Are you Eligible for ACCA Exemptions: A complete guide

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Are you Eligible for ACCA Exemptions: A complete guide

Introduction

Commerce students are often confused about what to pursue as their career. While some are sure they want to build a career in Accountancy, they are confused about which professional certification to choose. There might be many excellent certification programs, but ACCA is highly preferred. The Association of Chartered Certified Accountants, or ACCA, offers lucrative career opportunities in Accountancy to such students. It is also known as global CA, which means you still get the tag of a Chartered Accountant but with global exposure and recognition.

If this piques your interest in the ACCA certification, read ahead to learn about the ACCA and what ACCA exemptions you can avail yourself of as a commerce student, as well as how you can apply for these exemptions. 

What is ACCA?

It is a globally recognized professional credential offered to individuals in the field of Accountancy, validating their skills and knowledge as certified Chartered Accountants who can practice Accountancy in a global domain.

Let’s see a brief overview of its Examination Pattern that will help you understand for which papers will the ACCA exemptions will be applicable. These exemptions will be based on your studies at a level consistent with the skills and knowledge gained from previous learning up to your 10+2 level or at your graduation. 

The ACCA certification exam is conducted in three parts- Knowledge, Skills, and Professional. The Knowledge and Skills parts of the exam are grouped at Fundamental Level. Therefore, the ACCA exam is held in two parts- Fundamental Level and Professional Level.

The fundamental part has a total of 9 papers (3 papers for Applied Knowledge & 6 for Applied Skills). The Professional Level subjects are divided into two parts: Essentials and Optionals. Papers P1, P2, and P3 belong to the Essentials module, and the rest belong to the Optionals module. Besides these two exam levels, candidates must also clear the Professional Ethics Module to become ACCA-certified.

About ACCA Exemptions and Calculator

The exemptions for ACCA exams provide the fastest way possible to get the ACCA credentials based on your knowledge and skills acquired throughout your studies up until your graduation or 10+2 level studies. It is valid mainly for students who have studied accounting and finance or have professional work experience in the field of Accountancy with a professional degree or certification.

To know which papers can be opted out of based on your level of knowledge, ACCA provides an exemption calculator on their official website, which you can use to see if you may be eligible for any exemptions. 

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Benefits of ACCA Paper Exemptions

Before we head on, let’s understand how ACCA exemptions can benefit you. 

  • First and foremost, it helps students by saving the time required to complete the entire series of exams, especially for graduate and CA-intermediate students. Although it is recommended to take the exam of exempted papers to help refresh your knowledge about certain topics.
  • Secondly, no need to study the papers or topics that you already have excelled at.
  • Thirdly, you have the financial advantage, where with the exemptions of certain papers, the cost of study material and tuition fees will be saved.

Table of Qualifications and Exemptions of ACCA 

ACCA exemptions are available for commerce students who have completed class 12 board exams or have a graduation/post-graduation degree. Inter-CA students and CA-qualified students in India are also eligible for the exemptions via the Foundation in Accountancy route. 

In the table below, you can find the exemptions for ACCA exams as per each category.

Qualification Number of Papers Exempted From Topics Exempted From
Class 12 (Commerce) 0 papers N.A.
B.Com Graduate / Commerce Graduate Up to 4 papers BT, MA, FA, LW
M.Com Graduate Up to 4 papers BT, MA, FA, LW
CA IPCC (both groups) Up to 6 papers BT, MA, FA, TX, AA
CA Up to 9 papers BT-FM (Total 9 Subjects)

BBA and MBA students are also eligible for ACCA exemptions. Check the exemptions for such students below.

BBA Up to 1 paper BT
MBA Up to 3 papers BT, MA, FA

How to Apply for ACCA Exemptions?

You have two options for applying for these exemptions. One way is by submitting an inquiry for claiming exemptions while registering as a student on the official website of ACCA. Another way is to submit an inquiry by sending an email with your documents attached to the official ACCA email.

ACCA Exemption Fees

When you opt for ACCA exemptions, you need to pay for every exemption you claim. Candidates opting for exemption in Applied Knowledge exams need to pay £84 as an exemption fee, while candidates opting for Applied Skills exams are required to pay £111 as an exemption fee. Apart from the ACCA exemption fee, students must pay for the initial Registration fee and exam fees for each section of the ACCA certification exam.

Note that candidates need to pay each exempt fee within 30 days of notifying the ACCA.

Are There Fee Waivers?

