By Huong Fun Fun The Association of Chartered Certified Accountants (ACCA) Qualification is one of the most recognized and respected accounting certifications in the world. It equips students with technical accounting knowledge, financial management skills, and strategic decision-making capabilities. The qualification consists of 13 exams, which are divided into three levels: Applied Knowledge, Applied Skills, and Strategic Professional.
Each paper is designed to build on previous knowledge, ensuring that candidates develop a comprehensive understanding of business, finance, taxation, and governance. Below is a breakdown of the 13 ACCA papers.
1. Applied Knowledge Level (3 Papers)
The Applied Knowledge level provides fundamental principles in accounting and finance. These exams serve as the foundation for more complex concepts in later stages.
1.1 Business and Technology (BT)
This paper introduces students to the business environment, covering topics such as business structures, corporate governance, leadership, and ethics. It also examines how financial professionals contribute to business strategy and decision-making.
1.2 Management Accounting (MA)
This paper focuses on cost accounting and management accounting techniques. Students learn about budgeting, cost classification, variance analysis, and decision-making based on financial data.
1.3 Financial Accounting (FA)
This paper introduces basic accounting concepts, including double-entry bookkeeping, trial balances, and the preparation of financial statements. It also covers the application of International Financial Reporting Standards (IFRS).
2. Applied Skills Level (6 Papers)
At this level, students build technical and analytical skills required in professional accounting roles. These papers cover a broad range of financial and business management topics.
2.1 Corporate and Business Law (LW)
This paper provides an overview of legal principles affecting businesses. Topics include contract law, employment law, company law, corporate governance, and business ethics.
2.2 Performance Management (PM)
This paper expands on Management Accounting and covers performance evaluation techniques. It includes advanced costing methods, risk analysis, pricing strategies, and behavioral aspects of decision-making.
2.3 Taxation (TX)
Students gain an understanding of taxation systems, including income tax, corporate tax, value-added tax (VAT), and capital gains tax. The syllabus is adapted to the tax regulations of different countries.
2.4 Financial Reporting (FR)
This paper builds on Financial Accounting (FA) and teaches students how to prepare, analyze, and interpret financial statements. It focuses on IFRS and financial reporting ethics.
2.5 Audit and Assurance (AA)
Students learn about auditing principles, risk assessments, internal controls, audit evidence, and reporting. The paper emphasizes the role of auditors in maintaining corporate transparency and trust.
2.6 Financial Management (FM)
This paper covers key financial management techniques, including investment appraisal, risk management, capital structure decisions, and working capital management. It helps students understand how organizations manage their financial resources effectively.
3. Strategic Professional Level (4 Papers)
The Strategic Professional level is the final stage of the ACCA Qualification. It consists of two mandatory papers and two elective papers. This level focuses on developing strategic thinking, leadership, and advanced technical skills.
3.1 Mandatory Papers (2 Papers)
3.1.1 Strategic Business Leader (SBL)
The SBL paper is a case study-based exam that tests students on their ability to apply accounting, finance, and business principles to real-world scenarios. Topics include corporate strategy, risk management, leadership, decision-making, and corporate governance.
3.1.2 Strategic Business Reporting (SBR)
This paper focuses on advanced financial reporting and requires students to analyze and interpret complex financial statements. It also covers ethical considerations in financial reporting and the professional judgment required in applying IFRS.
3.2 Optional Papers (Choose 2 out of 4)
3.2.1 Advanced Financial Management (AFM)
This paper builds on Financial Management (FM) and covers high-level financial decision-making, including mergers and acquisitions, foreign exchange risk, financial instruments, and portfolio management.
3.2.2 Advanced Performance Management (APM)
This paper extends Performance Management (PM) and focuses on strategic management accounting techniques. It covers performance measurement, decision-making under uncertainty, and behavioral aspects of performance evaluation.
3.2.3 Advanced Taxation (ATX)
Building on Taxation (TX), this paper covers complex tax planning strategies, international taxation, corporate tax restructuring, and ethical tax practices.
3.2.4 Advanced Audit and Assurance (AAA)
This paper builds on Audit and Assurance (AA) and deals with complex audit engagements, forensic accounting, risk-based auditing, and regulatory compliance. It requires students to demonstrate professional judgment in auditing financial statements.
Additional Requirements for ACCA Membership
Besides passing the 13 exams, ACCA candidates must also complete:
- Ethics and Professional Skills Module (EPSM) – This module helps students develop ethical decision-making, leadership, and professional skills needed in the workplace.
- Practical Experience Requirement (PER) – Students must complete three years of relevant work experience to become fully qualified ACCA members.
Why Pursue the ACCA Qualification?
The ACCA Qualification is recognized in over 180 countries, making it a globally valuable certification. Some key benefits include:
- Career Flexibility: ACCA-qualified professionals can work in various fields, including accounting, finance, taxation, auditing, and business consulting.
- Higher Earning Potential: Many ACCA members secure well-paying roles in multinational corporations, banks, and audit firms.
- Global Recognition: The qualification is accepted by major accounting bodies worldwide, allowing members to work in different countries.
- Diverse Learning Options: Students can study full-time, part-time, or online, making it accessible to working professionals.
Final Thoughts
The ACCA Qualification is an excellent choice for those seeking a successful career in accounting and finance. Completing all 13 papers requires dedication, but the rewards are immense. ACCA members gain in-depth technical knowledge, strategic thinking skills, and global career opportunities.
By understanding the structure of each paper and planning effectively, students can successfully navigate their ACCA journey and achieve their professional goals.
Read more on 3 requirements to be awarded ACCA Membership: https://blog.fame.edu.my/3-requirements-to-be-awarded-acca-membership/
Read more on ACCA Qualification: https://www.accaglobal.com/my/en/qualifications/glance/acca/overview.html