ACA (Associate Chartered Accountant) - 15 exams. Awarding body is the ICAEW.
Summary
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6 exams (4 attempts at each)
1.5 hours each
55% pass mark
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6 exams (4 attempts at each)
2.5 - 3 hours each
55% pass mark
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3 exams (unlimited attempts)
3.5 - 4 hours each
50% pass mark
ALWAYS CHECK YOUR EARLY CAREERS POLICY AT YOUR FIRM OR COMPANY. Particularly around exam attempts permitted.
Along with the exams you will need to complete ethics and professional scepticism training and at least 450 days (3-5 years) of relevant work experience.
Accounting
Management Information
Law
Bus, Tech & Finance
Assurance
Principles of Tax
FAR
Business Planning
Audit & Assurance
Financial Management
Tax Compliance
Bus, Strategy & Tech
Case Study
Corporate Reporting
Strategic Business Management
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Certificate level.
There are 6 certificate level exams. Each is 1.5 hours and the pass mark is 55%. These can be sat at anytime, in any order and are primarily multiple choice, computer-based exams. Once completed, you have achieved the CFAB (Certificate in Finance, Accounting and Business), which can be completed independently of the ACA. The CFAB is a stepping stone to the BFP (Business and Finance Professional) designation which is a highly regarded, shorter alternative to the ACA!
Accounting.
making adjustments to accounting records and financial statements;
maintaining financial records;
preparing financial statements; and
professional ethics
Top tip: ensure you understand your T-accounts and your debits and credits. This is the basis to everything!
Management Information.
budgeting and forecasting;
costing and pricing;
performance management;
management decision making; and
professional ethics.
Top tip: try to really understand the calculations, rather than learning the sequence of events. This exam is built on more in Financial Management within professional exams.
Law.
company and insolvency law;
the impact of civil and criminal law on business and professional services;
the impact of law in the professional context; and
professional ethics.
Top tip: keep going over the question bank and doing practice multiple-choice tests. You’ll see the same questions coming up time and time again.
Business, Technology and Finance.
business and organisational structures;
business objectives and functions;
the role of finance and the accountancy profession;
the external environment; and
professional ethics.
Top tip: know your ethics and organisation structures.
Assurance.
internal controls;
the concept, process and need for assurance;
gathering evidence on an assurance engagement; and
professional ethics.
Top tip: memorise your ethical standards and if you have any friends working in internal audit, ask them about controls.
Principles of Taxation.
the different objectives and types of tax;
the ethics and administration of taxation;
income tax and national insurance contributions;
capital gains tax and chargeable gains for companies;
corporate tax and VAT; and
professional ethics.
Top tip: there is a lot to learn here. Focus on the corporation tax computation as this is a substantial % of the exam.
Professional level.
There are 6 professional level exams. Each is 2.5-3 hours per exam and the pass mark is 55%. These can be sat four times a year and are computer-based, written exams (with calculations and proformas in some cases). Once completed, you are a part-qualified accountant (hurrah!).
Financial Accounting and Reporting.
accounting and reporting concepts and ethics;
single entity financial statements;
consolidated financial statements; and
professional ethics.
Top tip: question bank , question bank, question bank. You will see similar questions come up again and again.
Business Planning: Insurance OR Banking OR Taxation.
There are 3 options of exams, of which you complete one. The one you complete will be dependent on the sector you work in (or would like to work in). It’s an opportunity to gain subject and sector-specific knowledge.
Top tip: the first open book exam - hurrah! Create a contents page, label your pages clearly and do as much of the question bank as you can.
Audit and Assurance.
accepting, planning and managing engagements;
legal and other professional regulations, ethics and current issues;
concluding and reporting on engagements; and
professional ethics.
Top tip: don’t neglect this exam just because it seems less technical - you still need to get to grips with the style of writing to gain as many marks as possible.
Business, Strategy and Technology.
strategic choice;
strategic analysis;
the implementation and monitoring of strategy; and
professional ethics.
Top tip: put the models and theories on your bedroom/office/bathroom walls. You will smash this exam - much is common sense!
Tax Compliance.
capital taxes;
indirect taxes;
corporation tax;
income tax and national insurance contributions; and
professional ethics and law.
Top tip: go back to your notes for Principles of Tax if you need a refresher on the basics.
Financial Management.
managing financial risk;
financing options;
investment decisions and valuations; and
professional ethics.
Top tip: try to understand the methodologies, not just memorise the steps. You have a much better chance of passing that way.
Advanced level.
There are 3 advanced level exams. Each is 3.5-4 hours per exam and the pass mark is 50%. Unlike the other levels, you have unlimited attempts to pass these exams (normally you have 4 attempts). All these exams are open-book (you can take your notes into the exam room!). Exams can be sat two times a year (July & November) and are computer-based, written exams (with calculations and proformas in some cases). Once completed, you are an exam-qualified accountant (BEST FEELING IN THE WORLD).
Corporate Reporting.
applying technical knowledge and professional judgement to determine alternative solutions to corporate reporting issues, considering client and stakeholder needs;
applying technical and analytical techniques to resolve compliance and business issues that arise from providing auditing services and preparing and evaluating corporate reports;
considering commercial impact and ethical issues arising from recommendations on compliance and business issues; and
professional ethics.
Top tip: know your file like the back of your hand. Create a contents page and label the sections clearly.
Strategic Business Management.
demonstrating business and ethical awareness at strategic, operating and transactional levels;
demonstrating quantitative and qualitative skills to solve business problems and make realistic recommendations;
applying technical knowledge, including strategic analysis, risk management, corporate governance, financial management, corporate reporting and assurance;
applying technical knowledge and professional judgement to identify and use appropriate models, analyse data from multiple sources and develop appropriate solutions; and
professional ethics.
Top tip: don’t neglect this exam! It has a higher failure rate than CR for this exact reason.
Case Study.
This module must be taken at the end of your studies and relates to how students will be expected to work. It tests professional skills in the context of a specific business issue and your understanding and application of professional ethics. It requires:
the demonstration of knowledge, skills and practical application from multiple areas of the syllabus;
the ability to analyse financial and non-financial information;
the demonstration of professional and ethical judgement; and
the development of conclusions and recommendations.
Top tip: this exam is quite different to the others as you are given a case study of a business with defined goals. Do your own analysis on the case study and have a go at predicting the questions you could be asked.
This information and more can be found on the ICAEW website. This student guide is particularly helpful.