ACCA- Modules, Requirement, and Why You Should Pursue It? 

Do you wish to pursue a career in account and finance? 

If so, then let us reveal that you are on the right path, as the accounting and financial industry has never been so rewarding as it is now. Businesses are multiplying at a tremendous speed globally, creating a surged demand for accounting professionals at an all-time high. 

A career in accounts and finance now and in the coming years is going to be highly lucrative with countless job opportunities. However, it is essential that you have the right skills and needed academic qualifications to become an accounting and financial professional. 

When building a career in accounting, there is no better choice than the Association of Chartered Certified Accountants (ACCA). It is a global accounting body that offers the best courses and certifications in accounts and finance that all the largest corporations worldwide acknowledge. 

In this blog, we will explore the ACCA exam, its different levels, and how to crack it? Let us start!

What is ACCA, and Why is it Beneficial?

ACCA (The Association of Chartered Certified Accountants) is a globally recognized institution that offers the Chartered Certified Accountant qualification to individuals worldwide. 

ACCA provides a pragmatic course structure that is highly beneficial for students to learn about the financial world and its tools in real-time. It has over 2,00,000 registered members with more than 500,000 students in over 180 countries. ACCA certification can be acquired while pursuing a graduation course, making the ACCA exam flexible for the students. 

Apart from it, students pursuing ACCA can:

  • Become an ACCA member by earning a diploma or an advanced diploma in accounting & business. 
  • Earn a BSc. (Hons) degree in applied accounting.
  • Get an MSc in professional accountancy. 

Glancing the Benefits of Pursuing ACCA Exam

ACCA exam is a great way to ensure that you are qualified and certified to handle senior management roles at different corporations. Other than it, there are other benefits such as:

  • Higher Credibility in the Market

The ACCA exam is distributed in 3 levels with 13 intense exams clearing, making you highly credible in the financial markets. 

  • Updated Knowledge of Industry Relevant Tools

The course structure of the ACCA certification is continuously updated per industry trends. It enables the students to develop relevant skills, knowledge, and professional values.

  • Long and Effective Career Prospects

The ACCA certification course prepares you for leadership positions that ensure you have a sound and reliable career as an accounting professional. 

  • Low Cost of Certification 

The cost of the ACCA course and exam is comparatively lower than similar courses available at different universities, making it cost-efficient for the students. 

ACCA Examination: A Comprehensive Overview

Primarily, the ACCA exam is divided into 3 levels: Fundamental (9 Papers),  Professional (4 Papers), and Ethics and Professional Skills (Assessment).

Fundamental Level 

The Fundamental level of the exam covers a total of nine subjects and consists of two modules:

  1. Knowledge 

This module deals with the knowledge of financial and management accounting. There are 3 subjects that are covered under this module on which the ACCA exam is conducted:

  • Accountant in Business
  • Management Accounting
  • Financial Accounting
  1. Skills

This module is designed for the students to gain technical knowledge and the tools required in real-world financial corporations. It consists of a total of six subjects:

  • Corporate and Business Law
  • Performance Management
  • Taxation
  • Financial Reporting
  • Audit and Assurance
  • Financial Management

Professional Level

The Professional ACCA Levels are advanced levels that carry weightage similar to a Master’s degree. They are highly advanced and cover the knowledge of professional skills, techniques, and values in depth. These skills are necessary for accountants working in senior advisory or consultancy positions in an organization. 

Similar to the Fundamental level, the Professional level also consists of two modules:

  1. Essentials

This module is designed to provide essential knowledge about the working of businesses. It consists of two subjects on which a student is tested through the ACCA exam:

  • Strategic Business Analysis 
  • Strategic Business Reporting 
  1. Options

The Options module of the Professional level gives the student an option to pick two subjects out of four available options. The subjects are:

  • Advanced Financial Management 
  • Advanced Performance Management 
  • Advanced Taxation 
  • Advanced Audit and Assurance 

Ethics and Professional Skills 

The Ethics and Professional Skills is crucial ACCA Level necessary to become an ACCA-certified professional. The module leverages realistic business simulations to provide students with an understanding of professional skills such as communication, leadership, and commercial awareness. 

There is no examination conducted for this module, and it is based on a 15-hour assessment that needs to be cleared to become an ACCA-certified professional.   

ACCA Exam Pattern

As mentioned before, the ACCA exam comprises a total of 13 exams that are covered in three different modules.

Here are the details for specific exams based on the subject of each module:

Applied Knowledge

  1. Accountant in Business

Time Duration: 2 Hours

Exam Pattern: 

The examination will be a total of 100 marks. The exam is divided into two sections. The first section consists of a total of 46 objective-type questions. 30 questions will be of two marks each and 16 questions each of 1 mark. The second section of the exam will contain six multitask questions of four marks each based on the current subject. 

  1. Management Accounting

Time Duration: 2 Hours

Exam Pattern: 

The examination contains two sections. The first section consists of 35 two-mark objective questions. The second section consists of 3 ten mark multi-task questions based on Budgeting, Standard costing, and Performance measurement. 

