If you’re considering the ACCA qualification, one of the first questions that comes to mind is: “How many papers in ACCA?” Understanding the ACCA structure is crucial before you embark on this prestigious accounting journey.
Let’s break down everything you need to know about the ACCA papers and help you plan your path to becoming a chartered certified accountant.
ACCA Papers Overview: Total Number and Structure
The ACCA qualification consists of 13 papers in total, strategically divided into three progressive levels. This ACCA structure is designed to build your knowledge systematically, from foundational concepts to advanced strategic thinking.
Whether you’re a fresh graduate or an experienced professional, understanding how these ACCA papers work together will help you plan your study journey effectively.
The three levels are:
- Applied Knowledge (foundation)
- Applied Skills (intermediate)
- Strategic Professional (advanced).
You don’t need to complete all 13 papers if you qualify for ACCA exemptions. (More on that later!)
Level No. 1: Applied Knowledge Level (4 Foundational Papers)
The Applied Knowledge ACCA level introduces you to fundamental business and accounting concepts. These four foundation papers create the groundwork for your entire ACCA qualification:
- BT (F1): Business and Technology covers the role of accountants in organizations, business functions, and corporate governance. This paper typically takes 2 hours and introduces you to the business world from an accountant’s perspective.
- MA (F2): Management Accounting focuses on cost accounting, budgeting, and performance measurement. You’ll learn how businesses track and control their costs – essential skills for any finance professional.
- FA (F3): Financial Accounting teaches you the fundamentals of financial reporting, including preparing financial statements and understanding accounting standards.
These papers are computer-based and relatively manageable, making them perfect entry points into the ACCA qualification.
Level No. 2: Applied Skills Level (6 Intermediate Papers)
The Applied Skills level builds on your foundation knowledge with six more specialized ACCA papers. This is where the qualification becomes more challenging and professionally relevant:
- LW (F4): Corporate and Business Law introduces legal frameworks that govern businesses, contracts, and corporate structures. This knowledge becomes invaluable as you progress in your career.
- PM (F5): Performance Management advances your management accounting skills, focusing on strategic performance measurement and decision-making tools.
- TX (F6): Taxation covers personal and corporate taxation. Given the complexity of tax systems, this paper requires dedicated study time and practical application.
- FR (F7): Financial Reporting deepens your understanding of advanced financial reporting standards and consolidated accounts – crucial for senior finance roles.
- AA (F8): Audit and Assurance introduces you to auditing principles, risk assessment, and assurance services. This paper is essential if you’re planning a career in audit or advisory services.
- FM (F9): Financial Management covers advanced financial decision-making, including investment appraisal, financing decisions, and risk management.
Level No. 3: Strategic Professional Level ( 3 Advanced Papers)
The Strategic Professional level represents the pinnacle of the ACCA qualification. You need to complete three papers at this level:
SBL: Strategic Business Leader (Essential and compulsory) if not already completed at Applied Skills level.
SBR: Strategic Business Reporting (Essential and compulsory) focuses on advanced financial reporting for complex business structures and international standards.
Two Optional papers from a selection of four specialized areas:
- AF: Advanced Financial
- M: Management
- APM: Advanced Performance Management
- ATX: Advanced Taxation
- AAA: Advanced Audit and Assurance
Choose your optional papers based on your career goals and interests. These papers are designed to make you a specialist in your chosen area.
ACCA Paper Exemptions: How to Reduce Your Study Load?
Here’s where your educational background can significantly reduce your study burden. ACCA exemptions allow you to skip certain papers based on your previous qualifications.
If you hold a relevant degree, you might qualify for up to 9 exemptions. However, you must attempt at least 4 papers to earn your ACCA qualification to ensure you demonstrate competency in advanced areas.
Common exemption scenarios include business or accounting degrees providing exemptions for Applied Knowledge papers, while professional qualifications like CPA or CA might offer exemptions across multiple levels.
Before planning your study route, check your exemption eligibility through ACCA’s official exemption database. This could save you significant time and money.
ACCA Exam Schedule and Duration
ACCA papers are offered four times per year in March, June, September, and December sessions. Applied Knowledge and Applied Skills papers are computer-based and can be taken on-demand at approved centers, offering flexibility in your study schedule.
Strategic Professional papers are offered during specific exam windows and typically last 3-4 hours. The case study format of these advanced papers requires different preparation strategies compared to earlier levels.
Plan your exam schedule considering the complexity progression. Most successful candidates complete 2-3 papers per session, balancing work commitments with study requirements.
ACCA Study Path: Recommended Paper Sequence
Success in the ACCA qualification depends heavily on strategic sequencing. Start with Applied Knowledge papers in any order, though many students find the AB-MA-FA-LW sequence logical.
For Applied Skills, consider taking PM after MA, and FR after FA, as these build on foundational knowledge. TX and AA can be taken independently, while FM requires solid mathematical skills.
At the Strategic Professional level, complete SBR early as it builds on FR knowledge. Choose optional papers based on your career direction – AFM for corporate finance roles, or AAA for audit careers.
FAQs About ACCA Papers
Q1: Can I skip papers in ACCA?
A: You can only skip ACCA papers through official exemptions based on your educational qualifications or professional experience. A relevant degree might exempt you from up to 9 papers, but you must complete at least 4 papers to earn your qualification.
Q2: What happens if I fail an ACCA paper?
A: There’s no limit on retaking failed ACCA papers. You can register for the next available exam session and retake the paper. Many successful ACCA members have retaken papers, so don’t let a failure discourage your journey toward qualification.
Q3: How long are passed ACCA papers valid?
A: ACCA papers never expire once you pass them. This flexibility allows you to complete your qualification at your own pace, whether that’s 2 years or 10 years. Your passed papers remain valid indefinitely, making ACCA ideal for working professionals.
Q4: What is the minimum number of ACCA papers I must attempt?
A: Even with maximum ACCA exemptions, you must attempt at least 4 papers to earn your qualification. ACCA requires this to ensure you demonstrate competency in advanced areas. The 4 papers typically include Strategic Business Leader, Strategic Business Reporting, and two other papers depending on your exemptions.
Q5: How many ACCA papers can I take in one exam session?
A: You can register for up to 4 ACCA papers per exam session, though most successful candidates take 2-3 papers to maintain quality preparation. Taking too many papers simultaneously often leads to poor performance, so plan strategically based on your study capacity.
Q6: Do I need work experience to complete ACCA papers?
A: No work experience is required to sit for ACCA papers. However, to become a fully qualified ACCA member, you’ll need 3 years of relevant work experience after completing your papers. You can gain this experience before, during, or after your studies.
Q7: What’s the difference between old ACCA paper codes (F1-F9) and new ones?
A: ACCA renamed their papers in 2018, but the content remains largely the same. Old F1-F4 became AB, MA, FA, LW respectively, while F5-F9 became PM, TX, FR, AA, FM. If you’re researching online, both naming systems refer to the same ACCA papers.