Before starting the ACCA exam preparation, let us dive into to the ACCA modules. ACCA exams are conducted in four sessions by ACCA body. Due to this taking exam have become very flexible. There are 14 papers divided into four ACCA modules.
ACCA Modules and papers
Following is the ACCA modules list:
Knowledge Module:
ACCA knowledge level has total 3 papers, F1 to F3. The following are the papers:
| F1 | AB | Accountant in Business |
| F2 | MA | Management Accounting |
| F3 | FA | Financial Accounting |
One needs to clear all the papers to complete ACCA knowledge level.
Skills Module:
ACCA skills level covers F4-F9 papers. This is an advanced level that provides knowledge equivalent to bachelor’s degree. The papers under ACCA skills level are:
| F4 | CL | Corporate and Business Law |
| F5 | PM | Performance Management |
| F6 | TX | Taxation |
| F7 | FR | Financial Reporting |
| F8 | AA | Audit & Assurance |
| F9 | FM | Financial Management |
Computer Based Exams (CBEs) have been introduced for F1 to F9 exams in ACCA modules. There are two different CBEs: On demand and session based. You can find more information here.
Professional Level – Essentials:
The essential module of ACCA professional level covers 3 compulsory papers. These papers help students to develop skills that are must to become an expert at accountancy. ACCA professional level covers following papers.
| P1 | GR&E | Governance, Risk, and Ethics |
| P2 | CR | Corporate Reporting |
| P3 | BA | Business Analysis |
Professional Level – Optional:
Any two of the four papers from P4 to P7 can be taken as optional in order to complete the ACCA professional level.
| P4 | AFM | Advanced Financial Management |
| P5 | APM | Advanced Performance Management |
| P6 | ATX | Advanced Taxation |
| P7 | AAA | Advanced Audit & Assurance |
One can take a maximum of 4 exams during each exam cycle. A maximum of 8 distinct exams over the course of a calendar year can be taken. Because of this, one can easily finish exams in a minimum of 2.5 years. One may also get some exemptions depending on previous qualifications which mean they also complete the qualification even sooner.
Apart from clearing these ACCA modules, one has to clear ACCA professional ethics module. Also, has to accomplish the practical experience requirement in the relevant field of accountancy or finance.
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