  1. Financial Accounting

Time Duration: 2 Hours

Exam Pattern: 

It is also a 100-mark exam that is divided into two sections. The first section consists of 35 two-mark objective questions. The second section includes two multi-task questions of 15-marks each. The test is based on consolidations & accounts preparation, and the questions may include interpretation of accounts. 

The difficulty level of this module is easy to moderate. 

Applied Skills

  1. Corporate and Business Law

Time Duration: 2 Hours

Exam Pattern: 

The exam will be divided into two sections. Section A will have a total of 45 objective-type questions. Twenty-five questions will be credited with two marks each, and 20 questions will have a score of 1 mark each. Section B will consist of five 6-mark multi-task questions, adding the total of the overall paper to 100 marks.  

  1. Performance Management

Time Duration: 3 Hours

Exam Pattern: 

The exam contains two sections. Section A comprises 20 MCQs (multiple choice questions) of 2 marks each. Section B contains three 10-mark questions and two 15-mark questions. 

The 15-mark questions will be based on decision-making techniques, performance measurement, budgeting, and control areas of the syllabus. 

  1. Taxation 

Time Duration: 3 Hours

Exam Pattern: 

It is a computational exam with a total of five questions. Question one will be of 30 marks and will focus on income tax. The second question will be for 25 marks based on the corporation tax. Question 3 will be for 15 marks and will be focused on chargeable gains. Questions 4 and 5 will be 15 marks each and can be asked from any area of the syllabus. 

  1. Financial Reporting

Time Duration: 3 Hours

Exam Pattern: 

The exam will be divided into two sections. The first section will have 20 multiple choice questions of 2 marks each. The second section of the exam will have two 15-mark questions and one 30-mark question. The 30-mark question will be based on preparing financial statements for one or more entities. 

  1. Audit and Assurance

Time Duration: 3 Hours

Exam Pattern: 

The exam will be segmented into two sections. Section A contains 8 two-mark and four one-mark objective test questions. Section B consists of four 10-mark questions and two 20-mark questions.

  1. Financial Management

Time Duration: 3 Hours

Exam Pattern: 

It is also divided into two sections. Section A contains 20 multiple choice questions of 2 marks each. The second section consists of three 10-mark questions and two 15-mark questions based on business finance, working capital management, and investment appraisal.

Strategic Professional 

  1. Strategic Business Analysis 

Time Duration: 3 Hours

Exam Pattern: 

The exam will consist of 2 sections. Section A will have a single multi-part question of 50 marks based on a case study scenario. Section B will contain three discrete questions of 25 marks, each of which the candidate has to select any two questions. 

  1. Strategic Business Reporting 

Time Duration: 3 Hours

Exam Pattern: 

The exam is structured into two sections. The first section contains one 50-mark question based on a scenario that deals with consolidated financial statements. The second section will have three questions, two of which must be answered. One question will be based on a case study, while the other will be an essay question with some computational element. 

Options

There are four subjects listed under this module, of which a candidate can select two of them. The difficulty level of this ACCA Exam level is the hardest. 

  1. Advanced Financial Management 

Time Duration: 3 Hours

Exam Pattern: 

The exam will be segmented into two sections. Section A will have a single question of 50 marks based on issues relevant to the senior financial manager. Section B will contain three questions of 25 mark-each, out of which two need to be answered. The questions will be based on computational and discursive elements where computations are already provided.

  1. Advanced Performance Management 

Time Duration: 3 Hours

Exam Pattern: 

The examination will be divided into 2 sections. The first section will have a 50-mark question. Section B will comprise three questions of 25 marks, each of which two need to be answered. 

  1. Advanced Taxation 

Time Duration: 3 Hours

Exam Pattern: 

It is also structured into two sections. Section A consists of one question of 35 marks and two questions of 25 marks each. Section B contains three 20-mark questions, of which two need to be answered. The questions will be based on scenarios involving elements of planning & the interaction of taxes. 

  1. Advanced Audit and Assurance

Time Duration: 3 Hours

Exam Pattern: 

The exam will have two sections. The first section will be based on a case study with two questions. Section B will have various questions from auditor’s reports, quality control, and topics of ISAs. 

Check out the previous year’s ACCA Exam paper here!

Job Opportunities After ACCA Completion?

Once you clear your ACCA exam and become ACCA-certified, you will be open to multiple job opportunities. Some of the roles that you can apply for in different organizations are:

  • Accountant
  • Internal Auditor
  • Forensic Accountant
  • Governance Officer
  • Management Accountant
  • Financial Officer
  • Group Accountant
  • Business Analyst
  • Business Advisor
  • Tax Accountant
  • Risk Manager
  • Treasurer
  • Credit Control Manager
  • Funds Manager
  • Financial Analyst
  • Insolvency Practitioner 

Ready for your ACCA Exam? 

Now that you know all the necessities of the ACCA exam, it’s time you get ready and prepare yourself for the examination. You can avail of the ACCA course by IMS ProSchool and flag off your journey to become a financial expert. Enroll in the course today.

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