How to master your AAT & ICB Studies in 6 steps

By Darryl Green AAT, ICB, Study Tips AAT, ICB, study tips

Studying is something that we all do at some point in our life. However, learning successfully is a skill that not many grasp.

Thankfully, we have a few ideas on how to be successful in your accounting studies. Here are 6 tips we think will help you achieve more when you study for AAT & ICB.

1. Understand the basic concepts:

We can often begin courses and see topics and concepts which we overlook as easy or that we already know the answer to. However, accounting is a building block subject. What we learn at the beginning helps us as we progress through our studies.

There are various principles and concepts that form the foundation of the accounting field. Start by thoroughly understanding the basic principles, such as your accounting formulas, revenue recognition, calculating profit & loss, and accruals. This understanding will help you grasp more complex topics and apply them effectively.

2. Practice with real-world examples:

Accounting is best learned through practice and application. Hence, many seek employment opportunities once they complete Level 2 AAT. & ICB. Having the opportunity to apply what you are learning to the real world, creates a connection between what you read and what you see.

A job is not the only way for you to practice what you are learning. Seek out real-world examples or case studies that reflect the concepts you’re studying. Work through these examples, applying the relevant principles and techniques to solve them. This will enhance your problem-solving skills and give you a practical perspective on how accounting principles are applied in different scenarios.

3. Utilise mnemonic techniques:

Accounting involves a significant amount of terminology, formulas, and rules. Mnemonic techniques can help you remember these important details. Create your own acronyms, rhymes, or visual associations to aid your memory.

For example, to remember the order of the financial statements (Income Statement, Statement of Retained Earnings, Balance Sheet, and Cash Flow Statement), you can create a phrase like “I Really Enjoy Baking Cakes.” Or for the ever-challenging topic of debits and credits, DEAD CLIC can help you out.

Exploring the different techniques and applications of mnemonic tools will help you learn more efficiently. That is the fun of studying, we all learn differently and this is an opportunity to find out how you learn better so you can push yourself further.

4. Break down complex topics:

If you encounter complex topics or challenging accounting standards, break them down into smaller, more manageable components.

Understand each component individually before integrating them into the bigger picture. This methodical approach will help you grasp the material more effectively and avoid feeling overwhelmed.

5. Review and reinforce:

Regular review is crucial for retaining accounting knowledge. Set aside time each week to review the topics you’ve studied.

Summarise key concepts, create flashcards, or engage in group discussions with fellow accountants or your family members/friends.

Teaching or explaining concepts to others is an effective way to reinforce your own understanding.

6. Stay updated with industry changes:

The accounting field is constantly evolving with updates to regulations, standards, and best practices. Stay informed about these changes by reading professional publications, attending seminars such as those hosted by AAT & ICB, or participating in webinars.

This will not only enhance your knowledge but also demonstrate your commitment to professional growth.

Conclusion:

Remember, consistent effort and dedication are key to mastering accounting or any field.

By adopting these study tips, you can enhance your understanding of the subject and build a solid foundation for your accounting career.

Training Link offers AAT accounting courses that deliver comprehensive knowledge through our custom award-winning textbooks, mock exams and interactive learning materials. You’ll develop a deep understanding of the fundamentals, setting the stage for a successful career in the field. By enrolling in our courses, you’ll gain the confidence and credentials necessary to unlock exciting career opportunities in the ever-growing field of accounting.

Don’t wait any longer; start your journey towards a rewarding career today. Good luck!