Top things to learn and time required for each ACCA papers

As an ACCA candidate, you must first make sure to familiarize yourself with the ACCA course outline as it will provide you with a complete roadmap to plan the rigorous qualification process. 

The structure of the exam comprises of several levels,  starting from the Foundation level, followed by the Professional level, which includes the Essentials and Options modules. The ACCA syllabus covers subjects in accounting, finance, and business management, such as financial accounting, taxation, audit, corporate reporting, etc. Well, as someone interested in pursuing ACCA it is important to familiarize oneself with the ACCA course outline as it provides a clear roadmap of the topics to be covered in each exam and helps candidates plan their studies effectively to focus on areas needing more attention.

Understanding the structure and syllabus of the ACCA qualification sets a solid foundation for candidates aiming to excel in their exams and pursue successful careers in the accounting profession.

But are you wondering who can pursue ACCA?

• ACCA for Undergraduates: To be eligible all the candidates need to score at least 50% in essential subjects such as English and Mathematics/Accounts. They should have secured a minimum of 65% in two subjects during their 12th standard examination while obtaining at least 50% marks in the remaining subjects.
• ACCA for Graduates: The prospective candidate must hold a bachelor’s degree from a recognized university in commerce or finance. Alternatively, if they lack the requisite degree, they can commence the ACCA program after completing the ‘Foundations in Accountancy course.

So if you’re thinking about doing ACCA, you’re in luck because IMS Proschool has got you covered with the best ACCA coaching around. We all know that the ACCA course is recognized worldwide but after pursuing it from IMS Proschool you can get a chance to work with top companies like the Big 4 and Fortune 500. You can even pursue it while you’re still in college! It’s a very flexible qualification that fits your schedule.

Top Things to Learn for Each ACCA Paper

In this section we will look into the top things you need to learn for each ACCA paper, starting from the Applied Knowledge, Applied Skills and Strategic Professional Level. We understand that exploring through the ACCA qualification can be challenging, which is why we’ve broken down the essential concepts and study strategies for each paper in simple language for you all.

1. Foundation Level: The Foundation Level of the ACCA qualification serves as the starting point for candidates who are new to accounting or seeking to build a solid foundation in the field. It consists of Knowledge Level Papers and Skills Level Papers, each designed to impart essential knowledge and skills required for a career in accounting and finance.
   1. Knowledge Level Papers:
      • These papers introduce candidates to fundamental accounting principles, concepts, and techniques.
      • The topics covered here include basic accounting principles, understanding financial statements, business structure and organization, and management information systems.
      • All the candidates are required to spend considerable time grasping these basic concepts as they form the building blocks for more advanced topics in subsequent levels of the qualification.
      • Ideally allocating around 2-3 months per paper is advisable to thoroughly understand and internalize these key concepts.
   2. Skills Level Papers:
      • The Skills Level Papers are built upon the foundational knowledge gained in the Knowledge Level and even get deeper into specific areas of accounting and finance.
      • Each paper focuses on developing practical skills and applying theoretical knowledge to real-world scenarios.
      • The topics covered in these papers include taxation principles and practices, advanced financial reporting, audit and assurance, and business analysis.
      • All the candidates are expected to demonstrate a deeper understanding and proficiency in these areas which means they must have a more comprehensive study approach.
      • Ideally allocating approximately 3-4 months per paper allows candidates to cover the learning objectives effectively and prepare for the exam rigorously.

These papers are crucial as they provide a solid foundation in core areas of accounting and business management, essential for professional accountants.

Did you know, students enrolling at Proschool for ACCA get 900+ hrs of offline coaching + 600+ questions for each subject + Financial Modelling Course worth Rs 40k free?

3. Professional Level:

At this stage of the ACCA exam, you’re advancing towards becoming a skilled and knowledgeable professional in the field of accounting and finance.

1. Essentials Module Papers: 

The Essentials Module Papers in ACCA cover core subjects that are essential for any professional accountant. These papers focus on more complex and specialized areas compared to the Foundation Level. Here’s a breakdown of the core subjects:

• • Corporate Law: This paper focuses on legal frameworks and regulations governing businesses. You’ll learn about company law, contract law, insolvency, and other legal aspects relevant to corporate entities.
  • Performance Management: Performance Management paper deals with techniques and tools used to measure and manage performance within organizations. Topics include budgeting, variance analysis, performance measurement, and strategic planning.
  • Financial Management: The Financial Management paper explores advanced concepts in managing finances within organizations. You’ll cover topics like investment appraisal, risk management, cost of capital, and financial instruments.
  •  Taxation: Taxation paper includes the complexities of tax systems and regulations. It covers various types of taxes, tax planning strategies, and compliance issues applicable to individuals and businesses.

