How to Become ACCA Certified?: A Complete Guide in 2024

The Association of Chartered Certified Accountants (ACCA) is a globally recognized qualification that equips professionals with the skills needed to excel in finance, accounting, and business management. With over 233,000 members and 536,000 students across 180 countries, ACCA opens doors to career opportunities worldwide.

ACCA’s strength lies in its flexibility, allowing one to study while employed, depending on the institution’s schedule. For fresh graduates or those seeking a new career path, ACCA offers a planned career progression with specialization in areas such as business leadership and accountancy.

This guide will cover all the aspects necessary to obtain the ACCA certificate, including how to study for the exam, gain experience, and speed up the process. Now, it’s time to discover how this prestigious qualification can shape your career.

What is ACCA?

ACCA is a globally recognized professional accounting body that offers one of the most sought-after qualifications in accounting and finance. It equips professionals with skills in financial management, taxation, auditing, and leadership, enabling them to work in diverse roles across industries. With ACCA certification, you can work in over 180 countries, making it a powerful asset for those looking to build an international career.

To understand more about the ACCA course in detail, read- All About the ACCA Course

ACCA Qualification Pathway

The ACCA qualification is designed to equip individuals with the essential skills required to excel in finance, accounting, and business management. The journey to becoming ACCA-certified involves a structured pathway that includes examinations, practical experience, and completing an ethics module. This pathway ensures that candidates not only gain technical knowledge but also develop professional competencies to thrive in diverse business environments.

Eligibility Criteria

To begin your ACCA journey, you must meet certain eligibility requirements:

• Educational Requirements: A minimum of 10+2 (senior secondary school) education or equivalent is required. For those who have completed an undergraduate degree in accounting or finance, there may be exemptions from some ACCA exams, allowing for a faster route to qualification.
• Age Requirement: While there is no formal age requirement, most ACCA candidates are either graduates or working professionals. However, ACCA welcomes students from various educational backgrounds, even those starting out after high school.

To get in-depth insight about the ACCA eligibility criteria, read- ACCA Eligibility Criteria

ACCA Exam Structure

The ACCA qualification consists of three levels, each focusing on different aspects of finance and accounting:

Applied Knowledge:

This level covers the basics of accounting, business, and finance. It is designed to provide a strong foundation in core financial concepts and includes three exams:

Business and Technology (BT):

• This paper introduces you to the business environment, focusing on how businesses operate and the role of accountants.
• It covers key areas like governance, risk, and ethics in business.

Management Accounting (MA):

• This paper helps you understand how to use accounting information for decision-making.
• It focuses on budgeting, forecasting, and performance measurement to support managerial decision-making.

Financial Accounting (FA):

• It provides a foundation in the principles of financial reporting and accounting standards.
• You’ll learn how to prepare financial statements and understand key concepts like double-entry bookkeeping.

Applied Skills:

At this level, candidates dive deeper into technical subjects that are essential for working in finance. This includes a broader understanding of management, taxation, auditing, and corporate law. The exams in this level include:

Corporate and Business Law (LW):

• This paper explores the legal framework businesses operate within.
• It covers essential aspects of business law, including contracts, employment law, and corporate governance.

Performance Management (PM):

• You’ll learn techniques for managing and improving business performance.
• This paper covers budgeting, cost control, and decision-making strategies to drive efficiency.

Taxation (TX):

• This paper teaches the principles of taxation, focusing on tax obligations for individuals and businesses.
• It covers income tax, corporation tax, VAT, and other relevant taxes.

Financial Reporting (FR):

• This paper focuses on financial reporting standards and the preparation of financial statements for single entities and groups.
• You’ll develop skills in analyzing and interpreting financial information.

Audit and Assurance (AA):

• It introduces the principles and practices of auditing and assurance services.
• You’ll understand the audit process, audit reports, and the ethical responsibilities of auditors.

Financial Management (FM):

• This paper focuses on financial decision-making and how businesses manage their finances.
• Topics include investment appraisal, risk management, and capital structure decisions.

