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A brief Introduction about ACCA Exam

Do you want to work in finance, specifically accounting, tax consulting, auditing, the management of a company's finances, or the valuation of a company? In that case, ACCA seems like a good option. In any case, this article will give you a solid foundation in ACCA and answer any questions you may have if you are unfamiliar with it. 

What is ACCA?

ACCA, or Association of Chartered Certified Accountants, is a globally recognised accounting body that awards the designation "Certified Chartered Accountant" to its graduates.

Why is ACCA Important? 

A worldwide accounting career is possible with an ACCA certification. The ACCA credential is a springboard to higher-level accounting positions like Financial Consultant, Financial Manager, Head of Finance & Accounts, and Financial Controller. The ACCA designation is highly esteemed in the business world. A lot of people go that route because of all the benefits it provides. Whether you're a student or a working professional hoping to advance your financial career, an ACCA certification can open doors for you.

Top reasons the ACCA is important are:

  • You can use your ACCA credential as a passport to a career anywhere in the world.
  • Expertise in global accounting and auditing standards will be yours to take away.
  • Employers are willing to pay more and provide better benefits to candidates who have earned certifications.
  • It can help you get promoted to higher-level executive roles like chief financial officer or director of finance.
  • Companies like PwC, KPMG, Deloitte, EY, Grant Thornton, and BDO hire ACCA professionals at competitive salaries.

Things You Should Know Before Taking The ACCA Exam

To become an ACCA member, you must pass the ACCA Exam, which is an internationally recognised certification.   Many countries recognise the ACCA as being equivalent to their own accounting programmes, so earning the credential is a good way to get started in the field. The ACCA exam is comprehensive, testing knowledge in all areas of business administration. Not only does it delve into the theoretical realm with topics like motivational theory, but it also delves into the technical realm with topics like bookkeeping and cost accounting.

Also, you'll need to demonstrate your accounting savvy with a number of written exams. Topics ranging from business ethics and law to more technical subjects like auditing and financial reporting are covered across the 14 papers. These reports are broken down even further into four categories: information, fundamentals, abilities, and alternatives.

What is the Syllabus for the ACCA exam?

There are 13 total papers on the ACCA exam, and they are broken up into four categories, or 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)

Let's dive into an in-depth evaluation of these modules right now. The various professional ACCA Exam levels correspond to these units. There are 13 different topics and exams that make up the ACCA certification, and they are split between three different levels: Applied Knowledge, Applied Skills, and Strategic Professional.

Let's delve into the specifics of each ACCA level.

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.

Here at Ujuzingo, we've made it a habit to support accounting and finance enthusiasts put their best foot forward as they search for opportunities that meet their skills and career aspirations, while also assisting employers in finding more job-ready applicants. Check out our accounting and finance courses or current job openings.