ACCA exam - Fundamentals and Professionals, the snapshot

04.09.2015 09:57

Are you ready to try your hand?
There are some technical aspects which you should definitely bear in mind!
The Exams are divided into two levels: Fundamentals and Professionals. The student can attempt up to maximum of four papers per examination cycle.

The Fundamentals level consists of nine papers in total, divided into two parts: Knowledge and Skills.

The Knowledge module contains three exams related to main areas of financial and management accounting. The candidate will study the other technical accountancy areas after studying Knowledge module. In the Skills module, there are six exams which cover the main technical areas that accountants are expected to know.

Passing the Knowledge module is awarded the Diploma in Accounting and Business and passing the whole Fundamentals level is awarded Advanced Diploma in Accounting and Business.

A maximum of nine papers at the Fundamentals level can be available for exemption. If the student has gained the relevant knowledge or skills from prior learning, he can get an exemption from particular exams. Moreover, the tax advisers get an exemption from paper F6 and the Statutory Advisers get an exemption from the whole Fundamentals level.

The Professional level is divided into two modules: Essentials and Options. This level builds on the technical knowledge the student will already have. It will also explore more advanced professional skills, techniques and values. These are required at a senior level by accountants working in an advisory or consultancy role. All students have to pass the three papers in the Essentials module. The Options module contains four papers, but it is obligatory to complete only two. ACCA doesn’t award any exemptions at the Professional Level.

The Professional Ethics module is the essential part of students’ ethical development. The module gives students exposure to a range of ethical perspectives and includes several self-tests which require them to reflect on their own ethical behaviour. The module must be completed before students apply for ACCA membership. There is no exam for the Professional Ethics module, therefore students cannot fail it. 
The Professional Experience Requirement (PER) includes three years’ employment in accounting or finance-related job, achieving 13 predefined performance objectives to the satisfaction of a workplace mentor and recording and reporting the PER progress through the online system.

Plan your preparations well - The ACCA exam sessions take place twice a year, in June and in December, as paper-based exams. The computer-based exams are available for the papers F1, F2 and F3. They are available at any time of the year. ACCA provides the former exams with answers for each paper in the Internet. Make full use of them!

Anyway, if you still wondering wheather it's a good idea to start the ACCA - check out this video: