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What Are The ACCA Exemptions And How To Them?

Knowing that there are 13 tests to take before starting this thrilling and life-changing ACCA qualifying path can be a little daunting. Every action you do moves you one step closer to being a well-known accountant throughout the world and creates a wealth of new prospects. With the correct tools and perseverance, you may overcome this obstacle and rise to a new level in the accounting and financial industry. Candidates' ACCA qualification progresses much more quickly thanks to ACCA's ability to waive some tests based on prior qualifications. 

ACCA Exemptions: Why Do They Exist?

Based on their prior coursework and expertise, ACCA grants candidates permission to avoid specific tests. Your ACCA journey would be quicker and easier as a result. Only individuals with prior coursework in related fields, such as those with a CA, MBA, or B. Com., among other accredited qualifications, are eligible for such exemptions.

A candidate may receive up to nine exemptions at the foundational and applied levels, albeit these differ depending on the qualification. This makes processing simple and lowers the number of tests required to earn the ACCA professional qualification.

The validation of a candidate's prior knowledge and qualifications is known as an ACCA exemption. Because of the exclusions, applicants won't have to review content they've already successfully studied elsewhere.

ACCA Exemptions: How Do You Claim Them?

The steps listed below outline how to apply for ACCA exemptions:

Eligibility Check: To determine your exemptions based on your prior training or job experience, use the ACCA Exemptions Calculator on their official website.

Registration with ACCA: Choose the exemptions you are requesting and provide your credentials or work experience while registering online.

Submission of Documents: After using the ACCA exemptions calculator, upload certified copies of your academic transcripts and certificates for the exemptions you have obtained so that ACCA can review them.

Pay the exemption fees: Typically, the exemption fee is equal to the cost of the exam for which you are requesting an exemption.

Confirmation of Approval: You receive notification via your web portal account of the exemptions that have been granted once ACCA has reviewed and evaluated your application. You can now begin studying for the remaining tests you have to take.

ACCA Exemptions

ACCA Exemption for B.com or M.Com Graduates

The first four papers are typically waived for those with a B.Com. or M.Com. Three applied knowledge level papers and one applied skill level paper are included. This acknowledgement stems from the understanding that the material covered in those degrees and the ACCA's applied knowledge papers has a lot in common, which aids the applicant in concentrating on higher level qualifications.

ACCA Exemption for MBA Graduates

Based on how closely the course material relates to the ACCA syllabus, MBA graduates with a finance concentration are eligible for nine paper ACCA exemptions. If the MBA specialisation is not directly related to finance or accounting, there will be fewer exemptions available. In order to find out how many exemptions they are eligible for, MBA graduates must check the specifics of their curriculum and speak with the ACCA Institute.

ACCA Exemption for CA IPCC

You can receive up to five exemptions from the ACCA course if you have completed the CA Intermediate (IPCC) exam. Despite these exclusions, you would still need to pass eight exams to become an ACCA professional, which would allow you to apply your prior knowledge and work towards a worldwide accounting qualification.

ACCA Exemption for Final CA

You can get up to nine exemptions from ACCA 13 papers after you become a certified public accountant. With only four papers left to pass, it offers a straight path for certified public accountants to earn their ACCA certification.

ACCA Exemption for BBA degree

An exemption for one paper at the ACCA's Applied Knowledge level will be given to BBA graduates. You only receive one exemption because the main concepts and syllabus of ACCA and BBA differ.

ACCA Exemption for CMA certification

For CMA professionals, ACCA can be studied through a fast-track approach that exempts CMA-qualified students from nine ACCA papers provided they have five years of relevant work experience; if not, they are exempt from seven. Since the two qualifications overlap as much as possible, these exemptions will be granted.

ACCA Exemption for BMS degree in Finance

Additionally, ACCA offers several exemptions to students who earn a BMS in Finance, including one exemption at the Applied Skills level and exemptions on all examinations at the Applied Knowledge level. Finance graduates can more quickly transfer into a global accounting career because to this 4-paper exemption, which shortens the time required to achieve the ACCA qualification.

When Can You Not Receive Exemptions From ACCA Institute?

Although there is a lot of room for exclusions, there are some situations in which they are not feasible. This is to guarantee that each applicant is fully proficient in all of the qualification's essential components.

Non-Equivalent Qualifications: You will be granted an exemption if the subjects included in your prior qualifications are sufficiently dissimilar from those covered in the ACCA syllabus. The material included in the ACCA exam details must match what you have previously studied.

Outdated Qualifications: In general, exemptions will not be granted for qualifications that require updating by the ACCA itself. The ACCA exam evaluates students' prior coursework to make sure it complies with the standards of the curriculum as stated.

Specific Paper Requirements: Regardless of your prior credentials, some ACCA exams, particularly the higher levels, simply do not grant exemptions. Professional-level papers are less likely to qualify for exemptions than fundamental-level papers.

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

Zell Education offers one-on-one assistance for both an individual's exam success and the ACCA exemption process. To make the most of your prior qualifications, their team of knowledgeable staff members provides one-on-one advice on what exemptions you are eligible for.

Zell Education offers free financial modelling training to help you develop your practical abilities, study materials and expert-led coaching sessions to help you review important concepts and test techniques, and placement assistance to help you make the connections you'll need to get the best accounting prospects. You'll pass your exams with ease and expedite your route to ACCA certification with all of these help and resources.

Conclusion

ACCA exemptions allow students with relevant prior qualifications to skip particular tests and focus on more difficult coursework. They are a direct pass to certification. Selecting a school like Zell Education will give you access to a wealth of resources and support, enabling you to properly apply for exemptions and step up your exam preparation. 

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.

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