OVERVIEW:

ACCA qualification is a well-acknowledged accounting qualification that consists of a series of 13 exams. These exams are divided into three levels, namely, Applied knowledge level, Applied skills level, and strategic professional level. To learn more about ACCA modules read the article given below: 

APPLIED KNOWLEDGE LEVEL:

This level helps the students to build the basic foundation of accounting knowledge. This level especially helps the students who are new in this sector and have no background in accounting and finance. There are 3 modules at this level (Accountant in Business, Management Accounting, and Financial Accounting) 

F1: Business and Technology (BT):

This course provides in-depth details about the role of an accountant in organizational structure, business, governance, ethical aspects, and role in ensuring performance and compliance within an organization.

F2: Management Accounting (MA):

The prime focus of this course is on preparing pupils for cost management and the decision-making process in a firm. The content included in management accounting is Costing methods such as absorption and marginal costing, budgeting, performance evaluation, decision-making techniques such as break-even analysis, etc.

F3: Financial Accounting (FA):

Financial accounting helps students learn about basic accounting principles and prepare financial statements. The content included in this course is balance sheets, income statements, cash flow statements, etc.

APPLIED SKILLS LEVEL:

At this level, the knowledge learned from the previous level is applied in real life and in more complex scenarios. This level consists of 6 modules (Corporate and business law, performance management, taxation, audit and assurance, financial reporting, and financial management)

F4: Corporate and Business Law (CL):

This course highlights the legal structure in which business runs, the content included in this course are dispute resolutions, company law, international law regarding business, etc.

F5: Performance Management (PM):

The prime focus is on how to measure the performance of an organization and how to use numerous management accounting techniques for the betterment of an organization’s performance. The content included in this course is budgeting, performance indicators, variance analysis, etc.

F6: Taxation (TX):

The key skills learned in this course are understanding compliance and tax planning, controlling of tax and taxation process in personal as well as corporate finance. The content included in its syllabus is corporate tax, VAT, income tax, capital gains tax, etc.

F7: Financial Reporting (FR):

The content included in this course is Accounting for income, liabilities, assets, equity, etc. The key focus of this course is to make a student familiar with financial statements according to international standards (IFRS).

F8: Audit and Assurance (AA):

The primary focus of this course is on auditing procedures, ethical considerations in auditing, understanding audit reports, etc. The syllabus consists of content like risk assessment, audit planning, internal control, regulatory frameworks, etc.

F9: Financial Management (FM):

It focuses on investment decisions, financial analysis and decisions. The content included in this course is capital budgeting, financial risk management, cost of capital, etc.

STRATEGIC PROFESSIONAL LEVEL:

At this level, the student is expected to learn advanced knowledge and analyze it with strategic thinking. Previously, learned knowledge and skills are applied in real-life business scenarios at this level. This stage is divided into two parts (Essentials/Compulsory and optionals/Electives). 

ESSENTIAL (COMPULSORY ACCA MODULES):

These ACCA modules are compulsory and should be completed by every student.

Strategic business leadership (SBL): It is an in-depth, conceptual exam in which the ability of students to apply strategic decision-making in complex business scenarios is tested. The content included in this module is strategic analysis, leadership, business planning, etc.

Strategic business reporting (SBR): Key skills taught in this module are implementing complex accounting regulations and familiarity with global financial issues. It basically teaches students to interpret and analyze financial statements in-depth. The content learned in this module is reporting frameworks such as IFRS and GAAP, interpreting financial results, financial statement analysis, etc.

OPTIONAL (ELECTIVE ACCA MODULES):

There are four options given out of which students are supposed to select any two courses of their choice. These four options are; Advanced Financial Management, Advanced performance management, Advanced Taxation, and Advanced audit and assurance. 

TOTAL ACCA MODULES: AN OVERVIEW

  • Applied knowledge level consists of 3 modules,
  • Applied skills level consists of 6 modules,
  • Strategic professional level consists of 4 modules (2 of which are optional) 

AN OVERVIEW OF THE QUALIFICATION:

The sequence of exams: ACCA qualification is very flexible but it is advised for students to attempt Applied knowledge exams first as it is the foundational level of the qualification, followed by the Applied skills level which applies theory learned in the previous level in real-life scenarios and then strategic professional level which is advanced level amongst the rest.

The qualification includes 13 ACCA modules in total, these modules built an in-depth knowledge of accounting to resolve complex business scenarios. Usually, the qualification takes 3 to 4 years to complete, the duration of completion may vary depending on every individual’s study pace and commitment towards studies. ACCA qualification is globally recognized therefore, it opens the gateway to many global career opportunities in the business, accounting, and finance sectors.  

CONCLUSION: 

The ACCA qualification consists of 13 modules divided into three levels (Applied knowledge level, Applied skills level, and strategic professional level). These modules provide knowledge from the foundational level of accounting to the advanced/ professional level. The modules equip you with various aspects of business, accounting, and financial management. The skills taught in these modules enable you to put your knowledge in real-life business situations and dive into the professional journey. With keen concentration and consistency, you can ace the ACCA modules and achieve the professional growth you dreamt of.