Welcome to P5 Bringing It Together Sessions

[Acid]

Dear Members

Welcome to P5 Bringing It together Study sessions.

[Acid]

Hiya,

I understand that you all are on vacations and would hate me to talk about any papers but we have to plan , sooner or later.

So in this thread we will discuss about which option subjects are better for us. We need to evaluate this from these criteria :

1. Benefit at work place
2. Interest of the subject
3. Ease of getting through the paper
4. Reason X ---> Some reason which we need to find out


So take a chill pill and start sharing your views.

Cheers

[Vivienne]

Hi to all forumists,

well as Acid puts it the choice of options is posing a big challenge to us. we should actually put a lot of factors into consideration.i would personally say the ease with which a paper will be cleared is not supposed to be a basis for choice.we have to consider our various fields that we want to venture into.
for those that would like to venture into audit firms and maybe into private practice i would suggest you look at P7 and P6.P4 advanced financial management on the other hand looks at the financial intricacies in the financial world.it would help not only in ones career but also in ones personal life.As for P5 i believe it can be a good combination with P4 if you look at the syllabus.

[Acid]

Hi guys,

Ok first its imperative that we have a look at what P6 involves compared to P4 so short list our options from this two , so check this here :

P5 Compared to P4 (http://www.getthroughguides.co.uk/forum/showthread.php?t=354)

And let me have your views. I am kinda more inclined towards P5 rather then P4 as P4 reminds me of derivatives and options and hedging stuff but such instruments keep developing over a period of time , so we have to keep learning and not just limit to P5 syllabus however P5 is more of a strategic analysis tool.

However one of my friend who works in EY as Audit Manager told me that I should go for P4 and P5 instead of P7 as ultimately If I work in any audit firm then I will have to learn all audit standards again and at this time the learning would be faster and more comprehensive so taking P7 is useless If you will learn auditing afterall but he said that learning stuff like derivates , options and hedging instruments is important and P4 is a must subject...what do you think about this?

Keep thinking..

[Vivienne]

After consultation with a lot of my colleagues at work ,they have talked highly about the P6 option.they have said P6 is not attempted by most ACCA students therefore those who take it tend to have a competitive advantage over others as they are in the minority.

Taking P6 will make one saleable to tax authorities as a tax consultant or other related positions.Even the audit firms need tax consultants because as we learnt in F8 they sometimes offer Tax consultancy services to their clients.as Acid put it with the advice that he got from a colleague from EY i feel a P6 fellow will have an advantage over P7 as the auditing standards will be taught one you join anyway.

As for P4 and P5 well i have said my views on these two which seem to be a very good combination.Lets have the ideas coming so that we can make an informed decision regarding our options.

[Acid]

Hi guys

I have finally decided that I will take P5 and P7 as I believe taking P4 is useless as you can see from current financial crises the financial instruments have proved useless so they may be viewed under radical improvement lights.

I also believe that P5 syllabus is comprehensive and interesting , though I have seen that few students seem allergic to F5 and P5.

What are you views about this?

[Tnvr]

Hi,

Interesting conversation going on...

I havent decided on my combination of core papers (P4-P7) though i have decided to take P1 and P5 for june 09 and so ill have another 6 months to decide what last paper to take.

My situation is quite different from those who are looking for a career, thats because i want to be entrepreneur and most likely ill join my dads business after i have completed ACCA and practical experience at otherthn Big 4 as my dads industry is manufacturing. In that way im well prepared to take P5 mentally.

It seems for a entreprenuer is to not audit nor calculate taxes but is to manage/control the organization's performance and financially. Obviously, now, P4 and P5 are relevant. But P4 is mostly based on Financial instruments so it would make it bit irrelevant for small organization as they wouldnt be able afford it for expansion or take enough risk for hedging or have export sales(every1 has export sales nowadays). On the other hand, P5 is simply managing the performance of the organization as a whole and in depth.

But still i havent made up my mind if is should take P4 or P7?

[Acid]

Hi

Your decision seems okay If you want to work for your dad business. And you are right that P4 is infact very very irrelevant. They are usually used in financial markets like banks.However as you say that audit would be irrelevant , I say that audit is very relevant to know the internal controls in the business and I think In a place like Pakistan you know that is REALLY important ;). So I would say go for p5 and p7 .

Let's get going , we are gonna study P5 and P7 together , woohoo! ;)

[Tnvr]

:)

Ill consider your points for P7 since i have 6 months to decide and ill stick to P5 sessions and may join u guys for P7.

Acid, are you taking any tuition classes for P5 and P7?

By the way, we should set timetable for bringing it together sessions !!!
Ill be taking P5 classes, so i wont be able to join u guys for certain time of the day.
I guess, we can first start of with stating time available for session ? then narrow down to specific timetable weekly based!!

[Acid]

Hi

I am not taking any classes and I never took any classes. So I'll be doing P5 and P7 as self-study as usual.

Yea we should set the time table but first let me look which books would I be using , I still have to buy them , what about you?

[Tnvr]

Are you serious, you never took any classes for any ACCA papers.

Oh well, i never did that... because i never wanted to put so much time selfstudying though some of my friends selfstudied 3 papers max but not all of them.

hmmm ill be using other than GTG material since its not available in Pakistan

Well, lets set the time table soon....

[oral]

I'll be doing P5 and P3. Is that a good combination?

[Acid]

Yes, It is a good combination as P3 is total theory and P5 is mix plus P5 takes much material from P3 as well so it will prove to be a good combination.

Regards