Accountancy as a profession has always garnered a lot of popularity among students across the world. There are several accountancy regulatory bodies globally that award certifications to students or qualified accountants for enhancing their careers. ACCA or the Association of Chartered Certified Accounts is also a globally renowned organisation in the field of accountancy. The organisation is known to have more than 208,000 members and 503,000 students in 179 countries.
An introduction to ACCA exams
The ACCA certification is considered to be one of the most prestigious qualifications in the world and helps in securing high-paid jobs in the world of finance and accounting. If you want to pursue an accountancy career, obtaining this qualification can give you an excellent start.
This blog gives you a basic introduction of the various exams that you need to pass for an ACCA qualification. Let’s get started.
ACCA exam levels
There are multiple levels of exams to obtain an ACCA qualification. Here is the summary of ACCA papers
ACCA qualification in the UK is made of 14 subject exams that are divided into the following three levels. All the modules must be attempted in numerical order.
- Fundamental level
- Professional level
- Ethics and Professional Skills module
The fundamental level of the qualification is divided into two main modules covering nine subject papers. The subjects in the first two modules are denoted with an initial ‘F.’
The knowledge module contains three papers and covers the main areas of financial and managerial accounting.
- F1: AB–Accountant in Business
- F2: MA–Management Accounting
- F3: FA–Financial Accounting
A student can earn a Diploma in Accounting and Business on completion of the levels F1 to F3.
The skills module deals with six exams which cover technical concepts that the students would be expected to know.
- F4: CL–Corporate and Business Law
- F5: PM–Performance Management
- F6: TX–Taxation
- F7: FR–Financial Reporting
- F8: AA–Audit and Assurance
- F9: FM–Financial Management
A student can earn an Advanced Diploma in Accounting and Business on completing the skills module along with the knowledge module.
The professional level also consists of two modules. Both of them are set at a higher difficulty level same as a Master’s degree. These modules cover more advanced skills, techniques, and concepts which are required by an accountant in an advisory or consultant role. The subjects in these modules are denoted by an initial ‘P.’
This module contains three compulsory levels that students must pass to progress to the next level.
- P1: GR&E–Governance, Risk and Ethics
- P2: CR–Corporate Reporting
- P3: BA–Business Analysis
The module consists of four papers, of which students need to pass only two papers.
- P4: AFM–Advanced Financial Management
- P5: APM–Advanced Performance management
- P6: ATX–Advanced Taxation
- P7: AAA–Advanced Audit and Assurance
Ethics and professional skills level
In addition to the two primary levels, students must also pass the exam to gain exposure to a range of skills that are demanded by employers from the business and financial world. This online module exposes students to realistic situations that develop their ethical and professional skills.
ACCA exam regulations
Here are the regulations that have to be abided by anyone who wishes to pass his examination.
- The pass mark for all the papers is 50%.
- The modules have to be attempted in the chronological order.
- In addition to passing all the modules, students have to show practical experience to obtain the qualification.
- Students get seven years to pass all the modules. The 7-year limit starts with the professional level.
- There is no time limit to pass the modules in the foundation level.
- Students can attempt a maximum of four papers in a single sitting.
The ACCA exam has a rigorous evaluation system that tests your knowledge in an extensive range of subjects pertaining to the finance and accounting field. The qualification can prepare you for senior management or strategic roles in the business and financial sector