A Complete Guide to ACCA Qualification

Know all about ACCA qualification – Eligibility, Course details, Syllabus, Exam duration and more…

KNOW EVERYTHING ABOUT ACCA QUALIFICATION:

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What is ACCA? What are the benefits of ACCA?

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Why should you pursue the ACCA exam?

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Comprehensive overview of the ACCA Exam

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Exam Pattern for the ACCA

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Career Prospects after ACCA certification

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Eligibility Criteria for ACCA

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Exam Details and Passing Marks

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Exam Duration & Frequency

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Are you interested in the ACCA Exam?

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Are you interested in pursuing a career in the fields of accounting and finance? If the answer is yes, you are on the path to a very successful career. The career options in accounting and finance have always had a stronghold but are on an ever increasing high right now. As businesses have been growing at unbelievable speeds all over the world, the surge in demand for professionals in the accounting and finance field has never been this high. An accounting and finance professional has the potential for a very lucrative career. There are countless job opportunities in this industry for people with the right qualifications and skills. For someone who wants to grow in this field, it is crucial to invest time and effort into acquiring the right academic qualifications.

In the field of accounting, the Association of Chartered Certified Accountants or ACCA is the most highly acclaimed choice. The courses and certifications offered by this global accounting body are acknowledged worldwide. Every large corporation seeks to hire professionals accredited by ACCA.

So, if you are interested in taking the ACCA, this blog will help you understand the different levels and how you can crack the exams. Let’s get started!

What is ACCA? What are the benefits of ACCA?

ACCA is the abbreviation for The Association of Chartered Certified Accountants, based out of London, it is a global professional accounting body offering the Chartered Certified Accountant qualification which is recognized in over 181 countries.

The course structure offered by the ACCA is very efficiently put together and helps students learn everything they need to about the financial field. Currently, there are more than 230,000 members registered with the ACCA and thousands of students from more than 181 countries. It is possible to study and appear for the ACCA exam even while a student is enrolled in a graduation course. This flexibility makes it very convenient for students aspiring to join the field.

Students preparing for the ACCA exams can also avail of the following opportunities:
– Join the ACCA as a member by getting a diploma/advanced diploma in the subjects of accounting and business
– Get a Master of Science degree in professional accountancy
– Get a Bachelor of Science degree in the field of applied accounting

Why should you pursue the ACCA exam?

If you are aiming for senior management roles in the large global corporations, the ACCA qualification can be a determining factor in your resume. There are a lot of other benefits that you should consider as well:

– ACCA HAS HIGH CREDIBILITY
The ACCA exams have 3 levels and students have to appear for a total of 13 exams. The industry relevant curriculum and intensity of the course-assessments makes ACCA one of the most credible institutions in the financial world.

– HIGH RETURN ON INVESTMENT
Unlike a lot of similar courses that are offered by other institutions, the course and exam offered by the ACCA is very feasible. A typical MBA in finance qualification in India can cost on an average 7-8Lacs with very few of them providing job readiness. Whereas ACCA qualification can be pursued in less than half of this cost, which is spread over a course of time rather then paid in one go. This makes it possible for students from any financial background to avail better opportunities. Not only this, the amount you spend on the entire process of preparing until you sit for the exam is very minimal when you consider the return on investment. Qualified individuals are always offered massive annual salary packages that give you a high return on investment.

– INDUSTRY RELEVANT COURSE
The ACCA course structure is constantly updated to industry relevant trends and this helps students work on developing all the essential skills and values they will need in the industry.

– HIGH FLEXIBILITY
The exams are held on a quarterly basis, students can choose the papers they would like to appear for, taking up to 8 papers in a year.
There is not group passing criteria, once a student has cleared a paper he/she can proceed taking the next papers.

– GREAT CAREER PROSPECTS
The ACCA course prepares students as leaders who will be successful and have long, established careers as accounting and finance professionals. There are plenty of career opportunities even for part qualified professionals. ACCA keeps updating the available opportunities on its portal https://jobs.accaglobal.com.

– EXEMPTIONS
You existing academic and professional qualification may help you gain exemptions from writing some of the papers of the ACCA qualification. You can contact the ACCA with the proof of qualification and the latter will determine if the subject can be exempted for the student. This makes it even simpler to clear the other subjects for the exam.
· If you are a commerce graduate, you are exempt from four papers BT, MA, FA and LW.
· If you have completed CA – IPCC/ CA – Intermediate examinations, you are exempt from BT, MA, FA, TX and AA.
· If you have completed CA – Final examinations, you are exempt from BT to FM (9 papers).
· Candidates pursuing CA Final are eligible to get more exemptions if he/ she has scored 40 or more marks in relevant subject.

