Looking to enhance your international accounting credential as a Chartered Accountant? Well, ACCA is your route to international recognition! And guess what? ACCA allows candidates to have certain exams waived based on previous qualifications, significantly accelerating the progress of their ACCA qualification.
Upon completing class 12 or after finishing graduation, students are often confused as to what to do next in their career. The most common advice given to fresh commerce graduates is to be a Chartered Accountant or a Company Secretary. In recent years, another popular career option is to become an ACCA, also known as the global CA. Here are some important facts to learn about the exemptions offered by ACCA.Â
Sounds amazing, doesn’t it? Read along to know everything you need to know about ACCA exemptions!
What is ACCA?Â
The ACCA full form is the Association of Chartered Certified Accountants. ACCA is an internationally recognized body in accounting that seeks to develop all-around finance professionals. Formed in 1904, ACCA has come to personify excellence in financial and management accountancy.
With over 250,000 members across the world. Professionals possessing an ACCA qualification are well-equipped to handle financial challenges in industries ranging from manufacturing to service.Â
What are ACCA Exemptions?
ACCA exemptions are the recognition of knowledge and qualifications that a candidate may already possess. The provision of exemptions means you don’t have to study the concepts you already successfully covered elsewhere. This makes it possible to qualify faster.
Such a structure assures a flexible approach to reaching ACCA qualification for individuals who hold corresponding academic or professional backgrounds. Exemptions acknowledge the diverse educational paths of the ACCA candidates in a manner that sets strong standards for qualification.
ACCA Exemption for B.com or M.Com Graduates
Holders of B.Com or M.Com degrees are usually exempted from the first 4 papers. Three papers of applied knowledge level and one of applied skill level. Exemptions recognize a commonality, in the content covered in those degrees and the content covered under the ACCA’s applied knowledge papers. Helping the candidate focus on more advanced levels of the qualification.
ACCA Exemptions for BBAs
The BBA graduates will receive an exemption for one paper at the Applied Knowledge level of the ACCA. BBA and ACCA are different in their core subjects and syllabus which is why you get only one exemption.
ACCA Exemptions for MBA Students
The 9 paper ACCA exemptions are available only for MBA finance because of the relevance of the course content to the ACCA subjects. The exemptions available will be lesser if the major of the MBA is not directly aligned with finance or accounts. MBA graduates have to review their curriculum’s specific details and consult with the ACCA Institute about the number of exemptions available to them.
ACCA Exemptions for CA Foundation StudentsÂ
The certificate of completion of the CA Foundation does not lead to any exemption. This implies that all the examinations prescribed by the ACCA syllabus must be taken by the students.
ACCA Exemptions for CA IPCC Qualified Students
If you have passed CA Intermediate (IPCC), then you are eligible for as many as 5 exemptions in the ACCA course. Yet, even after these exemptions, you would need to clear 8 papers to get certified as an ACCA professional. Thus allowing you to use your existing knowledge and continue toward a global certification in accounting.Â
ACCA Exemptions for Qualified CAs
After becoming a CA you can receive up to 9 exemptions from ACCA 13 papers. ACCA exemption provides a direct entry route for CAs for the ACCA qualification. With just 4 remaining papers to be qualified.
ACCA Exemptions Table
The following is a list of ACCA exemptions available:
| Qualification | ACCA Exemptions |
| CA Foundation | No exemptions available |
| CA Inter | 5 papers exemption |
| CA Final (Qualified CA) | 9 papers exemption |
| MBA in Finance | 9 papers exemption |
| B.Com/M.Com | 4 papers exemption |
| CMA with 5+ years of work experience | 9 papers exemption |
| CMA without work experience | 7 papers exemption |
| CIMA Qualified | 11 papers exemption |
| Law Degree | 1 paper exemption |
| Diploma in Accounting and Business (from ACCA) | 3 papers exemption |
| Foundation in Accountancy (FIA) | 3 papers exemption |
Let Us Calculate Your Eligibility For Exemptions
Can I Claim Exemptions at Any Time?
You will have to claim exemptions upon initial registration for the ACCA qualification. You cannot claim exemptions after sitting for the ACCA exams. Because the ACCA does not accept a retrospective claim of exemptions. Otherwise, it is advisable to include all documents required for exemption in the registration process to avoid missing out.
Are My Exemptions Worth Claiming?
By lowering the amount of examinations you need to take, exemptions can help you expedite your ACCA journey. However, consider whether missing these tests will affect your understanding of the fundamentals. You may find that taking the exam helps you grasp a subject better for future examinations. Consider the potential influence of your performance on exams at a higher level versus the time you will save and make a decision accordingly.
How to Apply for ACCA Paper Exemptions?
The process for applying for the ACCA paper exemptions is given below:
Eligibility Check: Go to the official website of ACCA and use the ACCA Exemptions Calculator. To check your exemptions based on your previous qualifications or work experience.
Registration to ACCA: While registering online, state your qualifications or work experience. Proceed to select the exemptions that you are applying for.
Submission of Documents:Â Upload certified copies of academic certificates and transcripts. After checking the ACCA exemptions calculator to enable ACCA to review them.
Pay for the exemption fees: Pay the ACCA exemption fee, which is equal to the exam fee of the particular paper.
