ACCA Qualification

ACCA

The ACCA qualification (Association of Certified Chartered Accountants) is a major achievement and highly sought after credential for accounting and finance professionals. Some companies specifically require that employees train for the ACCA qualification. The qualification is heavily geared towards the audit and assurance field. The ACCA qualification takes candidates an average of three to four years to achieve. Though not required it is wise to make sure that your university’s curriculum is approved by the ACCA. Going to an approved university may exempt you from some of the 14 required exams. The exams cover a few different topics that are further broken down. Below are the exam topics:

Fundamentals

Knowledge (All 9 Fundamental Exams must be completed)

F1 – Accountant in Business

F2 – Management Accounting

F3 – Financial Accounting

Skills

F4 – Corporate and Business Law

F5 – Performance Management

F6 – Taxation

F7 – Financial Reporting

F8 – Audit and Assurance

F9 – Financial Management

Professional

Mandatory (P1, P2, and P3 are required)

P1 – Governance, Risks, and Ethics

P2 – Corporate Reporting

P3 – Business Analyst

Electives (The candidate must pick two to complete)

P4 – Advanced Financial Management

P5 – Advanced Performance Management

P6 – Advanced Taxation

P7 – Advanced Audit and Assurance

 Completing and studying these exams allows for some flexibility for the candidate. Classes can be taken for ACCA part time, ACCA online distance learning, and even ACCA weekend study programs. Click the links to see which universities offer these types of programs.

Along with the 14 exams there are two other components to the ACCA: 36 months of relevant experience and a professional ethics module.

The relevant experience will require you to meet five performance objectives and four technical objectives.
Performance Objectives (Mandatory)

  1. Professionalism and Ethics
  2. Stakeholder relationship management
  3. Strategy and Innovation
  4. Governance, Risk and Control
  5. Leadership and Management

Technical Objectives (Select Four)

Corporate reporting

• Record and process transactions and events

• Prepare external financial reports

• Analyse and interpret financial reports

Financial management

•Evaluate investment and financing decisions

•Manage and control working capital

•Identify and manage financial risk

Sustainable management accounting

•Evaluate management accounting systems

•Plan and control performance

•Monitor performance

Taxation

•Tax computations and assessments

•Tax compliance and verification

•Tax planning and advice

Audit and Assurance

•Prepare for and plan the audit process

•Collect and evaluate evidence for an audit

•Review and report on the findings of an audit

Lastly, the professional ethics portion must be completed as well. Ethics in the accounting industry is extremely important so ethics are covered in most ever training as well as specific professional ethics module.

It is a lot of work, but anything worthwhile is not easy. Studying with ACCA will help you work nearly anywhere in the world and open many doors to opportunities in the future. I highly recommend following this path especially for UK accounting professionals.

For more information on the ACCA – click below to the organization’s site.

http://www.accaglobal.com/gb/en.html

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