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Is this realistic?
badgergirl
New MemberRegistered Posts: 8
Hello all - I am new to the forums and AAT but have spent the last couple of days avidly reading through all the past posts and it has helped me to come up with a plan of action that I hope is realistic!
I am currently a small business owner looking to retrain in accountancy with a longer term plan of running a small accountancy business. I am also a single parent to a 2 year old with limited childcare options!
From running my own business and also from my previous employment I have a good understanding of some accounting practices but my lack of double-entry bookkeeping experience let me down on the AAT skilltest. So my plan was to self study Level 2 and use the practice tests and mock assessments on MYAAT until I felt comfortably knowledgable, and then progress on to self study for Level 3 without taking the L2 exams. I have bought the L2 books off eBay and they are winging their way to me now.
However I would like to do the current syllabus at Level 3 and I understand that I need to have started it before September in order to do so. So I was thinking that in parallel to studying L2 I could study and sit the exam for one L3 module by end of August. I am thinking of doing PEAF as this is more common sense/cramming information as opposed to learning new practices. But I am also considering Indirect Tax as I have some experience of this from running my business.
I guess my questions are:
Is between now and end of August a realistic timeframe to study for PEAF or Indirect Tax?
Will not having fully studied Level 2 be a hinderance to doing the above?
A bit subjective but should I go for PEAF or Indirect Tax as the L3 module to study and sit by end of August?
Apologies for the bombardment of questions and long winded first post! I hope it all makes sense!
I am currently a small business owner looking to retrain in accountancy with a longer term plan of running a small accountancy business. I am also a single parent to a 2 year old with limited childcare options!
From running my own business and also from my previous employment I have a good understanding of some accounting practices but my lack of double-entry bookkeeping experience let me down on the AAT skilltest. So my plan was to self study Level 2 and use the practice tests and mock assessments on MYAAT until I felt comfortably knowledgable, and then progress on to self study for Level 3 without taking the L2 exams. I have bought the L2 books off eBay and they are winging their way to me now.
However I would like to do the current syllabus at Level 3 and I understand that I need to have started it before September in order to do so. So I was thinking that in parallel to studying L2 I could study and sit the exam for one L3 module by end of August. I am thinking of doing PEAF as this is more common sense/cramming information as opposed to learning new practices. But I am also considering Indirect Tax as I have some experience of this from running my business.
I guess my questions are:
Is between now and end of August a realistic timeframe to study for PEAF or Indirect Tax?
Will not having fully studied Level 2 be a hinderance to doing the above?
A bit subjective but should I go for PEAF or Indirect Tax as the L3 module to study and sit by end of August?
Apologies for the bombardment of questions and long winded first post! I hope it all makes sense!
0
Comments
I don't see a problem with you doing that. Both PEAF and Indirect Tax are both fairly stand alone modules (PEAF particularly) and 7-8 weeks for either would be more than enough. You're right in that it is the other modules which will need the level 2 knowledge.
As you are self studying, the exam centres won't care what exams you do or in which order, so tandem studying 2 levels won't cause you any issues on that front. I wish I'd done certain modules of level 3 and 4 together with the benefit of hindsight.
As to which one you do first. PEAF is quite dry, whereas at least Indirect Tax feels accountancy like. If you're motivated, perhaps get PEAF out of the way. On the other hand, you are given all the guidance notes in the Indirect Tax exam to refer to, so if you have exam nerves, that would be a nice one to start with as you have a bit of a safety net and don't need to remember all the little details.
Hope that's helped a little.
Out of interest, which L3 and L4 modules would you have wished to have done together?
As for doing modules together, I am rather unusual so please don't think this is normal (I imagine most people would think I was mad), but if I was starting again, I'd do BA1 and 2 with AP1 and 2, then Financial Statements. I'd then do cash management, cost and revenues, then budgeting and Financial Statements. But I only had a limited amount of time available to do the whole of AAT, so had to race through as quickly as possible. I know this method would not be recommended by most people so feel free to ignore! AAT put the modules into levels for a reason so I'd never recommend that anyone go against that, it's just what would have worked for me, but everyone is different.
I have just ordered PEAF and Indirect Tax study materials from Foyles - incidentally using the fab 20% discount code you posted on another thread so thank you for that! I also went through Quidco to get 7% cashback - every little helps as they say!
I am going to challenge myself to do both together by end of August!
Thanks again for your advice.
I've started both those modules too. Ethics is very dry so I'm hoping ITX will make it less boring if I study them together. I'm sure you will sail through ITX so you may feel exam ready sooner. Spreadsheets appears to be anyother good one to do first, I don't think you need any L2 knowledge for that but I could be corrected. Some exam centres allow up to three exams per day but I think these are week days only and depends on childcare. It's a great qualification to dip in to whenever you have some time, very bite sized which is ideal when you have kids and other demands on your time. Enjoy it!
