All 13 ACCA Subjects Explained 2026

ACCA Subjects

ACCA has 13 subjects split across three levels: Applied Knowledge (3 papers), Applied Skills (6 papers), and Strategic Professional (4 papers, of which 2 are optional). Candidates also complete the Ethics and Professional Skills Module and 36 months of Practical Experience to qualify as a member.

Last verified 8 May 2026. Source: ACCA Global qualification structure.

Table of contents

1. How many subjects are there in ACCA?
2. Complete ACCA subjects list (2026)
3. Applied Knowledge papers
4. Applied Skills papers
5. Strategic Professional papers
6. ACCA subjects pass rates
7. Recommended study order
8. Subject exemptions
9. Best ACCA course for all 13 subjects
10. 2027 qualification changes
11. FAQ

How many subjects are there in ACCA?

ACCA has 13 subjects in total. Three sit at the Applied Knowledge level, six at Applied Skills, and four at Strategic Professional. Of those four Strategic Professional papers, two are compulsory essentials and two are chosen from a menu of four options. Candidates also complete the Ethics and Professional Skills Module and a minimum of 36 months of relevant work experience before they can use the ACCA designation.

A common question is whether ACCA has 17 exams. That figure sometimes appears because older syllabuses included a Foundation in Accountancy pathway. Under the current structure, the main qualification contains 13 papers. The Foundation route (4 papers) is a separate, preparatory programme, not part of the core qualification count.

A trainee accountant joining straight from a commerce degree typically sits all 13. A qualified Indian CA, by contrast, usually receives 9 exemptions and sits only the 4 Strategic Professional papers. Exemption counts vary by prior qualification, so always verify with ACCA directly before registering.

Complete ACCA subjects list (2026)

The table below lists every paper in the current qualification, its code, full name, level, and the December 2025 pass rate. Pass rates are drawn from ACCA Global's published results. Papers marked Optional require candidates to choose two of the four listed.

Pass rates sourced from ACCA Global, December 2025 sitting. Verify current rates before planning your attempt schedule.

Applied Knowledge papers

The three Applied Knowledge papers introduce the core disciplines of accounting, management reporting, and business context. They are computer-based exams (CBE) available on demand at registered ACCA centres, so candidates do not need to wait for a fixed exam window. The pass mark is 50 percent for each paper.

BT: Business and Technology

Business and Technology (BT) covers the business environment, organisational structures, leadership, HR functions, professional ethics, and the role of technology in accounting work. It is the most straightforward paper in the qualification, with an 87 percent pass rate in December 2025. Candidates sit a 2-hour CBE with 85 objective questions. Many commerce graduates find the content familiar but should not skip structured revision, as the ethics component sometimes catches first-time sitters off guard.

MA: Management Accounting

Management Accounting (MA) focuses on cost classification, costing systems, budgeting, variance analysis, and short-term decision-making tools such as limiting factors and break-even analysis. The December 2025 pass rate of 72 percent reflects that the paper is accessible but requires practice on numerical questions. A candidate who has studied cost accounting in BCom usually clears MA with 6-8 weeks of focused preparation.

FA: Financial Accounting

Financial Accounting (FA) tests the preparation of single-entity financial statements under International Financial Reporting Standards (IFRS). Topics include the conceptual framework, double-entry mechanics, trial balance adjustments, and basic group accounting concepts. The 66 percent pass rate sits comfortably above the Skills-level average, though candidates new to IFRS sometimes struggle with the adjustments section. Strong double-entry grounding from FA directly supports the more advanced Financial Reporting paper at Skills level.

Commerce graduates and those with BCom or MCom degrees sometimes receive exemptions for all three Applied Knowledge papers. Use the ACCA exemptions calculator to check eligibility before registering.

Applied Skills papers

The six Applied Skills papers move candidates from foundational knowledge into technical competence across law, tax, financial reporting, audit, performance management, and financial management. These are session-based CBEs held in March, June, September, and December each year. Papers PM, FR, AA, and FM contain a mix of objective questions and constructed-response tasks, making time management critical.

LW: Corporate and Business Law

Corporate and Business Law (LW) covers contract law, company law, employment law, and insolvency. Candidates choose either the global (LW-GLO) or an adapted national variant; the Indian variant, for example, references the Companies Act 2013. The December 2025 pass rate of 82 percent makes LW the most approachable Skills paper. It is a 2-hour objective-style exam and a good confidence builder early in the Skills level.

