Acca Exemptions For Ca

[Alayna Rother]

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If you intend to complete the BSc degree in Applied Accounting*, Oxford Brookes University gives credit for exemptions awarded to ACCA students for any of the following Applied Knowledge and Applied Skills exams:

If you're claiming your exemption(s), please be aware that these must be paid within 30 days from the date that exemptions are awarded to you. If you change your mind and decide to cancel some, or all, of your exemptions, you must notify ACCA within 14 days from the date that the exemptions were awarded or you will not be eligible for a refund or credit of the exemption fee. Please refer to the exemption terms and conditions before applying.

Exemptions mean you don't have to study the same topics that you've already been taught. This is great if you've recently achieved a qualification, as it's still fresh in your mind. Our process of awarding exemptions is rigorous as we need to ensure we are confident that the prior learning matches the skills and knowledge needed for the ACCA Qualification

However, if you're thinking of claiming an exemption based on qualifications you gained years ago, or you've been working in a field other than accountancy for some time, it may be more beneficial to take the exam. Studying for the exam will allow you to refresh your knowledge and ensure you're sufficiently prepared for the higher level exams, which go into topics in greater depth.

If you're not sure whether to apply for an exemption, use the Get Ready Modules to test your underlying knowledge of the subject. If you have significant gaps in your underlying knowledge, we would advise you to forfeit the exemption and sit the exam.

My dilemma now is whether to forfeit 3 of the exempt papers do the exams again so that It can prepare me for the advanced P papers or whether to just accept all the 9 exemptions and just do the P papers with hard revisions. Anyone ever had this issue before or can advice me?

Take as many exemptions as you can cause none of these papers can assure you a pass for P papers. Each ACCA paper is difficult and if you cannot clear any of these 3 papers you want to forfeit quickly enough, the longer you have to wait.

However, there is a reason ACCA has kept the option to forfeit their exemptions and that I think is primarily, flexibility to choose what one thinks is best suited for his/herself. Hence, there can be many reasons for some to consider forfeiting exemptions.

It is advisable to consult the syllabus and study guides for each ACCA exam that you are eligible to receive exemption from and consider whether you are entirely comfortable with the topics covered before accepting exemption.

If you intend to complete the BSc degree in Applied Accounting, please be aware that Oxford Brookes University gives credit for exemptions awarded to ACCA students for any of the Applied Knowledge exams, but a student must sit and pass the Financial Reporting (FR), Audit and Assurance (AA) and Financial Management (FM) Applied Skills exams to be eligible for the BSc degree. Oxford Brookes is not able to give credit for exemptions based on qualifications gained more than 10 years ago.

The graduates find it difficult to cope with the demands of the Advanced Level Papers (it is well known that University is not as challenging as ACCA as ACCA is a professional qualification). I know this since I have come across graduates who have been given 9 paper exemptions, giving their opinion that they are finding the P level papers very difficult while their friends who have been ACCA students from the start can easily manage the same papers. In fact, when talking with a faculty member of a University he had the same opinion as stated by the graduates.

Hence, I personally think it would be wise if you forfeit the exemptions of 3 papers Being 2 papers in accordance to which 2 optional papers you wish to take the advance version of and 1 of Financial reporting (prevoiusly F7) is a must then for SBR (the compulsory paper). However, that is for you to decide at the end of the day.

@lastfinanlist and easdledave. Thank you guys for your input on this. I can definitely the see point about doing an exam I have essentially passed 5 years ago again and it might take me longer to finish my acca.

@dollpals I studied accounting and finance at university. I also picked auditing and taxation as one of my options at uni hence why I am exempt from them. Though I am quite surprise they gave me taxation exemption as I am assuming things would have changed a bit in the tax world from 5 years ago.

I have friends who started from the Fs and they still fail at professional level at times. the Professional levels have an extended and larger syllabus so you do not gain much starting from the beginning

You save money, time and possible unsuccessful attempts on the exams . I would not be too negative about passing exams after 5 years. I have a degree and masters in accounting and just finished in 2017 and a still struggle to pass some papers at firts attempts. so you are not at a disadvantage at all

@aodukoya said:

@jetavi thank you for the motivation. May I ask if you are still studying at the moment/how far you are or if you are done and how long it took you/your own personal experience on the whole thing.

I am very traditional in my approach. I like going through theories etc, then I do the practice after. The downside is that I lose a lot of time trying to go through all texts but really not everything is needed. It is better to read a bit and understand the key topics then go straight to question practice, approx. 60-70% should be practicing exam papers.

One of my team keeps failing her ACCA exams. Being a snooty FCA I assumed she was just dim but it turns out that she got exempted from the whole of the first 2 stages of the syllabus and moved straight into stage 3. In my old-fashioned thinking, that would have been like missing GCC and PE1 and starting on day one of the training contract doing PE2. This is on the strength of a pretty average accounting degree from a Mickey Mouse "university".Is this supposed to happen? I don't want to discourage her but in my view there is no way she is going to pass these advanced exams without having done the basics first. Does anyone know how ACCA come up with these exemptions - I cannot believe that whatever basic tax she did at university is an adequate substitute for what she would have done at part 2 or whatever of the ACCA syllabus.

I notice that since the ICAEW changed its exam syllabus last year to make it almost identical to the ACCA it too now gives exemptions so that those individuals who have a relevant degree now only have to take the final exams of the ICAEW in order to qualify.

We are now seeing a similar scenario to what happened with A levels during the 1980s and 1990s. Competition between the different exam awarding bodies led to the dumbing down of the A level qualification as they competed with each other for students.

PS: If your trainee can't pass the ACCA final level exams perhaps you should transfer her to the ICAEW scheme as apparently they have pass rates of over 80% in their exams now and they even allow the exam candidates to take study manuals into the exams!

Lubin and the Association of Chartered Certified Accountants (ACCA)'s landmark partnership links ACCA's globally recognized qualification program to both undergraduate and graduate coursework at Lubin. Accounting students may complete coursework that will qualify them for exemptions from ACCA's 14 exams; the exemptions include four for graduate courses and five for undergraduate courses.

Dean Emeritus Neil Braun stated: "Pace and ACCA USA share common and strong interests in education and the sustainable development of the accounting profession, regionally and internationally, in particular concerning the maintenance and promotion of professional, educational, and ethical standards, the opportunity for individuals of ability to pursue globally relevant qualifications to enhance their career prospects, and ultimately to maintain and develop the profession and the wider economy."

The ACCA qualification is a wonderful way to start a career in accounting and finance because it is an internationally known course with updated/industry-relevant information. This is something that students can do in addition to graduating. This qualification is more appealing due to its flexible examination scheme.

ACCA is a competitive exam that further qualifies you for Chartered Accountancy (CA), and it is not an easy one to crack. ACCA provides exemptions to students who have previously studied the relevant subjects through a particular course. Such exemptions help students continue their studies without wasting their time taking exams.

The Ethics and Professional Skills module, as well as the Practical Experience Requirement (PER), are among the 13 ACCA papers and exemptions that students must take on the ACCA exam. Those who have been granted an exemption must take nine papers, three of the knowledge level and six of the skill level.

The fundamental level consists of nine courses. Three are of the knowledge level, and six are of the skill level. Students who have relevant skills and knowledge need not take this course. However, undergraduate students or students without relevant professional qualifications for CA must clear all the ACCA papers.

2. Performance Management (PM): This course covers information and technologies of systems, management accounting techniques, decision-making techniques, budgeting and control, and performance measurement.

3. Taxation (TX): This course covers the UK Tax system and administration, income tax liabilities, chargeable gains for the individual, inheritance tax, corporation tax, and value-added tax.

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