ACCA Subjects: Your Complete Guide to the 13 Papers in ACCA

ACCA subjects

Understanding the ACCA subjects is crucial for anyone pursuing the ACCA qualification. This globally recognized credential opens doors to various accounting and finance careers, but passing each exam paper requires a thorough understanding of the syllabus. In this blog, we’ll explore the ACCA syllabus, break down each paper, and provide tips on succeeding.

Introduction to ACCA Subjects

The ACCA qualification offers a globally recognized qualification. Students must complete 13 core ACCA subjects that cover a wide range of accounting and financial management skills. Divided into three main levels—Knowledge, Skills, and Strategic Professional—these subjects are designed to progressively build a solid foundation and advance expertise in financial and business management.

ACCA Books: Your Passport to Acing the Exams and Outsmarting the Competition

Understanding the ACCA Levels

The Three Levels of ACCA

1. Knowledge Level: This is the introductory level, covering the basics of financial and management accounting.
2. Skills Level: This level builds on the foundational knowledge, focusing on practical skills in taxation, law, and audit.
3. Strategic Professional Level: This advanced level targets strategic and leadership skills, concluding with two essential exams and two elective papers.

Each level plays a unique role in developing the skills necessary to become a proficient ACCA-qualified accountant.

ACCA Subjects List

The ACCA qualification is structured around 15 core ACCA subjects to build a comprehensive understanding of accounting, finance, and business management. To achieve the ACCA designation, you must complete 13 of these 15 papers, divided into three levels: Knowledge, Skills, and Professional.

Watch a video instead

Papers by Level

• Knowledge level subjects- three papers F1- F3
• Skill level subjects - six papers F4- F9
• Professional level subjects - 4 papers (out of six) P1- P6

 The ACCA subjects list under these three levels is listed below, we describe them in detail under the heading ACCA subject details below.

1. Business and Technology (BT) - F1
2. Management Accounting (MA) - F2
3. Financial Accounting (FA) - F3
4. Corporate and Business Law (LW) - F4
5. Performance Management (PM) - F5
6. Taxation (TX) - F6
7. Financial Reporting (FR) - F7
8. Audit and Assurance (AA) - F8
9. Financial Management (FM) - F9
10. Strategic Business Leader (SBL) - P1
11. Strategic Business Reporting (SBR) - P2
12. Advanced Financial Management (AFM) - P3
13. Advanced Performance Management (APM) - P4
14. Advanced Taxation (ATX) - P5
15. Advanced Audit and Assurance (AAA) Int or UK variant - P6

Read our blog on how much it the ACCA course costs

ACCA subject wise details

The ACCA subjects are carefully curated to ensure that candidates acquire the necessary skills and competencies to excel in their professional careers.

Knowledge Level ACCA Subjects

Business and Technology (BT)

• Syllabus Overview: This section introduces the role of accounting in businesses, focusing on governance, ethics, and the wider business environment.
• Exam Format: Multiple-choice and objective test questions.
• Study Tip: Focus on understanding fundamental business principles and the impact of technology on business decisions.

Management Accounting (MA)

• Syllabus Overview: Covers budgeting, costing, and performance measurement.
• Exam Format: Objective test questions.
• Study Tip: Practice problem-solving for various cost accounting scenarios to build a strong foundation in managerial accounting.

Financial Accounting (FA)

• Syllabus Overview: Basic financial reporting principles, including income statements, balance sheets, and cash flow statements.
• Exam Format: Multiple-choice and structured questions.
• Study Tip: Master the fundamentals of double-entry bookkeeping and financial reporting standards.

Tips for Success:

• Master the Basics: A thorough understanding of fundamental accounting concepts is crucial, as these are the building blocks for future studies.
• Practice Consistently: Regularly solve practice questions and work on past papers to reinforce your knowledge and improve exam technique.
• Utilize ACCA Resources: To enhance your learning experience, fully utilize ACCA-approved study materials, such as study guides and revision kits.

Skills Level ACCA Subjects

The Applied Skills level applies the knowledge gained in the Applied Knowledge level to more complex and practical scenarios. This level includes six ACCA subjects designed to equip candidates with the technical skills required in professional accounting.

Corporate and Business Law (LW)

• • Syllabus Overview: Focuses on the legal framework within which accountants operate, covering contract law, company law, and criminal law.
  • Exam Format: Objective test and essay questions.
  • Study Tip: Memorize vital legal terms and principles and their practical applications in business.