PM: Performance Management

Performance Management (PM) extends management accounting into advanced costing (activity-based, throughput, life-cycle), performance measurement frameworks such as the balanced scorecard, and transfer pricing. At 40 percent, PM has one of the lowest pass rates in the qualification. Candidates commonly underestimate the constructed-response element, where clear workings and logical reasoning score more marks than just a correct final number. Read the ACCA pass rates guide for a full difficulty ranking.

TX: Taxation

Taxation (TX) covers income tax, corporation tax, capital gains tax, VAT, and national insurance, primarily based on UK tax law (with national variants available). For Indian candidates sitting the global variant, the content differs somewhat from domestic tax rules, so it pays to focus on the official study text rather than prior tax knowledge. A 52 percent pass rate suggests it is manageable with consistent practice on past papers.

FR: Financial Reporting

Financial Reporting (FR) applies IFRS standards across single-entity and consolidated financial statements. Key topics include IFRS 15 (revenue), IFRS 16 (leases), IFRS 9 (financial instruments), and group accounting through consolidations and associates. The 46 percent pass rate reflects genuine complexity; candidates who rushed through FA often hit a wall here. A dedicated study plan and access to examiner-backed FR strategies can add 10-15 percentage points to an attempt score.

AA: Audit and Assurance

Audit and Assurance (AA) covers the audit process from engagement acceptance through to completion: risk assessment, internal controls, audit evidence, sampling, and reporting. Constructed-response questions require candidates to write professional-quality answers, not just list points. At 43 percent, AA rewards those who practise writing full, structured answers rather than bullet-heavy notes.

FM: Financial Management

Financial Management (FM) covers investment appraisal (NPV, IRR, payback), working capital management, business valuations, risk management, and cost of capital (WACC). It is consistently one of the most calculation-heavy papers. The December 2025 pass rate of 48 percent reflects that numerical accuracy under time pressure is the main challenge. Candidates who follow a structured FM study plan and work through at least 3-4 past papers before sitting tend to perform well above the average.

Strategic Professional papers

Strategic Professional is the final level of the ACCA qualification. It comprises two compulsory Essentials papers (SBL and SBR) and four Optional papers, of which candidates choose any two. All Strategic Professional exams are session-based and entirely constructed-response, testing application and professional judgement rather than recall.

SBL: Strategic Business Leader (Essentials)

Strategic Business Leader (SBL) is a case-study exam testing strategic planning, leadership, governance, risk, and digital skills in an integrated real-world scenario. At four hours, it is the longest exam in the qualification. The 51 percent pass rate is broadly in line with the Skills average, but first-time sitters often find the open-ended format unsettling after more structured papers. Strong professional judgement and structured report-writing skills are more useful here than memorisation.

SBR: Strategic Business Reporting (Essentials)

Strategic Business Reporting (SBR) applies advanced IFRS and integrated reporting principles in complex scenarios, including group restructuring, financial instruments, and sustainability disclosures. The 48 percent pass rate is close to SBL's, but the technical depth is higher. Candidates who found FR straightforward usually transition to SBR without too much adjustment. See the SBL vs SBR comparison for a detailed breakdown of both papers.

Optional papers: AFM, APM, ATX, AAA

Candidates choose two of the four Optional papers. The choice typically comes down to career direction and prior strengths:

• AFM (Advanced Financial Management) - extends FM into corporate finance strategy, complex valuations, and treasury risk. Suitable for candidates aiming for CFO or corporate treasury roles. December 2025 pass rate: 42 percent.
• APM (Advanced Performance Management) - extends PM into strategic performance systems, stakeholder analysis, and organisational change. Lowest pass rate at 36 percent in December 2025.
• ATX (Advanced Taxation) - extends TX into tax planning, corporate groups, and international tax. Pass rate of 40 percent. Best for candidates in tax advisory or practice roles.
• AAA (Advanced Audit and Assurance) - extends AA into complex audit engagements, assurance services, and ethical dilemmas. The hardest paper in the qualification at 32 percent pass rate in December 2025.

For most Indian candidates with a finance or corporate accounting career path, AFM and APM are the most common pairing. Candidates heading into Big 4 audit practices tend to choose AAA. Tax specialists usually add ATX.

ACCA subjects pass rates

The pass mark for every ACCA paper is 50 percent. Pass rates vary widely across the qualification. Applied Knowledge papers cluster between 66 and 87 percent; Applied Skills papers range from 40 to 82 percent; and Strategic Professional options sit between 32 and 51 percent. These figures are from the December 2025 sitting published by ACCA Global.

The hardest papers by pass rate are AAA (32%), APM (36%), ATX (40%), PM (40%), and AA (43%). All five are predominantly constructed-response and require candidates to write structured, professional answers under timed conditions, not just produce correct calculations.

