As a finance professional you must be wondering that after going through years of rigour in attaining the professional qualification and passing numerous subjects, will you have to start again from the very scratch to take up an additional degree? Thankfully ACCA allows you to enhance your CV and knowledge by gaining global financial knowledge while minimizing the time and efforts required in attaining the same. Being a globally recognized course which is accepted in 170 countries worldwide, ACCA course helps in boosting your chances of landing coveted finance jobs in top-notch global firms.
The exemptions allowed in ACCA course is based on the understanding that the candidate has recently gone through the basic subjects of the ACCA course and have mastered them in their respective professional qualifications. The apex body provides various exemptions based on the course students have completed thus making it consistent with their knowledge and learning. Below are some of the salient features of the exemptions:-
1. Exemptions Applicability – Exemptions are available for the entire level of Applied Knowledge and Applied Skills examinations depending on the candidate’s qualification, but no exemption is allowed for Professional module or based on one’s work experience. In the spirit of imparting the best professional knowledge, the ACCA apex body does not allow to avail exemptions if the candidate has attained the previous qualifications long time back or has worked in any field except finance/ accounting. Also, existing students who have already enrolled for ACCA course can claim fresh exemptions if you have attained additional qualifications in other courses subsequent to joining ACCA course and have now become eligible for exemptions in ACCA course.
2. Exempt Subjects – Exemptions are offered based on the previous qualifications and can maximum reach 9 subjects out of the total 14 subjects which one needs to pass to complete the ACCA course. An indicative list of courses which are allowed exemptions include CA, CMA, B.Com, M.Com, MBA among many more. This is more helpful for candidates who have just passed CA but also for applicants who are currently pursuing CA course. Below is a list of exemptions for CA course:
a)Passed Foundation (CPT) level of CA course – No exemption
b)Passed Intermediate (IPCC) level of CA course – Exempt to appear the below 5 papers
•Accountant in Business (AB)
•Management Accounting (MA)
•Financial Accounting (FA)
•Audit and Assurance (AA)
c)Passed Final level of CA course – Exempt to appear the below 4 papers (in addition to 5 papers exempt on passing Intermediate (IPCC) level of CA course i.e total of 9 subjects are exempt)
•Corporate and Business Law (LW)
•Performance Management (PM)
•Financial Reporting (FR)
•Financial Management (FM)
Exemptions are also allowed based on partial completion of particular levels of CA course based on the subjects passed.
3. Process of claiming exemptions – The ACCA course regulatory body has made it very easy to claim exemptions for various courses. The important requisites are understanding which courses are exempt based on your previous qualification and having necessary qualification certificates in English. Post having all necessary paperwork, one can apply for claiming exemptions on the website as well as by emailing them.
4. Fees for claiming exemptions – It is important to note that claiming exemption is complete only when one has successfully completed the paperwork and has made the requisite payment. The payment required to be made is based on the level of course i.e Applied Knowledge or Applied Skills. Also one has to make payment for each paper exemption sought.
By allowing exemptions, ACCA course not only respects the prior hard work of the candidate in obtaining the said skills and knowledge but also acts as a boost to expedite the process in obtaining the dual degree which helps the candidate in steering their career, not to forget the saving in cost (fees for exemption is less than exam cost). An important thing to remember for all candidates is that ACCA regulatory body performs very strict scrutiny before allowing exemptions and any wrongdoing is treated sternly so as to not allow any false claims.