Pursuing the ACCA qualification is one of the best ways to build a global career in accounting, finance and auditing. But did you know that you will not have to start from scratch? Depending on your existing qualification, you will not need to start from the first paper. ACCA provides exemptions from certain papers if you already have relevant academic or professional degrees. So, that means you can skip some papers.
This is where the ACCA Exemptions calculator is useful. It is a simple online tool that is provided by the ACCA that helps students to quickly check how many exam papers they can skip based on their previous qualification. Understanding what exemptions are available and how to use the ACCA exemptions calculator is necessary. So, in this article, we will see what the ACCA exemption calculator is and how to use it, a detailed look at ACCA exemptions for different qualifications and why exemptions matter.
How to Use the ACCA Exemptions Calculator
The ACCA Exemption Calculator is an official tool on the ACCA Global website. It helps the student to know which exams they don’t need to give. It depends on their background or professional qualification. Here is a step by step guide on how to use it:
- Visit the ACCA Global website: Go to the official website of ACCA (ACCA Global). Then search for the “Exemption Calculator” or just click on this link: ACCA Exemptions Calculator
- Fill in the information: Enter your University Name and Region then click on search. Then, on the name page, enter your graduation year.
- Enter the course and details: Then, on the next page, you will have to select the course you are doing or have done. After that, it will show you the exemptions that are available to you. It will instantly tell you how many exemptions you are eligible for.
- Decide: It will email you your exemptions. It also shows the exemption fees that you will have to pay. Based on these exemptions, you can decide how many papers you will have to study for.
ACCA Exemptions
Exemptions are ACCA’s way of showing your prior learning and qualifications. Instead of repeating the exams on the topics you have already studied in the past, you can just directly move ahead to more advanced levels. So, instead of going through the entire ACCA syllabus, you will only need to focus on the higher-level exams that are most relevant to your career. ACCA exemptions are like a shortcut that helps you move forward faster towards your ACCA qualification.
ACCA has three levels:
- Applied Knowledge
- Applied Skills
- Strategic Professional
Depending on any existing qualifications that you hold, exemptions can be allowed for the Applied Knowledge and Applied Skills Level Exam. There will be no exemptions awarded for the Strategic Professional exam of the ACCA qualification. The ACCA body does not allow exemptions if the candidate attained the previous qualifications a long time back or has worked in any other field except finance/accounting. Also, existing students who have already enrolled for ACCA can claim fresh exemptions if they have attained additional qualifications in other courses subsequent to joining the ACCA course and have now become eligible for exemptions in the ACCA course.
ACCA Exemption for 10th\12th, Graduation, CA/ CA Inter
10th/12th ACCA Exemptions:
Students who have completed their class 10th can start preparing for ACCA from Foundations in Accountancy route. It is an entry level programme. This route is best for those who don’t have an accounting background but have a strong interest in finance. So, if you are in 10th or 12th, you will not be eligible for any exemption. You can later qualify for the exemptions.
Graduates’ ACCA Exemptions:
Most commerce graduates receive exemptions in Applied Knowledge papers like BT, MA, FA. Some universities with ACCA- accredited programmes can also provide exemptions in Applied Skills papers like FR or AA. Bcom students in India usually start with Applied Skills level.
ACCA Exemptions for CA Inter:
Students who have cleared CA Intermediate/IPCC can get multiple exemptions.
Exemptions include Applied Knowledge and some Applied Skills subjects depending on which CA inter papers are cleared. This makes the ACCA journey really short for them and makes it easier for CA aspirants to gain a global qualification alongside CA. The exact number of exemptions depends on the combination of papers you have cleared in CA Inter.
ACCA exemptions for CA qualified:
Fully qualified CAs get the maximum exemptions, that is 9 in total. A member of the Institute of Chartered Accountants in India can avail up to 9 exemptions. They can directly start from the Strategic Professional level with only 4 exams left to complete ACCA.
How to Claim the Exemptions?
So, there are two ways you can apply for the ACCA course exemptions:
Direct: Just directly go to the official ACCA global website and apply for the ACCA exemptions yourself. You will have to then submit document proofs showing your qualifications or professional experience. But this way, you will not get the fee waiver that you can get through the other method.
Approved Learning Partner (ALP): ALPs or Approved Learning Partners are one such way to apply for the exemptions. Many students get the fee waiver through this method. But it depends on which institution you are applying through. VG Learning Destination is one such institution that can get you a fee waiver while applying for ACCA exemptions. It is a gold approved learning partner of ACCA.
Why Exemptions Are Important?
- Saves Time: You can complete the ACCA exams faster by skipping some of the papers. You will not have to sit for extra papers that you have already studied in your previous qualification.
- Saves Money: Even though there is an exemption fee, you can save on tuition, study material and exam preparation costs.
- Use prior learning: You will not have to relearn the topics you have already learnt in your degree or professional qualification.
Benefits of ACCA
- Global recognition: ACCA is globally recognised in 180+ countries which means that you can get placed anywhere in the world.
- Career Mobility: ACCAs are in high demand globally. So, your job role will be secured and you can have a stable career in UK, Middle east, Europe and Asia-Pacific.
- Specialisation: The ACCA syllabus focuses on International Financial Reporting Standards (IFRS) which enhances global career opportunities.
Conclusion
The ACCA Exemption Calculator is very beneficial when you are planning to pursue ACCA. It shows exactly how many exams you can skip, how much time you will save and what the cost will be. For graduate students, it provides a clear path by recognising your degree. And for Chartered Accountants, it gives them a lot of exemptions, from 13 to 4! For working professionals, it makes sure that you do not waste your time by repeating and learning the same topics that you have already read.
So, if you are serious about building a career in finance and accounting, start by checking your eligibility with the ACCA exemptions Calculator. It is the first step in ACCA journey as it can show you your map to ACCA.
Frequently Asked Questions
- What are ACCA Exemptions?
Exemptions are ACCA’s way of showing your prior learning and qualifications. Instead of repeating the exams on the topics you have already studied in the past, you can just directly move ahead to more advanced levels.
- Why are exemptions important?
You can complete the ACCA exams faster by skipping some of the papers. You will not have to sit for extra papers that you have already studied in your previous qualification. Even though there is an exemption fee, you can save on tuition, study material and exam preparation costs.
- What is PER?
PER refers to Practical Experience Requirements which are a prerequisite and key component for getting the ACCA qualification. After completing the 13 papers, one must work under supervision for three years in order to get ACCA qualified. This helps in developing practical experience and professional knowledge and gives an insight into the world of finance and accounting.
