If you’re studying for the ACCA, you know that you’ve got to complete the Professional Ethics Module before qualifying.
What you might not know is that you should do that now, before the module changes and becomes five times longer.
Here’s what you need to know.
What is the ACCA Professional Ethics Module?
The ACCA places big emphasis on the professional values and ethics that you need to succeed in finance. You must complete the Professional Ethics Module before you secure your ACCA qualification, as well as your ACCA exams and Professional Experience Requirement.
When studying for the ACCA Professional Ethics Module, you’ll cover nine units of self-study material showing a range of ethical perspectives. The module includes several self-tests where you assess your own ethical behaviour. To complete the module, you’ll record your learnings in a Learning Statement.
- Nine units
- Reflective self-study
- Learning Statement
- No time constraint
If you take the Professional Ethics Module now there are no time constraints on the module. The ACCA say the average user takes around 3.5 hours to complete the module, but you can take as much or little time as you need.
When should I take the Professional Ethics Module?
There are no strict rules on when you have to take the Professional Ethics Module, but you must complete it before applying for ACCA membership. The module is open to you after you’ve completed papers F1, F2 and F3.
Ethics are important to 11 out of 16 exams including all the professional papers, and are P1’s central theme. As such, we normally recommend you take the Professional Ethics Module at the same time as you study P1, or before.
However, impending changes mean you should take the module as a priority, if it’s available to you.
How is the Professional Ethics Module changing?
At the end of October 2017, the ACCA are introducing the Ethics and Professional Skills Module instead of the Professional Ethics Module. Students studying for the ACCA past this deadline will have to take this new module.
The content on the module will change. The new module will cover six interactive units, designed to better prepare you for the real-world demands of your career in finance, and make you more employable:
- Ethics & professionalism
- Personal effectiveness
- Innovation & scepticism
- Commercial awareness, analysis, evaluation and problem solving
- Leadership & teamwork
- Communication & interpersonal skills
Of particular note is the change in time requirement. The current Professional Ethics Module generally takes no more than 4 hours. The new module covers more material and accordingly will take around 20 hours.
The new module will no doubt be beneficial but it does take a significantly larger time commitment. If you’re studying for the ACCA now, it might be wise to take your Ethics module before the changes in October this year.
If you found this article helpful, please comment and share!