Confirmation of Approval: Once your application has been reviewed. You are informed through your web portal account of the exemptions that have been granted. You can start preparing for your other remaining exams.
Who is Eligible for ACCA Exemptions? How to Claim these Exemptions?
Your eligibility for exemptions through ACCA depends upon your previous qualifications and certifications in academics or professional fields. Most of the students with a degree in accountancy or finance are eligible for exemptions.
Professional certifications like CA, CMA, or MBA with finance specialization have exemptions for one or more specific papers. ACCA has an exhaustive list of qualifications that it grants exemptions for. One can simply check their website to see how many exemptions they qualify for.
1. Graduates –Â If a student has completed their graduation in the field of commerce, they may be eligible for exemptions from anywhere between one to four papers, depending on the subjects they studied.Â
2. Inter-CA Pursuant – An inter-CA pursuant or a candidate who has given their IPCC exams and cleared certain papers is eligible to get 5 exemptions from ACCA, whereas those who have completed BCom with IPCC may be eligible to 6 exemptions. Final
3. CA Cleared – A student who has completed their CA qualification or is eligible for exemptions from all the papers from the Knowledge and Skill level exams, i.e. 9 papers. Even if a candidate has not completed their Final CA but has cleared certain papers, they may be eligible to claim these 9 exemptions for their ACCA qualification.
4. Other Qualifications – Students who have completed their US CPA are eligible to get 8 exemptions in ACCA. Students that have completed their CMA from India with 5 years of relevant work experience will be eligible for 9 exemptions whereas those who have completed CMA from the USA are eligible for 3 exemptions.
What are the Benefits of these Exemptions?
Here are some of the benefits of claiming ACCA exemptions:
Saves Time
ACCA exemptions after CA speeds up the qualification by exempting them from subjects they are already proficient in. This reduces the time required to achieve the ACCA qualification. Which acts as an added advantage for career development purposes and transitioning into new roles at a greater pace.
Efficiency in Terms of Costs
Exemptions reduce costs, such as coaching fees and study material costs. These exemptions take a huge financial burden off your shoulders.
Boosting Morale
Exemptions given based on the CA qualification acknowledge the competence gained. Thereby enhance one’s level of confidence and motivation. It recognizes the depth of the CA qualification and adds value when CA professionals go through the ACCA qualification.
Focused LearningÂ
With exemptions, CA professionals can concentrate on areas that are new or challenging in the ACCA course syllabus. Without having to go through areas that they have already studied before. This kind of focused approach enhances efficiency in learning. This makes the preparation more relevant to the career development of the candidates.
When Can You Not Claim an Exemption Despite Being Eligible?
Although you are qualified for an exemption, there are certain circumstances where you cannot claim an exemption. For example, when you have sat and failed or passed an ACCA paper. You can not claim an exemption for that particular paper concerned.
Similarly, ACCA may even reject an exemption. If your previous qualification is not sufficient for the specific syllabus of the exam you applied an exemption for. Consequently, exemptions are subject to the final approval of the ACCA body.
What is the ACCA Paper Exemption Fee?
ACCA charges you an exemption fee for each exemption you apply for. The fee will depend upon the level of paper in the qualification structure like different fees for different levels. These fees differ based on the region/country.
Therefore, checking the official fee schedule on ACCA’s website is wise. These fees primarily go to administer the exemption process. Fees for the exemption process are almost equivalent to examination fees.
Are there Fee Waivers?
ACCA does not offer fee waivers for exemption claims. However, in a few cases, candidates are under some form of financial stress. They may be eligible for scholarships or special financial assistance programs.
Although, in most cases, these do not include covering ACCA exemption fees. Check for all available financial aid or contact ACCA directly before filling up any forms.
Conclusion
ACCA exemptions offer you the opportunity to accelerate your qualification and save your time and effort. Knowing which papers you are eligible to exempt can help you take advantage of exemptions without compromising your knowledge.
Whether you use prior qualifications or professional experience to claim your exemptions. This is a strategic move in your journey toward ACCA. To make an informed decision which best aligns with your long-term career goals.
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FAQ’s on ACCA Exemptions:
Who is eligible for ACCA exemptions?
Mostly, those having prior qualifications in an accounting or finance stream or any related qualification are eligible for exemption. Even professional certifications like CA, CMA, and MBA (Finance) would be eligible for exemption. The official ACCA website has a tool called the ACCA Exemption Calculator. You can check the exemptions based on specific qualifications.
Is it possible to apply for an exemption as an existing ACCA student?
Yes, if you are already an ACCA student member, you can still apply for exemptions. But you need to claim your exemption before you begin sitting the exam. You cannot claim exemptions after you have sat or passed a paper.
Does the ACCA charge an exemption fee?
ACCA will charge a fee for every exemption you claim. The charge depends on the level of your paper and the country where you are taking your exams. Usually, the charges are almost identical to examination fees.
Is it worth doing the ACCA with the 9-paper exemption?
If you exempt nine papers, you will spend much less time completing your qualification. On the other hand, choose the subjects you are exempted from carefully. Determining whether they contain knowledge crucial for future exams or the profession.
After ACCA, can I study law and am I eligible for exemptions?
Yes, you can be a lawyer after ACCA. Exemptions depend on the college offering law. Some universities might avail an exemption to law courses like corporate law, depending upon your qualification in ACCA.
