Guide to ACCA Exemptions: Key to Maximizing Benefits

Wondering, is ACCA difficult to pursue? The qualification does demand dedication and consistent effort, but its structure is designed to help students succeed at their own pace. ACCA is a professional qualification recognized globally. It offers exemptions to candidates with prior learning and expertise.

ACCA exemptions provide flexible entry to students joining at a level that aligns with their existing professional or academic expertise. Understanding the process of obtaining ACCA exemptions is a key step toward building a successful career in ACCA, as it streamlines progress and maximizes the qualification’s benefits.

Understanding ACCA Exemptions

The scope of ACCA extends beyond just a qualification; its exemption policy acknowledges prior expertise, allowing students to fast-track their certification. Exam exemption allows students to skip certain papers while completing their ACCA qualifications, streamlining the ACCA course for those with relevant prior learning. These exemptions are granted to students who have prior expertise in finance and accounting. The ACCA recognizes the fact that a student already possesses the knowledge and skills covered in specific ACCA papers.

The primary motive behind giving exemptions is to avoid duplication of effort and learning, in order to respect the time and effort invested in education and professional development. Understanding the nuances of ACCA papers’ exemption at different levels is crucial for navigating the path to becoming a professional accountant.

ACCA Exam Details

Let us review the ACCA exam format before talking about the exemptions. ACCA certification is acquired by clearing thirteen professional-level papers.

1. Applied Knowledge:

Business and Technology (BT)
Management Accounting (MA)
Financial Accounting (FA)

2. Applied Skills:

Corporate and Business Law (LW)
Performance Management (PM)
Taxation (TX)
Financial Reporting (FR)
Audit and Assurance (AA)
Financial Management (FM)

3. Strategic Professional:

Essentials:

1. Strategic Business Leader (SBL)
2. Strategic Business Reporting (SBR)

Options (choose two):

1. Advanced Financial Management (AFM)
2. Advanced Performance Management (APM)
3. Advanced Taxation (ATX)
4. Advanced Audit and Assurance (AAA)

Types of Exemptions in ACCA

Various qualifications can be accredited for exemption, including academic, professional, or combined exemptions. These exemptions align closely with specific ACCA subjects, allowing students to bypass areas where they already have expertise. Academic exemptions cater to those with prior qualifications, while professional experience exemptions recognize practical knowledge gained in the field.

Moreover, ACCA exemptions for Foundation level qualifications and nine Applied Knowledge and Applied Skills exams are available, but no exemptions for Strategic Professional exams or work experience.

ACCA Exemption Scenarios for Different Qualifications

It is crucial to understand ACCA exemptions because it will help you while claiming them. So, this section will explain various qualification scenarios, towards achieving ACCA accreditation. Firstly, let us look at a brief of different student scenarios and the exemptions from ACCA in the table.

Student Profile	Exemptions	Remaining Papers
Undergraduates (10th/12th)	None	13 papers: 3 Applied Knowledge Level, 6 Applied Skill Level, 4 Strategic Professional Level
Completed B.Com / M.Com, BAF, BBI, BFM	4 Exemptions: BT, MA, FA (Applied Knowledge Level); LW (Applied Skill Level)	9 papers: 5 Applied Skill Level, 4 Strategic Professional Level
Completed BBA / BMS (Finance)	1 Exemption: BT (Applied Knowledge Level)	12 papers: 2 Applied Knowledge Level, 6 Applied Skill Level, 4 Strategic Professional Level
Completed MBA	3 Exemptions: BT, MA, FA (Applied Knowledge Level)	10 papers: 6 Applied Skill Level, 4 Strategic Professional Level
CA Students	5 Exemptions: BT, MA, FA (Applied Knowledge Level); TX, AA (Applied Skill Level)	8 papers: 4 Applied Skill Level, 4 Strategic Professional Level
CA Inter (CA IPCC)	6 Exemptions: BT, MA, FA (Applied Knowledge Level); LW, TX, AA (Applied Skill Level)	7 papers: 3 Applied Skill Level, 4 Strategic Professional Level
CMA or CA (with 5 years of experience)	9 Exemptions: BT, MA, FA (Applied Knowledge Level); LW, FM, FR, PM, TX, AA (Applied Skill Level)	4 Strategic Professional Level
CAT Graduates and AAT Level 2	3 Exemptions: BT, MA, FA (Applied Knowledge Level)	10 papers: 6 Applied Skill Level, 4 Strategic Professional Level
AAT Level 3	Varies; Exemptions in Applied Knowledge Level and some Applied Skill Level	Remaining Applied Skill level papers and 4 Strategic Professional Level
CPA	8 Exemptions: BT, MA, FA (Applied Knowledge Level); FR, LW, AA, PM, TX (Applied Skill Level)	5 papers: 1 Applied Skill Level, 4 Strategic Professional Level

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Scenario 1 – Undergraduates (10th/12th)

There are no ACCA exemptions for the higher secondary students. As a result, these students have to go through the rigour of completing all 13 exams as part of their ACCA qualifications.