PEAF
What books have you ordered? Kaplan or Osborne? I found the PEAF book by Kaplan hopeless. It gives loads and loads of information but few examples showing what the information actually means in the real world. It really doesn't explain itself very well and doesn't give enough activity questions. I had about 30 of my own questions which I could not find the answers to in the book. I borrowed the Osborne book on Professional Ethics and wow I found almost all the answers to my questions. The Osborne book is 10 times easier to read and digest and actually enjoyable to read. It took me ages to go through the Kaplan book, but I was able to go through the Osborne book very quickly.
If you get both books, you will find that both books work together well. The Osborne book explains things much much much better, but the Kaplan book gives more information, facts and figures. So it is good to use both.
Almost all of my fellow students all failed the PEAF exam first time, but those who took my advice to use the Osborne book ALL passed second time round.
Indirect Tax
Whereas the Kaplan Book is not a very good book for studying PEAF it is much better for Indirect Tax. In fact I sped through that book within 2 weeks doing all the activities throughout. It is fairly easy to follow.
For those who still need to take the exam I recommend that you ensure you understand 100% everything that goes onto a VAT Return. Before I took the exam, I tested myself on the AAT CBA's. On CBT1 I got every single question correct apart from 2.2 (the VAT Return). I got the VAT return 60% correct but failed the CBT mock exam JUST ON THAT. Clearly the VAT Return carries high marks. You have to get 70% in both sections. Section 1 is relatively easy to get 70%. However, as Section 2 only has 3 tasks, it is clearly not enough to be 100% on 2.1 and 2.3 because (at the most) it only represents 67% (two thirds) of the marks. Actually, task 2.1 and 2.3 probably only represent about 30% of the marks combined. So focussing on getting the VAT return correct will virtually get you through the exam.
I advise practice all 4 CBA's until you get the VAT return 100% correct every time. Then you will be virtually ready for your exam. Obviously you need to be familiar with all other aspects in section 1 also but it is fairly easy to become familiar with it.
The double 'should' be doable too in that time, depends on your personal circumstances. My exam center is over an hour away too so I crammed 4 exams into a day (BA1/BA2/Costing/WEAF then Spreadsheets/Tax/AP1/AP2), I don't think most centers would do that though. The independent one I used let me start the next one as soon as I liked so i didn't have to hang around all day waiting for the start time.
I've just spent a few hours studying PEAF from a Kaplan book :glare: So dry and some bits really don't make sense or could be worded far more concisely to be understood. Just one more chapter to go and I will see whether the elearning will help if I'm not passing the practice assessments. I really liked Osbourne so might go back to them for L4. Was there anything not covered or was it just the style that made the Kaplan book less useful?
I have Kaplan and an old BPP for ITX so should be ok there.
I would strongly recommend you get hold of the Osborn book. Maybe borrow from a library. If they don't have it, ask them if they would order it for you.
The e-learning is ok to get the general overview of ethical thinking. but the exams do not ask questions related to what they ask you on the e-learning. The E-learning sets you thinking in the right way. Once you think in the right way, you can then apply your thinking to the exam questions.
http://forums.aat.org.uk/showthread.php?37293-PEAF-Exam&p=267203#post267203
Regarding the Osbourne Book on Professional Ethics, my college library had just one copy of the book which I borrowed. I asked if they could order more books for my fellow students and explained why. They ordered 2 more books (the latest revised issue) which took about 3 weeks to arrive. Oh, by the way, ensure you ask for the separate activities/questions book also (can't remember what it is actually called) that is great for testing yourself. It has a whole book full of questions/answers that help you to understand ALL the difficult topics.
If your library doesn't have it, why not try a public library? Why pay out for a book which you will possibly only need for a few weeks if you can get it free.
Dependent on what you think you need to do, as you appear to be doing this for your personal knowledge over the qualification, and if you want to focus on double entry it is probably best to focus on Basic accounting and accounts preperation.
Its not too bad that you aren't sitting level 2, as most of the exams are light groundwork, but it is a very handy entry level and gets you thinking the right way to build on with level 3.
You can definitely achieve indirect tax and PEAF by August. PEAF strikes me as common sense which i'm sure you will be fine with being a small business owner yourself. Tax isn't an overly time consuming topic either.
Which Books have you gone for? I use Osbourne books personally.
I know everyone has covered it well, just my personal view
Hope this helps and best of luck
I have ordered the BPP books - mentorkeith do you think these are any good? I doubt my local library will have any of the relevant books - it's pretty small and is currently closed for refurbishment until the end of July! I'll have to see how I get on with the BPP books and if they are as rubbish as the Kaplan one seems to be then I'll get hold of the Osborne book somehow.
I have today booked my place at the assessment centre for 29th August to do Indirect Tax and PEAF - scary! At least it will give me a deadline to work to and force me to study.
I think I will probably study Basic Accounting 1 & 2 and then Accounts Prep 1 & 2 and sit those two exams next. As those subjects seem to sit nicely together.
Vlee it's good to hear that you're finding PEAF and ITX work well together.
Mentorkeith thank you so much for the pointers for how the exam is marked and what to focus on. Very helpful!