What are the ACCA Exemptions for a CA, ACMA, FCM and CMA?
ACCA Exemptions for a CA, ACMA, FCM and CMA
ACCA exemptions for CA are designed for forward-thinking finance professionals in our fast-changing, increasingly digital world. If you aim to innovate and lead positive change wherever you work, adhere to the highest professional and ethical standards, and see a bigger and better picture, then ACCA is for you
Your previous qualification from ICAI and ICWAI may mean that you are eligible for exemption from some ACCA exams.
What are the ACCA Exemptions granted to a CA /ACMA/FCM?
As per the ACCA, a post-2003 qualified Chartered Accountant from ICAI needs to write only four exams of the professional Level and complete the Ethics training.
An ACMA / FCMA who has qualified post-2003 and has five years of work experience must also write only four papers of the Strategic Level and complete the Ethics training.
The subject at the professional level are
Mandatory two papers
Any two papers from the following options:
- Advanced Financial Management,
- Advanced Audit and Assurance,
- Advanced Taxation
- Advanced Performance Management
What are the Exemptions granted to a CMA with less than five years of work experience? For CMA passed finalist and ACMA with less than five years of work experience
These students will have to sit for six papers. In addition to the four papers of the strategic level. The students will have to sit in the additional two exams of the skill level
Insights on ACCA exameptions for a CA/ACMA
Recognition of Prior Learning
- Exemption Eligibility: Chartered Accountants often qualify for exemptions from several ACCA exams due to the recognition of their prior learning and professional experience. This can significantly reduce the number of exams required to complete the ACCA qualification.
- Automatic Exemptions: In many cases, exemptions are automatically granted based on the professional body's agreement with ACCA. For example, members of ICAI (Institute of Chartered Accountants of India) are typically eligible for exemptions in several papers.
Exemption Details
- Fundamental Level Exemptions: Most CAs can receive exemptions for most Fundamentals level exams (F1 to F9). This includes papers on business and technology, management accounting, financial accounting, and more.
- Professional Level Exemptions: While exemptions at the Professional level are less common, some CA qualifications might offer exemptions for certain strategic professional papers based on the specific modules completed during their CA qualification.
Application Process
- Documentation Required: CAs need to provide relevant documentation, including proof of membership, academic transcripts, and detailed syllabus information from their CA qualification, to apply for exemptions.
- Online Application: The exemption application can often be completed online through the ACCA’s website. It is advisable to apply for exemptions as early as possible to understand the exact pathway and remaining exams needed.
Benefits of ACCA Exemptions for CAs
- Time and Cost Efficiency: By obtaining exemptions, CAs can save significant time and reduce the overall cost of achieving the ACCA qualification.
- Global Recognition: ACCA provides global recognition and opens up international career opportunities, which can be particularly beneficial for CAs looking to work abroad or in multinational organizations.
- Broadened Expertise: The ACCA qualification covers a broad range of topics, including performance management, taxation, audit, and strategic business leadership, which can complement the skills and knowledge of a CA.
Strategic Career Advancement
- Enhanced Employability: Having dual qualifications (CA and ACCA) can enhance a professional’s employability and career progression prospects.
- Versatility and Flexibility: ACCA’s qualifications are highly respected across various industries, allowing for greater versatility in career choices and the ability to move across different sectors.
Continuous Professional Development (CPD)
- Ongoing Learning: ACCA emphasizes the importance of CPD, ensuring that professionals stay up-to-date with the latest developments in finance and accounting.
Frequently asked questions (FAQs)
How will an ACCA qualification help me?
Through a powerful combination of exams, ethics and experience, you will develop the strategic skillset, technical ability and professional mindset to add immediate value to any organization – and take your career to new heights.
ACCA is recognized in over 100 countries, and doing an ACCA qualification will open doors for you Globally. Various jobs are also listed on the ACCA Careers page where students can apply post the qualification.
How do we claim our ACCA exemption, and are there any scholarships?
Eduyush is an ACCA Partner, and we can help you with your registration and applications. You can contact the Eduyush Team at ifrs@eduyush.com or Whatsapp, the team at +919643308079.
The Eduyush team will work with you and get you the exemptions and scholarships and necessary guidance on books and training plans.
How long will it take to finish my ACCA?
As most professionals work, it's tricky to balance work and study during your journey. Eduyush recommends a 150-hour study plan per subject, and we recommend doing one or max two exams per quarter. Overall it should take you approx. 12 months to 18 months to obtain your ACCA qualification
How much will it cost to do the ACCA?