Strategic Professional:

This advanced level prepares candidates for leadership and strategic roles. Candidates must complete two compulsory exams and choose two from a set of four options to tailor their specialization:

Compulsory:

Strategic Business Leader (SBL):

• This is an integrated case study exam that combines strategic thinking with business leadership skills.
• You’ll develop and apply leadership, management, and ethical decision-making in real-world scenarios.

Strategic Business Reporting (SBR):

• This paper focuses on financial reporting from a strategic perspective, considering the needs of stakeholders.
• You’ll learn to interpret financial statements and make reporting decisions.

Optional (Choose 2):

Advanced Financial Management (AFM):

• It builds on financial management concepts, focusing on advanced financial strategies.
• Topics include mergers, acquisitions, risk management, and international finance.

Advanced Performance Management (APM):

• This paper explores advanced performance management techniques.
• It focuses on strategy implementation, performance evaluation, and management accounting in complex environments.

Advanced Taxation (ATX):

• You’ll gain a deep understanding of tax systems and how to apply tax rules in complex situations.
• The paper covers international tax issues and tax planning for businesses and individuals.

Advanced Audit and Assurance (AAA):

• This paper advances your knowledge of auditing practices and regulations.
• It covers audit risks, quality control, and the role of auditors in complex business environments.

Number of Papers

In total, to qualify as an ACCA member, you must pass 13 exams:

• 9 papers in the Applied Knowledge and Applied Skills levels
• 4 papers in the Strategic Professional level (2 compulsory and 2 optional)

However, exemptions may be available depending on your previous education, reducing the number of papers you need to take.

Practical Experience Requirement (PER)

In addition to passing the exams, candidates are required to complete the Practical Experience Requirement (PER). This involves gaining 36 months (3 years) of relevant work experience in roles that develop technical and professional skills in areas such as financial reporting, management accounting, audit, and tax.

To meet this requirement, candidates must:

• Work under a qualified supervisor or mentor
• Complete a record of their achievements and competencies
• Demonstrate the practical application of the knowledge and skills gained during their studies

Ethics and Professional Skills Module (EPSM)

Alongside the exams and practical experience, ACCA candidates must complete the Ethics and Professional Skills Module (EPSM). This module is designed to instill ethical decision-making and enhance professional skills such as communication, leadership, and business acumen. It typically takes about 15 hours to complete and is available online.

Step-by-Step Process to Become ACCA Certified

Becoming an ACCA-certified professional involves following a structured process that ensures you gain the necessary knowledge, skills, and experience to succeed in the global finance and accounting industry. Below is a detailed step-by-step guide on how to achieve ACCA certification.

Step 1: Registering for ACCA

The first step towards becoming ACCA-certified is to register on the official ACCA website. The registration process involves submitting your personal details, educational qualifications, and required documents. Once approved, you will receive an ACCA Student ID, which grants you access to ACCA’s study materials and resources.

• Documents Required: You’ll need proof of your education, identification (passport or national ID), and passport-sized photographs.
• Registration Fee: A one-time registration fee is charged, and there are subsequent annual subscription fees.

Step 2: Preparing for Exams

Once registered, you need to start preparing for the ACCA exams. You can choose between self-study or enrolling in an ACCA-approved learning provider. ACCA provides a wide range of resources, including textbooks, online learning platforms, and mock exams. Some students also use platforms like Oswal.io for personalized learning and exam simulation.

• Study Options: You can study part-time, full-time, or alongside employment, depending on your schedule. Study materials include ACCA books, past papers, and online resources.

Step 3: Passing the Exams

The ACCA exam process is rigorous and divided into 13 exams across three levels: Applied Knowledge, Applied Skills, and Strategic Professional. To pass each exam, you need to achieve a minimum score of 50%. Exams are held four times a year, giving you flexibility to plan your schedule.

• Exam Tips: Consistent study and practice are key. Use revision kits, practice past exam papers, and focus on weak areas.
• Exam Flexibility: You can take exams one at a time or multiple exams per session, depending on your capacity to study.

