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P6 or P7? Really don't know :-(

0 Votes
P6 or P7? Really don't know :-(

Hi there
I am finally at the last exam, having passed P1, P2, P3 & P5 and really don't know what to choose.
I live in Canada now, where ACCA is not widely recognised, but I can use my ACCA to get my CPA (the Canadian Equivalent). This is relevant as if I take P6 I would need to take the UK variant, which would have no relevance to my future positions in work where I live.
That being said, when I took the F6 exam, I passed it first time. That was under the old scheme though and nearly 10 years ago.
Out of the 'P' papers, I passed P1, P3 and P5 first time with good passes - I find written papers good, as I panic with lots of calculations and run out of time.
P2 took me 4 attempts and I finally passed with just 50% in the March 2016 sitting - I worked as a management account for most of my career and have never really liked financial statements.
I have read through the guidelines for P7 (I passed F8 on my 2nd attempt) and it states that P2 and F7 (passed F7 on my 3rd attempt) are used as the basis - errr, I hated both of those papers.
Which brings me to my dilemma:
- P6 seems to be a lot of calculations and to say that my knowledge is 'old' is an understatement. I would need to re-learn most of the assumed knowledge as it would have changed dramatically since I took the F6 equivalent. Also, this would literally be to finish my ACCA rather than give me knowledge to help me in the work place here in Canada.
- P7 seems more written (which I tend to be good at) but seems to draw from knowledge of the financial statements that I am very slow at calculating and exams that I struggled to pass (F7 and P2). However, being international, this could help me get work where I live.
I am scared of anything relating to P2 after such a horrible time passing it, so if P7 expects huge amounts of knowledge from it, maybe doing P6 just to complete my ACCA would be better, rather than facing retake after retake of P7.
Any advice on either paper or your experiences would be greatly appreciated as I need to make my decision soon.
Thank you
Karen

July 20th 2016 AN ACCA USER 220 Points

4 Replies

+1 Vote

Probably a bit late to respond but I have done P7 and currently doing P6.
P7 is the "easier" option as its all discursive and less pro forma or calc's to do....

November 23rd 2016 AN ACCA USER 200 Points
0 Votes

Hi Karen,

As you mentioned above that P6 is not much relevant for you as well as you don't like numeric paper but you good in theoretic one so I will suggest you for P7, This is response about your current situation.

But according to me every ACCA must should go P7, It has lots of things that we should aware as an professional accountant. I passed it in First attempt and now I'm teaching as well as well as I worked as auditor in an audit firm.
It is only paper that has full practical usage even at our start of career. It is in international version not like P6. And last thing is, it is easy to pass then P6, P6 needs a lot of practice and have most lengthiest syllabus in whole ACCA, In recent exams passing rate fall in P6. So with all above circumstances P7 is most suitable option for you.

Regards,

Waleed Abbas Anjum

July 23rd 2016 AN ACCA USER 240 Points
0 Votes

Canadian in the UK here. I too passed the tax paper ages ago and am stuck with optional papers left. I'm trying to pass P7 currently and have had a few attempts at it. I'd say it definitely assumes accounting knowledge of P2 but it requires basic knowledge of each standard as opposed to having to get perfect calculations for it, which makes it easier in the sense that you have a higher chance of getting the "right" accounting treatment and therefore the right answer which will get you marks.

I'm planning on taking P6 simply because P4/5 are based on F9 which was my least favourite of all papers, and P6 has a higher pass rate. I too just want to finish as soon as possible.

I would recommend P7 simply because you might decide to work in internal or external audit in the future and the knowledge you assume would be useful, whereas for P6 my assumption is you'd need to take a local Canadian accounting qualification along with the relevant exams if you want to practice tax there.

Perhaps if you find written stuff more to your liking then P7 would suit you. It hasn't suited me yet, unlike other written papers in the past, but I'm close!

September 6th 2016 AN ACCA USER 530 Points
0 Votes

Hi there,

I just passed P6 (my final paper) after 2 previous attempts. I'm not sure how much time you have left to complete your exams, but I had until June 2017 to finish my exams, so I was under pressure especially as I have a full-time job as well as a family. The pressure I was under was intense particularly because I used to sit 3 papers each exam session back then, so 3 papers which I had already passed would have lapsed after June 2017, and another 3 in September.

I wrote my P6 in the September 2016 session (sat F6 and passed first time in 2007), but found P6 troublesome because the syllabus is huge. However, don't be fazed by how long ago you sat F6. P6 is not so much calculations as application of knowledge because you will be 'advising' your clients, so there may be calculations, BUT not full on calculation in some of the cases.

I think paramount should be how much time you have left and which of the two you think you have a better chance of passing first time which from your mail I think is P6.

By the way, I did P7 also, and I think it's an important paper to sit as others have said.

I was looking at my page yesterday, and think you can write additional exams even after passing all your papers, so you can sit the P7 thereafter.

I hope this helps.

October 18th 2016 AN ACCA USER 180 Points
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