What Are The ACCA Exemptions And How To Them?

Embarking on this exciting and transforming journey of the ACCA qualification, it can be a little overwhelming to know that there are 13 exams ahead. Each step taken brings you closer to becoming a globally recognized accounting professional and opens many doors of opportunities for you. Hard work and the right resources can turn this challenge into a rewarding achievement and place you in a different league within this world of finance and accounting. ACCA allows candidates to have certain exams waived based on previous qualifications, significantly accelerating the progress of their ACCA qualification. 

ACCA Exemptions: Why Do They Exist?

ACCA gives exemptions to candidates to skip certain exams based on their previous studies and experience. This would make your ACCA journey easier and time-saving. Such exemptions are given to only those who already had completed studies on similar subjects, like CA, MBA, and B. Com among other recognized certifications. 

These exemptions vary from qualification to qualification; a candidate may get up to 9 exemptions at foundational and applied levels. This enables easy processing and reduces the number of examinations one will take for the professional designation of ACCA.

ACCA exemptions are the recognition of knowledge and qualifications that a candidate may already possess. The provision of exemptions means that candidates will not have to study over material they already successfully covered elsewhere, making it possible to qualify faster. Such a structure makes it time-effective and assures a flexible approach to reaching ACCA qualification for individuals who hold corresponding academic or professional backgrounds. Exemptions acknowledge the diverse educational paths of the ACCA candidates in a manner that sets strong standards for qualification.

ACCA Exemptions: How Do You Claim Them?

The process for applying for the ACCA exemptions is given below:

Eligibility Check: Go to the official website of ACCA and use the ACCA Exemptions Calculator to check your exemptions based on your previous qualifications or work experience.

Registration to ACCA: While registering online, state your qualifications or work experience and select the exemptions that you are applying for.

Submission of Documents: Upload certified copies of academic certificates and transcripts for the exemptions availed by you after checking the ACCA exemptions calculator to enable ACCA to review them.

Pay for the exemption fees: The exemption fee is usually the same as what you pay for the exam that you are asking for an exemption.

Confirmation of Approval: Once your application has been reviewed and considered by ACCA, you are informed through your web portal account of the exemptions that have been granted. You can go ahead and start preparing for your other remaining exams.

ACCA Exemptions

ACCA Exemption for B.com or M.Com Graduates

Holders of B.Com or M.Com degrees are usually exempted from the first 4 papers. Three papers of applied knowledge level and one of applied skill level. This recognition is in the realization that there is a big commonality in the content covered in those degrees and the content covered under the ACCA’s applied knowledge papers, helping the candidate focus on more advanced levels of the qualification.

ACCA Exemption for MBA Graduates

There are 9 paper ACCA exemptions available to MBA graduates having a focus on finance based on the relevance of the course content to the ACCA syllabus. The exemptions available will be lesser if the MBA specialization is not directly aligned with finance or accounts. MBA graduates have to review their curriculum’s specific details and consult with the ACCA Institute about the number of exemptions available to them.

ACCA Exemption for CA IPCC

If you have passed CA Intermediate (IPCC), then you are eligible for as many as 5 exemptions in the ACCA course. Yet, even after these exemptions, you would need to clear 8 papers to get certified as an ACCA professional, thus allowing you to use your existing knowledge and continue toward a global certification in accounting. 

ACCA Exemption for Final CA

After becoming a CA you can receive up to 9 exemptions from ACCA 13 papers. It provides a direct entry route for CAs for the ACCA qualification with just 4 remaining papers to be qualified.

ACCA Exemption for BBA degree

The BBA graduates will be granted an exemption for one paper at the Applied Knowledge level of the ACCA. BBA and ACCA are different in their core subjects and syllabus which is why you get only one exemption.

ACCA Exemption for CMA certification

Studying ACCA can be through a fast-track process for CMA professionals, wherein 9 ACCA exemptions for CMA-qualified students if 5 years of work experience related to the field is adhered to; otherwise, they are exempted from 7 papers. These exemptions are going to be given as there is maximum overlap between the two qualifications.

ACCA Exemption for BMS degree in Finance

For students graduating with a BMS degree in Finance, ACCA also provides multiple exemptions including exemptions on all Applied Knowledge-level papers as well as one exemption at the Applied Skills level. This 4-paper exemption reduces the time to complete the ACCA qualification, allowing finance graduates to transition more easily into a global accounting career.

When Can You Not Receive Exemptions From ACCA Institute?

While there is considerable scope for exemptions, there are some instances where exemptions are not possible. This is to ensure that every candidate has complete mastery over all the key elements of the qualification. 

Non-Equivalent Qualifications: If the content of your previous qualifications is different and covers the areas close enough to the content of the ACCA syllabus, you will be awarded an exemption. There is required alignment between what you studied previously and the content covered by ACCA exam details.

Outdated Qualifications: Qualifications that need to be updated by the ACCA itself will generally not be considered for exemption. The ACCA exam assesses the relevance of prior education done by students to ensure that it adheres to the syllabus requirements as set out by them in the present.

Specific Paper Requirements: Some ACCA exams, especially at the higher levels, just do not give exemptions, whatever your previous qualifications may be. Exemptions are more commonly available for fundamental-level papers and less for professional-level papers.

Here are Some Ways Zell Education Can Help You Get ACCA Exemptions & Ace the ACCA Exams

Zell Education provides one-to-one support for the exemption process offered by ACCA and an individual’s success in the exams. Their team of experienced personnel gives one-to-one guidance on what you qualify for in terms of exemptions so that you get the most from your previous qualifications. 

Zell Education provides study material and coaching classes by experts in revising key topics and strategies on exams, free financial modeling training that will help improve your practical skills, and access to placement support for the connection you’ll need in the best accounting opportunities. With all this support and resources, you’ll streamline your path to the ACCA certification and breeze through your examinations.

Conclusion

ACCA exemptions are a direct pass to certification and offer students with prior, relevant qualifications the opportunity to avoid some exams and concentrate on more challenging coursework. Choosing an institution like Zell Education will allow you access to an intensive support and resource network that will enable you to correctly apply for exemptions and intensify preparation for the exam. 

FAQs on What Are The ACCA Exemptions:

If I qualify for an exemption, how do I find out?

To find your exemptions, you may use the online exemption portal of ACCA where you can input your qualifications into the ACCA exemption calculator and receive a detailed response regarding the papers you are exempt from.

How much are ACCA exemption fees?

The ACCA exemption fees are usually equivalent to exam fees for the specific papers from which you are exempted. In some cases, though, fees may vary. Therefore, it is advisable to check the latest fee structure on the ACCA website.

What is the best way to avoid paying the ACCA exemption fees?

The best way for you to not pay the ACCA exemption fees is to start looking for scholarships, discounts, or some financial aid offered by educational institutions or professional bodies to cover exemption fees. In other words, it’s worth investigating to reduce your costs.

How do I use the ACCA exemptions calculator if my university or degree is not listed?

If your institution is not listed in the ACCA exemptions calculator, you can still apply manually by submitting your qualification details for an assessment through the online application portal of the ACCA.

Can you tell me what documents I need to apply for ACCA exemptions?

While applying for ACCA exemptions, you will require your academic transcripts, degree certificates, as well as any professional qualification documents to confirm that you can obtain exemptions.

Partham Barot is an ACCA-certified professional. showcasing his expertise in finance and accountancy. he’s revolutionising education by focusing on practical, real-world skills. Partham’s achievements underscore his commitment to elevating educational standards and empowering the next generation of professionals.