Options exams: decisions, decisions

Options exams: decisions, decisions…

At Strategic Professional, PQs get to decide what areas they’d like to specialise in. Lisa Gilmore offers guidance on what to consider when choosing the two Options exams to take

According to a recent Harvard Business Review, an average adult makes around 35,000 decisions a day. Thankfully, we spare our brain a constant workout by making the vast bulk of these decisions intuitively. However, for more complex decisions with longer and more impactful consequences we need to take a more considered approach. Like when it comes to selecting your Options exams.

Your future career

The Options exams give you the opportunity to advance your knowledge and skills in areas of greatest relevance to your desired career path. Your future career plans should therefore be part of your decision-making. To help, let’s look at the exams and some of the career paths these are linked to: Advanced Financial Management (AFM): In AFM you will learn the strategic and financial management skills that are highly valued by employers, particularly those specialising in corporate finance including, for example, investment banks, private equity firms and corporate finance advisories.

AFM provides the basis for a career in corporate finance or treasury, whether it involves financial modelling based on advanced valuation techniques, preparing for and/or advising on a merger or acquisition, or developing the advanced risk management strategies that can empower companies in an increasingly complex business environment.

Advanced Performance Management (APM): APM focuses on performance management and decision-making within organisations and would suit those who are considering a career where they want to play a central role in the decisionmaking and future direction of an organisation.

Whether profit-seeking, or not-for-profit, all organisations need to measure and manage their performance to ensure that they are working towards achieving their strategic objectives. APM covers how organisations set, monitor and report on performance targets to drive performance and influence behaviour. It also focuses on how organisations use technology and leverage data driven insights.

This exam gives you a real understanding of how management accountants play a leading role in creating and sustaining value for organisations.

Advanced Taxation (ATX-UK): Studying ATX-UK will provide an excellent foundation for those wishing to embark on a varied and rewarding career in tax.

Skilled tax professionals are in high demand because of the complexity of tax rules and legislation, both nationally and internationally. Building on your technical capabilities in respect of the major UK taxes, studying ATX-UK will develop your professional skills to provide trusted advice to companies and individuals on the impact of tax on their financial decisions.

ATX-UK is also a great option even if you do not see yourself working in a tax specific role, providing you with the ability to speak knowledgeably to clients and colleagues around the tax costs of business decisions. This knowledge can also be invaluable to help you understand your own tax position and how tax can impact your future plans – whether continuing in accounting, branching out into finance or even setting up your own business. Advanced Audit and Assurance (AAA): AAA is essential for those who work, or who plan to work, in audit and practice. You will develop the skills to ‘stand back and see the bigger picture’, by analysing the information and applying your knowledge of audit and financial reporting to form practical conclusions. AAA is a narrative based exam, allowing you to display communication skills by planning and writing professional responses to issues.

Key to the exam is the demonstration of professional scepticism and judgement, which is necessary for accountants in both practice and industry.

Existing knowledge and expertise

However, there’s more to consider than just your future career plans. If there is a subject you find particularly hard you may be wiser to choose a different Options exam subject that better suits your ability. Our research has found that you have a better chance of success in the Options exams if you have really got to grips with the fundamental concepts covered in the underpinning Applied Skills exam. Meanwhile, you may perform better if you have gained work experience relevant to the Options exams you are taking.

And finally…

If you’re struggling to decide, or change career plans in future, you can always take additional Options exams after you have qualified as part of your continuing professional development.

• Lisa Gilmore, Head of ACCA Qualification (Content and Development)