ACCA Qualification structure and requirements (2024)

FAQs

ACCA Qualification structure and requirements? ›

The ACCA syllabus consists of 13 exams divided into 3 levels: Applied Knowledge - 3 exams. Applied Skills – 6 exams. Strategic Professional (Essentials and Options) – 2 Essentials exams and 2 Options exams.

The ACCA syllabus consists of 13 exams divided into 3 levels: Applied Knowledge - 3 exams. Applied Skills – 6 exams. Strategic Professional (Essentials and Options) – 2 Essentials exams and 2 Options exams.

ACCA USA is partnered with multiple schools, both undergraduate and graduate, across the United States of America. Seattle University is an Accredited Education Partner of the Association of Certified Chartered Accountants (ACCA).

There are three stages of exams, plus an Ethics and Professional Skills module and a Professional Experience Requirement.

Applied Skills ACCA exam order

For most students, Audit Assurance is generally considered to be the toughest paper, especially at this level. For the Applied Skills exams, along with Performance Management, this is the subject that I get the most queries about. (You'll find plenty of videos on these on my channel.

You could therefore complete all of the exams in two years. However, as you also need three years practical experience before you can become an ACCA member and be considered a qualified accountant, the qualification takes a minimum of three years to complete.

Deciding which one is tough – US CPA or ACCA – there are several factors to consider. First, the US CPA has fewer sections (4 exam sections vs 13 papers for the ACCA Qualification), but they are all hard. In fact, the US CPA pass rate hovers around 45-55%. Likewise, the ACCA estimates their mean pass rate is about 55%.

Though ACCA is recognised in most countries, unfortunately, their qualifications are not recognised in the US, and there is no reciprocal agreement that will entitle someone who has ACCA qualifications to automatically qualify for licensed CPA status.

ACCA is an international degree and is valid across the globe. CPA, on the other hand, stands for Certified Management Accountants. CPA works for the Regulator of a business, whereas ACCA is the Advance module of Finance. The work experience required for ACCA is 1-2 years, whereas CPA requires 3 years.

Is ACCA equivalent to a degree? ›

The ACCA Qualification is broadly equivalent to degree standard when you take the first nine papers (the Fundamentals level). When you take the Professionals level, it is equivalent to a masters degree.

According to a survey conducted by PayScale, executives working at top Fortune 500 companies can expect an average ACCA salary in India for freshers of Rs 5 lakhs – Rs 20 lakhs per annum, while entry-level employees can earn Rs 3 lakhs – Rs 10 lakhs per annum.

ACCA as a course is moderately difficult. However, you'll require a coaching institute for professional training and preparation for your exams.

After your 10 year time limit is reached, you will lose any Strategic Professionals results that are seven years old, or older, and you will need to take these exams again. Check your myACCA account to find out when your Strategic Professional results will expire.

You should aim to take one exam each sitting throughout a year to complete in 3 years. Just remember, if you're unsuccessful in one exam, you may need to take a re-sit during the year too. Every student is different, but the ACCA recommends an average of 150 hours of study per paper.

The term 'chartered certified' is legally protected and to become a chartered certified accountant you must have successfully completed the ACCA Qualification and become an ACCA member. You'll also need three years' relevant work experience, which can be done while you're studying for the qualification.

No, the CFA qualification tends to be considered slightly more difficult than ACCA - but this is to some extent a subjective matter, differing from person to person. Many people don't make it through the three levels of CFA because of the time required to finish the course.

We aim to provide you with high quality tuition and support so you will pass first time. However, if you do need to resit your exam, there is no limit to the amount of times you can attempt it.

Failing is really common. In fact, it's more common than a pass if you look at the pass rates. Some students keep failing ACCA exams over and over again. Unfortunately, if you fail once, you're likely to fail twice when it comes to the ACCA.

If you're wondering whether you can become a chartered accountant without a degree, you can apply for the ACCA qualification with a combination of GCSEs and A-levels. However, by already holding a degree or Masters in any subject, this may make you exempt from some of the exams.

Can I study ACCA on my own? ›

You could study completely at your own pace or you could take a 'live' classroom option – with online classes scheduled at specific times.

Yes! You can complete the ACCA course and its exams in 2 years. However, you will require a minimum of 3 years to receive the ACCA certification. It is because the ACCA requires its candidates to have three years of practical experience before becoming ACCA members and being considered qualified accountants.

Global recognition: The CPA designation is recognized worldwide, which means that UK accountants with this designation have the opportunity to work abroad or take advantage of global career opportunities.

Thus, as an ACCA-certified accounting professional, you can not work as an official public accountant in any of the states of the United States. You will need a CPA license to practice public accountancy in the United States, which is issued at the state level.

Since the ACCA is a prestigious accounting qualification, you can work in different fields like finance, banking, financial consulting, taxation, law, auditing, and other areas of business management.

Countries like the UK, USA, Canada, Australia and Singapore are a few of the many countries that accept Indian ACCA qualification for employment.

