The Association of Chartered Certified Accountants (ACCA) is a global organization that offers Chartered Certified Accountant qualifications through a network of offices with certified employers, worldwide. To clear an ACCA, you need to qualify 15 examinations which are divided into four modules (except the ones you have already qualified in accountancy or business-related degrees). There is an exam center in almost every country.
The 15 exams under ACCA are divided into four modules; knowledge, skills, essentials, and optional. They are subdivided into certain categories. However, in optional, you can just select two subjects. The basic criteria for qualifying any exam is to go through its syllabus first, so you need to be clarity on ACCA syllabus and exam pattern.
• Applied knowledge exam:
is sub-divided into accountant in business (AB), Management Accounting (MA) and Financial Accounting (FA). The applied knowledge exams are an exceptional introduction to the world of finance and accounting, providing applicants with a broad understanding of essential accounting techniques. After completing these three exams, you’ll be awarded the ACCA diploma in accounting and business and then you’ll be eligible to start applied skills exams.
• Applied skill exam:
consists of six sub-divisions which includes corporate and business law (LW), performance management (PM), taxation (TX), financial reporting (FR), audit and assurance (AA) and financial management (FM). It equips you with strong, broad and practical finance skills.
• In this portion, the scenarios cover major topics in taxation which requires the presence of mind and quick analysis of the questions before you answer.
• Try to understand the underlying concepts for every topic. Elaborate and build up your concepts right from the beginning so that it will act as a foundation for more advanced papers. You will be able to earn some marks in the knowledge module but the rest of the marks earned from the ACCA exams are for the application of your concepts in a given scenario.
• Try to incorporate flowcharts and diagrams in your notes besides making points, as it would be easier to recapitulate the things during exams.
• Strategic Professional Essentials: It sub-divided into Strategic Business Leader (SBL) and Strategic Business Reporting (SBR).
• It requires dynamic skills and strategic vision to qualify for a professional exam.
• Collect all the previous papers from the last few years and practice solving them. You will have an idea of how much preparation and hard work you need to get through this exam.
• Strategic Professional Options: While opting for an optional subject, you are given a choice and have to select just the two options. Advanced Financial Management (AFM), Advanced Performance Management (APM), Advanced Taxation (ATX) and Advanced Audit & Assurance (AAA) are the available options.
You should keep sufficient time in your study plan for revision towards the end of the exam preparation as it will help you to acknowledge the loopholes that are yet to be examined.