proof your career prospects but only you can judge the level of support you would have / how the extra study time may affect you and your mental health.

I feel like you're SO close and in many ways the other two advanced papers were more study intensive and case study was a bit wider and less technical if I remember rightly. You've been through so much and I wish you all the best!

You don’t pay £500 fees every year (or ask you employer to do that).

You aren’t required to do continuing education every year (or your employer required to provide it).

You aren’t subject to regulation and disciplinary rules.

I’d say you are better off without.

Downside:
If you ever take several years out, you may find you need it to get back in, unless your contacts will rehire you.

Only you can decide! Good luck … and talk is through the thought process

@Frabbits if OP hadn’t started the qualification then yes, it would be a similar principle if she felt her career was already where she wanted it, vs having to do 3 years of hard graft. She’s asking about one exam - a couple of months work. I don’t agree it’s the same at all, especially when she’s in that field and can use the qualification. I’m an accountant, and it does make a salary difference, and places do ask for qualified accountants for specific roles. So when looking for a tile she’s experienced in already, she can also apply for fully qualified roles too.

I believe degrees are useful when you’re actually going into that particular field, or you just be degree educated for a type of role you want. The waste is doing them at 18 for the sake of it, with no real need for them and no real direction in life. I find that’s a waste of time and money.

https://www.icaew.com/for-current-aca-students/aca-training-faqs/aca-rules-and-regulations-faqs

Looks like your exams don't expire as long d your training file is done.

wow - with ACCA you have to pass each level within a time frame (or you did when I qualified!)

Is it worth looking at ACCA or CIMA and seeing what credits your chartered exam passes will get you?

I'm FCA working in practice in advisory. Going for partner. 23 years experience Inc big 4 for half of that, now big 5!!

It's such a waste of all your earlier efforts not to finish. If you tried now, could you weasel your way into just sitting one exam rather than losing the qualification forever.

If you ever need to change job you are doing yourself down quite badly. I mean you'll be a gift to future employers because you can do the job but you won't have the qualification and PQE that they will have to pay you for.

IME experienced accountants get quite a lot of money and you don't have to have a high stress job.

What are you on now?

My friend is ACCA and runs her own small practice. She employs clerks/bookmakers who do all the grunt work, know how to prepare accounts, they don't get paid much because they are not very qualified. Might be AAT. She and I were discussing what a shame it was for some of them that by lack of opportunity and unfortunate circumstances they end up doing the work but for much less money. Don't let this be you.

@Papillon23 Thank you for linking that, I didn't want to say (trying to be vague, although if anyone knows me that time line is incredibly outing anyway!) but I'm in N. Ireland not England.

I have passed the two core exams which were incredibly tough, I failed the elective.

I have done my 'time' and have my diary fully signed and have it saved in several places and have it printed!

@ZenNudist what sort of salary are you talking about? Since finished my training contract big best salary I have been on was 55k for a short term contract. I was doing the payroll, I know that's what their regular accountant was on. I also had a FT job at 35k, that was what the previous accountant had earned, but over all it was a crap place to work.

I am currently on 27k, but I only work 3 days a week so would be 45k FT. My sister who is ACCA and qualified 7ish years is on the exact same salary. Only diff is she is the sole accountant where she works, I am working with a FD.

We do not live in a big city and have no intention of doing so.

I’m an FCA in NI working in industry. First decade odd of my career the qualification mattered. After that it was about my experience. So I voted don’t do it. I think where you are in your life what it will add will be less than the cost. I think it would be worth checking out if it’s still only 1 exam and when that will change (info junkie). But I’d shelve it.

@Dogman thanks for the input, what's info junkie? I filled out a form to get all my official results posted to me so I will have those anyway in case I do decide to go for something in future.

I really like the look of that CFAB cert. I have sent an email about getting one of those. In fairness I'm not even sure where my uni degree is and I've never been asked for it. I have 10 years experience as an accountant now and I think I am probably at the hight of where I want to be for now. The FDs salary does look very nice but she works a LOT harder than I do

Have you completed all the other aspects of your training agreement -PWE days, ethics exam, skills ladders etc., and so it really is just the last exam?

Exams aren’t time barred, but the training agreement stage is capped.

Im definately getting the impression that you will always "bottle it" in the nicest possible way. Even in your OP you are making the excuse of "hoping to have another baby"

I think the final exam is the synoptic paper. I think if you don't try it will always be there in your mind. Plus you might need it for promotion later on.

I agree but as well as in your mind it will always be there every time you try and change jobs and you have to talk about it or try not to talk about it and it brings it all back up.

