ACCA (The Association of Chartered Certified Accountants)
ACCA is the world’s greatest and fastest growing accounting organization with its 154 thousand members in 170 countries and 432 thousand students. The objective of ACCA is to offer high level qualifications to self assertive, skilful and ambitious people wishing to build career in accounting, finance and management fields across the globe. ACCA aims to achieve professional, ethics and management standards, to popularize them and arouse interest toward them. The reputation of ACCA is based on provision of qualifications in accounting and finance fields for more than 100 years. Its long lasting traditions are completed with modern thinking and are maintained mostly by young, dynamic members. (NOTE: the information, given on this page, was taken from official webpage of ACCA – www.accaglobal.com)
New qualification of ACCA
In order to be full member of ACCA, registered for ACCA qualification after January 1, 2013, everyone should:
- Take 14 exams (can be exempt from 9 of them);
- Have at least 3 years of work experience;
- Pass Professional ethics module.
Professional ethics module is not necessary for students, transferring to New Qualification, for them passing that module is an asset.
New ACCA Qualification consists of two stages (levels): Fundamentals and Professional.
Fundamentals level
Fundamentals level has two modules: Knowledge and Skills. In Knowledge module (F1-F3) students learn about basics of finance and management audit. Skills module (F4-F9) consists of 6 subjects covering fundamental technical fields, important for every accountant regardless of their future career plans. These subjects include law, efficiency management, tax levying, financial reports presentation, audit and finance management.
Fundamentals level
Knowledge module
F1 Accountant in Business (AB)
F2 Management Accounting (MA)
F3 Financial Accounting (FA)
Skills module
F4 Corporate and Business Law (CL)
F5 Performance Management (PM)
F6 Taxation (TX)
F7 Financial Reporting (FR)
F8 Audit and Assurance (AA)
F9 Financial Management (FM)
Professional level
Professional level consists of two modules: Essentials (main subjects) (P1-P3) and Options (optional subjects) (P4-P7). Intellectual level of both modules has been designed in line with graduate students level. The syllabus in this level is focused on developing technical and occupational skills, and getting methods and values required from high level consultant experts. All candidates should complete all 3 subjects of Essentials modules. Options module has four exams. The content of these exams are based on the content of equivalent exams of Fundamentals level Skills module.
Professional level
Essentials module
P1 Professional Accountant (PA)
P2 Corporate Reporting (CR)
P3 Business Analysis (BA)
Options module
P4 Advanced Financial Management (AFM)
P5 Advanced Performance Management (APM)
P6 Advanced Taxation (ATX)
P7 Advanced Audit and Assurance (AAA)
ACCA Exam structure and rules
The program consists of 14 exams. All exams are in English and have two stages:
- Fundamentals level includes 9 essential exams.
- Professional level includes 2 optional and 3 essential exams.
Each session has 2-3 exams and the whole program is completed for 2-3 years. Minimum passing score for all subjects is (out of 100%) 50%. A candidate can take max 4 exams in each exam session with breaking the sequence of the subjects. Knowledge module exams continue 2 hours. There are both Computer based exams (CBEs) (automated scoring and results are immediately known), and traditional exams on paper. CBE is not applied in any level, except for New Qualification Knowledge module. Exams of Skills module and Professional level continue 3 hours and 15 minutes and the questions will be requring short answer or extended calculation tasks or essays or scenarios or the ones consisting of samples based on not typical events and scoring methods will be different.
You are required to take all exams to become a Certified Accountant. You should fulfill ACCA practical work and online Profession Ethics. The requirement of practical work – 3 years work experience under the guidance of an employer. This experience can be gained before, during or after ACCA.