Performance Management (PM)

1. 1. Syllabus Overview: Teaches management accounting techniques for decision-making and performance evaluation.
   2. Exam Format: Scenario-based questions.
   3. Study Tip: Practice performance analysis and scenario-based problem-solving.

Taxation (TX)

1. 1. Syllabus Overview: Covers taxation principles, including income tax, corporation tax, and value-added tax.
   2. Exam Format: Computational and short-answer questions.
   3. Study Tip: Stay updated on tax laws and practice calculations for accuracy.

Financial Reporting (FR)

1. 1. Syllabus Overview: Examines financial reporting standards and prepares students for complex reporting scenarios.
   2. Exam Format: Multi-part questions with case studies.
   3. Study Tip: Work on IFRS comprehension and application in different financial reporting contexts.

Audit and Assurance (AA)

1. 1. Syllabus Overview: Theories and practices of auditing, focusing on risk assessment, audit evidence, and ethics.
   2. Exam Format: Case study and application-based questions.
   3. Study Tip: Focus on understanding audit procedures, ethics, and the roles within an audit team.

Financial Management (FM)

1. 1. Syllabus Overview: Corporate finance concepts, including investment appraisal, risk management, and capital structure.
   2. Exam Format: Practical application and computational questions.
   3. Study Tip: Practice financial modeling and risk analysis to handle complex financial management questions.

Tips for Success:

• Develop Analytical Skills: Focus on developing your ability to analyze and apply concepts to real-world scenarios, which is critical for success at this level.
• Engage in Active Learning: Participate in ACCA revision courses, workshops, and study groups to deepen your understanding and clarify doubts.
• Create a Structured Study Plan: Allocate sufficient time to each subject, prioritizing areas where you feel less confident. A well-structured study plan can help you manage your workload effectively.

Strategic Professional Level subjects

The Strategic Professional level is the final stage of the ACCA qualification. It is designed for candidates ready to take on senior accounting, finance, and management roles. This level consists of two mandatory papers (Essentials) and two optional papers (Options), allowing candidates to specialize in areas that align with their career aspirations.

Essential Papers

Strategic Business Leader (SBL)

1. Syllabus Overview: Integrative, case-study-based paper emphasizing strategic thinking, leadership, and corporate responsibility.
2. Exam Format: Case study with scenario-based questions.
3. Study Tip: Approach this paper by analyzing case studies and practicing strategic decision-making.

Strategic Business Reporting (SBR)

• Syllabus Overview: Advanced financial reporting, focusing on ethical principles, stakeholder analysis, and international reporting standards.
• Exam Format: Complex case studies with interpretation and analytical questions.
• Study Tip: Practice ethical dilemma cases and understand the global implications of financial reporting standards.

Options:

• Advanced Financial Management (AFM): AFM explores advanced financial management techniques, including corporate finance, risk management, and investment strategies. It is ideal for those aiming for roles in financial management or corporate finance.
• Advanced Performance Management (APM): APM focuses on strategic management accounting, including performance evaluation, decision-making, and control systems. It is particularly relevant for those interested in management accounting or consultancy roles.
• Advanced Taxation (ATX): ATX covers advanced taxation issues, including international taxation, tax planning, and compliance. It is essential for those pursuing careers in taxation or advisory services.
• Advanced Audit and Assurance (AAA): AAA covers advanced auditing techniques, including risk assessment, quality control, and ethics. It is designed for candidates seeking to specialize in audit and assurance services.

Tips for Success:

• Focus on Application: At this level, the emphasis is on applying knowledge to complex scenarios, so practice is crucial. Work on case studies, simulations, and real-world examples.
• Choose Specializations Wisely: Select your optional papers based on your career goals and areas of interest. Specializing in a field you are passionate about can enhance your motivation and performance.
• Stay Updated: Keep abreast of any syllabus changes, mainly updates to IFRS standards and other accounting regulations. This ensures that your knowledge remains relevant and up-to-date.

Conclusion

Mastering the ACCA subjects is crucial for anyone qualifying as a certified accountant. The ACCA syllabus is comprehensive and demanding, but you can successfully navigate each level with the right approach. Whether you are just beginning your journey at the Applied Knowledge level or preparing for the Strategic Professional exams, studying with dedication, discipline, and a clear strategy is essential.

We hope this information proves helpful as you begin your journey to becoming a certified accountant! If you would like to pass the ACCA exams in one go, do browse our ACCA online courses or ACCA approved books.