Once you have paid your initial registration and exemption fees, here's our estimate of your fees
- Exam fees and ethics module – approx. 830 GBP or INR 85000
- BPP books and BPP training for all four subjects – approx. between 280 GBP to 320 GBP or INR 29,000 to INR 33,000
- Annual subscription fees to ACCA – approx. 134 GBP or INR 14,000
How do we schedule our exams with ACCA?
Once successfully registered with ACCA, you can now schedule your exams via your Myacca login. ACCA Exams are held every quarter in over 500 centres Globally. You can schedule a maximum of 4 exams in a quarter and a cap of 8 exams in a year. The exam booking needs to be done by paying the exam fees, and the deadlines are usually 45 days before exam dates.
How do I prepare for the ACCA exams?
As you are already a professional, we reckon you can clear the exams through self-study with ACCA approved books, i.e. BPP Books or KAPLAN Books or take an online recorded lecture to guide you on how to approach the ACCA exams. You don't need to spend money on a tuition partner to take your exams.
Eduyush provides training from BPP. BPP is an ACCA approved content partner and has been publishing materials for over 40 years. Read here to understand what the BPP Enhanced Classroom is all about. The BPP training is affordable and is perfect if you can manage self-studies. The overall costs are between INR 7,000 to 8,500 per subject, including the BPP books.
How to complete a Professional Ethics module on ACCA?
The Ethics module puts you in the role of an accountant in a range of practical, real-world scenarios. You'll work through 10 units, developing the critical workplace skills, such as problem-solving, communication and negotiation, that employers are looking for and on which you can build a career. The skills you will develop within the module will significantly enhance your chances of success in the other ACCA exams. We, therefore, recommend that all students complete the module before attempting Strategic Professional exams. Upon completing the module, you will receive a certificate of achievement to prove your professionalism to existing and future employers.
I am already pursuing my ACCA DIPIFR. Can I start my primary ACCA qualification as well?
ACCA doesn't permit you to do both DIPIFR (Diploma in IFRS) and the primary qualification simultaneously. You can either start your main ACCA journey once you have qualified or take a transfer from DIPIFR to the main ACCA.
Eduyush is well versed with the process, do reach out to us, and we will guide you on the transfer process if you choose to opt for the primary ACCA qualification.
Can I do my ACCA if English is not my first language?
If English is not your first language, you can get free support from our training partner, BPP. They'll give you specific advice for each exam and help you become more confident in using business English. Learn more at englishforacca.bppuniversity.ac.uk
ACCA Exemptions. Questions? Answers.
The answer to this lies in your context and individual objectives. Theres no one answer for all.
Read our detailed blog on whether ACCA is worth doing after a CA here
For IPCC pass students, you get exemptions from six papers. You will be required to write three exams at the skill level and four exams at the strategic level.
If you have attempted your CA Final and scored 50% in Performance Management, Financial Reporting or Financial Management, you will also be eligible for exemptions in these.
If you are planning to take up ACCA, its always better to start it after your CA for the following reasons
1) You will be exempt from the Applied Knowledge and Applied Skill level exams. So that's nine out of thirteen papers
2) Scholarships are better for a CA than others
3) Focus on clearing your CA first, as doing together both will take away your focus from both.
Take the ACCA during your CA only if you are planning to give up taking the CA exams altogether.
The answer is Yes and No
Yes :
1) Your conceptual clarity needs to be higher
2) The ACCA strategic professional level exams are case study based. This will require skillsets in exam technique and communication
3) Rote learning will not help
4) Marks are awarded for good and bad answers rather than the solution.
No:
1) Unlike CA, you don't need to write in groups. so you can schedule one exam at a time and clear it. You need to score 50% to clear the subject individually
2) You can schedule your papers quarterly
3) Plenty of ACCA resources on-site that will guide you on how to plan your studies.
To become a member of ACCA and qualify as a professional accountant, your must complete the Practical expereince Requirements (PER).
There are three components to the PER:
1) completing 36 months' employment in an accounting or finance-related role or roles
2) achieving five Essentials and at least four Technical performance objectives to the satisfaction of your practical experience supervisorrecording and
3) reporting your PER progress through the onlineMy Experiencerecord.
Since you are already a CA, your articleship expereince should siffuce all points especially towards point 1 and 2. If you are missing out on any of objectives in point 2, you can still gain that though work expereince.
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