If you’re serious about your career in finance, the ACCA qualification is the natural place to start.
In this piece, we explore the ins and outs of becoming a chartered accountant and share some expert tips to help you pass the ACCA.
What is the ACCA qualification?
The ACCA – the Association of Chartered Accountants – is the world’s leading global body for professional accountants. It has 480,000 students and 188,000 members across 178 countries.
The ACCA offer a number of different exams. The largest and most popular is the ACCA chartered accountant qualification – usually known simply as the ACCA qualification. Once you’ve passed the ACCA qualification, you become a Certified Chartered Accountant.
What is the ACCA Syllabus?
The ACCA chartered accountant qualification is designed to teach you the full range of technical, ethical and leadership skills you need to excel in finance. As such, to pass the ACCA you must complete 14 exams, a professional ethics module, and professional objectives over 3 years of professional experience.
The 14 exams are split into 4 parts.
Read more: How to Pass ACCA F1, F2 and F2
Fundamentals – Knowledge
- F1 – Accountant in Business
- F2 – Management Accounting
- F3 – Financial Accounting
Read more: Don’t Sit ACCA F1 to F3 Without Reading This
Fundamentals – Skills
- F4: Corporate and Business Law
- F5: Performance Management
- F6: Taxation
- F7: Financial reporting
- F8: Audit and Assurance
- F9: Financial Management
Depending on your education so far, you might be exempt from any or all of the fundamentals papers, and can start with the Professional papers immediately.
Professional – Essentials
- P1: Governance, Risk and Ethics
- P2: Corporate Reporting
- P3: Business Analysis
Professional – Options
- P4: Advanced Financial Management
- P5: Advanced Performance Management
- P6: Advanced Taxation
- P7: Advanced Audit and Assurance
Read more: How to Pass the ACCA Professional Papers
You must sit all three Professional Essentials papers, and can choose any two Professional Options. Your choice will depend on where you want to take your finance career, and what you’ve proved good at so far.
Professional Ethics Module
The Professional Ethics Module is a compulsory module that you must sit to get the ACCA qualification. You can take it any time after completing the Fundamentals Knowledge papers F1, F2 and F3.
Currently, the module takes around four hours. However, from October 2017 the Professional Ethics Module is changing. The new module will take around 20-hours, as it will cover a lot more ground.
Professional Experience Requirement
To become a chartered accountant with the ACCA, you must complete three years of professional experience. During this time, you have to achieve nine Essentials and four or more Options performance objectives.
These objectives relate back to areas of the ACCA syllabus, putting your technical knowledge into practice.
To complete these objectives, you’ll track your progress online and have a workplace mentor who’ll sign-off your results.
How long does the ACCA qualification take?
Many students study for the ACCA while working, so could qualify in only three or four years. If you decide to study full-time before completing your professional experience requirement it’ll take longer.
You used to have to complete the ACCA qualification within ten years, but this has changed. Now, the ACCA gives you seven years to finish the ACCA after you pass your first professional level exam. There is no time limit to complete the Fundamentals papers.
If you don’t pass all your Professional papers within seven years, any passes you’ve achieved so far are invalid, and you must sit them again to get the ACCA qualification.
This is to ensure your qualification is up-to-date, maintaining the integrity of the ACCA qualification. Rules like this are why the ACCA chartered accountant qualification is so sought-after amongst finance employers: they know you have current, relevant and valuable knowledge when you pass the ACCA.
Which brings us to the next important point…
Why study the ACCA?
The ACCA qualification is recognised and respected all over the world. Becoming a chartered accountant is a fantastic boost to your career, putting you at the cutting edge of finance.
This isn’t just about building your technical know-how. The ACCA chartered accountant qualification teaches you the business acumen, strategic insight and professional conduct to be an effective finance, and business, leader.
If you aspire to a senior career in an accountancy firm, in industry or even running your own business, the ACCA sets you up for success.
Download our e-book: How to secure an amazing industry accounting career
How to pass the ACCA?
LearnSignal work closely with a team of expert ACCA tutors for each module, so they’ve got plenty of words of wisdom to share. Here are some of their top tips to help you pass the ACCA.
If you want more, check out the full interviews for an in-depth view of each paper, including most common questions, exam technique and the biggest mistakes to avoid.
Lynn Watkins, ACCA F2 Tutor on stupid mistakes.
“Most students don’t find the fundamentals papers too difficult, but many let themselves down in the exam.
Students often fail to read a question properly, for example. Or they haven’t practised their exam timing and run out of time to answer all the questions. At this level, the main reasons students fail is poor exam technique – basic errors.”
Read more: ACCA F2 Tutor Interview: How to Pass ACCA F2
Lincoln Miles, ACCA P7 Tutor, on ‘decoding’ scenario questions.
“You’ll face lots of scenario-based questions in the professionals papers, so you have to go well beyond regurgitating knowledge. I use the word “decode”.
You have to decode the scenario to work out how best to use your knowledge; to spot why you’ve been given the information you have and prioritise the important parts”.
Read more: ACCA P7 Tutor Interview: How to Pass ACCA P7
Mary Farmer, ACCA P3 Tutor, on the need to practice, practice, practice.
“My best suggestion would be to go through the material and once you’ve understood it, move onto question practice straight away. Don’t dwell on learning the theory; as soon as you’re happy, move onto practice questions.
If you do 2 or 3 years’ worth of past exams, this will start to give you a pattern. You’ll start to pick up on what the examiner likes to see, and get to grips with how questions are structured. You probably want to be spending around 40% to 50% of your study time on practice questions”
Read more: ACCA P3 Tutor Interview: How to Pass ACCA P3
Garret Mulvin, ACCA F5 Tutor, on covering the whole syllabus.
“A major reason students don’t pass the ACCA is because they don’t cover the entire syllabus, especially on papers like F5 that are very broad. Students often fall down on the smaller areas they think are unimportant, because they don’t study enough.
The margin between a pass and a fail is so small. A significant number of students will score marginally above or below the pass mark, so one or two multiple-choice questions really can make the difference. Knowing every area of the syllabus will get you over the line”
Read more: ACCA F5 Tutor Interview: How to Pass ACCA F5
Peter Wooley, ACCA P5 Tutor, on planning your answers.
“Students often fail because they tend to answer the question they wish they’d been asked – not the actual question.
The big problem is students not planning their answers properly. They think as they’re writing which means whatever goes on the page is just reflecting the jumbled thoughts in their head. It’s impossible to mark.
Markers spend about 5 to 7 minutes marking one entire script – they have to be quick. If you make it difficult for them to see your point, they simply won’t award you the mark. Take the time to think of a logical structure to your argument and make it clear on the page.”
Read more: ACCA P5 Tutor Interview: How to Pass ACCA P5
Secure your future in finance with the ACCA qualification
If you want to take your career in finance to the next level, becoming a chartered accountant is an obvious step. The ACCA qualification is hugely respected, because it teaches the higher-level technical, strategic and business skills that will prove critical for future finance leaders.
For further support to pass the ACCA qualification, click the button below to get your 7-day free trial of our complete ACCA learning materials.