ACA (Associate Chartered Accountant) - 14 exams. Awarding body is the ICAEW.
Summary
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6 exams (4 attempts at each)
1.5-2 hours each
55% pass mark
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6 exams (4 attempts at each)
2.5 - 3 hours each
55% pass mark
Some exams have permitted texts (you can take some books into the exam) and one exam is entirely open book
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2 exams (unlimited attempts)
4 hours each
50% pass mark
Open Book
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.
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 Fundamentals.
Accounting concepts, ethics and sustainability;
Maintaining financial records;
Adjustments to accounting records and fi nancial statements; and
Preparing financial statements
Top tip: ensure you understand your T-accounts and your debits and credits. This is the basis to everything!
Sustainability and Ethics.
Concepts and significance of sustainability;
Pillars of sustainability and regulation on sustainability;
Sustainability in business;
The role of the professional accountant in sustainability;
Concept of ethics and its signifi cance for the accountancy profession;
Ethics and public trust;
The fundamental ethical principles;
Threats and safeguards; and
Data ethics and the impact of technology
Top tip: don’t just memorise the ethical principles, you need to know how to apply them to real-world situations.
Business Law.
Introduction to legal principles;
The impact of civil law on business and professional services;
Company and insolvency law;
The impact of criminal law on business and professional services; and
The impact of law in the professional context
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, Insight and Performance.
Costing and pricing;
Budgeting and forecasting;
Performance management;
The external environment of business;
Management decision making
Technology and data analysis; and
Ethics
Top tip: try to really understand the calculations, rather than learning the sequence of events.
Assurance and Risk Fundamentals.
The concept, process and need for assurance;
Risk, internal controls and information flows;
Obtaining assurance evidence; and
Professional ethics and regulatory issues
Top tip: understand your ethical standards and if you have any friends working in internal audit, ask them about controls.
Tax Fundamentals.
Objectives, types of tax and ethics;
Administration of taxation;
Income tax and national insurance contributions;
Capital gains tax and inheritance tax;
Corporation tax and company gains; and
VAT and stamp taxes
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!).
Fundamental Case Study.
Accounting including accounting for tax;
Assurance and risk;
Business insight and performance; and
Ethics, sustainability and the regulatory environment
Top tip: success at the Fundamental Case Study requires an integration of the technical knowledge and skills acquired from the Certificate Level ACA exams
Corporate Reporting, Data and Assurance.
Single entity financial statements;
Consolidated financial statements;
Planning and performing assurance engagements;
Concluding and reporting on assurance engagements; and
Professional scepticism and ethics
Top tip: ensure you practise your data analytic skills to interrogate data and identify areas of concern or items which warrant further investigation.
Assurance, Risk and Reporting.
Legal and other professional regulations, ethics, and accepting and managing engagements;
Planning and performing engagements;
Concluding and reporting on engagements
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 and Digital Strategy.
Strategic analysis;
Strategic choice;
Implementation and monitoring of strategy; and
Ethics
Top tip: put the models and theories on your bedroom/office/bathroom walls. You will smash this exam - much of it is common sense!
Tax Compliance and Planning.
Ethics, Law and Administration;
Indirect taxes;
Capital taxes;
Corporation tax; and
Income tax and NIC
Top tip: go back to your notes for Tax Fundamentals if you need a refresher on the basics.
Corporate Financial Strategy.
Business finance – methods and strategies;
Treasury and financial risk management;
Investment decisions and valuation; and
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 2 advanced level exams. Each is 4 hours 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).
Technical Case Study.
Corporate Reporting;
Audit, Assurance and Non-Audit Services
Strategic Case Study.
Business and Digital Strategy and Business Management;
Financial Strategy;
Corporate Reporting; and
Assurance
The case studies present real-life scenarios, with increased complexity from the Professional Level exams. Advanced Level challenges students’ ability to problem solve, apply critical thinking, identify ethical implications and provide effective solutions.
This information and more can be found on the ICAEW website. This Handbook is particularly helpful.
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