How to clear ACCA Skill Level Papers- Ultimate Exam Guide

Admin 29 Dec, 20239.1k

Introduction

The Association of Chartered Certified Accountants (ACCA) was founded in 1904 as a global organization for professional accountants. Today, in more than 180 countries, ACCA has over 200,000 members and 486,000 students. The ACCA is an advanced professional certification equivalent to earning a standard university degree. It is compatible with IFAC (International Federation of Accountants) and based on worldwide accounting and auditing standards. The ACCA curriculum is known worldwide and industry relevant, making it an excellent certification for students to begin their careers in accounting and finance. In India, ACCA is regarded to be similar to CA. ACCA professionals are employed at a great salary in most multinational firms such as PwC, Grant Thornton, KPMG, Deloitte, EY, and BDO.

An ACCA course is an excellent choice for those who desire to succeed in accounting while earning an internationally recognized certification. The ACCA course offers the lowest qualifying requirements, allowing a candidate to pursue the course prior to graduation. Students who passed their 10+2th exams with a minimum of 50% in other courses and an overall average of 65% in Mathematics, Accounts, and English are eligible to enroll in the ACCA program. Even 10th-passed students can enrol in ACCA through the FIA (Foundation in Accountancy) course. A merit-based test, or possibly an entrance-based exam, is the first step in the ACCA clearance procedure. The next step is a personal interview.

The ACCA Syllabus includes a total of 13 Papers that a candidate must take. The 13 exams are divided into three categories, namely Knowledge, Skill, and Strategic Professional. The Knowledge Level exams are available on demand and can be taken anytime during the year. Skill and Professional Level tests are given in March, June, September, and December of each year.

In this blog, we will understand the ACCA syllabus and how we should prepare for the ACCA Skill Level Papers to ace the exam on the first attempt.

Syllabus for Skill level Papers (F4-F9)

The 13 ACCA modules and exams are categorized into three levels:

1. Knowledge Level (F1 F3)

2. Skill Level (F4 to F9)

3. Professional level (P Level)

Let's understand the syllabus in detail:

1. Knowledge Level (F1 F3)

F1 - Business & Technology (BT)

F2 - Management Accounting (MA)

F3 - Financial Accounting (FA)

2. Skill Level (F4 to F9)

F4 - Corporate and Business Law (LW)

F5 - Performance Management (PM)

F6 -Taxation (TX)

F7 - Financial Reporting (FR)

F8 - Audit and Assurance (AA)

F9 - Financial Management (FM)

3. Professional level (P Level)

Compulsory subjects:

P1 - Strategic Business Reporting (SBR)

P2 - Strategic Business Leader (SBL)

Optional subjects:

P3 - Advanced Financial Management (AFM)

P4 - Advanced Performance Management (APM)

P4 - Advanced Taxation (ATX)

P4 - Advanced Audit and Assurance (AAA)

You may have heard that the passing rate for several of the ACCA subjects is not particularly positive. However, the rewards of ACCA certification are so significant and career-establishing that a few setbacks along the road should not cause you to lose faith. The method you will use to prepare for your examinations directly influences your exam results; thus, how you study is an important decision. It, through the ACCA syllabus, needs extensive and strategic preparation. We are here to provide some self-confidence-boosting tips and tricks for ACCA Skill level papers so that you can ace the examinations with flying colours.

8 Tips and Tricks To Prepare for ACCA Skill Level Paper

The ACCA exams are one of the most prestigious and widely recognized accounting credentials. It is a highly sought-after credential that provides students with various professional options to help them flourish in their chosen financial careers. The ACCA examinations are one of the most flexible assessments in the accounting industry, giving students plenty of options for how they want to write their exams.

The ACCA Skill Level Paper consists of 6 objective exams (LW, PM, TX, FR, AA & FM).

Objective Papers

Here are the details for each exam.

Total Marks: 100
Passing Marks: 50%
Exam Duration: 180 minutes

This professional accreditation, however, is not simple to obtain. Passing the certification course would be difficult, especially given that it validates applicants' competence, ability, and subject mastery. Passing the ACCA examinations on the first try may be difficult, but it is not impossible.

Our guide will help students effectively acquaint themselves with ACCA Skill level papers. You can pass the ACCA exam by using the following tips and tricks:

Exam Pattern - You must be certain of the course curriculum, the exam pattern, the levels, and the assignments for each level. By comprehending the syllabus of ACCA Skill level papers, you will be able to concentrate on each paper and make the necessary preparations. The ACCA worldwide website provides all the information you need about the course criteria, eligibility, duration, scope, employability, and other topics.

Multi Publisher Revision kit - There are many ACCA exam resources at your disposal. Before getting down to revision, gather complete and relevant studying content, most preferably trying to collect the revision kit of more than one publisher and compile it. For full preparation, browse through all of the information accessible on the ACCA website. Technical articles are another useful resource for learning about certain accounting issues.

Time Management/Calculate Time - You must ensure that you will respond to the correct number of questions and spend the appropriate amount of time on each question. The length of time you spend on each question is influenced by the number of marks available. Always try all parts of the questions and keep within the time limit.

