Are you considering a career in finance or accountancy? One of the most prestigious qualifications in this field is the ACCA (Association of Chartered Certified Accountants) certification. ACCA offers global recognition, equipping you with the skills needed to work in financial roles across the world. But before diving in, you may be wondering: what is the ACCA course duration?
The journey to becoming ACCA qualified can vary from person to person depending on prior education, experience, and study commitment. In this comprehensive guide, we’ll break down everything you need to know about the ACCA course duration, the structure of the qualification, and factors that influence how long it takes to complete.
What is ACCA?
The ACCA is an internationally recognized qualification designed for finance and accounting professionals. With over 200,000 members and 500,000 students in more than 180 countries, ACCA provides the tools to advance your career in accounting and finance.
The ACCA qualification offers a flexible path to becoming a chartered certified accountant. It covers a wide range of topics including financial management, taxation, auditing, and business law. To gain the qualification, candidates must complete 13 exams, three years of relevant work experience, and an ethics and professional skills module.
ACCA Course Structure
The ACCA course is divided into three levels:
- Applied Knowledge (Fundamentals)
- Applied Skills
- Strategic Professional
These levels cover a range of subjects that build up from foundational knowledge to advanced professional expertise. Let’s explore the duration for each level:
Applied Knowledge
The first level, Applied Knowledge, consists of three exams:
- Business and Technology (BT)
- Management Accounting (MA)
- Financial Accounting (FA)
These exams provide the basic understanding of financial principles and business environments. If you’re studying full-time, you can complete this level in around 6 months. Part-time students or those working alongside their studies might take around 9 months to finish.
Applied Skills
Once you’ve passed the Applied Knowledge exams, you move on to the Applied Skills level. This includes six exams:
- Corporate and Business Law (LW)
- Performance Management (PM)
- Taxation (TX)
- Financial Reporting (FR)
- Audit and Assurance (AA)
- Financial Management (FM)
This stage builds on the knowledge from the first level, with more in-depth study of specific topics. The Applied Skills level usually takes 9 to 12 months to complete. Again, the pace depends on how many exams you take each semester and how much time you dedicate to studying.
Strategic Professional
The final level of the ACCA course is Strategic Professional, consisting of four exams:
- Strategic Business Leader (SBL)
- Strategic Business Reporting (SBR)
- Two optional papers from:
- Advanced Financial Management (AFM)
- Advanced Performance Management (APM)
- Advanced Taxation (ATX)
- Advanced Audit and Assurance (AAA)
This stage tests your ability to apply your knowledge to real-world scenarios and make strategic decisions. The Strategic Professional level takes around 12 to 18 months to complete, depending on how many exams you choose to take at a time and how well you prepare.
ACCA Exams: Key Points to Remember
- Exam sessions: ACCA exams are held four times a year (March, June, September, December). Depending on your preparation and schedule, you can attempt multiple exams in one session, which can shorten the overall course duration.
- Self-paced learning: One of the benefits of ACCA is its flexibility. You can study at your own pace and choose when to take exams. This allows you to tailor the course duration according to your schedule.
- Exemptions: If you already hold relevant qualifications, you may be eligible for exemptions from certain exams, which can significantly reduce the course duration. For example, those with a degree in accounting or finance may be exempt from some or all of the Applied Knowledge level.
Factors That Affect the ACCA Course Duration
While the standard course duration for ACCA is around 3 to 4 years, several factors can affect this timeframe:
1. Prior Qualifications
ACCA offers exemptions for students who have prior qualifications in relevant subjects. If you hold a degree in accounting, business, or finance, you could skip some of the earlier exams. For instance, a university graduate may be exempt from all the exams at the Applied Knowledge level, which could shorten the course by up to a year.
2. Study Mode
You can choose between full-time, part-time, or distance learning. Full-time students may complete the course faster, while part-time students balancing work and study will take longer. Distance learning is also an option, giving you the flexibility to study at your own pace.
3. Exam Attempt Frequency
Since ACCA exams are offered four times a year, you can opt to take multiple exams per session, which could reduce the overall course duration. On the other hand, if you spread out your exams, it could take longer.
4. Work Experience
In addition to passing exams, you need to complete 3 years of relevant work experience to qualify. The work experience requirement doesn’t need to be completed before you finish your exams, but it’s worth noting that many students work while studying for their ACCA qualification. If you’re working full-time while studying, your pace may be slower than someone who can dedicate all their time to studying.
5. Personal Circumstances
Your personal life can also influence how long it takes to complete the ACCA qualification. If you have family responsibilities or other commitments, your study time might be more limited. Conversely, if you have fewer obligations, you might complete the course faster.
Can You Complete ACCA in 2 Years?
In theory, it is possible to complete the ACCA qualification in two years, but it requires a high level of dedication and planning. Here’s how:
- Take exams at every session: You can take up to four exams in one session. If you plan your study and exam schedule efficiently, you can complete the Applied Knowledge and Applied Skills levels in one year and the Strategic Professional level in another year.
- No failed attempts: This timeline assumes that you pass every exam on your first attempt, which can be challenging due to the difficulty of some subjects.
- Full-time study: You would need to dedicate yourself to full-time study and prepare thoroughly for each exam. For most people, especially those working or with other commitments, this may not be realistic.
In most cases, students take around 3 to 4 years to complete their ACCA qualification, allowing for a more balanced approach to work, study, and personal life.
ACCA Work Experience Requirement
In addition to passing the exams, ACCA requires candidates to complete 3 years of relevant work experience to become fully qualified. This work experience can be gained before, during, or after your ACCA exams. However, many students find it beneficial to work while they study, as it allows them to apply what they’ve learned in a practical setting and fulfill the work experience requirement simultaneously.
To meet the work experience requirement, your role must involve relevant tasks such as:
- Preparing financial statements
- Performing audits
- Managing financial systems
- Providing tax advice
- Conducting financial analysis
You must also complete a Practical Experience Requirement (PER) where you document your experience and demonstrate that you’ve achieved specific performance objectives in your role.
ACCA Ethics and Professional Skills Module
Alongside the exams and work experience, you also need to complete the Ethics and Professional Skills Module. This is a vital component of the ACCA qualification that helps you develop ethical judgment and professional skills. The module is typically completed in around 20 hours and can be done at any stage of your ACCA journey.
Conclusion
The duration of the ACCA course depends on various factors, including your study mode, prior qualifications, and personal circumstances. On average, it takes around 3 to 4 years to complete the ACCA qualification, though it’s possible to finish sooner with full-time study or if you qualify for exam exemptions.
Ultimately, the flexibility of the ACCA program allows you to tailor your studies to fit your lifestyle. Whether you choose to fast-track your exams or balance your studies with work, the ACCA qualification opens doors to a rewarding career in finance and accounting.
Taking your time to prepare for each exam, gaining relevant work experience, and completing the Ethics and Professional Skills Module will set you up for success. No matter how long it takes, the ACCA qualification is well worth the investment for a career in the global financial industry.
