What are the 13 ACCA Papers and Exemption?

Association of Chartered Certified Accountants is an internationally recognised qualification in accounting which opens the doors wide for finance and accounting career opportunities. Those candidates interested in achieving the ACCA designation must pass the ACCA exams. These exams cover a range of topics related to accounting and finance. This article will deal with 13 ACCA papers, exemptions available for several qualifications, and the process of claiming these ACCA exemptions.

What are the 13 ACCA Papers?

The ACCA qualification comprises 13 papers divided into three levels:

1. Applied Knowledge:

• • BT (Business and Technology)
  • MA (Management Accounting)
  • FA (Financial Accounting)

      2. Applied Skills:

• • LW (Corporate and Business Law)
  • PM (Performance Management)
  • TX (Taxation)
  • FR (Financial Reporting)
  • AA (Audit and Assurance)
  • FM (Financial Management)

      3. Strategic Professional:

• • Essentials
    • SBL (Strategic Business Leader)
    • SBR (Strategic Business Reporting)
  • Options (two to be chosen)
    • AFM (Advanced Financial Management)
    • APM (Advanced Performance Management)
    • ATX (Advanced Taxation)
    • AAA (Advanced Audit and Assurance)

What Are ACCA Exemptions?

ACCA exemptions provide an opportunity to skip certain examinations based on prior qualifications. Exemptions granted by ACCA, therefore, take into consideration knowledge and skills acquired through other forms of education and professional activities. Allowing an individual to have a relatively short journey of becoming an ACCA member.

ACCA Exam Details

The ACCA examination is a computer-based examination that the institute conducts four times a year. Each setting varies in duration, usually lasting between two to four hours. The examinations are based on a candidate’s knowledge and ability as well as the application of these notions to real-world applications.

Before deciding to take the ACCA exemption exams, one needs to focus on some factors:

• Students should claim an exemption if they have recently achieved the required qualification or are working in a similar field
• To decide on the exemption exam, one should go through the previous ACCA papers and answer them
• Another consideration is the cost, which includes  ACCA exam course fees and other charges
• Time is also a crucial factor to be considered

ACCA Exemptions for Various Qualifications

ACCA Exemptions for B.Com

Graduates with a Bachelor of Commerce (B.Com) degree can claim exemptions for up to nine papers, depending on the subjects covered in their undergraduate studies. Typically, in ACCA exemptions for BCom, BCom graduates are exempt from the Applied Knowledge level and some examinations for the Applied Skills level.

ACCA Exemption for CA

Chartered Accountants (CA) can obtain significant exemptions due to the overlap in syllabus content. Qualified CAs can get exemptions for up to nine papers, covering the Applied Knowledge and Applied Skills levels.

ACCA Exemption for CA Inter

Candidates who have completed the CA Inter (Intermediate) level can claim exemptions for up to five papers, including those from the Applied Knowledge and a few from the Applied Skills levels.

ACCA Exemption for CA-Qualified

Fully qualified CAs are eligible for exemptions from nine ACCA papers, including all Applied Knowledge and Applied Skills papers. This reduces the number of papers they need to pass to complete the ACCA qualification significantly.

ACCA Exemption for MBA

Plenty of MBA graduates, depending on their specialisation, may be eligible for exemptions from certain ACCA papers. Typically, exemptions are granted for papers in the Applied Knowledge level and sometimes in the Applied Skills level if the MBA covers relevant accounting and finance subjects.

ACCA Exemptions for CMA

Certified Management Accountants (CMA) can claim exemptions for up to nine papers. The extent of the exemptions depends on the content and level of the CMA qualification, covering primarily the Applied Knowledge and Applied Skills levels.

ACCA Exemption Fee Breakdown

ACCA charges a fee for each exemption claimed. The total cost varies depending on the level of the paper for which the exemption is sought. Please check the current fee structure on the ACCA website since it is subject to change.

 

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How Can You Apply For ACCA Course Exemption?

Applying for exemptions for the ACCA course involves the following:

1. Check Eligibility: Check the list of exemptions on the ACCA website to see which ones you qualify for. You can use the ACCA exemption calculator available on the ACCA website.
2. Submit Documents: Attach a transcript and certificate to prove your credentials.
3. Pay ACCA Exemption Fees: Pay the ACCA exemption fees based on the fee structure provided by the ACCA.
4. Confirmation: Wait for confirmation from ACCA on the exemptions received.

Why ACCA Institute Provide Exemptions?

ACCA exemptions are designed to acknowledge prior learning and experience hence saving candidates from redundancy in their study process. This speeds up their move towards becoming an ACCA-certified individual and the candidate only focuses on new areas of knowledge.

Types of ACCA Exemptions

There are two main types of ACCA exemptions:

1. Academic Exemptions: These are exemptions through academic qualifications like degrees and diplomas.
2. Professional Exemptions: Based on professional qualifications like CA, CMA, and MBA.

Benefits of Obtaining ACCA Exemptions

• Time-Saving: Decreases the number of exams one has to appear for to gain the ACCA qualification.
• Cost-Efficient: Lowers the total cost by reducing examination charges and study material charges too.
• Focus: Allows candidates to concentrate on advanced papers that add value to their knowledge and skills.

When You Cannot Claim an Exemption

Exemptions cannot be claimed if:

• The qualification is not recognised by ACCA.
• The relevant subjects or content were not covered in the previous qualification.
• There is insufficient documentary evidence to support the exemption claim.

Common Misconceptions About ACCA Exemptions

• “Exemptions reduce the value of the ACCA qualification.” Exemptions are granted based on rigorous assessment and do not compromise the qualification’s integrity.
• “All professional qualifications automatically grant exemptions.” Not all qualifications qualify for exemptions; they must meet ACCA’s criteria.
• “Exemptions mean skipping important knowledge.” Exemptions are given only in places where prior knowledge is well proved, so no critical content is being missed.

 

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Conclusion

The ACCA certification is a prestigious credential in the accounting and finance field. Understanding the 13 ACCA papers and available exemptions can significantly impact your study plan and career trajectory. By leveraging exemptions, you can fast-track your path to becoming a certified ACCA professional.

FAQ’s on ACCA Papers & Exemptions:

How many ACCA papers are there?

There are 13 ACCA papers divided into three levels: Applied Knowledge, Applied Skills, and Strategic Professional.

Can I do ACCA after the 12th?

Yes, you may begin after completing your 12th grade. But to start with that, one needs to complete the Foundation in Accountancy course commonly known as FIA. 

What are the conditions for ACCA exemptions?

ACCA exemptions are granted based on the significance and extent of previous qualifications. You must provide documentary evidence of your qualifications to apply for exemptions.

What is the exemption fee in ACCA?

The exemption fee varies depending on the level of the paper for which the exemption is sought. Check the ACCA website for the most current fee structure.

 

Partham Barot is an ACCA-certified professional. showcasing his expertise in finance and accountancy. he’s revolutionising education by focusing on practical, real-world skills. Partham’s achievements underscore his commitment to elevating educational standards and empowering the next generation of professionals.