Step 4: Gaining Practical Experience

In addition to passing exams, ACCA requires you to gain 36 months (3 years) of relevant practical work experience. This ensures that you apply your theoretical knowledge in real-world scenarios, developing key skills such as financial reporting, management accounting, and auditing.

• How to Gain Experience: You can fulfill this requirement through internships, part-time jobs, or full-time roles in areas such as finance, auditing, taxation, or business management.
• Tracking Progress: Your experience must be recorded and verified by a supervisor. ACCA provides an online tool to help you track your practical experience and demonstrate that you’ve met the required competencies.

Step 5: Completing the Ethics and Professional Skills Module (EPSM)

A crucial component of ACCA certification is completing the Ethics and Professional Skills Module (EPSM). This online module teaches the importance of ethics in business and helps you develop professional skills, such as communication, decision-making, and leadership.

• Duration: The module takes about 15 hours to complete and can be done alongside your exams or practical experience.
• Why It’s Important: Ethics and professionalism are critical in finance and accounting, and this module ensures that ACCA members uphold the highest standards of integrity and ethical conduct.

Step 6: Applying for Membership

Once you have passed all your exams, completed the practical experience requirement, and finished the EPSM, you are ready to apply for ACCA membership. This process involves submitting your work experience and professional skills records for approval by ACCA.

• Membership Application: You’ll need to log in to your ACCA account, upload your completed work experience records, and submit any additional supporting documents.
• ACCA Member Benefits: Once approved, you become a full ACCA member, allowing you to use the prestigious ACCA designation after your name. This opens up a world of opportunities in finance, accounting, auditing, and leadership roles globally.

How Long Does It Take to Complete ACCA?

The time it takes to complete the ACCA qualification typically ranges from 3 to 4 years, but it can vary based on individual circumstances. Several factors influence the duration, including whether you’re studying full-time or part-time, your prior qualifications, and how quickly you progress through the exams and practical experience requirement.

Full-time Students:

If you’re studying full-time, you can complete ACCA within 3 years, which includes passing all the exams and gaining the required 36 months of practical work experience.

Part-time Students:

For those balancing ACCA with employment or other commitments, the qualification may take 4 to 5 years. Part-time students often take fewer exams per session, which extends the completion time.

Exemptions:

If you have prior relevant qualifications (such as a degree in accounting or finance), you may receive exemptions for certain exams. This can reduce the number of exams you need to complete, thereby shortening the total time required.

Exam Flexibility:

ACCA offers four exam sessions per year, allowing you to take exams at your own pace. Some students take multiple exams per session, while others prefer to take one at a time, depending on their study and work commitments.

To understand more about the ACCA course duration, read- All About the ACCA Course Duration

Cost of Becoming ACCA

ACCA Registration Fees

• Initial registration fee: Around £30
• Annual subscription fee: £134
• Exam fees: Vary depending on the exam level, ranging from £119 to £162 per paper

Benefits of ACCA Qualification

The ACCA qualification offers numerous advantages, making it one of the most sought-after certifications in the field of accounting and finance. Here are the key benefits:

Global Recognition

• ACCA is recognized in over 180 countries, making it a truly international qualification.
• Whether you aim to work in the UK, Middle East, Asia, or Europe, ACCA’s global recognition opens doors to opportunities worldwide.

Career Flexibility

• ACCA-qualified professionals are in demand across various industries, including finance, banking, auditing, consulting, and even roles in corporate management.
• The broad scope of ACCA equips you to work in both the public and private sectors, across different functions.

Flexibility in Learning

• One of ACCA’s major strengths is its flexibility in terms of study pace and timing.
• You can study full-time, part-time, or alongside work, and take exams at your own convenience, allowing you to tailor the qualification to your personal and professional commitments.

Wide Range of Specializations

• The ACCA qualification allows you to specialize in areas such as taxation, auditing, financial management, and business leadership.
• This gives you the ability to focus on areas that align with your career goals and interests, helping you to become an expert in your chosen field.

