How Many ACCA Exemptions Could You Get After MBA in Finance?

The Association of Chartered Certified Accountants (ACCA) is a prestigious qualification that equips professionals with all the skills required for a successful career in finance and accounting. One of the advantages of pursuing ACCA is the possibility of obtaining exemptions that can save time and effort.

What are ACCA Exemptions?

ACCA Exemptions are like credits or waivers that allow individuals with certain qualifications to skip specific exams within the ACCA exam structure. The ACCA exemptions are granted based on previously acquired academic qualifications. Earning ACCA exemptions helps you make fast progress in the course.

It takes 3 years to complete the ACCA qualification. However, with exemptions, this time reduces significantly. If you have an MBA in Finance, you can expedite your ACCA qualification.

ACCA Exemptions for MBA in Finance

There are a total of 13 papers in the ACCA examination. With an MBA in Finance qualifications, you can skip F1 to F9 in the knowledge and skills module. These are the foundation papers of the certification and you can skip all of them. With an MBA in Finance, you will start your ACCA certification from a level you have already reached in your Finance degree.

You can claim upto 9 exemptions in ACCA with your MBA in Finance degree. Here are the subjects exempted:

Papers from the Knowledge module:

• Business and technology (F1 paper)
• Management accounting (F2 paper)
• Financial accounting (F3 paper)

Papers from the Skills module:

• Corporate and business law (F4 paper)
• Performance management (F5 paper)
• Taxation (F6 paper)
• Financial reporting (F7 paper)
• Audit and assurance (F8 paper)
• Financial management (F9 paper)

Further, with an MBA in Finance, you have to take P1, P2, P3 papers namely Governance, Risk and Ethics, Corporate Reporting, and Business Analysis. These 3 exams are mandatory. There are 2 more optional papers from P4-P7.

In short, you have to write 5 papers to complete your ACCA course. This saves your time, reduces your workload and helps you complete the certification quickly.

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Benefits of ACCA Exemptions for MBA in Finance Students

There are multiple benefits of ACCA exemptions after MBA in Finance.

1. Saves Time – By claiming 8-9 exemptions, you can fast track your ACCA degree and save time which is crucial.
2. Save Costs – As you can skip skill and knowledge-level papers, you can save significant money that would have otherwise been used for study materials and practice tests.
3. Morale Boost – Exemptions recognize the educational achievements and expertise gained through MBA in Finance. This itself is a huge confidence booster for students.

Apart from MBA in Finance, check your eligibility for other ACCA exemptions. 

How to Apply for ACCA Exemptions After MBA In Finance?

There are two ways to apply for exemptions. Firstly, candidates can claim exemptions while registering on the ACCA website. There is a second option of emailing documents to ACCA.

You will have to provide official proof of your CA qualification along with award certificates or academic transcripts. The documentation should be signed by ICAI.

Based on the proof you submit, the ACCA will assess your qualifications and confirm or reject your eligibility for exemption.

If you have earned additional qualifications after registering for the ACCA course, you can apply for a renewal exemption. However, you have to apply for the exemption at least 20 days before the closing date of the exam entry.

Benefits of Doing MBA in Finance After ACCA

The combination of ACCA and MBA in Finance is a great blend of expertise in both business administration and advanced accounting principles. Here are a host of career benefits of pursuing both ACCA and MBA in Finance:

• Holistic Skill Set

An MBA in Finance gives you a good understanding of foundation in business management, and imparts managerial skills. ACCA provides detailed knowledge of accounting standards, taxation, audit procedures, and ethics. Combining both give you a well-rounded skill set. 

• Increased Job Opportunities & Career Growth

ACCA is a globally renowned qualification. If you do MBA in Finance from a well-recognised institute, your career can take off. You can easily grab top roles like management consultant, CFO, risk manager, audit manager, and more. All these are high paying jobs in commerce that you can get because of your skills and knowledge. 

• Top Notch Leadership & Management Skills

MBA programs focus on developing leadership and managerial skills. The managerial skills gained from MBA complement the technical accounting knowledge from ACCA.

• Enhanced Professional Network

Both MBA programs and ACCA memberships provide access to extensive professional networks, offering opportunities for mentorship, career advice, and job placements.

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Conclusion

By understanding the exemption process and planning strategically, you can leverage your MBA education to achieve ACCA membership efficiently. Combining an MBA in Finance with ACCA credentials enhances your career prospects and opens doors to global opportunities in the finance and accounting sectors.

FAQs

Q1. Is it worth doing ACCA after MBA?

Yes, doing ACCA after an MBA is worth it. It combines advanced business management skills with in-depth accounting expertise, enhancing career prospects and increasing earning potential.

Q2. What is the expiry of ACCA exemptions?

The ACCA exemptions are said to be valid for a period of 5 years or until the date of the next specified revalidation exercise (whichever is sooner).

Q3. Are ACCA exemptions free?

No. For each ACCA exemption, a fee is charged. The exemption fee for the applied knowledge level exam is £84 per paper and the exemption fee for the applied skill exam is  £114 per paper.