3 papers under knowledge level (BT, MA, FA)
6 papers under skill level (LW, PM, TX, FR, AA, FM)
4 papers under the professional level (AFM, APM, ATX, AAA)

*Note: Those who have passed out their senior secondary and are pursuing their 1st year in graduation will get exempted from 5 ACCA papers.

Scenario 2 – Students who have completed B.Com / M.Com, BAF, BBI or BFM

The exemptions for commerce graduates like ACCA with B.Com, M Com, BAF, and more:

ACCA exemptions for BCom (Bachelor of Commerce)
ACCA exemptions for M Com (Masters in Commerce)
ACCA exemptions for BAF (Bachelor of Accounting and Finance)
ACCA exemptions for BBI (Bachelor of Banking and Insurance)
ACCA exemptions for BFM (Bachelor of Financial Markets)

passouts are eligible for 4 exemptions as follows

Knowledge Level

Business and technology (BT)
Management Accounting (MA)
Financial Accounting (FA)

Skill Level

Corporate and Business Law (LW)

After availing of these 4 exemptions, students would need to clear the remaining 9 papers, 5 papers under skill level (except Corporate and Business Law) and 4 papers under professional level.

Scenario 3 – Students who have completed BBA / BMS (Finance)

The ACCA Exemptions for BBA students as well as BMS in Finance passout graduates are granted exemption from 1 paper i.e., Business and Technology (BT) from the Knowledge level. After availing of the exemption, students would need to clear the remaining 12 papers from all three modules.

*Note: (2 papers under knowledge level, 6 papers under skill level and 4 papers under professional level)

Scenario 4 – Students who have completed their MBA

ACCA exemptions for MBA graduates vary depending on the content and accreditation of their MBA program. Students who have completed their MBA in Finance are granted an exemption from 3 papers.

Knowledge Level

Business and technology (BT)
Management Accounting (MA)
Financial Accounting (FA)

After availing of these exemptions ACCA with MBA, they must clear 6 papers under the skill level and 4 papers under the professional level.

*Note: ACCA paper exemptions for MBAs in different fields vary depending upon the subjects covered in their curriculum.

Scenario 5 – ACCA Exemptions for CA Students

ACCA exam exemptions for these students are eligible for 5 papers (3 papers of knowledge level and 2 papers of skill level) as follows

Knowledge Level

Business and technology (BT)
Management Accounting (MA)
Financial Accounting (FA)

Skill Level

Taxation (TX) – Skills level
Audit and Assurance (AA) – Skills level

After availing the exemption, students would need to clear the remaining 8 papers, 4 papers under skill level and 4 papers under professional level.

Scenario 6 – ACCA Exemptions for CA Inter (CA IPCC)

The ACCA eligibility criteria, ACCA After CA or CMA students who have cleared CA Inter (CA IPCC), is that they are eligible for exemption of 6 papers (3 papers each from the knowledge and skill level) as follows

Knowledge Level

Business and technology (BT)
Management Accounting (MA)
Financial Accounting (FA)

Skill Level

Corporate and Business Law (LW)
Taxation (TX)
Audit and Assurance (AA)

After availing the exemption, students would need to clear the remaining 7 papers, 3 papers under skill level and 4 papers under professional level.

Scenario 7– ACCA Exemptions for CMA or CA (with 5 years of working experience)

According to the ACCA eligibility criteria, these students are eligible for exemption from 9 papers (3 papers of the knowledge level and 6 papers of the skills level) as follows

Knowledge Level

Business and technology (BT)
Management Accounting (MA)
Financial Accounting (FA)

Skill Level

Corporate and Business Law (LW)
Financial Management (FM)
Financial Reporting (FR)
Performance Management (PM)
Taxation (TX)
Audit and Assurance (AA)

After availing of these 9 exemptions, students would need to clear the remaining 4 papers under the professional level.

Scenario 8– Exemptions for CAT Graduates and AAT Level 2 Students

CAT Graduates and AAT Level 2 students receive all exemptions from ACCA in the 3 papers of knowledge level only.

