Although ACCA is becoming a popular course, in fact it will not be wrong to say that it has become a trend; its popularity has nothing to do with its difficulty level. It is just about as difficult as any discipline can get. While the scope out there seems promising, the pass rates do not. It is a fact that barely half the number out of the total students who start studying this, succeed. If you are thinking about starting ACCA but do not know where to begin from or if you are simply in a fix about whether you should begin at all, this is probably the right place for you to be.
ACCA Divisions.
ACCA consists of 14 papers in total. Moreover, these fourteen papers are divided into four modules. The first three papers make up the first module. The second module consists of six papers. Third comprises three papers and so does the fourth. The papers are F1, F2, F3, F4, F5, F6, F7, F8, F9, P1, P2, P3, P4, P5, P6, and P7. Now if you are thinking that these are more than fourteen, your confusion is justified. These subjects are sixteen in number, but from the last four (P4, P5, P6 and P7) the student is expected to choose only two. The choice completely depends upon the students and there is no restriction.
As can be seen from the subjects mentioned above, ACCA embodies two series of papers; the Fundamental series and the Professional series. As you move on in your quest for completion of your ACCA, the going gets tougher. Therefore P series is considered to be comparatively more difficult than F.
The selection of papers.
The selection of papers can be according to your own will, of course in a certain order. The first three are CBs (Computer Based) while the rest are manuals (which mean our traditional papers on a paper, taken with a pen). The result for the computer-based exams is made known to the student on the spot as soon as he completes it while for the result of your manual you have to wait for about 9 weeks. You can attempt papers or select papers from different modules. But they have to be in order. The four modules are named as Knowledge, Skill, Essentials and Optional. Therefore, you cannot select all your papers of one attempt from the Essentials or Optional without having cleared Knowledge and Skill. However, you can select your last papers from Skill along with few from Essentials. The exams take place after every six months, which means twice a year. Another rule to keep in mind while selecting your papers is that you are not allowed to take more than four papers in one attempt. This means that you can study four subjects in six months.
Another module mandatory for you to complete ACCA and be called a Certified Chartered Accountant, is the Professional Ethics module. To take this module you should be allowed or in fact eligible to take a paper from the P series that is a professional level paper. This module is interactive and can be reached through myACCA.
You can opt for BSc in Applied Accounting from the Oxford Brookes University. If you do this you need to take the Professional Ethics module before submitting your research and analysis project.
Exemptions in ACCA.
Exemption is what your previous degrees can get you for your ACCA. This means that you might not have to take all fourteen papers in order to complete ACCA. In order to provide the quickest and fastest route to membership, the authorities only make sure that each member has the level of knowledge they require. Therefore, if your prior degrees earned you some knowledge then you can get exemptions. The different qualifications based on which you are eligible for exemption are mentioned below.
1. Foundation degrees.
2. Diplomas and certificates assigned by good institutions.
3. Foundation degrees.
4. Professional qualifications.
5. Postgraduate qualifications.
The maximum number of exemptions, which can be awarded, is nine. No exemptions are awarded at the Professional level in order to maintain the high standards of knowledge which ACCA wants to impart to its students.
Different subjects are exempted based on different qualifications. If you feel like you can be awarded any such exemption, you can look it up on the official website, which is accaglobal.com.
ACCA is a promising new discipline that can lead you to a promising career in finance and accounting. You can get your UK based degree sitting in your own country. If you fail any paper, you can always take only that one again without having to repeat the entire course over. One thing that will aid you in completing ACCA is your wise selection of subjects. If the combination of papers you have chosen is a balanced one then you have absolutely nothing to worry.
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