ACCAs are recognized globally and are highly valued by employers. In terms of salary, ACCAs typically earn slightly less than CPAs. According to the ACCA, the average salary for ACCA members in the United States is around $75,000 per year. However, this can vary greatly depending on experience, location, and industry.

How can I sit an exam within the USA? Check our exams pages for the most up-to-date information on booking remote exams in the USA. On-demand and session exams are only available through remote invigilation. Keep on top of exam and subscription fee deadlines by visiting the important dates section of our website.

The ACCA Qualification is the world leading accountancy qualification for aspiring financial professionals - providing students with the skills, knowledge and values to have successful careers and lead the organisations they work with into the future.

ACCA is the Association of Chartered Certified Accountants.

What is an ACCA accountant called? ›

Association of Chartered Certified Accountants (ACCA)

One certification is not better than the other. Therefore, you must analyze both programs and decide which will work best for you. 1) The ACCA course will help you get a job in the accounting domain, while an MBA course from a top business school will help you reach managerial positions in any business firm.

The primary difference between ACCA and MBA is their focus of study. ACCA is a specialized program that focuses solely on accounting and finance. On the other hand, an MBA program is a broad-based program that covers a range of business topics such as management, marketing, operations, human resources, and accounting.

The ACA qualification involves three years of on-the-job learning. This is also combined with the requirement to pass 15 exams. It is considered the most challenging of the three qualifications.

From the salary perspective, the best country to work for an ACCA professional is the United Kingdom. However, even Singapore and Malaysia also have an equally high demand for ACCA members.

ACCA professionals get recognition in countries like Canada, Singapore, the UK, Japan, Dubai, Australia, Malaysia, Germany, New Zealand, European Union, Ireland, Switzerland, South Africa, etc. The ACCA global body is a growing community with innumerable opportunities for professional accountants.

You have seven years to pass all the Strategic Professional exams. If you don't meet this time limit, you'll have to re-take any Strategic Professional exams achieved more than seven years ago. This rule means employers can be confident that your knowledge is relevant and up-to-date.

ACCA is open access, meaning there is an entry point for everyone. But sometimes your existing qualifications mean you'll be able to start further along in the qualification – and gain exemptions from some of our exams.

passing your RAP within 10 years of the earliest of: the date of your first ACCA examination pass, or the date of your first ACCA exemption being granted. (or) (2) passing 3 ACCA (Applied Skills or Strategic Professional) examinations in the 5 year period before submitting and passing your RAP.

What is the sequence of ACCA? ›

ACCA is made up of three levels: Applied Knowledge, Applied Skills and Strategic Professional. You can move onto exams at the next level as long as you have completed the previous level, or are taking your final exams of the previous level at the same time.

The ACCA Qualification is broadly equivalent to degree standard when you take the first nine papers (the Fundamentals level). When you take the Professionals level, it is equivalent to a master's degree.

Structure of the ACCA F4 paper

The exam will be a two-hour paper, with all questions being compulsory. There will be two sections to the exam: Section A will comprise 25 objective test questions of 2 marks each, and 20 objective test questions of 1 mark each. Section B will comprise five 6 mark multi-task questions.

The four enhancing qualitative characteristics continue to be timeliness, understandability, verifiability and comparability.

Exams must be taken in modular order for the ACCA Qualification, however you can attempt the papers within each module in any order. If you wish to enter to sit exams in the next module, you must also enter for all outstanding exams in your current module.

ACCA is an international degree and is valid across the globe. CPA, on the other hand, stands for Certified Management Accountants. CPA works for the Regulator of a business, whereas ACCA is the Advance module of Finance. The work experience required for ACCA is 1-2 years, whereas CPA requires 3 years.

While Certified Public Accountant (CPA) makes you the Chartered Accountant of the US, the Association of Chartered Certified Accountants (ACCA) course makes you a global Chartered Accountant. This means you can practice Chartered Accountancy in 180 different countries.

Upon completion of the ACCA program, students are certified as Chartered Certified Accountants, which is a globally recognized accounting certification. An ACCA qualification is highly valued in the accounting and finance field. In contrast, an MBA degree is not a certification, but rather an academic degree.

Difficulty level of each paper

As such, from the below table, it can be inferred that F1 (Accountant in Business) is the easiest paper, with the highest pass rate of 85% in June 2019, while P7 (Advanced Audit and Assurance) is the most challenging paper, with the lowest pass rate of 30% in March 2019.

ACCA as a course is moderately difficult. However, you'll require a coaching institute for professional training and preparation for your exams.

What is F7 in ACCA? ›

Which Paper is F7 in ACCA? F7 in ACCA is Financial Reporting Exam also termed as FR Exam. It is the ACCA Skill level Exam covering various International Financial Reporting Standards (IFRS) and Reporting relating Areas.

The reason some students find the ACCA difficult is that they're not putting enough time, effort, and energy into studying. If you put in the time and are dedicated to passing, you will be able to pass exams and keep going until you are ACCA qualified!

The ACCA Knowledge level is the first level in the ACCA qualification and it comprises three modules — Accountant in Business, Management Accounting and Financial Accounting. Students can only progress to the Skills level if they pass all three modules.