Becoming an ACCA professional can be both challenging and rewarding. While the journey to this qualification may differ among aspirants, comprehending ACCA exam levels, patterns, and potential exemptions can significantly impact your performance in attaining this prestigious qualification.

ACCA might seem daunting at first glance, but it offers relative flexibility and ease compared to other accounting qualifications. Its comprehensive curriculum prioritises market trends to ensure aspirants stay ahead in the modern business world.

The ACCA course structure is divided into three levels:

 

1. Knowledge: This level delves into theoretical concepts, laying a strong foundation for the subsequent levels. You’ll develop a basic understanding of essential financial, business, and management accounting principles for practical application. Exams at this level are highly flexible and can be taken at any time throughout the year.

The knowledge level comprises three exams:

1. Business and technology (F1): Covers concepts related to business organisation, management, finance and accounting introducing the role of an accountant in business.
2. Management accounting (F2): Focuses on the management accountant’s role in decision-making and performance evaluation.

• Financial accounting (F3): Introduces financial accounting concepts and techniques covering topics like financial statements, accounting standards, and financial reporting.

2. Applied Skills: As you progress, you gain relevant skills needed to work as an accountant in today’s business environment. This level emphasises practical application of knowledge gained in the first level. Exams for this level are held four times a year in March, June, September, and December. The applied skills level consists of six exams:
   1. Corporate and business law (F4): Covers the legal framework for business and accounting including topics like company law, contract law, employment law and insolvency law.
   2. Performance management (F5): Builds on management accounting concepts, focusing on performance management and control covering strategic management and risk management.

• Taxation (F6): Provides comprehensive grasp of taxation principles and practices including topics like income tax, corporation tax, value-added tax and tax planning

1. Financial reporting (F7): Introduces the financial reporting concepts and techniques covering topics like financial statements, accounting standards and financial reporting requirements.
2. Financial management (F8): Builds on financial accounting and management accounting concepts covering topics like financial planning, investment decisions, and risk management.
3. Assurance and audit (F9): Introduces audit and assurance concepts and techniques covering topics like auditing standards, risk assessment and internal control.

3. Professional: At this level, you develop a strategic approach to solving complex business challenges, preparing for future leadership roles. It bridges the gap between technical knowledge and professional skills, offering specialisation areas aligned with your interests and vision. Exams at this level are also held four times a year.

The professional level includes two mandatory and two optional exams:

Mandatory exams:

1. Strategic business leader (F10): Focuses on financial reporting and analysis covering topics like financial statement analysis, business valuation, and financial reporting standards.
2. Strategic business reporting (F11): Develops leadership and strategic management skills covering topics like financial strategy development, risk management and organisational leadership.

Optional subject exams (choose any two as F12 and F13):

1. Advanced performance management: Enhances ability to plan and control through budget creation and performance measurement
2. Advanced taxation: Deepens understanding of tax regulations and their impact on operations including topics like modern features of UK taxation.

• Advanced audit and assurance: Equips with in-depth knowledge of finance industry’s legal obligations and reporting standards for ensuring compliance

1. Advanced financial management: Offers comprehensive knowledge of financial industry including topics like mergers and acquisitions, risk management methods, investment appraisal and a few more.

In terms of flexibility, ACCA provides various exam exemptions based on prior qualifications. With passing percentages of 50%, ACCA aims to increase the number of aspirants clearing the exams. Progression to the next level is possible after completing the previous level or while taking final exams for that level concurrently.

As a Gold Approved Learning Partner, LearninGT by Grant Thornton Bharat understands the demands of the accounting industry. Our training methodology prioritises experiential learning, leveraging real-world industry examples, simulations, and live projects to enhance practical skills and readiness for the challenges of the accounting industry.

Click here to explore our ACCA programme.