Are you considering the Association of Chartered Certified Accountants (ACCA) qualification but wondering how long it takes to complete? The short answer: It typically takes 3 to 5 years, depending on your background, study pace, and work commitments.
Credit: Andrea Piacquadio
How Long Does It Take to Complete ACCA?
Here’s a quick breakdown of how long ACCA takes based on different situations:
- Fastest Time: 3 years (if you pass every exam on the first attempt and take the maximum number of exams per session).
- Average Time: 4-5 years (most students balance studies with work).
- Maximum Time: 10 years (ACCA allows candidates up to a decade to complete the qualification).
Factors That Influence the Duration of ACCA
1️⃣ Your Educational Background
- Accounting/Finance Graduates: May receive exemptions from the first few papers, reducing study time.
- Non-Finance Graduates: Need to complete all 13 papers, which takes longer.
2️⃣ Number of Exams Taken Per Session
- You can take up to 4 exams per session (and 8 per year).
- Some students take fewer exams per session due to work commitments.
3️⃣ Balancing Work and Study
- Full-time students complete ACCA faster than those working while studying.
- Working professionals may take fewer exams per sitting, extending the duration.
4️⃣ Exam Difficulty & Pass Rates
- ACCA exams, particularly the Strategic Professional level, have low pass rates, requiring multiple attempts.
- Retaking exams delays completion.
5️⃣ Exemptions
- If you have a relevant degree (e.g., Accounting, Business, Finance), you may be exempt from Applied Knowledge and Applied Skills exams, shortening the timeline.
6️⃣ Your Study Approach
- Self-study vs. Tuition Providers: Enrolling in structured learning programs can speed up progress.
- Full-time vs. Part-time Study: Full-time students complete ACCA faster.
How to Complete ACCA Faster
If you want to speed up your ACCA qualification, follow these strategies:
✔ Claim Maximum Exemptions
- If eligible, apply for exemptions to skip exams and shorten your timeline.
✔ Take the Maximum Number of Exams Per Year
- Sitting for 4 exams per session (8 per year) allows you to complete ACCA in as little as 2.5 to 3 years.
✔ Use Quality Study Materials
- ACCA-approved resources (BPP, Kaplan) increase your chances of passing on the first attempt.
✔ Follow a Study Plan
- Set a clear timetable and stick to it to avoid unnecessary delays.
✔ Enroll in a Tuition Program
- Professional coaching helps grasp concepts faster and increases success rates.
✔ Practice Past Papers
- Solving ACCA past papers improves exam technique and boosts confidence.
✔ Take On-Demand CBE Exams Early
- Applied Knowledge exams can be taken anytime as Computer-Based Exams (CBEs), allowing flexibility.
✔ Stay Consistent and Motivated
- Avoid long breaks between exams to maintain momentum.
List of ACCA Papers
The ACCA qualification consists of 13 papers divided into three levels:
1️⃣ Applied Knowledge (Fundamentals Level)
These are the foundation papers that introduce key accounting and finance concepts.
✅ BT – Business and Technology
✅ MA – Management Accounting
✅ FA – Financial Accounting
🔹 Who Can Get Exemptions?
- Accounting/Finance degree holders may receive exemptions from these papers.
2️⃣ Applied Skills (Fundamentals Level)
These papers build on the Applied Knowledge exams and cover essential financial and business skills.
✅ LW – Corporate and Business Law
✅ PM – Performance Management
✅ TX – Taxation
✅ FR – Financial Reporting
✅ AA – Audit and Assurance
✅ FM – Financial Management
🔹 Who Can Get Exemptions?
- Those with a relevant degree (e.g., Accounting, Finance, Business) may receive exemptions for some of these papers.
3️⃣ Strategic Professional (Advanced Level)
The final level focuses on strategic and advanced technical skills required for leadership roles.
✅ Essential (Compulsory) Papers:
1️⃣ SBL – Strategic Business Leader
2️⃣ SBR – Strategic Business Reporting
🔹 Optional Papers (Choose Any 2 out of 4):
3️⃣ AFM – Advanced Financial Management
4️⃣ APM – Advanced Performance Management
5️⃣ ATX – Advanced Taxation
6️⃣ AAA – Advanced Audit and Assurance
🔹 Who Can Get Exemptions?