Access to Global Professional Network

• As an ACCA member, you gain access to a global network of accounting professionals, which can provide invaluable support and opportunities for networking, mentoring, and career advancement.
• ACCA hosts regular events and conferences, fostering collaboration and learning.

Continuous Professional Development (CPD)

• ACCA encourages continuous learning and professional growth through CPD programs, ensuring that members stay updated with the latest trends, regulations, and practices in finance and accounting.

Ethical and Professional Competence

• ACCA emphasizes the importance of ethics and professional conduct.
• Completing the Ethics and Professional Skills Module (EPSM) ensures that ACCA members uphold the highest standards of integrity, making them trusted professionals in the eyes of employers and clients.

Exemptions for Other Qualifications

• ACCA’s syllabus is often aligned with other qualifications such as MBA and CPA, meaning you can receive exemptions if you hold related qualifications.
• This helps save time and effort when pursuing multiple certifications.

Future-Proofing Your Career

• With evolving roles in digital finance, fintech, and sustainability, ACCA ensures that its members are prepared for future trends in accounting.
• ACCA’s continuous updates to its syllabus ensure you are always learning the skills most relevant to modern business environments.

Challenges Faced by ACCA Students

Pursuing the ACCA qualification is a rewarding journey, but it also comes with several challenges. Here are some of the common obstacles faced by ACCA students:

Rigorous Exam Structure

• ACCA’s 13 exams spread across three levels can be daunting, especially for students balancing full-time work or other commitments.
• The exams are known for their difficulty, with a pass rate of around 50% for many papers, requiring consistent preparation and focus.

Time Management

• Balancing study, work, and personal life can be challenging, especially for part-time students or professionals working while pursuing the qualification.
• Managing time effectively is essential to avoid burnout and ensure success in both work and exams.

Financial Commitment

• ACCA requires a significant financial investment for registration, exam fees, study materials, and possibly tuition costs.
• For students without financial support, the costs may be a challenge, especially if retakes are needed.

Practical Experience Requirement (PER)

• Gaining the 36 months of practical work experience can be difficult, particularly for students who lack access to relevant opportunities.
• Securing a job that meets ACCA’s criteria for PER can be challenging, especially in competitive job markets.

Exam Retakes

• Failing an ACCA exam can be disheartening and demotivating, especially since some students may need to resit multiple papers.
• The cost of retaking exams, combined with the pressure to pass, can add stress to the journey.

Self-Discipline and Motivation

• ACCA requires self-discipline, especially for students who choose to self-study without the support of a classroom environment.
• Staying motivated over the course of several years is challenging, particularly if life circumstances change.

Constant Syllabus Updates

• The ACCA syllabus is regularly updated to stay relevant with global accounting standards.
• While this ensures you are learning up-to-date content, it also means keeping up with changes and potentially revisiting topics you’ve already studied.

Tips for ACCA Success

Successfully completing the ACCA qualification requires dedication, effective planning, and smart study strategies. Here are some tips to help you succeed in your ACCA journey:

Create a Study Plan

• Start by developing a realistic study plan that aligns with your exam schedule.
• Allocate time each day or week for studying, and make sure to cover all topics well before the exam date. Prioritize difficult subjects and leave ample time for revision.

Use ACCA Resources

• ACCA provides a wealth of official resources, including textbooks, past exam papers, and practice questions.
• Make full use of these materials, as they are tailored to help you understand exam formats and expectations. Utilize ACCA’s online portal for additional support and guidance.

Practice Past Papers

• One of the best ways to prepare is by practicing past exam papers.
• This helps you familiarize yourself with the question format and improves your time management during exams. Try to simulate exam conditions while practicing to build confidence.

Focus on Weak Areas

• Identify topics or subjects you find most challenging and dedicate extra time to mastering them. Use revision kits, attend study groups, or seek help from tutors if needed.
• Don’t avoid difficult topics; addressing them will improve your chances of passing.

