What exams do you need to take for the ACA?
The dreaded ACA exams. Everyone likes to tell you about them, but what do they actually involve?
The ACA qualification requires that you study and pass 15 exam in order to become an ICAEW Chartered Accountant. These focus on different aspects of accountancy, finance and business and are designed to provide you with in-depth knowledge across a broad range of topics.
The modules are split over three levels: Certificate, Professional and Advanced. The exams can be taken in any order, except for the Case Study which must be taken last.
Certificate level
The Certificate level covers basic accounting and business principles over six modules:
Accounting
Assurance
Business, technology and finance
Law
Management information
Principles of taxation
Each of the six modules is tested with a 1.5 hour online assessment, which can be taken at any time at an approved test centre. Up to four re-sits per module are allowed (however many employers don’t give you this many attempts!).
The Certificate level of the ACA also makes up an independent qualification - the ICAEW Certificate in Finance, Accounting and Business (CFAB), which can be completed independently of the ACA.
If you are studying for the ACA Certificate Level or CFAB, check out our revision notes which walk you the entire syllabus in straight forward and easy to understand language.
Professional level
The Professional level focuses on your ability to apply your knowledge and understanding to real-life scenarios over six further exams:
Business strategy and technology
Audit and assurance
Financial accounting and reporting
Financial management
Tax compliance
Business planning (banking, insurance or taxation options)
Each Professional level module is assessed through a 2.5–3 hour online exam.
There are four sittings each year in March, June, September and December and up to four re-sits allowed (although again, many employers don’t give you this many attempts!).
If you are studying the professional level, check out our revision guides.
Advanced level
The Advanced level exams include much more complex scenarios and add the additional element of being open book exams. These build on the Professional level modules and culminate in a Case Study to test your skills and judgement.
Corporate reporting
Strategic business management
Case study
There are two sittings a year - one in July and one in November. The two module exams take 3.5 hours and the Case Study is 4 hours long. There is no limit on the number of re-sits at the advanced level (the pass mark is 50%).
The Case Study must be completed last, as it is designed to test all the knowledge you have acquired so far in your studies. You'll be presented with a business problem that you need to solve, taking into account any ethical implications.
Find out more on the ICAEW’s website.