Current Date: 04 Oct, 2024
Just another WordPress site

ACCA Subjects Applied Knowledge and Applied Skills: Clear guide in 2024

Anna Nikova 29 Dec, 20239.1k

ACCA Subjects

The Association of Chartered Certified Accountants (ACCA) is one of the top associations for Accountants in the world. It is a professional body that focuses on accruals and audits. As such, ACCA is devoted to improving the knowledge and skills of its members and other professionals who are committed to working in accounting, finance, and management services.
This ultimate guide covers a lot of knowledge on ACCA. Everyone who has applied to an ACCA course begins the journey by reading the details on the ACCA website. But they often wonder what they will actually cover in their exams. Without a doubt, some of these topics will give you real challenges as each chapter moves on to a greater level of knowledge.
ACCA stands for Association of Chartered Certified Accountants. It is a global body for professional accountants, which was established in 1904. ACCA has more than 200,000 members and 486,000 students in over 180 countries. ACCA is one of the most prestigious internationally recognized qualifications in the accounting field, which is sought after by many employers worldwide. It is a professional accounting qualification that provides you with a pathway to becoming a chartered certified accountant.
blog promotional CTA for CMA USA

ACCA Exam Papers

The ACCA qualification comprises 14 papers divided into three levels:
  1. Applied Knowledge
  2. Applied Skills
  3. Strategic Professional. 
The first two levels (Knowledge & Skills) are compulsory on all pathways and are designed to give you a strong foundation in core accountancy topics. This blog discusses all the details regarding the Knowledge level as well as the skill level.
During ACCA Applied Knowledge and Applied Skills level, you will learn how to apply the financial principles and techniques to real-world situations.

ACCA Applied Knowledge and Applied Skills - A Complete Guide:

The ACCA Applied Knowledge and Applied Skills levels are your first step toward becoming an ACCA affiliate. This level is the introduction to our rigorous curriculum that provides you with a unique combination of technical, ethical, and professional skills. By bypassing all exams at this level you will become an affiliate of the Association of Chartered Certified Accountants.

Applied Knowledge (AK) 

The Applied Knowledge (AK) exams are designed to cover essential knowledge and skills required by students pursuing a career in business and finance. This level of qualification will have the potential to open up a wide range of opportunities in industry or practice. These papers cover the fundamental principles of business and finance and give you the technical skills you need to progress to the next level. They provide a foundation for further study (if required) in accountancy and finance at the relevant diploma or degree level. Subjects in Applied Knowledge are as follows
  1. F1-Accountant in Business (AB)
  2. F2-Management Accounting (MA)
  3. F3-Financial Accounting (FA)
ACCA Applied Knowledge exams are assessed by a combination of written exams and computer-based assessments (CBAs).

The details are as follows:

  • Each exam lasts 2 hours and is worth 50% of the total marks for that paper
  • They consist of Multiple Choice Questions (MCQs), objective test questions (OTs), and case study questions
  • They can be taken throughout the year at more than 2,500 computer-based examination centers around the world
  • The pass mark for each exam is 60

Applied Skills (AS)

The Applied Skills (AS) exams build upon the knowledge gained from the AK exams. This level of qualification will provide students with an opportunity to progress into more senior roles in finance and support functions within the business.
The ACCA Applied Skills exams are the second level of ACCA exams. These exams cover a range of accounting and business concepts, including financial reporting, management accounting, financial accounting, audit and assurance, and tax. Depending on your qualification and career aspirations, you might find that one or more of these topics is particularly attractive to your personal interests or career goals.
The Applied Skills exams are the six exams youll sit after you have completed the Applied Knowledge and Essential Skills levels, and they go into more detail on the three main skills required to be an accountant.

The six applied skills exams are

  1. Financial Reporting
  2. Audit and Assurance
  3. Financial Management
  4. Corporate and Business Law
  5. Performance Management (Management Accounting)
  6. Taxation
blog promotional CTA

Opportunities after completing the ACCA exam

There are a number of opportunities that students can explore after completing their ACCA exam. The majority of ACCAs are employed in the finance department of large international companies and corporations. They also work at a senior level in the financial sector and play an instrumental role in the future growth of these businesses, monitoring progress, reviewing policies and procedures, and developing strategies for future growth.
ACCA qualified professionals are well respected across all sectors as they have been accredited by one of the most well-known professional accountancy bodies in the world. The job roles available to them are endless and range from a Financial Controller to an Accounts Manager, Finance Manager or Chartered Accountant.

How long will it take to complete the ACCA exam?

The actual time taken depends on how quickly you can pass all 14 exams (nine of which are sat at the Applied Knowledge level and five at the Applied Skills level). The exams are taken in four separate sittings per year; June, September, December, and March. If you don't manage to pass all your exams the first time around, you have to wait for the next exam sitting.
You can choose to study for the qualification full or part-time. The ACCA Qualification is designed to be flexible you can fit your studies around your working life and personal commitments.

Entry requirements for ACCA exam

The ACCA Qualification is divided into three levels:
  1. Applied Knowledge
  2. Applied Skills
  3. Strategic Professional. 
The Fundamentals level consists of two modules: Knowledge and Skills. The Knowledge module consists of three papers, which you can complete via self-study or classroom tuition. Alternatively, you can complete the Knowledge module at university to obtain an ACCA Diploma in Accounting and Business (RFQ Level 4). If you choose this route, the three papers in the Knowledge module are replaced by exams that are part of your university degree.
The Skills level consists of two papers and must be completed via self-study or classroom tuition. It takes approximately six months to complete these papers.
Exemptions are available depending on your prior learning and experience. For example, if you have an accountancy degree or another appropriate professional qualification, such as CMA, you may be able to apply for up to nine exemptions from some of our exams.
Best CMA Training Institute in India

FAQs

1. Can ACCA be completed in 3 years?

In our opinion, the ACCA Chartered Accountancy course can be completed in 3 years with the determination to pass all examinations. You must be very careful to allocate sufficient time to your study and devote at least 5-10 hours per week to studying for each module. It will depend on the student, how hard you work and your attitude. 

2. How do I prepare for the ACCA Skills Module?

If you have to take the ACCA revision module, Study the complete syllabus in detail which needs to be covered in your exam, as well as answering all of the most commonly asked questions and provide top-notch ACCA courses to help you ace the test.  

3. Can I do ACCA without Math?

ACCA has basic math and it's simple. The most important things are the syllabus and the work. You should practice making your learning more effective. In my opinion, once you can read, you can learn almost everything. The ACCA paper is not difficult, so if you pass it, nothing will threaten you anymore. Remember that practice makes perfect!

Why choose the NorthStar Academy for UK ACCA course?

If you are planning to become an accountant and have ambitions of working internationally or with leading international businesses then ACCA qualification is key to your career development. So, if you are thinking of launching your career as an accountant in the UK or any other country, we would suggest that you begin your journey of ACCA with the NorthStar Academy ACCA course.
Becoming a fully qualified accountant with a Professional Certificate is an exciting and worthwhile challenge. It is also one that will add real value to your life, both professionally and personally. Make the choice to study at NorthStar Academy!
Are you confused? Click here and get in touch with our expert counsellors or contact us at +91 81 4747 0707 today!
Make an Enquiry