How many exams for ACCA?
The Association of Chartered Certified Accountants (ACCA) is a leading global body for professional accountants, offering the Chartered Certified Accountant qualification. For many aspiring accountants, obtaining the ACCA qualification is the ultimate goal, ensuring a strong foundation in accounting principles and practices. One of the most common queries regarding the ACCA journey is, “How many exams for ACCA?” In this article, we will shed light on the number and nature of ACCA exams.
Foundational Level: Applied Knowledge
- BT (Business and Technology): This provides a broad understanding of business operations, including the role of accountants.
- MA (Management Accounting): This covers budgeting, costing, and performance evaluation.
- FA (Financial Accounting): Here, you learn the basics of financial reporting.
For those who have already obtained certain degrees there’s the potential to claim exemptions from the Applied Knowledge exams. Details of which exemptions you may be eligibe for can be found on this link.
Skills Level: Applied Skills
- LW (Corporate and Business Law): An introduction to the framework of laws that businesses operate within.
- PM (Performance Management): This dives deeper into budgeting, variance analysis, and performance measurement.
- TX (Taxation): A comprehensive overview of tax principles and practices.
- FR (Financial Reporting): Advanced reporting skills and principles are taught here.
- AA (Audit and Assurance): This instills knowledge about the assurance process and the role of auditors.
- FM (Financial Management): Covering finance function management, investment appraisal, and risk management.
Depending on prior qualifications and experience, then exemptions may also be available for some of the Applied Skills exams.
Strategic Professional Level
This is the most advanced level, and it comprises two sections: Essentials and Options.
Essentials:
10. SBL (Strategic Business Leader): An integrative module focusing on leadership and management. It’s case-study driven, requiring students to demonstrate a blend of technical and professional skills.
- SBR (Strategic Business Reporting): This takes a comprehensive look at financial reporting, incorporating global standards and practices.
Options
(Choose any 2 from 4):
12. AFM (Advanced Financial Management): An extension of the FM exam, focusing on strategic financial decision-making.
- APM (Advanced Performance Management): This builds upon the PM exam, honing in on strategic management performance techniques.
- ATX (Advanced Taxation): An in-depth exploration of tax, linking technical knowledge with strategic decision-making.
- AAA (Advanced Audit and Assurance): Building on the AA exam, this focuses on a higher level of audit and assurance engagement.
The Practical Experience Requirement (PER)
In addition to these exams, ACCA students are required to complete the Practical Experience Requirement (PER). While not an “exam” as such, it’s a crucial part of the qualification process. It mandates students to demonstrate relevant skills and competencies in a working environment for a stipulated number of months.
The Ethics and Professional Skills Module
Another non-exam component, this module ensures ACCA qualifiers are not just technically sound but also ethically grounded. It’s an essential blend of ethical behavior and professional skills, ensuring ACCA members are ready for the business world’s challenges.
In Summary
The ACCA journey involves a total of 13 exams, spread across three levels: Applied Knowledge, Applied Skills, and Strategic Professional. However, the actual number of exams an individual might sit can be less, depending on the exemptions they receive based on prior learning and qualifications. Beyond exams, the PER and the Ethics and Professional Skills Module play a pivotal role in shaping a holistic ACCA professional.
To aspiring ACCA students, while the road may seem long, the reward at the end is a globally recognized qualification, opening doors to a plethora of opportunities in the world of finance and beyond.
