How to pass ACCA Advanced Financial Management (AFM)

ACCA AFM is often regarded as one of the most difficult papers of the ACCA Qualification and those claims are backed by the ACCA pass rates. A solid understanding of this ACCA subject is going to help you pass this ACCA exam and overcome the obstacles that this ACCA paper poses. Here I am going to suggest an ACCA study technique that worked for me and my friends and I hope it works for you. Hard-work coupled with commitment will yield benefits and remember, “Repetition is the mother of success”. More on that later in this ACCA post. 

First thing that you want to do when studying for this ACCA exam is to ensure that you have a solid knowledge base. This is a foundation on which you will build that ACCA pass mark and ensure that you succeed in this ACCA exam. I suggest that you obtain this knowledge by acquiring ACCA online video lectures whether open tuition, acowtancy, LSBF or from any institution that you think will be good and will cover the whole ACCA syllabus. If you do not have access to any ACCA video lectures you can attend lectures from your local ACCA institution. They will equip you with the necessary knowledge and skills to ensure that you are well prepared for this ACCA exam.  

If you cannot obtain either, I suggest that you purchase the ACCA BPP, Kaplan or any ACCA approved study text and read through the texts. However, I highly suggest that you do not use ACCA study texts as they are wordy and this might take a lot of your time that you might have allocated to ACCA revision. It is often difficult to understand these ACCA study texts, however if that is not the case with you, feel free to use them. Here the goal is to be acquire knowledge. 

As you are attending physical ACCA lectures, or going through online ACCA lectures, or reading ACCA study texts, whichever is convenient for you, I suggest you jot down notes on the important elements of the ACCA syllabus. Also do the assignments that you are assigned during the ACCA tuition phase to test your understanding and help improve. The most important sections of the ACCA syllabus are advanced investment appraisal; acquisitions and mergers; corporate reconstruction and re-organization; and treasury and advanced risk management. Make sure you jot down your key takeaways from those ACCA AFM topics. That will be useful in your ACCA revision phase. 

After this phase, read the ACCA notes that you created yourself regularly. I suggest you do that at-least twice a week. These are the ACCA AFM summary notes that you would have made hence they won’t be that long. Supplement these notes with ACCA technical articles, which in my opinion is the best resource ever created by ACCA. In this phase, you are cementing your understanding of concepts that underpin financial management which will help you when answering ACCA discussion-based questions which contribute substantially to the ACCA syllabus.  

When all of that has been done, you are in a position to start ACCA revision. This could be done by watching or attending revision lectures and then doing ACCA past papers. If no have no access to that, do not worry, just dive into the ACCA past papers. Also, I suggest you use ACCA past papers that are uploaded by ACCA and avoid revision kits if possible. The reason being, you get a real ACCA exam feel when you attempt a whole ACCA past paper and review it by checking what you wrote against the answers. Do not worry if you perform dismally in the first weeks of revision as your performance will get better when you acquaint yourself with the demands of the ACCA paper. I suggest you target past ACCA papers from the last 10 years and work with them, if you do not have ample time, you can focus on ACCA past papers from the last 5 years. Print them out and work on them religiously, and REPEAT an ACCA past paper till you understand all its requirements. REPEAT! REPEAT! REPEAT!

After days of revision hopefully you would have grasped the concepts that underpin the ACCA exam. Then you can allocate yourself time to attempt ACCA mock exams. Use them to determine your weakness and address them by referring to ACCA technical articles or the notes that you would have made for yourself. Remember exam time will be approaching so you won’t have time to go back and re-read ACCA study kits as they may be wordy and you might waste precious time. In this phase you can also consult your ACCA study partner(s) and work together to build on each other’s strengths and address your individual weaknesses. 

The week before ACCA exams is perfect for addressing your weaknesses and reading ACCA technical articles. I love ACCA technical articles as they are brief and straight to the point and help understand underlying concepts. Here you can also continue reading the notes you created until ACCA exam day, when hopefully, you are more than ready to conquer the exam. Get enough sleep during the night before the ACCA exam to avoid fatigue. I hope this helps you study for your ACCA AFM exam and be part of the minority that pass this ACCA exam. Goodluck… 

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