Upon completing class 12 or after finishing graduation, students are often confused as to what to do next in their career. The most common advice given to fresh commerce graduates is to be a Chartered Accountant or a Company Secretary. In recent years, another popular career option is to become an ACCA, also known as the global CA. Here are some important facts to learn about the exemptions offered by ACCA.
What is ACCA?
The Association of Chartered Certified Accountants (ACCA) is a globally recognized association that offers the qualification of Chartered Certified Accountants. To qualify as a legitimate member of the ACCA, a candidate is required to complete 13 papers that are split into three levels – Knowledge, Skill and Professional.
The Knowledge level exams are computer-based exams (CBE) that can be given on-demand throughout the year whereas the Skills and Professional Level exams are held quarterly, i.e. every March, June, September and December.
The ACCA qualification is revered by accounting and finance organizations all over the country. Companies like PwC, Deloitte, KPMG, EY, ideally aim to hire ACCA professionals for profiles like Accounting Advisory, Risk Advisory, Mergers & Acquisitions, etc, and offer base salaries between INR 5 to 8 lpa.
What are ACCA Exemptions?
If a certain candidate is a graduate in the field of commerce or has studied subjects in finance and accounting, ACCA may offer them exemption from having to attempt certain exams from the 13 papers. In some cases, relevant work experience in the field of accounting and finance may also allow certain candidates to claim exemptions. If you are unsure about your eligibility, you can easily verify it by using the exemptions calculator on the ACCA website.
ACCA Exemption Table
ACCA offers exemptions to Commerce Graduates, Post Graduate (M.Com) Inter CA Students and CA Qualified. Students who have just cleared their class 12 examinations, do not qualify as per the aforementioned criteria, but are still qualified to register for the ACCA Exam via Foundation in Accountancy (FIA) route.
|Qualifications||Number of exams to give
|Completion of Class 12th||13 papers*||NIL|
|Commerce Graduate||9 papers||BT, MA, FA, LW|
|MCom Post Graduate||9 papers||BT, MA, FA, LW|
|CA IPCC (Both Groups)||8 papers**||BT, MA, FA, TX, AA|
|CA||4 papers**||BT-FM (9 subjects)|
*The applicant should have passed 5 subjects including English and Mathematics / Accounts, with 65% in at least 2 subjects and over 50% for the rest.
**A CA Final candidate is eligible to attain additional exemptions if they’ve scored 40 and above marks in their examination for relevant subjects.
How to Apply for ACCA exemptions?
There are two ways to claim exemptions for ACCA exams. You can either submit your enquiry for claiming exemptions while registering as a student on the ACCA website. Alternatively, you can also submit your enquiry by emailing your documents to ACCA. More information on exemptions enquiry can be found on the official website.
Who is Eligible for ACCA Exemptions? How to Claim these Exemptions?
Candidates with different qualifications may be eligible for different exemptions. A student can claim a maximum of 9 exemptions from Knowledge Level papers or Skills Level papers based on his previous qualifications. A detailed explanation of all the exemptions to ACCA can be found on Zell Education’s YouTube channel. Generally, the exemptions that can be claimed by certain individuals are as follows.
- Graduates – If a student has completed their graduation in the field of commerce, they may be eligible for exemptions from anywhere between one to four papers, depending on the subjects they studied.
- Inter-CA Pursuant – An inter-CA pursuant or a candidate who has given their IPCC exams and cleared certain papers is eligible to get 5 exemptions from ACCA, whereas those who have completed B.Com with IPCC may be eligible to 6 exemptions.
- Final CA Cleared – A student who has completed their CA qualification or is eligible for exemptions from all the papers from the Knowledge and Skill level exams, i.e. 9 papers. Even if a candidate has not completed their Final CA but has cleared certain papers, they may be eligible to claim these 9 exemptions for their ACCA qualification.
- Other Qualifications – Students who have completed their US CPA are eligible to get 8 exemptions in ACCA. Students that have completed their CMA from India with 5 years of relevant work experience will be eligible for 9 exemptions whereas those who have completed CMA from the USA are eligible for 3 exemptions.
What are the benefits of these exemptions?
The ACCA rigorously analyses a candidate’s qualifications before awarding exemptions to them. If a student is eligible for certain exemptions but has not studied the concerned subjects for a while, it is recommended to take the papers anyway to refresh your knowledge about the subjects. The exemptions offered for ACCA are great for those candidates that have recently completed certain qualifications like graduation or inter-CA or CA. It saves the time required to study for these papers that can be otherwise utilised to study for the remaining exams. It also helps save the cost of coaching for those particular subjects and can help you achieve your ACCA qualification a few months earlier.
When can you not claim an exemption despite being eligible?
If a candidate’s work experience is not relevant to the field of finance and accounting or if their qualification is earned from a university or educational institution not recognised by the ACCA, then these qualifications will not be eligible for exemptions.
What are the fees?
While a student could be eligible for exemptions from the Knowledge and Skill level exams for the ACCA, they will still be required to pay for every exemption they claim. The ACCA charges a set fee per paper that you claim exemption from. In 2022, the exemption fee for Applied Knowledge exams is 86 GBP per paper whereas for Applied Skill exams is 114 GBP per paper. These charges are determined by the ACCA and may vary in the future.
Are there fee waivers?
If a student is studying with an ACCA approved learning partner (ALP), they may be able to avail of certain exemption fee waivers depending on their qualifications. Zell, being a Platinum ALP, offers such fee waivers to candidates who are preparing for ACCA with us. If you are planning to claim your exemptions, studying with an ALP like Zell can be very beneficial since the platform can provide you with the most relevant learning resources and may also help you save a lot of money in the long run with the help of these waivers.
The ACCA qualification is recognized in over 180 countries including Canada, Singapore, and Australia. If you’ve made the decision to become a global CA and are contemplating your next move, we can help you take a step forward. Check out our Association of Chartered Certified Accountants (ACCA) course to learn more. To advance your portfolio and build professional skills, try Zell Education’s interactive courses that offer flexible training timings. Get in touch at +91 7208885600 or email us at email@example.com.
What exemptions are there for ACCA?
What exemptions are there for ACCA? ACCA can accredit the following types of qualifications for exemption: 1. Certificates Diplomas
2. Foundation Degrees
3. Bachelor degrees
4. Postgraduate qualifications
5. Professional qualifications.
Can I finish ACCA in 2 years?
We run four exam sessions per year. Students can sit a maximum of four exams at each session, and a maximum of eight distinct exams each calendar year. You could therefore complete all of the exams in two years.
How many ACCA papers are exempt after BCOM?
4 ACCA Papers are Exempted after B.Com