Candidates who are enrolled with an ACCA Approved Learning Partner (ALP) are eligible for fee waivers to a certain extent, depending on their educational qualifications. Many top institutes offer fee waivers to students enrolled and studying with the institute to take the ACCA certification exam. It means if you enroll with them, you get to avail of ACCA exemptions which will help you save a lot of money as well as time. In turn, you will get thorough guidance from experienced mentors for preparing for the ACCA certification exam.

FAQs

1. What exemptions are there for ACCA?

Based on the existing qualification and work experience, candidates can be awarded exemptions across the following:
Foundation level qualification
Applied Knowledge and Applied Skills level exams for up to nine papers.

2. . How many ACCA papers are exempt after BCom?

B.Com graduates opting for ACCA exemptions can avail exemption up to 4 papers in the following papers- BT, MA, FA, LW.

3.  How many ACCA papers are exempted after the 12th commerce?

Commerce students who have completed their class 12 board exams in the commerce stream are not eligible for an exemption for the ACCA certification exam. They need to appear for all 13 papers under the two-part ACCA exam.

4. How to become ACCA Certified?

You can acquire the ACCA certification by attempting and clearing the ACCA certification exam. The ACCA certification exam is held in two parts- The foundation level and the Professional level. There are 13 papers that need to be cleared along with a Professional Ethics Module. Candidates with certain professional qualifications and relevant work experience are eligible for some exemptions in the ACCA certification exam.

5.  In how many countries are ACCA courses recognized?

ACCA, as a professional certification in Accountancy, is recognized in more than 180 countries in the world, making it one of the most sought-after certifications in the world.

6.  Are ACCA exemptions free?

No, ACCA exemptions are not free. Candidates need to pay the exemption fee within 30 days of notifying the ACCA accounting body. However, if you enroll with an ACCA Approved Learning Partner, you become eligible for fee waivers and discounts on the exemption fee.

7.  How much does ACCA earn in the UK?

ACCA professionals in the UK earn GBP 39,100 at an entry-level job, while mid-senior level ACCA professionals earn GBP 52,200 and senior-level ACCA professionals have a potential salary of GBP 68,200.

8. Which country pays the highest in ACCA?

The United States has one of the highest demands and high-paying salary jobs for ACCA professionals. In Indian currency, the average annual salary of ACCA professionals can range between INR 30 lakhs to INR 88 lakhs.

9. How many subjects are in ACCA?

In total, there are 13 papers to be completed in the ACCA certification exam.

10. Is ACCA worth studying?

ACCA offers a career in Accountancy with high professional value worldwide. It increases your salary prospects as well as career opportunities in the relevant field. If you want to build a career in Accountancy, ACCA provides the best career path for finance and accounting students. ACCA also has many high-paying jobs which can be availed in more than 180 countries in the world.

11. Is ACCA in demand?

Accountancy, ACCA is highly in demand by thousands of employers worldwide. Accounting and Finance students looking to make a career in Accountancy opt for ACCA professional certification as it offers the perfect credentials to them that they would need to pursue a career as an ACCA professional.

12. What is the starting salary of ACCA?

In India, an ACCA-certified professional earns an average of INR 4 lakhs to INR 6 lakhs per annum. An individual ACCA professional can earn more than INR 7 lakhs with experience. In the UK, ACCA professionals can earn almost GBP 70,000. In Canada, ACCA candidates can earn around CAD 110,000.

13.  What is the salary of ACCA in Dubai?

ACCA-certified Professionals in Dubai earn within a range of AED 4000 – AED 7000 per month at an entry-level job which can go up to AED 20,000 per month at a Senior level job.

Conclusion

The ACCA certification requires fewer exam levels to be completed with less time duration when you opt for ACCA exemptions. If you have decided to take the ACCA certification exam, opting for the top ACCA coaching will help you prepare for the exam with a holistic approach. 

NorthStar Academy provides all-inclusive guidance for effective preparation for the ACCA certification exam, keeping in mind the various ACCA exemptions available for students. It means whichever papers you have been exempted from, you will always get the best quality coaching at NSA in our well-organized ACCA certification course. Guidance from expert mentors at NSA, like Mr. M Irfat, has helped thousands of students get their desired jobs.

NSA provides the most-preferred ACCA study material, which has been thoroughly researched & caters to the individual preparatory needs of the ACCA aspirants. By enrolling at NSA, you can avail yourself of Bundle discounts and ACCA exemptions fee waivers. You can also access online classes from anywhere in the world!

Book your seat today and build a successful career as an ACCA-certified professional with NorthStar Academy  For more details or in case of any query, call us at +91 8147470707.

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