The easiest papers are BT (87%), LW (82%), and MA (72%). These three are either wholly or mostly objective-format, which suits candidates who can work quickly through multiple-choice questions without second-guessing themselves.

Pass-rate data shifts between sittings, sometimes by 5-10 percentage points, depending on the difficulty of the specific exam variant set that session. For a full breakdown by paper, sitting, and trend analysis, see the complete ACCA pass rates guide. If you want to understand what really separates passers from re-sitters, Is ACCA hard? covers the honest picture on difficulty.

Recommended study order for ACCA subjects

ACCA does not mandate the order in which candidates sit papers within a level, but the sequencing below follows a logical dependency chain built on pass-rate data and examiner guidance. Sitting FM before PM, for example, means candidates already have WACC and NPV fluency when PM's performance measurement topics require financial context.

Most working professionals complete the full qualification in 3-4 years, sitting 2-3 papers per session. A fresh BCom graduate studying full-time has been known to clear the full 13 in under 2 years. There is no upper time limit imposed by ACCA, so candidates can pace themselves to fit study around work commitments.

For candidates entering through the BCom with ACCA pathway, some providers integrate ACCA papers into the undergraduate timetable, reducing the overall timeline significantly. ACCA eligibility requirements confirm that candidates need a minimum of 10+2 to begin at the Knowledge level.

Subject exemptions

ACCA exemptions allow candidates with recognised prior qualifications to skip some papers and begin at a higher level. The maximum number of exemptions is 9 (all Applied Knowledge and Applied Skills papers), leaving only the 4 Strategic Professional papers to complete. Exemptions are not automatic; candidates must apply and pay a fee per paper exempted.

Exemptions for Indian CA (ICAI) members

Qualified members of the Institute of Chartered Accountants of India (ICAI) typically receive 9 exemptions, covering all 9 Applied Knowledge and Applied Skills papers. This means an Indian CA only needs to sit SBL, SBR, and 2 Optional papers to earn the ACCA designation. The practical implication is a qualification timeline of roughly 12-18 months rather than 3-4 years.

The full picture on fees, how to apply, and what documents ACCA requires is in the dedicated ACCA after CA guide. For ICAI members who qualified before 2003, exemption eligibility may differ slightly, so cross-check using the ACCA exemptions calculator.

Exemptions for BCom and MCom graduates

BCom graduates typically receive 3-5 exemptions (Knowledge level papers plus sometimes LW and TX) depending on their university and syllabus match. MCom graduates with accounting specialisation may receive up to 6. ACCA reviews exemptions against each institution's accredited syllabus, so the count varies. Commerce students who have completed ACCA-accredited BCom programmes at recognised universities sometimes receive all 9 exemptions, effectively matching the CA route.

Exemptions for CPA, CMA, and other professionals

Holders of the US CPA, CIMA, CMA, and several other professional accountancy qualifications are also eligible for partial exemptions. The exact count depends on the qualification body and the specific agreement in place with ACCA at the time of application. Always verify current exemption agreements on the ACCA Global website before applying, as these agreements are periodically updated.

Best ACCA course for all 13 subjects

BPP is an ACCA Approved Content Provider and one of the most widely used study resource suppliers for the qualification. BPP's Exam Confidence Revision (ECR) kits are built around the ACCA examiner's actual marking approach, covering all 13 papers with exam-standard questions, worked answers, and examiner commentary.

BPP materials are used by candidates across 180+ countries, including the majority of Indian candidates who sit at the Strategic Professional level after receiving CA exemptions. The combination of BPP study texts (for concept coverage) and BPP revision kits (for exam practice) is consistently rated the most complete preparation pathway available for ACCA.

2027 qualification changes

ACCA has announced a restructured qualification taking effect from September 2027. The revised structure reduces the total paper count from 13 to 11 and reorganises the Applied Knowledge level into three new papers coded K1, K2, and K3. Sustainability, integrated reporting, and digital skills are embedded more explicitly across multiple papers rather than treated as separate topics.

Candidates registered before September 2027 who have already passed papers under the current structure will have those results recognised and mapped to the new qualification. ACCA has committed to publishing a full transition guidance document. The ACCA 2027 qualification changes guide on Eduyush tracks all confirmed updates as they are released.

For exemption holders, ACCA has confirmed that existing exemption agreements will be remapped to the new paper structure. New exemption agreements will be published closer to the September 2027 launch date.

Frequently asked questions

Last verified: 8 May 2026. Pass rate data sourced from ACCA Global (December 2025 sitting). Qualification structure sourced from ACCA Global qualification structure page. Review scheduled: November 2026.