“Are You Ready To Conquer ACCA? Providing All That You Need To Know About ACCA Exams”
As the popularity of the qualification increases, the number of ACCA aspirants in the UK is also growing rapidly. We see a lot of queries and curiosity regarding ACCA exams, which is somewhat expected. As the qualification is structured, covers diverse areas, and focuses on modern learning techniques; therefore, the ACCA exams are unique as well as well-structured.
ACCA exams are one of the most challenging and competitive modules of the financial sector that equip you with knowledge, skills, and professional qualities to survive in the financial world of modern times. These exams are a total of 13 modules, each covering a different accounting or finance area. The qualification further divides these modules into three levels, known as Applied Knowledge, Applied Skills, and Strategic Professional level.
To get more insights into ACCA exams, topics covered, and their structure, read the blog ahead.
Applied Knowledge Level:
This is the basic level of the qualification that consists of three modules covering fundamental concepts and principles of accounting and finance; this level works as the first yet most important step to climb the ladder of this prestigious qualification of ACCA in the UK. ACCA exams from this level include Business and Technology (BT), Management Accounting (MA), and Financial Accounting (FA); all of the ACCA exams from this level are computer-based.
- The module on Business and Technology covers essential topics like the role of accounting in business growth, ethics, technology, and governance.
- Financial Accounting mainly focuses on the principles and concepts of financial accounting and reporting.
- Management accounting emphasizes budgeting, costing, performance management, variance analysis, etc.
Applied Skills Level:
The applied skills level is the second level in the structure of the qualification of ACCA in the UK; this level provides a deeper understanding of complex accounting areas and equips aspirants with technical skills and accounting disciplines. The level includes six exams, and all of these exams are computer-based; ACCA exams included in this level of qualification are Performance Management (PM), Corporate and Business Law (LW), Financial Reporting (FR), Taxation (TX), Audit and Assurance (AA), and Financial Management (FM).
- The Performance Management module primarily focuses on equipping aspirants with budgeting, decision-making, and advanced costing techniques.
- The Corporate and Business Law course in ACCA includes topics like contract law, legal systems, corporate governance, etc.
- The Financial Reporting module concentrates on areas like preparing, managing, reporting, and analyzing financial statements.
- The main focus of the taxation module of ACCA is on principles of local and international tax laws, VAT, income, and corporations.
- Financial Management is one of the most popular ACCA exams; the syllabus of this course includes areas like capital structure, investment appraisal, and risk management.
- Lastly, the focus areas of the Audit and Assurance module are audit processes, auditing standards, internal control, ethics, and risks.
Strategic Professional Level:
The last stage of the ACCA qualification consists of the most advanced topics and is considered very complex. This level consists of four ACCA exams (two essential and two optional), the primary focus of this level is to advance aspirants’ analytical, technical, ethical, and professional skills. The exam is completely scenario-based, designed to assess your understanding of accounting principles and your ability to apply this knowledge to real-world financial issues. The essential exams for this level are Strategic Business Reporting and Strategic Business Leadership; however, you can choose two modules from four options: Advanced Taxation, Advanced Audit & Assurance, Advanced Performance Management, and Advanced Financial Management. Among the given options of ACCA exams, aspirants are advised to choose the area of study that aligns with their future goals.
- The focus areas of the Strategic Business Reporting module are advanced group accounting, reporting, and analysis.
- The prime areas of focus for the Strategic Business Leadership module are leadership, risk, and governance.
Optional: (Any Two Out of Four ACCA Exams)
- Advanced Taxation includes topics regarding complex tax planning and its compliance, both locally as well as according to international standards.
- Advanced Audit and Assurance concentrates on topics regarding complex group audits, practice management, and ethical considerations.
- Advanced Performance Management includes topics that focus on KPIs, Strategic performance evaluation, and control systems.
- The Advanced Financial Management module’s focus areas are financial planning, strategy making, risk management, and treasury.
Conclusion:
However, the structure of this qualification is unique, and the ACCA exams are indeed a bit comprehensive and challenging. However, the wealth of knowledge, skills, and adaptability to modern advancements that these ACCA exams provide is remarkable. All these skills and knowledge help you thrive in your professional journey and enable you to touch the skies. Therefore, stay consistent and determined; anything is possible when your willpower and ambitions are strong.
Frequently Asked Questions (FAQs)
Q1: How can I achieve success in ACCA exams?
Ans: The following tips can help you in achieving success in the complex ACCA exams.
- Follow a structured study plan.
- Join a reliable tuition provider.
- Stay consistent with your studies.
- Join study groups and ACCA online forums
- Practice mock exams.
Q2: What are the most essential academic requirements for the ACCA qualification?
Ans: To complete an ACCA qualification, you need to fulfill certain academic requirements, such as:
- Success in all ACCA exams
- Complete ethical and professional skills modules
- Gain the required practical experience
- Follow CPD requirements.