- No exemptions are given at the Strategic Professional level, meaning all candidates must pass these exams.
Additional Requirements to Qualify as an ACCA Member
Aside from passing all exams, you must also complete:
🔹 Ethics and Professional Skills Module
- This online module helps develop ethical decision-making and leadership skills.
🔹 Practical Experience Requirement (PER)
- You need 3 years of relevant work experience in accounting, audit, finance, or related fields.
Benefits of Passing ACCA
Earning the ACCA qualification comes with numerous benefits:
🔹 Global Recognition
- ACCA is recognized in 180+ countries, opening job opportunities worldwide.
🔹 Higher Salary Potential
- ACCA members earn 30-40% more than non-qualified accountants.
🔹 Diverse Career Opportunities
- You can work in audit, taxation, financial management, consulting, investment banking, and more.
🔹 Exemptions for Other Certifications
- ACCA provides exemptions in CIMA, CPA, and CFA, making it easier to earn multiple qualifications.
🔹 Flexibility
- You can study while working, making it ideal for career progression.
🔹 Membership in a Prestigious Body
- Becoming an ACCA member gives you a competitive edge and access to a professional network.
🔹 Pathway to Becoming a Chartered Accountant
- ACCA helps you achieve chartered status, a prestigious designation in accounting and finance.
FAQs About ACCA Duration
1) Can I study ACCA without an accounting background?
Yes! ACCA is open to students from all educational backgrounds. However, non-accounting graduates will need to start from the Applied Knowledge level and may take longer to complete the qualification.
2) What is the pass rate for ACCA exams?
Pass rates vary by paper. On average:
- Applied Knowledge & Skills exams: 40-55%
- Strategic Professional exams: 30-45%
Some of the toughest exams include SBR (Strategic Business Reporting) and AAA (Advanced Audit and Assurance).
3) Is ACCA harder than a university degree?
It depends. ACCA is a professional qualification that requires self-discipline and practical application. While a university degree involves structured learning, ACCA demands independent study and strong exam techniques, making it challenging for some.
4) Can I take ACCA exams online?
Yes! ACCA offers on-demand Computer-Based Exams (CBEs) for Applied Knowledge level and some Applied Skills papers. However, Strategic Professional exams are paper-based and taken in exam centers.
5) How much does ACCA cost?
The total cost of ACCA depends on location and tuition choices, but typically includes:
- Registration Fee: £89
- Annual Subscription Fee: £122
- Exam Fees (each): £132 - £274 per paper
- Study Materials & Tuition: Varies (self-study is cheaper than coaching)
6) Can I work while studying for ACCA?
Yes! Many ACCA students balance work and studies, making ACCA a flexible option. However, working full-time may slow down progress, so effective time management is key.
7) Which ACCA paper is the hardest?
Many students consider Strategic Business Reporting (SBR) and Advanced Audit & Assurance (AAA) the most difficult due to their technical nature and lower pass rates.
8) What happens if I fail an ACCA exam?
You can retake failed exams in the next session. ACCA allows unlimited retakes within the 10-year limit, but repeated failures can delay your qualification.
9) Does ACCA expire?
No, your ACCA qualification never expires. However, if you don’t complete all exams within 10 years, you’ll have to retake expired papers.
10) Which country is best for ACCA jobs?
ACCA is recognized in 180+ countries, but the top-paying locations include:
- UK & Europe (higher salaries, strong job market)
- Middle East (UAE, Qatar, Saudi Arabia) (tax-free salaries)
- Singapore & Hong Kong (high demand for ACCA professionals)
- Australia & Canada (ACCA recognized but may need additional qualifications)
11) Can I complete ACCA in 2 years?
It’s very difficult but possible if you:
- Take 4 exams per session
- Pass every exam on the first attempt
- Complete the 3-year practical experience requirement (PER) alongside exams
12) How long do I have to complete ACCA?
ACCA allows a maximum of 10 years to finish all exams.
13) Is ACCA worth it?
Absolutely! ACCA opens doors to high-paying finance careers, global job opportunities, and career progression.
Final Thoughts: How Long Will ACCA Take for You?
The time required to complete ACCA depends on your background, study pace, and exam strategy. With smart study techniques and a disciplined approach, you can fast-track your qualification and become an ACCA member sooner.
Comments
Post a Comment