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ACCA (Association of Chartered Certified Accountants) is a certification system that offers exam exemptions to students based on their previous qualifications. Exemptions allow candidates to skip certain exams if they have covered the same content in their previous qalification thereby speeding up the process of becoming ACCA qualified. In this article we are discussing about ACCA exemptions along with eligibility criteria and how to apply for exemptions.
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What Are ACCA Exemptions?
If a candidates who want to qualify ACCA exams by skipping some of the papers by having some exemptions. These exemptions are called ACCA Exemptions. Exemptions are allowed for the candidates those who have a previous qualifications that cover the required knowledge. These exemptions are allowed for the candidates based on diploma, degree or any certification in acoounting or financial related field. However, there are no exemptions for professional level exams. Candidates who are supposed to be apply for exemptions can apply by submitting academic transcripts or certificates. Candidates can apply upto (F1 TO F9) ACCA fundamental level exams.
Eligibility Criteria For ACCA Exemptions
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The eligibility criteria for ACCA Exemptions depends on the qualification you already gained. Below given are the eligibility criteria:
Educational Qualification
- Must hold a diploma or a degree or any certfications in accounting or finance related field.
- MBA with finance or accounting.
Must possess a professional experience.
Proof of your educational qualification is compulsory.
Must qualified from Accredited Instituitions.
How To Apply For ACCA Exemptions?
- Visit ACCA website and use the exemption calculator page to check that your course is eligible for exemption.
- If your course is eligible, then regsiter with ACCA.
- Create an ACCA account.
- Provide your personal information,contact details during registrtaion process.
- Upload necessery documents like passport copy, passport size photo and scanned copies of education certificates.
- Click the submit button.
- After submitting ACCA will access you documents and let you know which exams you are eligible to skip.
- After that pay the exemption fees for each exempted exam.
- Then Apply for the exemptions.
- After applying you have to wait for the confirmation.
- Once received the confirmation from ACCA, you can start your preperation for the remaining exams.
ACCA Exemption Fees
The ACCA exemption fees depend upon the level of exam.
For the Applied knowledge Level (F1 to F3) – Approximately Rs. 9800 per exemption.
For the Applied Skills Level (F4 to F9) – Approximately Rs. 12,300 per exemption.
How To Pay
Once ACCA approved your exemptions, the fees for the exemption will appear in your ACCA account. The last date for the payment also will be displayed on yoyr account.
You can make your payment through:
- Credit/Debit Cards (Visa, MasterCard, etc.)
- PayPal
- Bank Transfer (in some cases)
Your Payments are processed securely through ACCA’s online payment gateway. Once the fees paid it will not be refunded.
Benefits For ACCA Exemptions
ACCA Exemptions allows many benefits for the candidates who have a prior knowledge for the relevant subjects in their previous qualification. The key benefits are following:
- As you are exempted from some exams, you will get some more time for preparing the exams.
- Even paying for exemptions, you can avoid the expense for studying and test fees including tuitions, study materials etc.
- As you alredy covered some topics before, ACCA prevents you from learning it again and allows to focus on advanced knowledge.
- Exemptions allow you to accelerate your ACCA journey by allowing you to skip the foundation tests and begin preparing for the more advanced, foundation papers early.
- Your ACCA Career will grow fast,as exemptions helps you to complete your ACCA journey rapidy.
- ACCA exmptions allow a flexible pathway to join ACCA program for the candidates coming from different prefessional and academic backgrounds.
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CONCLUSION
For the candidates with relevant qualification to become a certified ACCA member, ACCA exemptions allow a valuable opportunity to fast track their ACCA journey. ACCA allows candidates to skip certain exams there by reducing the time, effort need to learn and offers advanced knowledge for their career growth. Aspiring accountants can successfully use these exemptions to develop their careers in a competitive market.
Frequently Asked Questions
Can I get exemptions for the ACCA Professional level exams?
No, only the Applied Knowledge and Applied Skills levels (F1 to F9) are eligible for exemptions. Regardless of past qualifications, all candidates must take the Strategic Professional level tests.
How can I apply for ACCA exemptions?
During the ACCA registration procedure, you can ask for exemptions by providing documentation of your qualifications (such as transcripts or certificates). After reviewing your application, ACCA will notify you of the exemptions to which you are qualified.
Can I claim exemptions if I have partial qualifications?
Yes, occasionally. You can still be qualified for exemptions from some ACCA areas if you have completed a portion of a degree or professional certification that includes those subjects. You will, nevertheless, have to turn in your transcripts for review.
Is it better to take the exam or apply for an exemption?
By asking for the exemption, you can save time and effort if you are certain that the material covered in your previous studies was thoroughly covered. But, if they believe a review of the material is required for next topics, some students decide to sit for the exam.
Do ACCA exemptions expire?
Normally, once granted, exemptions are perpetual. But as ACCA modifies its syllabus on a regular basis, you might need to take extra precautions to ensure you are up to date with the most recent requirements if the material you were excused from changes dramatically over time.
