INTRODUCTION
Are you an ACCA aspirant hoping to clear your certification on time? Learn about ACCA Papers and exemption.
The ACCA Association of Chartered Certified Accountants is a globally recognized qualification for young accountants and financial professionals. One can become a qualified ACCA by clearing the exam, gaining practical experience, and finishing a professional skill module.
ACCA offers exceptions for certain papers based on qualification and experience. That reduces the number of documents required to progress toward obtaining ACCA with coaching in the ACCA Academy in Chennai. Here,we learn about the qualifications and exemptions provided in them.
ACCA Papers and Exemption:
Clearing the exam is the most crucial part. The exam consists of thirteen papers. It involves fundamentals and advanced accounting subjects and practical skills in finance.
These thirteen papers are divided into three parts;
Applied Knowledge – 3 paper
Applied skill level – 6 papers
Professional level – 4 papers
In addition to passing the exams, the candidates have to complete 3 years of relevant work experience in fields such as accounting, finance, taxation, and auditing. This experience can be gained before, during, or after completing the exams. However, completing the exam is beneficial for one to get a job opportunity immediately and must cover nine key performance areas, such as financial management, risk management through internships, part-time roles, and full-time jobs related to financial and accounting. Another vital component is the Ethics and Professional Skills Module improves communication, leadership, and ethical decision-making abilities.
KEY PAPERS IN THE ACCA
APPLIED KNOWLEDGE LEVEL-3
The fundamental concepts of accounting, finance, and business are covered at this level.
FI Business and Technology-about business and accounts used to work together.
F2 Management Accounting – the subject of budgeting and financial planning
F3 Financial Accounting -basic about the recording of financial statements
APPLIED SKILL LEVEL – 6
This level covers detailed concepts of finance and business.
F4 Corporate and Business law -to know business laws and company regulation
F5 Performance Management -methods for performance analysis and cost control
F6 Audit and Assurance -advanced auditing and fraud detection
F7 Financial Management -managing business investments
F8 Taxation –teaches individual taxation and corporate tax
F9 Financial Reporting –Know about preparing a financial plan
PROFESSIONAL SKILLS
This level covers advanced accounting, leadership skills, and planning.
P1 Strategic Business Leader * -the subject of advanced business strategies
P2 Strategic business Reporting* -about advanced financial planning
Optional papers choose 2 out of 4
P3 Advanced Finance Management -taught business strategies
P4 Advanced Performance Management-methods of business evaluation
P5 Advanced Taxation – learning of tax reduction and tax planning
P6 Advanced Audit Performance – about advanced auditing
Strategic Business Leader and Strategic Business Reporting are two compulsory papers. You can choose any two optional papers from four.
Candidates can apply for ACCA membership after completing all tests, completing the ethics module, and acquiring the necessary work experience. After being approved, and recognized as ACCA qualification, which provides access to positions as an accountant, finance manager, and even senior positions like finance director or chief financial officer.
There are some exemptions in exam papers. They can get some concessions in exam papers.
WHO GETS THE EXEMPTION AND HOW
ACCA exams were held four times a year in March, June, September, and December. Within this candidate must clear the papers. It is not easy to clear all the papers at a time but there are exemptions in clearing the ACCA papers and Exemption. Candidates with relevant experience in accounting and finance get the exemption.
Let me know about the criteria for exemption.
(i)Individuals with undergraduate degrees like BBA,B.Com get up to 4-5 papers
(ii)With a postgraduate degree like an MBA or M.Com Finance gets up to 4-5 papers
(iii)With financial and accounting qualifications like CA, CMA gets up to 5-7 papers.
(iv)There is no exemption for 10th and 12th grade candidates.
Candidates can use the ACCA exemption calculator to know their exemption papers. It differs from universities and syllabus. It requires several steps before obtaining an exemption.
First aspirants ought to register on the ACCA official website and create an account to start the registration process.
Then upload the documents that are needed, like degree certificates, mark sheets, government proof (Aadhar, Passport, Driving Liscense, etc.,
Finally a certain amount must be paid as exemption fees. Following those steps, the application will be reviewed which takes a few days while the exemption will be approved.
Exemption of papers may save time but the Ethics skill module and Practical experience have no exemption.
STRATEGIES TO SUCCEED IN EXAMS ON THE FIRST TRY
The pass percentage of each paper and test session has a different pass rate for the Association of Chartered Certified Accountants examinations. The pass percentage of paper tends to range between 40% and 80%, Depending on the paper’s difficulty. Here are some proven tips to succeed.
Learn about the syllabus and the ACCA Paper and Exemption Structure before you start studying.
Make yourself familiar with all three levels of the papers required for the exam
A planned study schedule may have a significant impact.
Set a routine study goal like two to three topics a day
Allocate particular time for revision and test attempts
Use exam date and timetable to plan your study schedule
Organize your study time using the exam date and schedule.
Select your study materials wisely; don’t spend time looking at too many resources
Use ACCA-approved materials and official websites for PYQs
Set up time to complete the PYQs during practice so that you can better manage your exam time.
Review your errors regularly and correct them in future attempts
Self-study is advantageous but enrolling in an academy will enhance your learning and save you time.
FinChartered Academy is one of the finest academies in Chennai where you can enroll without any doubt.
Taking an internship or part-time job at an accounting firm will help you prepare for the exam and increase your chances of getting a job right after the exam.
Experienced candidates will be given preference in the selection process.
CONCLUSION
Proper time management is necessary for success when studying for the ACCA exam. Candidates can increase the possibility of passing on their first try by being aware of the test format, participating in an internship for ACCA – PER, taking advantage of exemptions, and consistency in their study schedule. Additionally, you could get organized assistance and keep on track with your studies by enrolling in a respectable ACCA coaching institute in Chennai such as a FinChartered academy. You may successfully complete the learning process and reach your professional objectives in the accounting and finance sector with perseverance, self-control, and the appropriate strategy.
