Are you Eligible for ACCA Exemptions?

Introduction

Most of the time commerce students are confused about the right path they should take as they decide to pursue their career. Accountancy is a great career option and many people are confused as to the right certification or course they should pursue. There are many professional courses out there right now but ACCA is without doubt one of the best options. The Association of Chartered Certified Accountant or ACCA opens up a wide array of career opportunities to its aspirants. ACCA is also widely called as global CA, which means you will be a Chartered Accountant but will have the opportunity to have exposure and recognition. 

If this is something you are interested in then ACCA is the right choice for you. In this article, we will dive deep into explaining what ACCA is, what the exemptions are and how you can get exemptions if you are a commerce student, and we will also explain how you can avail the exemptions.

What is ACCA?

ACCA is a globally recognized professional credential that is offered to individuals pursuing a career in accountancy. The course will validate their skills and knowledge as a Certified Accountant who will be able to practice accountancy anywhere in the world. 

Let’s take a step further and understand the examination pattern so that you can access and see the papers you may have exemptions for. The exemptions will be based on your studies at a level which is consistent with your skills and knowledge that you have attained all the way up from 12th to your graduation degree. 

The ACCA exam is primarily subdivided into 3 parts – knowledge level, skills level and professional level. Both the knowledge and skills levels can be combined together to be termed as the fundamental level. This shows that the ACCA exams are held in 2 parts – the fundamental level and the professional level. 

The fundamental level has 9 papers in total, which includes 3 papers at the applied knowledge level and 6 papers at the applied skills level. The professional-level subjects are further divided into 2 parts: Essentials and Optional. Apart from these 2 exam levels, candidates are also required to clear the professional ethics module in order to be ACCA certified. 

About ACCA exemptions and calculator

The exemptions for ACCA are the fastest way to attain an ACCA, this will be determined by the skills and knowledge you have gathered as you have completed your graduation and +2 exams. This is an ideal mode for students who have done accounting or finance or have some professional work experience in the field of accountancy with a professional degree or certification. 

In order to find out the papers you can opt out of based on your education level, ACCA has provided an exemption calculator, which will reveal to you the courses that you are eligible to exempt. 

What are the benefits of the ACCA exemption?

Before going into the various exemption available, let us first understand how ACCA exemption can benefit you.

• Time: The first advantage is the time that students can save as they complete the entire series of exams, this is especially true for graduates and CA-inter students. It is also a good plan to take the exam of the exempted paper as you will be able to refresh your memory on certain topics and build your knowledge. 
• Effort: The second advantage is that you don’t have to go through topics you already are skilled at. You can instead focus your energy on new topics you are yet to master.
• Money: There is also the matter of financial advantage. As you get exemptions in certain papers, you can save the cost of study materials and tuition fees for those papers. 

Qualifications and exemptions for ACCA

ACCA exemptions are available for students who have opted for commerce in their +2 exams, and for those who have a graduation or a post graduation degree. CA students who have completed their intermediate level or are CA qualified are also eligible for exemptions through the foundation and accountancy route. 

In the following table, we will discuss about the various exemptions for ACCA in each category. 

Qualification	Number of paper exemption	Topics they are exempted from
+2 pass (Commerce)	Zero papers	Not Applicable
B.Com Graduate/ Commerce graduate	Up to 4 papers	BT, MA, FA, LW
M.Com Graduate	Up to 4 papers	BT, MA, FA, LW
CA IPCC (Both groups)	Up to 6 papers	BT, MA, FA, TX, AA
CA	Up to 9 papers	BT-FM (Total 9 Subjects)

BBA and MBA students are also eligible for ACCA paper exemptions. Kindly check the below list for the exemptions available for both of these courses.

BBA	Up to 1 paper	BT
MBA	Up to 3 papers	BT, MA, FA

How can I apply for ACCA exemptions?

There are two options by which you can apply for these exemptions. One of the ways of doing so is by submitting an inquiry for claiming exemptions as you register as a student on the official website of ACCA. Another way to submit an inquiry is by sending an email with the documents attached to the official ACCA email. 

What are ACCA exemption fees like?

An exemption fee is levied when you opt for ACCA exemptions, you will need to pay for every exemption you claim. Candidates who are opting for exemption in Applied knowledge exams will need to pay £84 as an exemption fee, while candidates opting for Applied Skills exams are required to pay £111 as an exemption fee. Apart from this fee, candidates are also required to pay for the initial registration fee as well as the exam fee for each section of the ACCA certification exam. 

Students are required to pay for each exemption fee 30 days from the date of notifying ACCA. 

Are there any waivers for such fee?

Candidates who have enrolled within an ACCA Approved Learning Partner(ALP) will be able to attain fee waivers to a certain extent, this depends on their educational qualifications. Most of the academic institutes will offer a fee waivers to students as they enroll and study with an institute as they prepare for the ACCA examination. This means that as you enroll with them, you will be eligible to get ACCA exemptions that can help you to save money and time. Along with this, you will also be able to learn from experienced mentors who can better guide you as you prepare for the ACCA certification exams. 

FAQ

1. What exemptions are available for ACCA students?

This depends on the existing qualifications that a student may hold. Exemptions are available across various levels such as

• Foundation level
• 9 Applied Knowledge and Applied Skilled exams of the ACCA qualification

No exemptions will be given 

• For Strategic professional exams of the ACCA qualification
• On the basis of work experience
• For any exam or modules within our post-professional qualification

You can explore the exemption calculator provided by ACCA to find out if you can apply for any exemptions. 

2. How many papers are exempt after I have completed B.COM?

B.COM students who are opting for ACCA exemptions can get exemptions up to 4 papers – BT, MA, FA and LW

3. How many ACCA paper exemptions are available for a student who has completed +2?

Commerce students who have just completed their +2 will not be eligible for exemptions for the ACCA certification exams. They have to appear for all 13 papers under the 2 part ACCA exams.

4. In how many countries is ACCA recognized?

ACCA is a globally recognized certification in accountancy. It is widely popular and recognized in over 180 countries across the world. This makes it one of the most popular certifications as well. 

5. Are ACCA exemptions free? Or is there a fee that is levied for the same?

No, ACCA exemptions are not free. Students have to be an exemption fee within 30 days of notifying the ACCA accounting body. However, if you enroll with an ACCA approved learning partner, then you will be eligible for fee waivers and discounts on the exemption fee. 

6. What is the starting salary for an ACCA graduate?

In India, ACCA qualified professionals can earn anywhere from INR 4 lakh per annum to INR 6 lakh per annum. As the individual garners experience the salary will also increase accordingly. An experienced ACCA professional will have a starting salary of INR 7 lakh per annum. Once we look at international opportunities the numbers vary. In the UK an ACCA professional can earn almost GB 70,000. In Canada, ACCA candidates can earn up to CAD 110,000. 

Conclusion

One of the biggest benefits of ACCA is the flexibility it offers. It has much fewer exam levels that need to be completed as students have an opportunity to avail exemptions. If you are deciding to take the ACCA certification exam then ACCA coaching will be beneficial to not only getting a waiver from the exemption fee but also to getting the best education from experienced professionals. 

Lakshya CA provides the best platform for you to kickstart your ACCA journey. With a state of the class classroom, or online classes students have access to the best professors. 

Get in touch with our career experts today to learn more about the course or to enroll on one of our courses or to book for a demo session.