Stay Consistent

• Consistency is key to success in ACCA. Rather than cramming last minute, aim for regular and focused study sessions.
• Break down complex subjects into manageable chunks and review them frequently to retain the information.

Take Advantage of Online Learning Platforms

• Consider using online learning platforms like Oswal.io or other ACCA-approved study providers.
• These platforms often offer flexible schedules, personalized learning, and exam simulations to help you stay on track.

Join ACCA Study Groups

• Collaborate with other ACCA students by joining study groups, either online or in-person.
• Study groups can provide motivation, new perspectives on complex topics, and accountability. It’s also an excellent way to share tips and resources.

Don’t Skip the Ethics and Professional Skills Module (EPSM)

• Complete the Ethics and Professional Skills Module early in your ACCA journey.
• Not only is it a requirement for qualification, but it also enhances your professional skills, which can help you in your exams and practical experience.

Future Outlook for ACCA Professionals

The future for ACCA-qualified professionals is bright, with increasing demand for highly skilled finance and accounting experts across industries globally. Here are some key trends and opportunities that shape the future outlook for ACCA professionals:

Growing Global Demand

• With businesses becoming more globalized, the need for professionals who understand international accounting standards and can navigate complex regulatory environments is on the rise.
• ACCA professionals, with their global certification, are well-positioned to meet this demand in sectors such as banking, finance, auditing, and consulting.

Versatility Across Industries

• The ACCA qualification equips professionals with a wide range of skills, allowing them to work in various sectors including corporate finance, public accounting, financial services, and even non-financial roles such as business leadership and strategic management.
• As industries continue to evolve, ACCA professionals will find themselves in versatile roles that go beyond traditional accounting.

Increased Role in Digital Finance

• As financial technology (FinTech) and digital finance continue to transform the accounting landscape, ACCA professionals are expected to play key roles in areas like data analysis, blockchain, and cybersecurity.
• The ACCA syllabus is regularly updated to include emerging trends, ensuring professionals remain relevant in a tech-driven future.

Expanding Opportunities in Emerging Markets

• Emerging economies, particularly in Asia, Africa, and Latin America, are witnessing rapid growth in business and financial services.
• These markets offer exciting opportunities for ACCA professionals to lead in areas like financial planning, auditing, and taxation, as companies in these regions seek international expertise.

Increasing Demand for Ethical Accountants

• In an era of corporate scandals and financial irregularities, there is a heightened focus on ethical accounting practices.
• ACCA’s emphasis on ethics and professionalism, through its Ethics and Professional Skills Module (EPSM), positions its members as trusted advisors in maintaining financial integrity and corporate responsibility.

Leadership and Strategic Roles

• The ACCA qualification not only focuses on technical skills but also develops leadership and strategic management capabilities.
• As a result, ACCA members are increasingly being appointed to C-level positions such as Chief Financial Officer (CFO) and Chief Executive Officer (CEO), where they can influence key business decisions.

Sustainability and Green Finance

• As businesses focus more on sustainability and environmental responsibility, ACCA professionals are becoming key players in areas like green finance, corporate social responsibility (CSR), and sustainable accounting practices.
• These emerging areas offer ACCA members the opportunity to lead change in socially responsible investing and sustainable business practices.

Conclusion

Becoming ACCA-certified is a significant step toward a successful and rewarding career in finance, accounting, and business management. The qualification offers global recognition, flexibility, and a wide range of career opportunities across industries. From mastering financial management to gaining expertise in auditing, taxation, and leadership, ACCA equips you with the skills necessary to thrive in today’s complex business environment.

However, the journey is not easy, but if you set your goals, work hard, and get the necessary resources, you can obtain the ACCA qualification and transform your opportunities in the global market. If you are a new graduate starting your career or a working professional looking to climb the career ladder, then the ACCA qualification is the ticket to the future. Begin your ACCA journey today and position yourself as a professional for the global financial market.

Frequently Asked Questions