Also Read – Which is Better, BBA or Bcom for ACCA Exams?

1. Options Module Papers:

The Options Module Papers offer flexibility for students to specialize in areas of their interest or career focus. These papers cover elective subjects that allow students to make their ACCA qualification according to their career aspirations.

Within the ACCA options module, two compulsory courses are Strategic Business Leader and Strategic Business Reporting.

• • These courses are integral to the ACCA qualification and cover essential aspects of strategic business management and reporting.
  • In addition to these compulsory modules, you have the flexibility to choose two further courses based on your career aspirations.

The available options are:

• • Advanced Financial Management: This course covers financial management strategies, including topics such as investment decisions, financing decisions, and risk management. It helps you learn the advanced skills to manage financial aspects effectively within a business context.
  • Advanced Performance Management: It is focused on enhancing performance within organizations. This course covers topics like performance measurement, strategic performance management, and performance evaluation techniques. It helps you develop the skills needed to drive business performance and achieve strategic objectives.
  • Advanced Taxation: This course explores complex taxation issues in-depth and covers topics such as international taxation, corporate tax planning, and specialized tax areas. It helps you understand the intricacies of tax laws and regulations and enables you to provide a comprehensive tax advice and planning for businesses and individuals.
  • Advanced Audit and Assurance: It focuses on advanced auditing techniques and assurance services and covers areas such as audit planning, risk assessment, and audit reporting. It helps you with the skills needed to conduct thorough and effective audits, ensuring compliance with regulations and providing stakeholders with increased confidence in the financial health of an organization.

You can select these additional courses based on your career goals and the skills you aim to develop further.

Students can choose the option papers based on their career goals, interests, or the requirements of their chosen profession.

So even you can acquire all these skills to ace the ACCA levels mentioned above by taking guidance from the right institution and faculty to enhance your chances of success as they can provide valuable guidance and insider tips to excel in the examination. 

You can check out the ACCA course from IMS Proschool, which is designed specifically for students aiming to pursue ACCA.

Enrolling in this course offers a triple advantage:

• A strong emphasis on the ACCA pass rate
• Additional skills like financial modeling to make you job-ready
• Placement assistance and jobs at top companies like S&P Global, Axis Bank, JP Morgan, Deloitte, CRISIL, etc

With this course, you not only receive quality learning materials and expert instruction from industry professionals but also earn an additional Financial Modeling certification, gain access to a Job Portal, and receive placement/internship assistance.

Time Required for Each ACCA Paper:

Well, whether you’re a beginner or progressing through the ACCA qualification, knowing how to manage your study time can greatly impact your success which is why we will provide you with practical insights to help you plan your study schedule effectively.

1. Factors influencing study time for ACCA papers

• • Prior Knowledge and Background:
    • If you’ve already studied related subjects or have work experience in areas covered by ACCA papers, you might find it easier to understand the concepts.
    • For example, if you have an experience in the finance field then you may need less time to grasp the financial accounting concepts. However, if you’re new to the subject then you may need more time to learn everything from scratch to meet the examination requirements.
  • Difficulty Level of the Paper: 
    • Some ACCA papers are trickier than others.
    • For example, papers like Advanced Taxation or Advanced Audit and Assurance involve complex regulations and require strong analytical skills.
    •  As a result, you might need to allocate more time to study for these papers compared to more foundational ones like Accounting or Management Information.
  • Learning Style:
    • Everyone learns differently and has different studying patterns. Some people prefer studying independently, while others benefit from group study sessions or guidance from professionals.
    • So, if you’re studying for a Financial Reporting paper and struggle with understanding International Financial Reporting Standards (IFRS) then maybe you can consider joining a study group or seek extra help from a tutor.
  • Time Availability:
    • Your schedule plays a significant role in determining how much time you can dedicate to studying.
    • In case you’re someone who is working full-time or has other commitments during the day then you might have limited study hours each day.
    • In such cases, it’s essential to plan your study sessions wisely and in advance to make the most of the time you have available.
  • Language Proficiency:
    • ACCA exams are conducted in English, so if English isn’t your first language, you might need extra time to grasp the study materials.
    • This is especially true for papers that involve a lot of reading and writing, such as Corporate and Business Law.
    • So in such a case taking additional language courses or practicing English regularly can help improve your language skills and make studying easier.

