The ACCA (Association of Chartered Certified Accountants) qualification is structured into 13 modules, which are grouped into three categories: the Applied Knowledge, Applied Skills, and the Strategic Professional modules. These modules are organised to help you progress through the qualification, with increasing complexity and specialisation as you advance. The first 10 modules are compulsory and the final 3 are electives. Most degrees in accounting exempt you from some of the ACCA modules. This is a great way to continue you professional development and pick up an additional well regarded qualification.
1. Applied Knowledge:
This is the first module and consists of three exams:
- Accountant in Business (AB): This module introduces you to the business environment and the role of an accountant within it.
- Management Accounting (MA): It covers management accounting techniques and how to apply them in business decision-making.
- Financial Accounting (FA): This module focuses on the principles and regulations of financial accounting.
2. Applied Skills:
The second module includes six exams, which provide a deeper understanding of accounting and financial management:
- Corporate and Business Law (LW): This module covers legal systems and their impact on business operations.
- Performance Management (PM): It delves into performance measurement and management techniques.
- Taxation (TX): You'll learn about tax systems, with a choice between the United Kingdom or Global variants.
- Financial Reporting (FR): This module covers financial reporting standards and their application.
- Audit and Assurance (AA): It focuses on audit and assurance principles and procedures.
- Financial Management (FM): This module explores advanced financial management techniques.
3. Strategic Professional:
This is the third module and is divided into two parts:
- Essentials: These are two compulsory exams:
Strategic Business Leader (SBL): It emphasizes leadership and strategy.
Strategic Business Reporting (SBR): It focuses on complex financial reporting standards and practices.
- Options: You choose two of the following four exams, depending on your career path and interests:
Advanced Financial Management (AFM): Covers advanced financial management techniques.
Advanced Performance Management (APM): Focuses on advanced performance management concepts.
Advanced Taxation (ATX): Concentrates on advanced tax topics, with a choice between the United Kingdom or Global variants.
Advanced Audit and Assurance (AAA): Delves into advanced audit and assurance principles.
The ACCA qualification emphasises not only technical knowledge but also practical skills and professional ethics. In addition to the exams, you are also required to complete the "Professional Ethics Module" to ensure that you maintain high ethical standards throughout your career.
The ACCA modules are designed to progressively build your skills and knowledge, with the Applied Knowledge and Applied Skills modules providing a strong foundation, and the Strategic Professional modules allowing you to specialize and demonstrate your ability to handle complex and strategic aspects of accounting and finance. The choice of your "Options" exams within the Strategic Professional module allows you to align your qualification with your specific career goals and interests.
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