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Graduates with a relevant degree may be able to claim exemptions from some of the exams – you can check for exemptions online. If you do not have a minimum of 3 GCSEs and 2 A Levels you will need to complete the ACCA Foundations in Accountancy exams first.
There are four stages:
- Knowledge (F1 – F3)
- Skills (F4 – F9)
- Essentials (P1 – P3)
- Options (two from P4 – P7)
To become fully qualified you must pass all the exams and complete three years relevant work experience. You must also complete the ACCA’s online professional ethics module.
F1 to F4 are computer based exams (CBEs) – these can be sat at any time at any approved CBE centre and comprise a mix of multiple choice and objective test style questions. The pass mark is 50% and they are 2 hours duration.
F5 to P7 exams take place in March, June, September and December each year. The pass mark is 50% and for papers F5 to F9 candidates have a choice of PC or paper based exams. PC based exams are 3 hours and 20 minutes long; paper-based exams are 3 hours and 15 minutes long.
Changes to the ACCA Qualification – Professional Level
The ACCA Professional level is changing from September 2017 with the introduction of a new Ethics module, followed by further changes to the qualification in September 2018.
The changes aim to give students the strategic abilities and advanced skill set required of modern accountants, with a real world focus to help students handle the challenges of the workplace.