Changes to the ACCA Qualification – Professional Level
In October 2016 the ACCA announced changes to the Professional Qualification.
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.
Watch the ACCA’s short video about the changes.
What is Changing?
- P1 (Governance, Risk and Ethics) and P3 (Business Analysis) will be replaced with a new four hour Strategic Business Leader case study exam from the September 2018 exam sitting.
- P2 will be replaced by a new Strategic Business Reporting exam from the September 2018 exam sitting.
- A new Ethics and Professional Skills module will replace the current Professional Ethics Module in October 2017.
- The Professional Level option papers remain unchanged, however there will be updates to the syllabi.
- All remaining ACCA modules will be renamed with the numerical F1, F2 etc. naming convention removed from the module titles.
Professional Level Exams
- Strategic Business Leader – this will be a 4 hour case study exam with no pre-seen information. The exam is designed to mirror real workplace scenarios. More information, including the specimen exam can be found here.
- Strategic Business Reporting – this will be a 3 hour 15 minute exam. Like the existing P2 exam it will test the technical aspects of corporate reporting, but will also give students the skills to explain and communicate wider aspects of corporate reporting. More information, including the specimen exam can be found here.
- Ethics and Professional Skills – students will encounter real world scenarios in this online learning module. More information can be found here.
What Are the Transitional Arrangements?
- If a student has passed both P1 and P3 before September 2018 they will be given a converted pass for the new Strategic Business Leader case study exam.
- If a student has passed P2 before September 2018 they will be given a converted pass for the new Strategic Business Reporting exam.
- If a student has passed the existing Professional Ethics Module by October 2017, they will not have to sit the new Ethics and Professional Skills module.
How do the Changes Affect Students?
Students will need to carefully plan their route through the qualification. For example, if a student has passed P1 but not P3, this will not provide a converted pass and they would need to sit the new Strategic Business Leader exam.
Any student that has passed the existing Professional Ethics Module by October 2017 will retain the credit. However, they may find it useful to study the new Ethics and Professional Skills module as it has been designed to support their studies at the professional level.
First Intuition will be one step ahead and always on hand to offer advice to ACCA students and employers affected by these changes.
Please call 020 7323 9636 or contact your local study centre for help and advice.