To know more about Exemptions, check the link given below
https://www.accaglobal.com/ie/en/student/getting-started/exemptions.html

Comprehensive overview of the ACCA Exam

The ACCA Exam is taken in 3 levels:
1. Fundamental level, where the student has to appear for 9 exam papers.
2. Professional level, where the student has to appear for 4 exam papers.
3. Ethics and Professional Skills, where the student has to appear for an assessment.

Level 1 or Fundamental Level

The fundamental level of the ACCA exam covers 9 subjects with 2 modules.
– Knowledge.
The first module is related to the knowledge of financial as well as management accounting. The module covers 3 subjects for the ACCA exam.
● Accountant in Business/ Business Technology (BT)
● Management Accounting (MA)
● Financial Accounting (FA)
– Skills.
The skills module equips students with tools and technical knowledge required for accounting work at a corporation. There are 6 subjects covered in this module:
● Taxation
● Financial Management (FM)
● Performance Management (PM)
● Corporate and Business Law (LW)
● Audit and Assurance (AA)
● Financial Reporting (FR)

Level 2 or Professional Level
The advanced levels of the ACCA exam are covered here and they carry as much weightage as a related Master’s degree. The Professional level covers skills, values and techniques of accounting and finance quite extensively. For professional accountants at senior positions in a corporation, the skills taught at this level are crucial.

There are 2 modules at the Professional level of the ACCA exam:

– Essentials.
The essentials module helps the student get an in-depth understanding of how businesses work. The student will be tested on 2 subjects under this module.
● Strategic Business Reporting (SBR)
● Strategic Business Leader (SBL)
– Options.
The Options module allows students to pick 2 from 4 available subjects:
● Advanced Taxation (ATX)
● Advanced Performance Management (APM)
● Advanced Audit and Assurance (AAA)
● Advanced Financial Management (AFM)

Level 3 or the Ethics and Professional Skills Level

The third level of the ACCA certification is not an examination but an assessment conducted after the fundamental and professional level exams. The ethics and professional skills assessment is carried out over 15 hours and is necessary for getting the ACCA certification. It leverages simulations of possible real-life scenarios in a business so students develop leadership and communication skills. It also helps them gain commercial awareness and equips them to work successfully once they are employed.

Exam Pattern for the ACCA

The ACCA exam will comprise of 13 papers under 3 modules and options, and an assessment.
Here are the exam pattern details for each exam module:

Module: Applied Knowledge

1. Business Technology (BT)
Time duration of exam: 2 hours.
Section A (76 marks)
46 objective test (OT) questions of 1 or 2 marks each
There will be 16 one-mark and 30 two-mark questions.
Section B (24 marks)
There will be six multi-task questions (MTQ) in part B of the paper, each worth four marks. There are six syllabus areas and there will be one MTQ on each of them. Each MTQ will be specific to a syllabus area, with no crossover between the six generic parts of the syllabus.

2. Management Accounting (MA)
Time duration of exam: 2 hours.
Section A (70 marks)
35 objective test (OT) questions of 2 marks each
Section B (30 marks)
There will be 3 MTQ’s in this section each worth 10 marks. Each MTQ will examine budgeting, standard costing and performance management syllabus areas.

3. Financial Accounting (FA)
Time duration of exam: 2 hours.
Section A (70 marks)
35 objective test (OT) questions of 2 marks each
Section B (30 marks)
There will be 2 MTQ’s in this section each worth 15 marks. Each MTQ will be specific to a syllabus area.

Module: Applied Skills

1. Corporate and Business Law (LW)
Time duration of exam: 2 hours.
Section A (70 marks)
25 objective test (OT) questions of 2 marks each
20 objective test (OT) questions of 1 mark each
Section B (30 marks)
Five six-mark multi-task questions, each containing a scenario and a series of related tasks

2. Performance management (PM)
Time duration of exam: 3 hours.
Section A (30 marks)
15 objective test (OT) questions of 2 marks each
Section B (30 marks)
Three OT cases with five OT questions worth 2 marks each, 10 marks per case
Section C (40 marks)
Two scenarios which relate to one or more requirement(s).

