15 September, 2022

article1Mohamed Shafi

What is ACCA?-A brief Introduction about ACCA Exam

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Are you looking for a career in accounting, tax consulting, auditing, treasury management, or business valuations? Then, ACCA must be a good choice! However, if you aren't sure about what ACCA is, this blog will help you get a good idea of all you need to start with ACCA. 

What is ACCA?

ACCA, or Association of Chartered Certified Accountants, is a globally recognised accounting body that provides students with a 'Certified Chartered Accountant certification. 

Why is ACCA Important? 

ACCA qualification is essential because it can make you eligible to work as an accountant globally. With ACCA certification, you can boost your career as an accountant and become a Finance Consultant, Finance Manager, Head of Finance & accounts or Financial Controller. The ACCA qualification is a prestigious qualification. There are many reasons for choosing it. An ACCA certification will undoubtedly offer you many opportunities, whether you are a student or a professional looking to build a career in finance.

Top reasons the ACCA is important are:

  • You become eligible to work globally as an ACCA-certified professional
  • You will gain skills in international accounting and auditing standards
  • Job recruiters prefer certified candidates over non-certified candidates and offer to pay higher.
  • It can open up opportunities for you to move to a top executive position like a CFO or Finance Director.
  • ACCA professionals are hired at a competitive salary in companies such as PwC, KPMG, Deloitte, EY, Grant Thornton, and BDO. 

Things You Should Know Before Taking The ACCA Exam

ACCA Exam Details, Syllabus, Exam Pattern and more

ACCA Exam is a globally recognised certification body to qualify you as an ACCA member. To become an ACCA member, you must pass multiple exams. The ACCA qualification is globally recognised, and many countries consider it equivalent to their local accounting studies.The ACCA certification exam covers all aspects of business management. In addition, it covers theoretical aspects such as motivational theory and more technical aspects, such as bookkeeping and cost accounting. 

You are also required to take a series of written tests to show a deep understanding of the accounting industry. The 14 papers cover various topics, such as business ethics and law, to the technical topics like auditing and financial reporting. These papers are further divided into four main areas: knowledge, essentials, skills, and choices. 

What is the Syllabus for the ACCA exam?

The ACCA syllabus comprises 13 papers, which are divided into four modules

ACCA Exam Levels and Modules

ACCA Levels are divided into two, which are further divided into four modules:. 

  1. The Fundamental Level
  2. The Professional Level
Module No. ACCA Levels ACCA Exam Module Number of Exams
1
ACCA Fundamental Level
Applied Knowledge 3 Exams​
2 Applied Skills 6 Exams
3
ACCA Professional Level
Strategic Professional Essentials 2 Exams
4 Strategic Professional Options 2 Exams (from a choice of 4)

Now, let’s analyse these modules in detail. These modules are also the various ACCA Exam levels a professional can achieve. The 13 subjects and exams of ACCA are divided into three levels: Applied Knowledge, Applied Skills & Strategic Professional. 

Now let's deep dive into each of the ACCA levels.

ACCA Fundamental Level

1.Applied Knowledge (As a Module and Level 1)

To become a qualified accountant, you need to start with the Applied Knowledge module. The first module includes papers BT (F1) through to FA (F3). After passing these papers, you will progress onto the ACCA Applied Skills module.

The subjects under the applied knowledge module covers: 

  • BT Business and Technology (F1)
  • MA Management Accounting (F2)
  • FA Financial Accounting (F3)

Students are awarded the ACCA Diploma in Accounting and Business (RQF Level 4) when they have successfully completed the Business and Technology (BT), Management Accounting (MA) and Financial Accounting (FA) exams (at least one of which must have been sat and passed), plus completion of Foundations in Professionalism.

2.Applied Skills (As a Module and Level 1)

Applied skills module covers topics from LW (F4) to FM (F9). In this module, you will develop your understanding of principal technical subjects, including: performance management, law, taxation, auditing and financial management, as well as financial reporting. By the time you have completed these papers, you will have gained knowledge equating to a bachelor’s degree level.

  • LW Corporate and Business Law (F4)
  • PM Performance Management (F5)
  • TX Taxation (F6)
  • FR Financial Reporting (F7)
  • AA Audit & Assurance (F8)
  • FM Financial Management (F9)

Students are awarded the Advanced Diploma in Accounting and Business when they have successfully completed (either passed or exempt) the Applied Skills exams. At least two of these papers must have been sat and passed.

ACCA Professional Level

1.Strategic Professional (Essentials) - (As a Module and Level)

The Essentials module will equip you with the skills and knowledge needed to become an expert accountant in either a consultancy or a high-level advisory role. The two ACCA papers that make up this module are assessed through two paper-based exams, both lasting a duration of three-hours. 

  • SBL Strategic Business Leader (P1-P3)
  • SBR Strategic Business Reporting (P2)

2.Strategic Professional (Options)

When you progress onto the Strategic Professional module, you will need to pick two courses from the following four. The aim of the module is to help you develop advanced technical skills and expert knowledge in areas such as taxation and audit, whilst learning about the professional code of ethics followed by any accountant.

  • AFM Advanced Financial Management (P4)
  • APM Advanced Performance Management (P5)
  • ATX Advanced Taxation (P6)
  • AAA Advanced Audit & Assurance (P7)

Students are awarded a Strategic Professional Certificate when they have successfully completed all the Strategic Professional exams for the ACCA Qualification. These are the two Strategic Professional Essentials exams and any two of the Strategic Professional Options exams.

fter clearing the 13 exams (exceptions are present), the candidate must record 36 months of relevant experience. They should also  complete the Ethics and Professional Skills Module, which helps develop a complete range of skills that are demanded by employers.

