Is there any changes to the number of exam sittings?

There will be no changes to the existing exam sittings. Certificate Level will be on demand. Professional Level will be sat March, June, September, and December. And Advanced Level will remain in July and November. However, one less exam at Advanced Level should minimise the issue of only 2 sittings.

Can you mix and match the old and new syllabus throughout?

Yes. However, if your training contract with their employer starts after 1st July 2025 you can only complete the new syllabus. If your training contract starts on 1st July and you have Certificate level exemptions (due to AAT L4 or a relevant degree), you can initially complete the old syllabus exams and switch to the new syllabus later.

Can the exams still be done in any order, including jumping between the levels?

Yes, exams can still be completed in any order. However, there are some recommendations we would suggest such as starting with Accounting Fundamentals or Sustainability and Ethics.

Doing the Fundamental Case Study will be a great introduction to the Professional Level, helping you consolidate your knowledge and learn how to write professional answers. Completing Audit Risk and Reporting before Corporate Reporting Data and Assurance would be key due to the latter being more advanced than the earlier. But overall, flexibility will still exist. This allows you to complete courses/exams at a time that is relevant to your practical experience in the workplace.

The ability to jump between levels also remains. So, if it was vital that you have early in-depth knowledge of Accounting and Assurance, you could do Accounting Fundamentals, Assurance and Risk Fundamentals at the Certificate Level, then jump to Assurance Risk and Reporting at the Professional Level.

For students starting in September 2025 with Level 4 AAT/CFAB or degree exemptions, what should they begin with, given that the new Professional Level exams won’t commence until March 2026?

Since Business Law is not covered in the AAT L4 apprenticeship, it is a good starting point for AAT L4 progressions, and therefore no exemption is provided. TC may also be a good exam to do early while the exam is simpler, lacking tax planning content. However, that would leave you without any exposure to tax planning, as the exam that replaces TC & BPT includes some basic tax planning knowledge.

If you are expected to do two at a time, it may be preferable to complete AA and FAR under the old syllabus as usual. Should you not pass in December 2025, retake options and support will be available via an FI national programme to get you through. If either AA or FAR remains outstanding after September 2026, you will need to complete the two new hybrid exams (ARR and CRDA).

A safe option could be to sit Business Strategy or Financial Management in December 2025. There is very little change between the new and old syllabus for these exams. If you are an apprentice, we will be working with your employer to ensure the most appropriate programme is put in place.

Is the CFAB (Certificate in Finance and Business) still the first 6 exams and an accreditation in its own right?

Yes, that will be the case. And there is no name change to the CFAB accreditation.

Will Fundamental Case Study have Advanced Information?

Yes, this is expected to be straightforward and not overwhelming. It will include areas such as organisation structure, and accounts. Each sitting of this exam will feature a new Advanced Information. This will be sessional-based like the other Professional Level exams (March, June, September, December).

Are some of the exams be open-book?

Fundamental Case and Advanced Level Case Studies are very likely to be open-book exams as they are more skills-based. Tax tables, IFRS book and, Audit Standards, etc will still be available in their relevant exams.

Is the resit going to be under a new Advanced Information (AI) if I fail the Advanced Level case exam?

Each exam sitting (July/November) will feature an updated AI, so it will not be the same. However, the AI is expected to be much smaller than the AI in the existing Case Study (old syllabus). So, getting familiar with it will not be an onerous task.

For both Advanced Level exams (TCS and SCS), the AI will also be the same. This means you only need to get your head around one organisation at a time!

Each exam sitting will feature an updated Fundamental Case Study AI with a new case study.

Is the 4 attempt rule still going to apply to Certificate Level and Professional Level?

The ICAEW currently looking at this as part of the regulatory aspect and will keep us posted. Switching the syllabus module will reset the clock if it remains. For instance, if you switch from FM having done 3 attempts, switching to the new equivalent CFS will result in a fresh 4 attempts.

For students transitioning from Old to New Syllabus will there be support for any knowledge gaps?

Absolutely! For example, Tax Fundamentals now includes Inheritance Tax and Stamp Taxes. For those not following the new syllabus, we will provide resources and guidance to bridge any knowledge gaps during the transitional periods. The ICAEW is also considering creating Specialised Learning and Development Modules to help.

If a student attempts the Sustainability and Ethics (SAE) exam, do they still need to do the Ethics Learning Programme?

If you start on the new syllabus and take the SAE exam, you won’t need to complete the ICAEW Ethics Learning Programme. Starting on the old syllabus but switching BTF for SAE will result in the same.

Many of the old syllabus exams are similar to the new syllabus, with the exception of Business Technology and Finance (BTF) at Certificate Level and Business Planning: Taxation (BPT) at Professional Level. What are the transition options here?

The Sustainability and Ethics (SAE) exam will effectively replace BTF. Other Certificate level exams will incorporate relevant content, including economics and technology risks. A student who has not done BTF by September 2025 may find themselves doing SAE instead.

BPT will be swapped for Fundamental Case Study (FCS). A student who starts in 2026 but has not yet attempted BPT would likely take the FCS instead. Not a like-for-like swap. The position of BPT, is often one of the final exams at the Professional Level. A swap to FCS may mean they complete the Professional Level with an exam meant for the start of the Professional Level. However, the exposure to case study skills late in the qualification will put them in a good position to succeed at the new Advanced level.

Will AAT Level 4 progressions get exemptions for the Sustainability and Ethics exam?

Exemptions from AAT L4 will be similar to the current situation. This means that the ICAEW would expect an AAT L4 student who did the relevant optional exams of Audit, Personal, and Business Tax, to get all but the Business Law exam as an exemption. The ICAEW has said ‘more information of credits will be available in due course’ and we will keep stakeholders posted.

What would someone with an Audit and Assurance exemption (perhaps from a relevant degree) under the old syllabus need to do if they haven’t completed FAR before the new syllabus?

Those with exemptions for the old syllabus (who have not yet started the qualification) will need to re-apply for new syllabus exemptions. An AA exemption alone would grant no credits under the new syllabus. This means the trainee would need to complete ARR and CRDA (the newly merged AA & FAR exams). Students in this position would benefit from prioritising (in this case) FAR to maximise conversion benefits to the new syllabus.

And finally…

We understand upcoming changes can be daunting, your team at First Intuition will be here to help advise and guide you through any questions you may have.

If you are an apprentice, we will work with you and your employer to ensure your route through the qualification is carefully managed.

If you are not an apprentice and would like some advice on what to study and when, please get in touch with your local centre. We will be happy to help.

Want to find out more?

We have produced several blogs to cover all the information you need to know to help make your ICAEW journey easier. Click on the buttons below to find out more: