UNDERSTAND ACCA LEVELS, PLAN YOUR PATH, SUCCEED IN SRI LANKA!”
The ACCA course in Sri Lanka is one of the most well-known accounting credentials; it is not only popular in the region but all across the world. The popularity of this qualification is justified as it brings several privileges for aspirants and professionals. Other than that, the qualification is well-committed to remaining up-to-date with changes in industry trends, advancements, and modernization of the financial world.
To maintain the prestige of this credential, the official body of ACCA had to design a unique yet effective academic curriculum. The curriculum of this qualification is quite diverse, which is why qualificants are eligible to work in versatile professional roles. This diverse curriculum is divided into three ACCA academic levels, namely, Applied Knowledge, Applied Skills, and the Strategic Professional level. All these ACCA academic levels consist of different numbers of modules, and the total number of modules one needs to complete to become a fully qualified professional is thirteen. Want to get more clarity regarding the academic levels of ACCA? Here is all that you need to know.
ACCA LEVELS IN SRI LANKA:
As mentioned before, thirteen ACCA modules are divided into these three academic levels, namely Applied Knowledge, Applied Skills, and Strategic Professional level. Here is a breakdown of each level, precisely disclosing the number and names of the modules included in that level.
1: APPLIED KNOWLEDGE LEVEL:
Amongst all three ACCA levels, this one is the fundamental/basic level with introductory concepts or principles; this level consists of three modules, namely, Business & Technology, Financial Accounting, and Management Accounting.
2: APPLIED SKILLS LEVEL:
This is the second level with most of the modules; it consists of six modules, each covering a detailed financial or accounting topic based on the knowledge provided in the previous level. The modules are more insightful and in-depth, namely, Taxation, Performance Management, Financial Management, Audit & Assurance, Corporate and Business Law, and Financial Reporting.
3: STRATEGIC PROFESSIONAL LEVEL:
The modules in this level are considered to be the most challenging, making it the most complicated amongst all the ACCA levels. Strategic Professional consists of four modules, of which two are mandatory and two are optional. The mandatory modules are the Strategic Business Reporting and the Strategic Business Leadership; whereas, students can choose two optionals of their own preference from Advanced Taxation, Advanced Audit & Assurance, Advanced Performance Management, and Advanced Financial Management.
OTHER REQUIREMENTS:
Completing all these ACCA academic levels is not enough to become a fully-qualified professional; aspirants need to fulfill other academic obligations as well. Here are some more requirements:
- Completing the EPSM modules is as important as becoming a qualificant.
- Gaining relevant PER experience with a credible employer and getting it recorded.
- Submit your work experience record and membership Application; the final step to become an ACCA member.
CONCLUSION:
Indeed, the ACCA qualification is a very popular and prestigious accounting credential globally; all this is because of its unique and updated curriculum. Students need to understand the structure of this curriculum before technically beginning their studies for better academic planning. Knowing that, the structure is nothing like a traditional syllabus; rather, it is divided into three ACCA levels, namely, Applied Knowledge, Applied Skills, and Strategic Professional level. These levels cover all thirteen modules of ACCA in a way that helps aspirants in efficient and effective learning.
FREQUENTLY ASKED QUESTIONS (FAQs)
Q1: Is it essential to follow the structure of attempting exams as per the ACCA academic levels?
Ans: It is recommended for students to follow the structure of ACCA levels, such as first complete Applied knowledge modules, then Applied skills, and lastly the strategic professional modules. This way, they can have a better understanding of the topic and give a good academic performance.
Q2: Which optional ACCA modules should I choose?
Ans: It is best to select optional ACCA modules according to your preferences, interests, and career objectives; these selective modules give you a chance to specialize in some specific areas, therefore, choose the one you want to create a career in.
Q3: Which is the most challenging level and why?
Ans: The most challenging ACCA level is the Strategic Professional level, as it examines more than just knowledge and skills; it focuses on your analytical skills, such as leadership, problem-solving, and critical thinking, through real-world scenarios. This makes exams more challenging for aspirants and requires extra effort.
