There are some qualifications you have, and you won't be required to take all the exams in the ACCA Qualification or Foundations in Accountancy awards, you will be exempted from taking some examination. This is called exemption and means that you will start your accountancy journey at the right level for your qualifications and skill.
There are different ways to ACCA membership and many students do prior learning which is equivalent to ACCA exams. Where appropriate, the professional body ensures that students’ entry point is equivalent to knowledge and skills they acquired from their previous qualifications. To do this, they give students the quickest possible route to membership which is Exemption.
ACCA gives exemption to qualifications offered by educational institutions across the world. They include:
• Certificates and diplomas (awarded by recognised institutions)
• Foundation degrees
• Bachelor degrees
• postgraduate qualifications
• professional qualifications.
What are the 14 papers of ACCA?
Typically, ACCA students are to write papers, but it will be reduced based on the number of exemptions awarded. The 14 papers are;
- Business and Technology (BT)
- Management Accounting (MA)
- Financial Accounting (FA)
- Corporate and Business Law (LW)
- Performance Management (PM)
- Taxation (TX)
- Financial Reporting (FR)
- Audit and Assurance (AA)
- Financial Management (FM)
Students must complete both Essentials exams and choose two of the Options. They are;
- Strategic Business Leader (SBL)
- Strategic Business Reporting (SBR)
- Advanced Financial Management (AFM)
- Advanced Performance Management (APM)
- Advanced Taxation (ATX)
- Advanced Audit and Assurance (AAA)
ACCA Exemption Calculator
ACCA has a user guide to the Exemptions calculator, which gives a quick step-by-step guide to checking what exemptions you may be eligible to claim.
You can calculate your exemption via Exemptions Calculator: https://www.accaglobal.com/ca/en/help/exemptions-calculator.htm
Documents to submit with your application for exemptions
• You must upload official proof of any full or part-completed qualifications to your application so that we can assess if you are eligible for exemptions. Please provide copies of your certificates and transcripts as evidence.
• Any documentation which is not in English must be officially translated. Official translations must be stamped and signed by the translator and sent to us as well as a copy of the documents in the original language.
If your exemptions application is successful, you will receive an exemption notification, and an invoice, then the relevant section will be automatically updated in myACCA online portal. You are advised to pay for your exemptions as soon as you receive the invoice.
There is a fee for every exemption you get, since ACCA is a UK based professional accounting body, the exemption fees that students will pay is determined by the exchange rate of that country against the Great British Pounds. Students from countries with weak currency tends to pay higher fees and vice versa.
How to create myACCA account
To create account or sign in to myACCA, click on the link below and follow the instructions https:%2F%2Fsso.accaglobal.com%2Fpls
ACCA has a list of their fees and charges according to the various countries. Find your country's fees at: https://www.accaglobal.com/ca/en/qualifications/accountancy-career/fees/fees-charges.html
ACCA only award exemption based on the qualifications awarded by recognised institutions (i.e approved institutions by the county's local Ministry of Education as public sector institutions or the equivalent status under their regulations.)
If your institution isn't on the Exemptions calculator, you don't have to worry, ACCA will check the status of your institution with their external references when they receive your educational documents.