This Association of Chartered Certified Accountants is one of the widely valued and reputed accounting qualifications across the globe. Mostly, all those who take up ACCA come from very diverse academic backgrounds like commerce, finance, or business studies. If you possess certain relevant qualifications, your ACCA exemptions allow you to skip some exams. The real question now is: should you take these exemptions or go the whole hog from scratch again?
We will discuss the advantages and disadvantages of taking ACCA exemptions in this blog and those who should do so. The exemptions will also impact one’s career. For those of you who wish to take coaching in ACCA, some institutions, like the CICA (Commerce Institute of Central Academy), can offer you expert guidance on making this important decision.
What Are ACCA Exemptions?
ACCA provides privileges to its students when they do not need to repeat a subject or an exam that have already been studied in any of the earlier qualifications. These exemptions, therefore, become applicable on the basis of any degree, diploma, or professional certification respectively obtained in the fields of finance, accounting, or business.
Levels of ACCA Exemptions
ACCA is divided into three levels:
- Applied Knowledge (3 papers)
- Applied Skills (6 papers)
- Strategic Professional (4 papers)
Your previous studies may enable you to obtain exemptions from the Applied Knowledge and Applied Skills levels only.
Who is Eligible for ACCA Exemptions?
You may be eligible for exemptions if you hold:
- A B.Com, BBA, or M.Com degree in Accounting or Finance
- A CA Foundation or Intermediate qualification
- A CPA, CMA, or other professional certification
- A Bachelor’s or Master’s degree in Business Studies
If you would like to determine whether or not you are eligible for ACCA exemptions, the calculator for that purpose can be found on the official ACCA website, or you can consult CICA ACCA coaching for guidance.
Pros of Taking ACCA Exemptions
1. Saves Time and Effort
When you have already studied some certain subjects in your previous qualification, exemptions allow you to skip irrelevant topics and keep things moving along effectively.
2. Reduces Study Load
By not having to appear for a few exams, fewer subjects will need to be prepared for, allowing you to deal with your ACCA qualification with ease.
3. Faster Completion = Quicker Career Progression
By clearing exams quickly, you are in a position to start working faster, thus making you available for more job prospects and increases your salary potential.
4. Cost Savings
With costs for taking ACCA exams, in this day and age, exemptions serve to further diminish the available number of exams to be attended, leading to some really sensible cost savings.
Cons of Taking ACCA Exemptions
1. Missing Out on Essential Learning
While you might be eligible for exemptions, the gap in your knowledge that will form from skipping those foundational subjects may hinder your grasping of the advanced concepts at the Strategic Professional level.
2. Difficulty in Passing Higher-Level Papers
Many students who take exemptions struggle with AFM, AAA, and SBL because they lack a strong foundation in the earlier subjects.
3. Employers May Prefer Non-Exempted Students
Some employers mark candidates who went fully through the ACCA route without exemptions as having a better understanding of all the subjects.
4. Risk of Poor Performance
If you have not actively studied in some particular subjects, you will be taking some risk of failing some crux examinations instead of just squeezing on to them.
Should You Take ACCA Exemptions or Start from Scratch?
The decision is to be made depending on different factors:
When Should You Take Exemptions?
- When you have just finished your degree and everything is fresh in your mind.
- When you feel confident about your understanding of the basic subjects of the exemption.
- When you have been employed in any capacity relevant to your profession.
When Should You Avoid Exemptions?
- If there are a number of years between your last studies and now which means you would need to get a brief brush-up on the concepts.
- If during your previous education, the ACCA topics were not well covered.
- If one believes in laying a solid groundwork for the advanced paper.
How to Make the Right Decision?
In confusing situations, usually the best way is to take advice from professional ACCA coaching experts. CICA is one of the best ACCA coaching institutes in India that provides expert guidance to students in determining their best way.
Steps to Make an Informed Choice:
- Check your eligibility on the ACCA website.
- Analyze your knowledge levels – Are you confident about the subjects you have exempted yourself from?
- Native ACCA mentor at CICA coaching.
- Go through past papers to see if you are capable of answering questions from exempted subjects.
- One may consider a refresher course before exempting himself from the papers.
Conclusion
Exemptions from ACCA may well be a time- and cost-saving option but not necessarily correct for everyone. If, in your opinion, you have strong knowledge regarding the subject and want to expedite yourself through ACCA, you should perhaps take exemptions. However, if you regard yourself as needing a firm foundation for the papers at the next level of an ACCA qualification, joining the program from scratch could be more suitable.
For the best ACCA preparation, there is CICA – the premier ACCA training center with both online and classroom training. Their management provides their students with well-managed teaching to ensure they receive the best ACCA coaching in India.
FAQs
Q- 1. How can I check my ACCA exemption eligibility?
Ans-The ACCA Exemptions Calculator is available on the official ACCA website, or you could contact CICA’s ACCA experts for assistance.
Q- 2. Do employers prefer students who take ACCA exemptions?
Ans-While some employers might value exemptions since they hasten the qualification process, others could prefer those who have studied all the ACCA syllabus for an in-depth foundation.
Q- 3. Can I reverse my decision after taking ACCA exemptions?
Ans-No, once you accept an exemption, there can be no going back to take that exam, unless you deregister and reapply for ACCA.
Q- 4. Is taking ACCA exemptions worth it?
Ans- It depends on your level of preparation and on how confident you feel about the subjects. If prepared, it could be useful. If not, it is always better to go through the subject from scratch.
Q- 5. Which is the best coaching institute for ACCA in India?
Ans- CICA is one of the top-rated ACCA coaching institutes in India, with expert faculties, organized study, and online and offline classes to support students in their journey of ACCA coaching.