The ACCA Exam Pattern and Structure

The ACCA Exam Pattern has two parts: Computer-based and Paper-based, including multiple-choice questions (MCQs) and Scenario-based questions.The ACCA exam pattern and structure are given as below:

Exam Pattern for Computer-based Papers

Exam Pattern for Computer-based Papers
(ACCA Papers from F1-F9 are all computer-based exams)
Papers F1, F2, F3 and F4 involve questions
  • 100% MCQs — (2 × 50 questions)
  • You can give those by booking your exams at any of the centers
Papers from F5 to F9 contain
  • 60% MCQs, is divided into two sections:
  • Section A: 2× 15 questions
  • Section B: Each of the 3 scenario questions has 15 numbers. Each scenario has 5 MCQs under it.
  • 40 long answer questions: A scenario will be given, and 3 to 4 questions will be asked on this basis.

Exam Pattern for Paper-based Exam

Exam Pattern for Paper-based
(P1 - P6 are paper-based exams)
The ACCA SBL paper consists of a single question of 100 marks, which gets subdivided into various questions of varied marks.
  • 100% scenario-based questions.
  • Section A: A case study of 50 marks will be given and 4-5 questions will be asked about it.
  • Section B: Each will be given 3 cases of 25 marks. Have to try 2 out of 3.

You may have seen the ACCA Exam structure. But, here are 7 things you should know about ACCA Exam Structure and Pattern.  

Who Can Take ACCA Certification?

ACCA Exam Eligibility

The minimum requirements to be eligible for an ACCA exam are:

  • Senior Schools Certificate 10 + 2/CBSE/ICSE
  • Clear five subjects in 12th standard, including English and Mathematics
  • When are the ACCA Exams held in a year? 

The ACCA Exams are held in March, June, September, and December of each year. 

How many exams can an ACCA aspirant take a year? 

In six months, a person can take four or eight exams per year, which require a total of thirteen exams to qualify.

Scope Of ACCA Certification

You may have a reason to choose ACCA Career. But, there are plenty of reasons to choose ACCA certification for your career development. Learn them now. 

Once you are ACCA qualified, your doors to a flourishing accounting career are open. You can access the network of other accounting professionals. These professionals provide support and advice in your study and career. While the forums and resources help you grow your career better. An ACCA certificate can be an essential asset to your CV, which will help you stay competitive and stand out among other non-certified and experienced candidates. 

ACCA certification shows your employer that you are competent in all aspects of your business. It is the largest and fastest-growing qualification globally, with over 500,000 members and students in 170 countries and territories. Recognized by the European Union and the United Nations, this certificate will help you travel and work worldwide.

You can also use ACCA certificates to study other subjects. Many institutions that provide ACCA can be combined with a bachelor's or master's degree in a similar discipline to obtain a dual qualification at the end of the study. As you know, the exams are complicated, but it takes ten years to pass all the exams. Most people can pass within three years. With the right mentor and focus, you can do it faster. 

  • ACCA qualification is known for offering a strong foundation to aspirants looking for a career in accounting, tax consulting, auditing, treasury management, and business valuations.
  • The Chartered Accountancy qualification opens the door to a vast range of exciting career opportunities, in every sector of business and finance, both in Ireland and internationally. Chartered Accountants are in constant demand both at home and abroad, being recognised for their technical competence, professional standards, and veracity.

The scope and opportunities for ACCA professionals are vast and you will be more excited to know the salary an ACCA certification offers. 

Salary of ACCA Professionals

  • Your starting salary as an ACCA professional can vary considerably depending on the location and size of the firm you work for, the sector, and your qualifications. 
  • The average salary range for a Chartered Accountant in the UAE is between AED 174,045 and AED 305,017. On average, a Bachelor's Degree is the highest level of education for a Chartered Accountant.
  • As a graduate, it's possible to start on a salary of around AED 8,970 AED per month. Once qualified, your salary can range from AED 19,100 to 30,200 AED (senior accountant roles).
  • Once you've built up significant experience, your salary can range even higher for roles at the director level. Here are the 10 Job roles after ACCA qualification
  • Starting salaries for the corporate sector and public practice are usually higher than in the public sector. Salaries are generally higher for chartered certified accountants working in banks and insurance companies.

Conclusion

Studying ACCA, you can promote your career development in all aspects. Open the door to the most exciting and best roles in the world. You can become a financial expert to respond to the rapidly changing needs of the world. It is a rewarding and intense journey, and we will support you at every stage of your career. 

Employers are always looking for ACCA-certified professionals because they have a qualitative understanding of practical, technical, and analytical skills. In fact, due to the high demand, employers in many industries, such as banking, auditing, retail, insurance, and IT, offer profitable packages. ACCA accreditation is probably one of the most trusted options for students and professionals interested in pursuing a career in the financial sector. ACCA is the perfect short course if you want to make a difference in your CV.

article1Mohamed Shafi

article1

He is a Financial Accounting trainer with over 7 years of teaching experience in Financial accounting fundamentals and software. Apart from training experience, he has industry experience of two years as a senior accountant at GCC countries. He is well versed in Tally, Sage 50, Zoho Books and SAP FICO.

He follows easy to learn methodologies which work wonders on his training. He loves to travel a lot and has a craze in driving too. His passion for teaching and training engages him to attend conferences and in exploring new areas of learning.

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