Knowledge Level

Business and technology (BT)
Management Accounting (MA)
Financial Accounting (FA)

After availing of these 3 exemptions, students would need to clear the remaining 6 papers under the skill level and 4 under the professional level.

Scenario 9– ACCA Exemptions for AAT Level 3 Students

The Association of Accounting Technicians (AAT) are eligible for the paper exemption in ACCA in the knowledge level and skill level listed below.

Knowledge Level

Business and technology (BT)
Management Accounting (MA)
Financial Accounting (FA)

Applied Skills exams (depends on modules completed):

Corporate and Business Law (LW)
Performance Management (PM)
Taxation (TX)
Financial Reporting (FR)

After availing of these exemptions, students would need to clear the remaining papers under the skill level and 4 under the professional level.

Scenario 10 – ACCA Exemptions for CPA

ACCA papers’ exemptions for students who have completed their CPA are eligible to get 8 exemptions from the knowledge level and skill level.

Knowledge Level

Business and technology (BT)
Management Accounting (MA)
Financial Accounting (FA)

Skill Level

Financial Reporting (FR)
Corporate and Business Law (LW)
Audit and Assurance (AA)
Performance Management (PM)
Taxation (TX)

After availing of these exemptions, students would need to clear the remaining 1 paper under the skill level and 4 under the professional level.

Benefits of Obtaining ACCA Exam Exemptions

The Association of Chartered Certified Accountants (ACCA) qualification offers several advantages, including professional recognition, time and cost efficiency, reduced workload, flexibility in learning, and recognition of prior learning.

Saves Time and Money

Many ACCA papers’ exemption allow students to attain their ACCA qualifications in a shorter time period resulting in a reduced cost as well.

Reduced Academic Burden

These ACCA papers’ exemption lets students focus on advanced topics rather than revisiting the concepts that they have already covered in their previous degree courses.

Flexible Study Program

Attaining paper exemption in ACCA helps students to balance their ACCA qualifications’ study along with professional and personal commitments more effectively.

Increased Job Security

Gaining an ACCA exemption increases your chance of employability by proving that you are knowledgeable and well-qualified to prospective employers.

Acknowledgement of Prior Learning

ACCA exemptions a proof that the association recognizes and values your previous learning experience.

Detailed Breakdown of ACCA Exemption Fees

It is important to understand that there is a certain amount you need to pay to the organization conducting the ACCA exam to get an ACCA exam exemption. You can avail of multiple ACCA papers’ exemption by paying the given charges for each exam in the Knowledge and Skills level.

Applied Knowledge exams – £84 (approx. ₹ 8,500) per exam exemption
Applied Skills exams – £111 (approx. ₹ 11,300) per exam exemption

The ACCA exemption fee helps maintain rigorous assessment and accreditation processes.

Meet Deadlines

If you are claiming exemptions, then you must pay the fees within 30 days from the date of award. And in any case, if you are Canceling exemptions? Notify ACCA within 14 days to be eligible for a refund or credit.

ACCA Papers Exemption Fee Criteria

The ACCA Papers Exemption Fee Criteria include financial hardship, geographic considerations, outstanding academic performance, and ACCA Approved Learning Partner status. Students from prohibitive countries, regions, or with outstanding achievements may qualify for exemption fee waivers.

How Exemptions Affect the Duration of ACCA Qualification

ACCA exemptions have a great impact on the duration of ACCA Qualification. They significantly shorten the qualification process, impact the amount of labor required for studies and exams, and necessitate striking a careful balance with the requirement to acquire thorough knowledge and skills.

Flexible Pathways to ACCA

For students who progress towards the ACCA qualification, their time gets reduced due to various exemptions available at various levels of study. Therefore, it is quite a flexible qualification that can be attained either after completing your degree or simultaneously.

Accelerate Your Career

Exemptions from ACCA can expedite your financial and accounting career by recognizing your prior education and experience. These exemptions vary based on your educational background and accounting degree. However, it’s crucial to focus on areas where you need to build expertise.

Conclusion

Globally recognized ACCA qualification provides substantial flexibility through exemptions for candidates with relevant prior learning and experience. By acknowledging these achievements, the ACCA exam exemption accelerates the path to certification. However, it is suggested that understanding the complexities of the ACCA exemption process will help you take its various benefits. So, by strategically utilizing exemptions, candidates can efficiently progress through the ACCA qualification while focusing on areas that require further development, which will ultimately enhance their professional expertise and career prospects.