ACCA is a professional exam and there are several levels of it namely: Applied Knowledge, Applied Skills, Strategic Professional, Professional Experience and Ethics and Professional Skill Module. There are several subjects related to each stage has various sub stages. The first three stages have subject exams to be cleared accordingly. This article delves into the detailed description on each course and fee structure of ACCA for better exam preparations. Completing ACCA exam mainly means clearing the prominents first three stages with some practical knowledge sessions as well.
The ACCA (Association of Chartered Certified Accountants) qualification is said to be at the equivalent level of a master’s degree. It is a professional accountancy qualification that is highly regarded globally and is recognized as being comparable to other postgraduate qualifications in accounting and finance.
Applied knowledge level is an introductory level, covering the basic principles of accounting, finance, and business. Itl is the introductory stage of the ACCA (Association of Chartered Certified Accountants) qualification. It helps candidates with a solid foundation in the fundamental principles and concepts of accounting, finance, and business.Â
There are 3 sets of papers to be appeared in the applied knowledge level of ACCA, which has been stated below for better understanding of the exam.
Business and Technology (BT): Business and Technology (BT) is one of the three papers in the Applied Knowledge Level of the ACCA (Association of Chartered Certified Accountants) qualification. This paper focuses on introducing candidates to the business environment and the role of information systems and technology in modern business operations.Â
Management Accounting (MA): Management Accounting (MA) is one of the three papers in the Applied Knowledge Level of the ACCA (Association of Chartered Certified Accountants) qualification. This paper focuses on equipping candidates with the foundational knowledge and skills required in management accounting.Â
Financial Accounting (FA): Financial Accounting (FA) is one of the three papers in the Applied Knowledge Level of the ACCA (Association of Chartered Certified Accountants) qualification. This paper focuses on providing candidates with a solid foundation in the principles and practices of financial accounting.
Enhancing the knowledge attained in the prior stage which is Applied Knowledge level, this level covers more advanced topics in accounting, taxation, auditing, and financial management. The Applied Skills Level comes as the second stage of the ACCA (Association of Chartered Certified Accountants) qualification. It builds upon the basics laid in the Applied Knowledge Level and focuses on more advanced skills and knowledge in accounting, finance, and related areas.Â
The Applied Skills Level comprises of six papers, related to various areas of accounting, finance, and business:
Corporate and Business Law (LW): This paper focuses on the legal framework governing business operations. Candidates learn about different types of business firms, contract law, employment law, and the legal results of corporate governance and ethics.Â
Performance Management (PM): PM covers techniques and methods used to manage and improve firm’s performance. Students learn about cost management, budgeting, variance analysis, performance judgment, and decision-making tools relevant to management accounting.
Taxation (TX): TX explores the principles and practices of taxation. Students study income tax, corporate tax, value-added tax (VAT), and other relevant tax regulations. They learn how to calculate tax liabilities, comply with tax laws, and provide tax planning advice to individuals and businesses.
Financial Reporting (FR): FR stresses on the preparation and understanding of financial statements in accordance with International Financial Reporting Standards (IFRS). Candidates learn how to prepare consolidated financial statements, analyze financial performance, and interpret accounting standards.
Audit and Assurance (AA): AA covers the principles and practices of auditing. Students learn about audit planning, evidence gathering, risk assessment, internal control evaluation, and reporting needs. They enhance skills in conducting audits and providing assurance services.
Financial Management (FM): FM stresses on financial management principles and techniques. Candidates study investment decisions, financing decisions, working capital management, risk management, and global finance. They learn how to analyze financial data and make strategic financial decisions.
This is the supreme level of the ACCA qualification and is made of two essential papers, Strategic Business Leader (SBL) and Strategic Business Reporting (SBR), along with two optional papers chosen from a list of four. The Strategic Professional Level is the final stage of the ACCA (Association of Chartered Certified Accountants) qualification. It is made to develop strategic thinking and leadership skills in addition to advanced technical knowledge. Here’s an overview of the Strategic Professional Level in ACCA:
The Strategic Professional Level consists of two essential papers and four optional papers. Candidates must complete both essential papers and choose two out of the four optional papers:
Essential Papers
The essential papers break-down have been stated below for the students to prepared well in advance.
Strategic Business Leader (SBL) | This stresses on developing leadership and strategic management skills. Students introduced to real-world business scenarios and they also need to analyze, evaluate, and recommend strategic solutions. |
Strategic Business Reporting (SBR) | SBR is made upon the knowledge gained in Financial Reporting (FR) at the Applied Skills Level. It handles advanced topics in financial reporting and requires students to prepare and interpret complex financial statements. |
Optional Papers (Choose any two)
The details on optional papers have been stated below.
Advanced Financial Management (AFM) | AFM focuses on advanced topics in financial management, with inclusion of risk management, investment decisions, corporate finance, and treasury management. |
Advanced Performance Management (APM) | APM finds out advanced techniques in performance management, including strategic performance measurement, performance evaluation, and strategic planning. |
Advanced Taxation (ATX) | ATX delves into complex areas of taxation, including international taxation, inheritance tax, capital gains tax, and tax planning for individuals and businesses. |
Advanced Audit and Assurance (AAA) | AAA covers advanced topics in auditing and assurance, including professional skepticism, ethical considerations, internal audit, and current issues in auditing practice. |
After completing the said exams, the students are expected to be undergoing a model which helps them in understanding the ethical code of conduct. This helps in increasing the credibility and trust level of the candidates in general. This makes the candidates ethically advanced.
After all the prior requirements are met, the students needs to undergo a training of 36 months under a professional to get real-life experiences in detail. Under supervision the candidates will prosper and also understand difficult scenarios well in advance.
ACCA fees structure is a very complex topic as there are certain exemptions, waivers, etc. which are included in the fees structure. The fees structure also depends on the stage one is in. the registration fees also differs from one candidate to the other and also the exams the candidates will be appearing for. The candidates are advised that they go through the details of the ACCA registration fee structure as well. For better understanding of the topic.
The ACCA (Association of Chartered Certified Accountants) qualification is meticulously structured to provide a solid foundation in accounting and finance, develop practical and strategic skills, and ensure professional competence through work experience and ethical training. By completing the Applied Knowledge, Applied Skills, and Strategic Professional exams, fulfilling the Professional Experience requirement, and completing the Ethics and Professional Skills Module, you’ll be well-prepared for a successful career in a wide range of roles within the accounting and finance sectors globally.
Q1. What is the average duration to complete the ACCA qualification?
Ans. The average time to complete the ACCA qualification is 3-4 years, depending on your pace, prior education, and professional experience. However, students can take up to 10 years to complete the qualification.
Q2. Are there any prerequisites for enrolling in the ACCA program?
Ans. Yes, to register for the ACCA qualification, you generally need to have completed your secondary education (including Math and English). Some exemptions may apply if you hold relevant academic qualifications.
Q3. Can I get exemptions for prior qualifications?
Ans. Yes, ACCA offers exemptions for students who have completed relevant qualifications such as a degree in accounting, finance, or related fields. You can check the ACCA website for the specific exemptions applicable to your previous studies.
Q4. How is the ACCA qualification assessed?
Ans. The qualification is assessed through a combination of computer-based and paper-based exams. Each exam is designed to test your knowledge and understanding of the subject matter, with practical and applied questions.
Q5. What career prospects are available after completing ACCA?
Ans. ACCA-qualified professionals can pursue various career paths, including roles such as accountant, auditor, financial manager, tax consultant, financial analyst, and more. The qualification is internationally recognized, providing opportunities across the globe.
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