Whereas "qualified 2024" on your cv will just be a statement and accepted.

I am afraid I'd bottle it again. I passed year 1, 2 and most of 3. I passed the FAE Core, which is two papers which are both case studies which containing all aspects of accountancy, tax, audit, MA, FA, ethics, management etc all in the one paper.

You also needed to pick an elective. I choose advanced performance management. That's the paper I failed. So I passed the 'hard' ones.

I don't think passing will really have an impact on my career right now. In fact I will have to ask my boss if our company will pay for me, because I really can't afford admission or the annual fee.

I used to thrive on stress, competition, 'high achieving' now it makes me actually feel sick thinking about doing another exam. BUT it is clearly still lurking there and annoying me.

I have had 4 jobs since leaving my training firm, I have all my time completed and signed off.

I haven't even had to give any reasons they haven't cared. What I would say if I changed job would be 'I passed the core and planned to retake the elective. Life got in the way, then with covid I haven't got around to it'

I will hopefully hear something back from chartered house on Monday. They don't have a great website for seeing what my options are (if I have any)

I think YABU, it may well be a big advantage to have it in future. There is also something about completing a qualification which might be good for your self esteem. How great would it feel to have it all behind you and never have to explain your part-qualified status again!

My suggestions would be:

Go to a dyslexia assessor and get your certification renewed, so that you can get the exam adjustments.

Get some tuition, whether that is privately or via a tuition centre.

Apply everything you can read about exam technique.

Ask your employer for some study leave.

Hope that helps.

I am going be very blunt and I will probably sound snobby however this is just my view.

I am an FD/ACA with years of experience. I wouldn't consider you for a role on my team. I would ask myself why you didn't pass that final exam. Was it lack of application or lack of ability. There's a reason the exams are difficult, not everyone can pass them. There's a reason for that and I think it's what sets qualified and non qualified accountants apart.

Your salary and career change opportunities will be limited.

I also disagree with anyone calling themselves an accountant when they haven't passed all the professional exams. I know it's not illegal but I think it's misleading.

I am only giving you a professional opinion and not taking into account your own personal reasons. Best wishes whatever you decide.

@butcanicount I’m confused. You said in a post yesterday that you’re with ACA (ICAEW) and were talking about asking about CFAB, which you get for completing certificate level of ACA.

But now you’re saying you failed advanced performance management, which is an ACCA exam?…

Which one have you been taking? I doubt you’ll get CFAB certificate if you’ve been taking ACCA.

Honestly if you can possibly face it really do try to get that last paper passed. You are so close and you will regret it if you ever want to change jobs, which is highly likely during your working life no matter how settled you feel now. Having that full qualification and membership of ICAEW ( or ICAS or ICAI depending on where you are in the UK) really does open doors that are not available to part qualified.

I've been qualified 33 years now and being full ACA ( now FCA) has been a prerequisite for a lot of the jobs I have done and has been an immediate advantage in all my job searches. It's a quick way to identify people of high academic ability in a crowded job market where they don't know you and your abilities and experience.

Good luck

indeed if this is ACCA i think the differences between qualified or not are very different to ACA where being qualified is more important and its rare to not finish that (and still be in the industry)

acca seems to have a 7 year rule for final exams from first to last one. So it seems like do it now (or 2024) or have to do the 2017 ones again.

https://www.accaglobal.com/gb/en/student/getting-started/rules-and-regulations-for-students/time-limits.html

It’s so useful to be fully qualified. Get the information from your institute. It’s clear you’ve had a rough time in the past few years, but it would be a shame not to lock this down if at all possible……

@Zenwey I am with Chartered Accountancy Ireland. ICAI. The elective I did isn't actually an option anymore, so I'd have to pick a new one.

I haven't made is passed 'screening' stage in some places because of not being qualified which is a set back but really hasn't impacted my career much. - It will be an outright questions before submitting the CV and I don't lie.

I think if I do it, it will be for closure for me. I have emailed my institution to see what they say. But if I have to re-do all of the final year exams I just can't right now. That's why I thought that CFAB looked good, I have also sent in the form to get all my official results printed/ posted to me so I have some form of proof in my hand I have done what I've done

I mostly forget about it until something pings it up in am my memory.

@OnGoldenPond I am only 33 so very likely to change jobs many times between now and retirement. I have already changed jobs times since finishing up with my training firm. It really has not been an issue but I do get worried about it every time. I would love not to have to justify myself. 'Oh I am mostly qualified, it is just 1 last exam and I have loads of experience now blah blah blah. No employer so far has been interested but some will and I have a long way to go with working yet.