“FAST-TRACK YOUR ACCA JOURNEY: EXEMPTIONS EXPLAINED FOR THE UK STUDENTS”
ACCA is one of the most flexible qualifications in the accounting sector, prioritizing quality education without overexertion for students. The qualification is committed to offering flexible study options to students, ensuring they can learn efficiently, and the experience is not daunting for them. Amongst many academic flexibilities and advantages this qualification in the UK offers comes the most popular benefit of “ACCA exemptions”. You all must be well aware of the complex modules of the ACCA qualification; it comprises 13 modules covering different financial areas. Achieving success in all of them is mandatory and quite challenging for the aspirants. In such a scenario, the option of ACCA exemption is nothing but a pure blessing for students.
ACCA exam exemptions are valid for students who have a prior degree in accounting, business, or finance from a well-recognized institute. These exemptions are offered on modules from the Applied Knowledge or Applied Skills level. Exemptions can be multiple, and the number of allowed exemptions differs depending on an individual’s academic history. Want to know more about ACCA exam exemptions? In this blog, we are going to discuss all about ACCA Applied Skills exemptions in the UK.
WHAT ARE ACCA APPLIED SKILLS EXEMPTIONS?
The ACCA qualification in the UK is divided into three levels known as Applied Knowledge, Applied Skills, and the Strategic Professional level; all these levels consist of different modules, which are 13 in total.
Specifically, the Applied Skills level consists of six modules, namely: Performance management, financial management, auditing, taxation, financial reporting, etc. If you have a prior degree in accounting, finance, or a related field, you can avail of exemptions on the above-mentioned modules. Exemption means that the aspirant is no longer required to clear that specific module, as it is already equivalent to the subjects of the degree you have studied.
WHICH PAPERS CAN BE EXEMPTED AT THE APPLIED SKILLS LEVEL?
From the six modules in this level, namely, Taxation, Audit and Assurance, Corporate and Business law, Performance Management, Financial Reporting, and Financial Management, any of the modules can be exempted depending on your educational history. The number of allowed exemptions can not be predetermined as it can vary greatly from person to person, depending on multiple factors.
WHO QUALIFIES FOR ACCA EXEMPTIONS IN THE UK?
In the UK, ACCA exemptions are only available for students who are either accounting, finance, or business graduates, as well as for professional qualification holders. Hence, if you have a degree in any of the mentioned fields or hold a professional qualification like CIMA or AAT, you might be eligible for the ACCA exemptions. Therefore, if you think you fall in this category and have the required qualifications, you must apply for ACCA exam exemptions in the UK and fast-track your learning experience.
BENEFITS OF CLAIMING ACCA EXEMPTIONS:
Here are certain academic benefits that you can avail through ACCA Applied Skills exemptions:
- It saves time by completing the qualification faster by skipping the exempted modules.
- As the number of exams is reduced, so is the exam stress.
- It is cost-efficient as you are not supposed to pay the examination fee for the exempted exam; however, you are required to pay an exemption fee.
- It allows you to do tailored learning by avoiding repetition of the areas/topics already studied.
THINGS TO CONSIDER BEFORE CLAIMING EXEMPTIONS:
Before finally claiming the ACCA exemptions, you need to ponder over certain things and then make a decision; things you need to consider are:
- Understand that ACCA charges a certain exemption fee for each exam.
- If someone is claiming an exemption, they need to precisely go through the curriculum to stay updated and ensure there are no knowledge gaps.
- Set future goals and analyze if taking exemptions can affect them negatively, and then claim any exemption.
CONCLUSION:
ACCA exemptions are indeed very beneficial and can help you accelerate your academic journey. It saves you a lot of time, energy, and effort, as well as fast-tracks your whole learning process by avoiding repetition of the already learnt/studied topics. To claim exemptions on any module, you need to be eligible for it; the eligibility for claiming ACCA exam exemptions solely depends on your academic history. If you have a strong academic background with a prior degree in accounting, finance, or business, you can apply for exemptions. To check the number of exemptions and modules you can exempt from, visit the ACCA exemption calculator at ACCA Global’s website.