Case Study / Step Marking - Each case study question will have numerous unique requirements drawn from different parts of the curriculum, so practice comprehending the requirements. You must thoroughly understand the principles outlined in the Conceptual Framework, which serves as the foundation for International Financial Reporting Standards (IFRS). For each IFRS that is studied, you must be able to discuss the consistency of the framework with assurance. Be ready for inquiries about how this relates to corporate reporting, as the integrated reporting framework also provides the groundwork for a new reporting paradigm.

Review/Flag Questions - If you are not sure or need time to solve the question, flag it to review it later. As a last option, making a "best guess" and moving on if you are stuck on an issue may be worthwhile. If you have time to go back and review these questions, use the "Flag for Review" option to get there fast.

Section C Question and Req - You need to prepare thoroughly for section C of the ACCA Skill level paper. Read the Syllabus and Study Guide since they provide a thorough overview of upcoming tests' format and subject matter. Any query may not be answered in full. Stop answering that question when your time is up and go on to the next.

No Negative Marking - One of the most beneficial features of the ACCA Skill level papers is that there are no negative markings. Hence, you should make an attempt to respond to each inquiry. Answer the questions to the best of your ability within the time limit. Even if you guess the solution, you still have a 25% chance of answering the question correctly.

Mock Exams and Mock test/ACCA - The best method to determine your skills and shortcomings is always to take mock exams. To gain a sense of exam for ACCA Skill level papers, students should take a number of carefully organized mock exams and exam simulations. You'll feel more assured on test day if you've taken 4-5 practice exams.

FAQs

1. How do I succeed in ACCA Skill level exams?

Students should follow the enlisted logical steps as they get ready for ACCA Skill level paper:
Use the study guide as a foundation.
Read the official textbook as much as possible. These texts feature formative knowledge assessments, practice questions, and exam-style questions.
Recognize the different sorts of questions and prepare accordingly.
It is advisable that students complete at least the previous five papers before beginning the actual test.
Make benefit of all of the materials accessible on the ACCA website, whether it's a study guide or an article.
Students should get 8 hours of sleep daily and maintain their health.

2. Can I get a job after the ACCA skill level?

If you have finished the ACCA Skill level paper, you can work as an intern or at a junior level for organizations like Qx LTD, EPIC Private Equity, and EY. However, the number of companies will be very limited who will be offering jobs to the partially qualified. Once you qualify, you should be able to advance to the position of accountant.

3. Are ACCA-applied skills hard?

The exam for the ACCA-applied ACCA Skill level paper is not particularly challenging. Comparing the ACCA to other professional finance and accounting courses like the CA and CFA, it is simpler to pass. According to current pass rates, the exams are passable with the right resources and dedication.

4. What is the skill level of ACCA?

The Applied Skills module expands on your prior knowledge and expertise, allowing you to acquire strong, wide, and practical financial skills. There are six exams in the ACCA Skill level paper :
Corporate and Business Law (LW)
Performance Management (PM)
Taxation (TX)
Financial Reporting (FR)
Audit and Assurance (AA)
Financial Management (FM)

5. Which ACCA exam is the hardest?

Most students consider Audit Assurance to be the most difficult paper, particularly at this level. Still, the answer to the above question will differ for each ACCA student because it depends on your skills, perspective, and interest. For example, some students might find ACCA Skill level papers very easy, while others may struggle with the same.

6. Is F9 ACCA difficult?

The last paper in the ACCA skill level is called ACCA F9 Financial Management, and it is not very difficult compared to other papers. Even though it is the final exam in the ACCA Skill level papers, students still regard it favorably, as seen by the pass rates from previous years.

7. Can I finish ACCA in 2 years?

Yes, you may finish all of the ACCA examinations in two years. Each year, the ACCA organizes four exam sessions. Students can take up to four exams every session, for a total of eight tests per calendar year. It allows you to finish all of the ACCA tests in only two years.

8. Is ACCA F5 a Multiple-choice paper?

The ACCA PM exam, also known as the F5 ACCA test and a part of ACCA Skill level papers, is divided into three components. Section A consists of 15 multiple-choice questions. Section B offers three scenario-based questions earning a total of ten points. There are two lengthy form questions in Section C of the PM ACCA exam.

9. What is the pass rate for the ACCA exam?

On average, the ACCA pass rate is between 30 and 40%. Each topic has a distinct pass rate. The passing percentage for F1 through F4 is roughly 60%. The proportion for the following levels is a little low. ACCA Skill level papers passing percentage is almost 50%

Conclusion

The ACCA certification is essential to your professional growth if you intend to become an accountant and aspire to work abroad or with renowned worldwide companies. Therefore, whether you are considering beginning a career as an accountant in the UK or another nation, we advise that you start your ACCA career with the NorthStar Academy ACCA course.

In all of India's major cities, Northstar Academy is a well-known tutoring center for ACCA Exam preparation. We provide course material and MCQ-based practice sessions for every level of the vast syllabus, including ACCA Skill Level Papers, so you can better understand every concept. Our direct corporate ties give you a competitive advantage in the job market and make it simpler to get work.

Please contact us at +91 81 4747 0707. We would be delighted to assist you with your career concerns.