ACCA is one of the most globally recognized professions. Individuals with this knowledge and skills are required for a successful career in accounting, finance, and management. This qualification was established in 1904. ACCA is one of the world's most prestigious accounting bodies and has over 227,000 members and 544,000 students in 179 countries.  

ACCA has many features with respect to its knowledge and experience that is of very significant importance.  

• ACCA qualification covers a very broad range of topics. From financial accounting to management accounting and from taxation and law to audit and ethics. Like this, the ACCA members are capable of talking about various roles within finance and accounting.  

• ACCA qualification offers flexibility to study students at their own pace without pressuring them with unnecessary deadlines. Either they study full time or half and it's up to them to choose to study at home or any online or approved institute.  

• ACCA  being a respectful and globally recognized qualification benefits the members to earn great respect from employers from all over the world. It’s one of the best option to go for international opportunities 

• After passing exams ACCA students need to complete a practical experience so that they already go through many things before qualifying.  

• ACCA has a strong impact on ethics and professionalism. It requires candidates to complete an ethics module which is part of the qualifying process.  

Detailed breakdown of ACCA Exams.  

The ACCA qualification consists of three levels which have a series of exams.  Each level has been designed to build on the knowledge that was  gained in the previous one, covering various aspects of finance, accounting, and business. 

1. Applied knowledge Level: 

• Business and Technology (BT):  This paper introduces students with the business environment, organizational structure and impact of external factors on business  

• Management Accounting (MA): It focuses on the principle of management accounting that includes costing techniques, budgetary control and performance measurements. This paper is essential for financial information on how it supports businesses in decision making.  

• Financial Accounting: It provides a foundation in financial accounting that includes the preparation of financial statements, the use of double entry bookkeeping and understanding basic financial steps. 

2. Applied Skills Level 

• Corporate and business Law (LW): The legal framework in which business operate including contract law, employment law and corporate governance comes unders this exam. 

• Performance Management (PM): This exam focuses on advanced management accounting topics such as variance analysis, decision making techniques and performance measurement. 

• Taxation (TX): The paper under this category covers the principle of taxation including income tax, corporation tax and VAT. Students learn to calculate tax liabilities and understand the tax implications of business decisions. 

• Financial Reporting (FR): The paper goes into deeper studies of financial accounting covering the preparation of financial statements for single entities and groups in accordance with International Financial Reporting Standards (IFR). 

• Audit and Assurance (AA): This exam focuses on auditing including audit planning,risk assessment and the auditor's role in ensuring financial statement accuracy.  

• Financial Management (FM): It covers the principle of financial management including investment appraisal business financing and risk management.  

3. Strategic Professional Level 

This level includes two parts. One is Essential paper and the other is Optional.  

Essentials (Compulsory Papers) 

1. Strategic Business Leader: A case study based paper that integrates knowledge across various business disciplines. It completely focuses on leadership strategy and ethical decision making. 

2. Strategic Business Reporting: This exam focuses on analysis and interpretation of financial statements, Corporate reporting and the application of IRS in complex scenarios. 

Optional (Choose any two) 

1. Advanced Financial Management AFM: Ths exam covers advanced topics in financial management, including mergers and acquisitions, corporate reconstruction and management strategies.  

2. Advanced Performance Management (APM): Ths exam builds on performance management principles, focussing on strategic planning, control and performance measurement and complex business environments. 

3. Advanced Taxation (ATX): This subject exam expands on the knowledge gained in the Taxation paper, covering more complex tax issues including international taxation and the tax implications of business decisions. 

4. Advanced Audit and Assurance (AAA): It focuses on the role of the auditor in complex audits including the audit of group financial statements, forensic auditing, and the implications of corporate governance. 

Practical Experience Requirement (PER) 

ACCA applicants need to fulfill a practical experience requirement in addition to completing these tests. In order to apply the knowledge you learn in tests to real-world situations, you must obtain relevant work experience. 

With a solid grasp of both theoretical ideas and real-world applications in accounting and finance, ACCA-qualified professionals are guaranteed to be well-rounded by this methodical approach. 

Assessment 

MCQs: Multiple Choice Questions: Frequently seen in the Applied Knowledge and Applied Skills levels, multiple-choice questions (MCQs) evaluate knowledge in a wide range of topics. 

MRQs, or Multiple Reason Questions: For these, choosing multiple right answers from a list is necessary. 

Fill-in-the-Blank and Matching: These ask applicants to match terms or complete blanks in order to evaluate a particular area of knowledge. 

Constructed Response Questions (CRQs) 
 

Short Written Responses: To certain queries, candidates must provide written responses, which are frequently calculations or succinct justifications. At the Strategic Professional and Applied Skills levels, this approach is more common. 

Case Studies: Candidates must analyze complex circumstances, make decisions, and provide justification for their suggestions when completing case studies, especially at the Strategic Professional level. The Strategic Business Leader test integrates several subject areas and is fully case-based. 

Essays and Long-Form Questions 

Long-form exam questions at the Strategic Professional level frequently call for thorough written answers. Particularly in the Strategic Business Reporting and Strategic Business Leader tests, these questions evaluate a candidate's capacity to apply theoretical knowledge to real-world scenarios. 

Ethics and Professional Skills Module 

Although not an exam, this module is a required component of the ACCA qualification. It involves completing online interactive exercises that test professional skills and ethical decision-making. 

3. Exam Duration and Format 

Exam length: Depending on the level and particular paper, exams usually run two to four hours. 

Computer-Based vs. Paper-Based: Tests for Applied Knowledge and certain tests for Applied Skills are computer-based, whereas exams for Strategic Professionals are usually paper-based. 

4. Grading and Results 

Pass Mark: The pass mark for all ACCA exams is 50%. Results are usually released within six weeks after the exam date. 

Scoring: Candidates receive a score out of 100 for each exam, and those who do not pass must retake the exam to progress. 

The purpose of the ACCA tests is to assess a candidate's application of knowledge in real-world situations in addition to their understanding, therefore equipping them for the difficulties that await them in their professional lives. 

Since each ACCA level assesses both academic knowledge and practical application, preparing for it calls for a calculated approach. Here's a how experts at Hamzah Academy guide for successfully getting ready for each ACCA level: 

General Preparation Expert Tips for All Levels

Recognize the Syllabus: Begin by going over and comprehending each paper's complete syllabus. Recognize expectations and concentrate on the most important learning goals. 

Time management: Set aside study time according to each topic's level of complexity and comfort. Avoid delaying challenging subjects till last. 

Revise frequently: To make sure that the knowledge you have acquired stays fresh in your mind, review it frequently. Revision notes, summaries, and flashcards should be used. 

Make Use of ACCA Resources Study manuals, practice questions, webinars, and examiner's reports are just a few of the materials offered by ACCA. When it comes to knowing what the examiners are searching for, these tools are useful. 

Seek Feedback: Consult peers or tutors for feedback on practice papers, if at all practicable. This might assist in pointing out your areas for growth.