ACCA (Association of Chartered Certified Accountants) is a global body for professional accountants. It was founded in 1904 and has become one of the world’s leading accounting qualifications.
What are the Benefits of ACCA
– Recognition and respect from employers around the world
– Opportunities to progress your career
– A platform to share your expertise and knowledge
– A voice in the profession
– Access to exclusive resources and support
How Many Levels are there in ACCA?
The ACCA Qualification is made up of 13 papers divided into four modules. The papers cover a broad range of topics, from financial reporting to auditing and taxation. To become a fully qualified ACCA member, you must pass all 13 papers and the Professional Ethics module and Practical Experience Requirement.
The ACCA examination courses are categorized into three parts – The Fundamental level, The Professional level and the Ethical and Professional Skills Module.
4.1. Fundamental Level
The Fundamental level consists of 9 papers. These papers can be exempted accordingly if you have relevant skills and knowledge. The Fundamental level is subdivided into two components – Applied Knowledge with 3 papers and Applied Skills with 6 papers.
4.1.1. Applied Knowledge Level
Business and Technology (BT) – This paper will cover an organization’s governance, structure, accounting, and external environment. Also covers the application of technology and the security of a business.
Management Accounting (MA) – accounting, budgeting and various financial analysis.
Financial Accounting (FA) – This course explains the qualitative characteristics of financial information, How to prepare a trial balance, basic financial statements for incorporated and unincorporated entities, simple consolidated financial statements, and interprets financial statements.
4.1.2. Applied Skills Level
Corporate and Business Law(LW) – Business Payment and Transportation transactions overseas, Formation, Management, Financing and regulation of Business
Performance Management – This course covers decision-making skills about running a Business. You can make a budget. A budget is a plan which you can use to control the Business. You can measure how well the Business is doing and use that information to maintain the Business.
Taxation (TX) – This course aims to prepare tax liability for capital gains, income, value-added, and corporation tax.
Financial Reporting (FR) – This course equips students with the skills to apply accounting standards, the theoretical framework of financial statements for entities, including groups, and how to interpret those financial statements.
Audit and Assurance (AA) – understanding the assurance engagement and its application in the context of the professional regulatory framework.
Financial Management (FM) – manage financial resources of any business.
4.2. Professional Level
ACCA offers a professional-level course which consists of two parts: Essential and Optional. The essential section has 2 papers, while the optional section has 4 papers. Candidates can choose any 2 papers of their interest in the optional section.
4.2.1. Strategic Professional Level – Essentials
Strategic Business Leader(SBL) – This course will provide real-world challenges allowing you to demonstrate a blend of technical, practical and professional skills. Alongside your studies, work through the Ethics and Professional Skills module.
Strategic Business Reporting(SBR) – assessment and evaluation of the reporting decisions made by the organisation and their implications.
4.2.2. Strategic Professional Level – Options (Any 2)
Advanced Financial Management (AFM) – This subject covers corporate reorganisation and advanced investment, advanced risk management techniques, emerging issues in the finance industry and stakeholder management.
Advanced Performance Management (APM) – This article covers current global developments and the assessment of strategic development with the organisation’s performance management.
Advanced Taxation (ATX) – This course covers the methods of tax planning and communication.
Advanced Audit and Assurance (AAA) – This encompasses the regulatory and conceptual audit framework, financial statement analysis, analysis of techniques, and interpretation.
Each level has a different focus, and you must complete all the levels to qualify as a chartered accountant.
4.3. Ethical and Professional Skills Module
ACCA’s ethical and professional skills module is designed to help you develop the professional skills and ethical values essential for success in the accountancy profession. By completing the module, you should be able to demonstrate your understanding of these topics and apply them in a professional context.
The case studies help students to understand the concepts in a real-world context and develop the skills to become ethical and professional accountants. They take up to 15 hours to complete. They must be completed before qualifying as a professional accountant. After completing the module, the candidates are awarded the certificate.
Are There Any Exemptions Available in ACCA?
ACCA offers a range of exemptions for students who have completed relevant prior learning. If you have studied at the degree level or have relevant work experience, you may be eligible for exemptions from some ACCA exams.
ACCA offers exemptions for up to 9 papers for eligible students. If you have already completed certain papers as part of another qualification, you may be exempt from retaking them.
If you have completed equivalent papers from another professional body or if you have significant relevant work experience, you may be exempt from the respective papers. You will need to provide documentation of your exemption to the ACCA.
How Difficult is ACCA?
ACCA The average pass rate for the ACCA exam is 50%. This means that out of every 100 who take the exam, 50 will pass. The pass rate for individual exams varies, but the overall average is 50%.
This may seem like a low pass rate, but it’s good compared to other professional exams. For example, the pass rate for the CPA exam is only 40%. So if you’re considering taking the ACCA exam, you should know that your odds of passing are quite good. To get more details about the pass rate of ACCA exams, visit the official ACCA website.
ACCA exams can be quite challenging for some students. The material can be difficult to understand, and the exams require much hard work and dedication. However, many students who put in the effort and work hard pass the exams and become ACCA-certified.