Solicitor’s Accounts Exam (Jan 2022)
One of the modules I was dreading most on the LPC was the Solicitor’s Accounts module (part of the skills modules). People that I follow on social media often spoke about how difficult the module is, so I was worried about the module before I even started it.
Despite this module involving concepts which used to be quite unfamiliar to me, such as a double entry bookkeeping and the Solicitor’s Accounts Rules, it really is not as bad as people make out. It can be quite scary and hard to follow at first, but the University of Law provides great revision resources, such as a workbook, a specimen exam and a recorded revision workshop.
The first few times I completed the ledgers and financial statements, I got so many things wrong - this is probably why the module has a reputation of being difficult. But I promise that if you keep practising, taking note of your mistakes and learning from them, it does get much easier. I actually started to enjoy practising the workbook once I started to get the correct answers every time (I clearly need to get out more!)
What the exam involved:
The exam consists of a ledger question and a financial statement question - these are very practical questions, where we are given a fact pattern and we need to complete the accounts and the financial statements for the client. There are also MCQs and questions about the rules which require written answers. These are also practical in a sense, as we are given a fact pattern and we need to say how we would approach the situation.
How I prepared for the exam:
I practised the workbook, specimen exam and workshop tasks. I completed each task at least three or four times each until I was confident with my abilities.
I watched the revision lecture two or three times. I didn’t always pick up on all the points made the first time and found that I gained more benefit from watching the lecture again after doing the tasks a few times.
I practised all of the MCQs numerous times until I got everything right each time I practised.
I highlighted the key rules in the Solicitor’s Accounts rules and ensured that I understood each rule and the exceptions, and how to apply them.
I tabbed my textbook and notes so that I could navigate between pages quickly in the exam.
I made some sample answers to the written questions that came up in the practise papers so that I could use them as a guide to save time in the exam.
I made sure I had a good night’s sleep before the exam (9.30pm bedtime).
I read over all of my notes again in the morning before the exam.
I worked out how long I could spend on each section of the paper before it started. This enabled me to finish early and I used my spare time to double check all of my answers.
Results:
My results will come out for this exam in March 2022, and I will be making a YouTube video so you can watch me open my results and see what I managed to get. The exam is only pass/fail, but I will get a percentage grade so we will know how well I did overall. If you want to see what grade I get, be sure to subscribe to my YouTube channel and hit the bell notification to be notified when that video goes live.
I also recorded the exam day for anyone who is interested in watching. If you are, click the video below..
March 2022 Update - RESULTS ARE OUT!!
Hi everyone! I thought I would update this blog and explain that I recently received my results and I am proud to say that I achieved 91% in the Solicitors’ Accounts exam! I didn’t record my reaction because I actually checked my grade sheet early, and didn’t expect the result to be out yet - but it was! So that was a nice surprise but meant that I did not capture the moment on camera!
Thank you for reading this post and I hope that it helps some of you :)
