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 examsThe 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.
ACCA exam levelsThere are multiple levels of exams to obtain an ACCA qualification. Here is the summary of ACCA papers
- Fundamental level
- Professional level
- Ethics and Professional Skills module
Fundamental levelThe 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.’
- F1: AB–Accountant in Business
- F2: MA–Management Accounting
- F3: FA–Financial Accounting
- 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
Essentials moduleThis 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
- P4: AFM–Advanced Financial Management
- P5: APM–Advanced Performance management
- P6: ATX–Advanced Taxation
- P7: AAA–Advanced Audit and Assurance
Ethics and professional skills levelIn 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
- 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.