“READY TO RISE THROUGH EVERY ACCA LEVEL IN SRI LANKA?”
ACCA Sri Lanka is an advanced accounting qualification, structured slightly differently with a comprehensive and well-categorized curriculum. The curriculum of the qualification is divided into three ACCA levels; each level consists of a couple of modules from diverse accounting and finance areas. With each academic level, the complexity of the papers increases; the first level is considered foundational, the second one is intermediate, while the third one is advanced or professional. To complete the qualification and receive the title of ‘ACCA-qualified’, students must achieve success in all thirteen papers divided into these three ACCA academic levels.
Hence, to achieve utmost success in ACCA, Sri Lankan students must first understand the ACCA levels efficiently; without having clarity about the academic levels and the modules included in them, one can not ensure a success-driven journey. Therefore, to help students understand the ACCA, from the ACCA foundational to the ACCA professional level in Sri Lanka, we have developed this informative guidebook.
HOW MANY LEVELS ARE THERE IN ACCA?
The ACCA course in Sri Lanka consists of three academic levels: the Applied Knowledge level (foundational), the Applied Skills level (Intermediary), and the Strategic Professional level (Professional/advanced). Each level consists of a bunch of ACCA papers; the total number of modules categorized in these three levels is thirteen. These thirteen modules are a mix of different finance and accounting concepts, areas, and topics; nonetheless, the motive of each level is to polish your academic and technical expertise.
ACCA LEVELS WELL-DEFINED
Let’s discuss each ACCA academic level in-depth to get a better understanding of the motive and focus of each one of them more efficiently.
1: APPLIED KNOWLEDGE
Starting from the ACCA foundation level in Sri Lanka, Applied Knowledge is the first level of this prestigious accounting credential, consisting of three modules. These modules are mainly focused on equipping students with knowledge and clarity about the accounting principles and foundational concepts, so that students can easily grasp the complex accounting and finance theories ahead in the qualification. This is considered to be the easiest academic level of the qualification that students can efficiently complete and generate good outcomes.
2: APPLIED SKILLS
This is the second ACCA level in Sri Lanka; this one is slightly more advanced than the previous one, as it focuses on complex finance and accounting areas by studying them in-depth. This comprehensive level equips students with theoretical knowledge as well as technical, analytical, ethical, and professional skills; the Applied skills level is the lengthy one, consisting of six ACCA modules. To achieve success in these ACCA exams, students should have a good understanding of the concepts and strong skills to integrate the studied conceptual knowledge into real-world scenarios to generate effective solutions.
3: STRATEGIC PROFESSIONAL
This level is known as the ACCA professional level in Sri Lanka, the most advanced one consisting of four ACCA modules; this challenging level offers an in-depth understanding of essential accounting areas by primarily focusing on polishing leadership skills in students. The Strategic Professional level also offers specialization by offering students two of these four modules as optional papers, in which they can choose two subjects of their own choice. Students tend to choose the modules that align well with their career interests and goals; this enhances their skillset in accordance with their plans.
ACCA LEVELS AND MODULES
In the table below, we have discussed the modules as per ACCA’s academic levels for a better understanding.
| APPLIED KNOWLEDGE (Foundational) | APPLIED SKILLS (Intermediary) | STRATEGIC PROFESSIONAL (Advanced) |
| Business & Technology (BT) | Financial Management (FM) | Strategic Business Reporting (SBR) |
| Financial Accounting (FA) | Performance Management (PM) | Strategic Business Leadership (SBL) |
| Management Accounting (MA) | Audit & Assurance (AA) | OPTIONALS (Any 2)
Advanced Taxation (ATX) Advanced Audit & Assurance (AAA) Advanced Financial Management (AFM) Advanced Performance Management (APM) |
| Taxation (TX) | ||
| Business & Corporate Law (LW) | ||
| Financial Reporting (FR) |
CONCLUSION
Indeed, understanding the ACCA levels is essential to begin your academic journey and efficiently achieve your academic goals; the three levels cover foundational to advanced topics. Determined students can explore all these academic levels and then plan their journey with respect to that.
FREQUENTLY ASKED QUESTIONS (FAQs)
Q1: Is it essential to follow the given sequence of attempting ACCA exams?
Ans: Experts recommended that students should complete modules from the prior level before moving to the next one, for eg, completing exams from the Applied Knowledge level before moving towards the Applied Skills modules; however, within an academic level, students can change the sequence of modules as per their preferences.
Q2: Enlighten about the virtual ACCA exam & exemption registration process; Where and how can I register in Sri Lanka?
Ans: Yes, the registration process is completely online; allowing students to apply for ACCA exams and exam exemptions through the official website of ACCA Global by inserting the required details and paying the registration fee online for each exam; the procedure is quite easy.
Q3: Do ACCA tutors and online institutes guide students about academic levels and their planning?
Ans: Yes, several credible online tutors and institutes (local and international) often support students’ journey by offering proper guidance and mentorship; this ensures students take effective academic decisions and elevate their learning experiences.