Well, understanding these factors can help you better plan your study schedule and prepare effectively for ACCA exams to ensure that you’re ready to tackle each paper with confidence.

Also Read – How Much Work Experience Do You Need to Complete Your ACCA Degree?

2. Recommended study hours per paper based on difficulty level and candidate’s background

• • Foundation Level Papers: Typically, candidates are advised to dedicate around 80-100 hours of study time for each Knowledge Level paper which means around 8-9 hours per week  and 100-120 hours for each Skills Level paper that is approx 10 hrs per week. This allocation allows for a thorough understanding of the basic concepts and application of skills within a period of 11 weeks.
  • Professional Level Papers: The recommended study hours for professional-level papers vary depending on the complexity of the subject matter and the candidate’s familiarity with the topics. On average, candidates may need to invest 150-200 hours per paper for Essentials Module papers and 200-250 hours per paper for Options Module papers. 

This implies that it is advisable to dedicate approximately 400-600 hours of study time for all four Strategic Professional papers. Within each session, students are allowed to sit for a maximum of four exams. So based on the above mentioned prerpearaion hours students can take a total of eight distinct exams within a single calendar year and consequently complete all of the exams within a period of two years.

However, the above time frame serves as a general overview and can be adjusted according to the candidate’s specific needs and circumstances.

Also Read – Accounting Jobs Available in the UK After an ACCA Qualification

3. Strategies for effective time management and exam preparation

• • Create a Study Plan: Develop a realistic study schedule that allocates sufficient time for each paper based on its difficulty level and your commitments. Break down the study material into manageable sections and set achievable goals for each study session.
  • Prioritize Key Areas: Identify the key topics and areas of focus for each paper, based on the exam syllabus and past exam trends. Allocate more study time to challenging topics while reviewing familiar concepts regularly to reinforce understanding.
  • Utilize Resources Wisely: Make use of study resources such as textbooks, practice questions, online courses, and revision materials provided by ACCA or approved learning providers. Utilize past exam papers and mock exams to familiarize yourself with the exam format and practice time management.
  • Stay Consistent and Disciplined: Maintain a consistent study routine and adhere to your study plan diligently. Avoid procrastination and distractions, and stay focused during study sessions to maximize productivity.
  • Seek Support and Guidance: Don’t hesitate to seek support from tutors, study groups, or online forums if you encounter challenges or need clarification on difficult topics. Teaming with peers can provide valuable insights and motivation during the study process.

By considering these factors, following recommended study hours, and implementing effective time management strategies, candidates can optimize their preparation for ACCA papers and increase their chances of success in the exams.

If you believe that having expert guidance can improve your chances of success in your ACCA journey, then make sure to check out the ACCA course offered by IMS Proschool. 

• They provide an Exam Pass Commitment by ensuring unlimited classroom and doubt-solving sessions in case you fail ACCA exams.
• By enrolling with Proschool, you can get a waiver on ACCA registration and exemption fees.
• Their course includes an extensive pool of questions, with students solving over 600 questions for each ACCA subject that aims at making your exam preparation more effective.
• You can even sign up for a demo class with them.

Also Read – Countries where ACCA holders have the signing authority

ACCA Paper Dates in 2024:

Overview of ACCA exam session dates and deadlines

ACCA exams are held four times a year, in March, June, September, and December. These exam sessions provide candidates with multiple opportunities to sit for their exams throughout the year. The exact dates for each session may vary slightly from year to year, so it’s essential to check the ACCA website or official communication channels for the most up-to-date information.

The exam dates for 2024 are:

March 2024: 4th-8th March

• Monday, March 4th, the exams for Financial Reporting (FR) and Strategic Business Reporting (SBR) are scheduled.
• Tuesday, March 5th, will see exams for Taxation (TX) and Strategic Business Leader (SBL).
• Wednesday, March 6th, is allocated for exams in Performance Management (PM), Advanced Performance Management (APM), and Advanced Taxation (ATX).
• Thursday, March 7th, will have exams for Audit and Assurance (AA) and Advanced Audit and Assurance (AAA).
• On Friday, March 8th, exams for Financial Management (FM), Advanced Financial Management (AFM), and Corporate and Business Law (LW) are scheduled.