3. Taxation (TX – UK)
Time duration of exam: 3 hours.
Section A (30 marks)
15 objective test (OT) questions of 2 marks each
Section B (30 marks)
Three OT cases with five OT questions worth 2 marks each, 10 marks per case
Section C (40 marks)
Three scenarios which typically relate to three requirements

4. Financial Reporting (FR)
Time duration of exam: 3 hours.
Section A (30 marks)
15 objective test (OT) questions of 2 marks each
Section B (30 marks)
Three OT cases with five OT questions worth 2 marks each, 10 marks per case.
Section C (40 marks)
Two scenarios which relate to one or more requirement(s)

5. Audit Assurance (AA)
Time duration of exam: 3 hours.
Section A (30 marks)
Three OT cases with five OT questions worth 2 marks each, 10 marks per case
Section B (70 marks)
Three scenarios with two or more requirements

6. Financial Management (FM)
Time duration of exam: 3 hours.
Section A (30 marks)
15 objective test (OT) questions of 2 marks each
Section B (30 marks)
Three OT cases, each containing a scenario with five OT questions worth 2 marks each, 10 marks per case
Section C (40 marks)
Two scenarios which relate to one or more requirement(s)

Module: Strategic Professional

1. Strategic Business Reporting (SBR)
Time duration of exam: 3 hours 15 minutes (including reading time)
This contains two Sections and all questions are compulsory. There are four Professional Skills Marks.

2. Strategic Business Leader (SBL)
Time duration of exam: 4 hours.
All questions are compulsory and it will contain a total of 80 technical marks and 20 Professional Skills marks.

Module: Options
The Options module comprises 4 subjects from which the student has to select 2. This is the most difficult aspect of the ACCA exam.

1. Advanced Financial Management (AFM)
Time duration of exam: 3 hours 15 minutes (including reading time)
This contains two Sections and all questions are compulsory. There are four Professional Skills Marks.

2. Advanced Performance Management (APM)
Time duration of exam: 3 hours 15 minutes (including reading time)
This contains two Sections and all questions are compulsory. There are four Professional Skills Marks.

3. Advanced Taxation (ATX – UK)
Time duration of exam: 3 hours 15 minutes (including reading time)
This contains two Sections and all questions are compulsory. There are four Professional Skills Marks.

4. Advanced Audit and Assurance (AAA)
Time duration of exam: 3 hours 15 minutes (including reading time)
This contains two Sections and all questions are compulsory. There are four Professional Skills Marks.

It is always advised that the students look over the exam papers of the previous years before they sit for the ACCA exam.

Career Prospects after ACCA certification

Once you manage to clear all the exams for the ACCA certification, you have a lot of great career prospects open to you. The following are some roles you will be eligible for after ACCA completion:

– Accountant
– Group accountant
– Financial officer
– Internal auditor
– Forensic accountant
– Business analyst
– Governance officer
– Management accountant
– Tax accountant
– Business advisor
– Treasurer
– Risk manager
– Funds manager
– Insolvency practitioner
– Financial analyst
– Credit control manager

Eligibility Criteria for ACCA

Anyone interested in the ACCA exam is required to fulfil these basic conditions.
• The candidate must be at least 18 years of age and must complete 10 + 2 as a minimum required qualification.
• A minimum of 65% is required in Accounts or Mathematics and English in 12th exams. Students must have scored 50% in their other subjects.
• If you have completed an undergrad/postgrad degree in Commerce/Management or are a part/fully qualified professional accountant for any one the recognised bodies, you may get a direct entry where you may be eligible for exemptions from select papers.
You can contact the ACCA with the proof of qualification and the latter will determine if the subject can be exempted for the student. This makes it even simpler to clear the other subjects for the exam.
• If you are a commerce graduate, you are exempt from four papers BT, MA, FA and LW.
• If you have completed CA – IPCC/ CA – Intermediate examinations, you are exempt from BT, MA, FA, TX and AA.
• If you have completed CA – Final examinations, you are exempt from BT to FM (9 papers).
• Candidates pursuing CA Final are eligible to get more exemptions if he/ she has scored 40 or more marks in relevant subject.

To know more about Exemptions, check the link given below
https://www.accaglobal.com/ie/en/student/getting-started/exemptions.html

Exam Details and Passing Marks

Each paper is of 100 marks out of which minimum 50% is required to pass the paper. Time duration is 2 hours for Foundation and Applied Knowledge Level, 3 hours for Applied Skills Level and 4 hours for Strategic Professional Level.

Exam Duration & Frequency
ACCA has two types of Computers Based Exams –
· BT, MA, FA and LW can be attempted any time of the year (On – Demand CBEs).
· Remaining exams can be attempted in four exam sessions which are March, June, September and December (Session CBEs).

Are you interested in the ACCA Exam?

If you are interested in the ACCA exam and think you can prepare for it, we at Prepper Gurukul are here to help you. You can take the ACCA course offered by us and sit for all the levels of the ACCA exam with confidence. Once you gain the ACCA certification, your career in the accounting and finance industry is set up for nothing but success!

Connect with us at https://www.gurukul.education/contact/
Or call on : 91-4567-0606