The ACCA skill level exams are the second tier of the ACCA course, building upon the knowledge gained from the Applied Knowledge examinations. These exams cover a range of accounting and business principles, including audit and assurance, taxation, financial reporting, management accounting, and financial accounting. Depending on your background and career goals, one or more of these subjects may align with your interests or professional objectives.
After completing the Applied Knowledge and Essential Skills levels, you will take the six Applied Skills exams, which cover the three primary skills needed to be an accountant in greater detail. Upon completing these levels, students can advance to more senior positions in a company’s financial and support segments, presenting their expertise and skills to potential employers.
In this guide, we will cover the ACCA skills level FAQs, answering all the common questions students might be looking for regarding this level exam:
Q: What is the ACCA skills level?
Ans: The ACCA skills level paper includes the fundamental technical ACCA areas of law, taxation, auditing, financial management, financial reporting, and performance management. You will gain expertise in these fields, achieving a level of understanding comparable to a bachelor’s degree.
Q: Is the ACCA skill level hard?
Ans: The ACCA skill level paper is not considered hard. However, the extensive syllabus, difficult exam, and requirement to mix study and real-world experience make it tough for aspirants to qualify for the exam.
Q: How long does the ACCA applied skills take?
Ans: It takes around 12 to 18 months to finish the Applied Knowledge and Applied Skills examinations.
Q: Who is eligible for the ACCA skill level?
Ans: Students must have finished their 10+2 exams and be at least 18 years old to register for the ACCA qualification. A minimum of 65% in English and mathematics/accounts, as well as at least 50% in other disciplines, are eligibility prerequisites.
Q: What is the easiest subject in the ACCA skill level?
Ans: P7 (Advanced Audit and Assurance) is the hardest paper with the lowest pass percentage of 30%, while F1 (Accountant in Business) is the easiest with the greatest pass rate of 85%.
Q: What are the passing marks for the ACCA skill level?
Ans: Each of the three ACCA skill levels has 50 questions, and 50% is the passing score.
Q: Is ACCA F8 difficult?
Ans: Individual differences exist in the ACCA Audit and Assurance (AA) exam’s difficulty. It calls for a thorough comprehension of internal control systems, audit planning, ethical issues, international auditing standards, and evidence collection. Because of its analytical character, it could be difficult for some candidates.
Q: What is AA in ACCA?
Ans: “AA” stands for Audit and Assurance in the Association of Chartered Certified Accountants. The principles, methods, and procedures of auditing are the main topics of this skill-level study.
Q: Is AA ACCA difficult?
Ans: The ACCA Audit and Assurance (AA) paper includes individual differences that make this exam difficult. It requires a thorough understanding of internal control systems, audit planning, ethical issues, international auditing standards, and evidence collection.
Q: What is the difference between AA and AAA ACCA?
Ans: The degree of complexity and depth difference between ACCA’s AA (Audit and Assurance) and AAA (Advanced Audit and Assurance) levels. The underlying concepts and procedures of auditing are covered in AA, a skills-level paper that focuses on the essentials of organizing, carrying out, and reporting audit engagements. The professional-level paper AAA, on the other hand, is optional and expands on the information covered in AA.
Q: What is the FM paper in ACCA?
Ans: The “FM” paper in the ACCA stands for Financial Management. The goal of this skills-level paper is to provide students with the knowledge and skills they need to make sound financial decisions.
Q: What is the order of applied skills in ACCA?
Ans: Following is the order of applied skills level:
- Corporate and Business Law (LW)
- Performance Management (PM)
- Taxation (TX)
- Financial Reporting (FR)
- Audit and Assurance (AA)
- Financial Management (FM)
Q: How to prepare for the ACCA Skills Level?
Ans: There are multiple approaches to preparing for the ACCA skills level exam and ensuring a thriving career with a demanding yet lucrative ACCA certificate. The three most widely used modes are:
- Classroom + Live-Online: This mode combines the flexibility of live online lectures with the benefits of traditional classroom instruction.
- 100% live online: This mode is perfect for students who are looking for an online ACCA course and want to continue learning while on the go or at home. It provides access to recorded lectures, tutorials, and live online lectures.
- Self-paced: This is the most adaptable mode, enabling students to study whenever and wherever they choose. Practice problems, lectures that have been recorded, and other materials will be available to them.