June 2024: 3rd-7th June

• On Monday, June 3rd, the schedule includes Audit and Assurance (AA) and Advanced Audit and Assurance (AAA) exams.
• Tuesday, June 4th, will have exams for Taxation (TX) and Strategic Business Leader (SBL).
•  Wednesday, June 5th, is designated for exams in Performance Management (PM), Advanced Performance Management (APM), and Advanced Taxation (ATX).
• On Thursday, June 6th, exams for Financial Reporting (FR) and Strategic Business Reporting (SBR) are scheduled.
• Friday, June 7th, will include exams for Financial Management (FM), Advanced Financial Management (AFM), and Corporate and Business Law (LW).

September 2024: 2nd-6th September 

• On Monday, September 2nd, the schedule comprises of Audit and Assurance (AA) and Advanced Audit and Assurance (AAA).
• Tuesday, September 3rd, there will be exams for Taxation (TX), Advanced Taxation (ATX) in the UK and ZAF, and Strategic Business Leader (SBL).
• Wednesday, September 4th, is reserved for exams in Performance Management (PM), Advanced Performance Management (APM), and Advanced Taxation (ATX) in CYP, HKG, IRL, MLA, MYS, and SGP.
• Thursday, September 5th, will feature exams for Financial Reporting (FR) and Strategic Business Reporting (SBR).
• Friday, September 6th, will include exams for Financial Management (FM), Advanced Financial Management (AFM), and Corporate and Business Law (LW).

December 2024: 4th- 8th December

• On Monday, December 4th, the schedule includes Audit and Assurance (AA) and Advanced Audit and Assurance (AAA).
• Tuesday, December 5th, exams will be held for Taxation (TX), Advanced Taxation (ATX) in the UK and ZAF, and Strategic Business Leader (SBL).
• Wednesday, December 6th, is dedicated to exams in Performance Management (PM), Advanced Performance Management (APM), and Advanced Taxation (ATX) in CYP, HKG, IRL, MLA, MYS, and SGP.
• Thursday, December 7th, will feature exams for Financial Reporting (FR) and Strategic Business Reporting (SBR).
• Friday, December 8th, will encompass exams for Financial Management (FM), Advanced Financial Management (AFM), and Corporate and Business Law (LW).

Make sure to remember these points if you are someone planning to appear for the ACCA exam soon

• The registration deadlines for each exam session are usually a few months before the exam date.
• Early registration is recommended to secure a spot and avoid additional late registration fees.
• Late registration may also limit the availability of preferred exam centers, so registering early ensures more options for candidates.
•  Keeping track of these deadlines is crucial to avoid missing out on exam opportunities.

Also Read – The Best Advice Before ACCA Exams And Order To Follow

Conclusion

As we come towards the end of this blog it is very clear that aspiring ACCA candidates must grasp the key points discussed regarding the ACCA syllabus, subjects, course outline, and paper dates to move ahead in their exam preparation journey successfully.  By familiarizing with exam dates and registration deadlines, candidates can plan their studies strategically so that they have adequate time for preparation and revision

The importance of thorough preparation cannot be overstated. Therefore, candidates must dedicate sufficient time and effort to cover the syllabus thoroughly and practice exam-style questions extensively.

For those seeking guidance and education from top professionals in the field, you must consider checking out the ACCA course offered by IMS Prochool.  Well, IMS Proschool offers a comprehensive ACCA preparation course led by experienced instructors who provide expert insights, personalized attention, and even effective study strategies to help candidates excel in their exams.

FAQs

• What is the duration of each ACCA paper?

The ideal pace for completing your ACCA qualification is 3 years by taking one exam per session throughout the year. While every student’s study habits vary, ACCA suggests allocating approximately 150 hours of study time for each paper on average to complete the qualification in the suggested time duration.

• Is it possible to complete ACCA within a year?

How fast can one complete ACCA? If you’ve already obtained your CA certification, you could finish ACCA in as little as six months. Similarly, if you’ve completed a bachelor’s degree in B.Com or a related accounting program, you can typically complete the ACCA qualification within a year.

• Is CA more challenging than ACCA?

The CA course is considered to be more difficult than ACCA if we take into account factors such as the duration of study, the number of papers, levels of the course, and the breadth of subjects covered. IMS Proschool’s ACCA course is known for facilitating ACCA exam success, with so many ACCA students achieving high marks in their examinations.

• What is the salary for ACCA professionals?

An ACCA member in India can anticipate an annual salary between INR 6 lakhs to INR 15 lakhs on average. However, this figure can rise with accumulated experience, enhanced skills, and managerial duties.

• Which is more challenging, ACCA or MBA?

ACCA is perceived as more demanding than an MBA degree. Statistics show that over half of the students undertaking the ACCA certification struggle to pass the exams, whereas a majority of MBA students tend to complete the program without significant difficulty.