Did you know that people with specific qualifications are exempted from taking a few exams in the ACCA exam? These are known as exemptions, and ACCA Global added them to help the aspirants begin their studies with an equivalent level of knowledge and skill.
However, the process of awarding exemptions is not as straightforward as it seems. The candidates are tested on the basis of their skills and knowledge before claiming any exemptions.
The following article shall highlight the ACCA exemptions students can look for.
Most Common ACCA Exemptions in India
To gain a better understanding, we have segregated the exemptions as per the most common qualifications in India.
Exemptions for BBA Graduates
F1- Business and Technology
Exemptions for B.Com and M.Com Graduates
F1- Business and Technology
F2- Management Accounting
F3- Financial Accounting
F4- Corporate and Business Law
Exemptions for MBA Graduates
F1- Business and Technology
F2- Management Accounting
F3- Financial Accounting
Exemptions for Students who have Cleared CA IPCC
F1- Business and Technology
F2- Management Accounting
F3- Financial Accounting
F4- Corporate and Business Law (additional for B.Com/M.Com graduates)
F6- Taxation
F8- Audit and Assurance
Note– No exemptions are provided for the students who have only cleared the Foundation exam of CA.
Exemptions for Qualified CA
F1- Business and Technology
F2- Management Accounting
F3- Financial Accounting
F4- Corporate and Business Law
F5- Performance Management
F6- Taxation
F7- Financial Reporting
F8- Audit and Assurance
F9- Financial Management
Exemptions for Qualified CS
F4- Corporate and Business Law
Exemptions for Qualified CMA
F1- Business and Technology
F2- Management Accounting
F3- Financial Accounting
F4- Corporate and Business Law
F5- Performance Management
F8- Audit and Assurance
F9- Financial Management
Exemptions for AAT Level 4 Students
F2- Management Accounting
F3- Financial Accounting
Note–Qualified AAT Level 4 students are exempted from three papers under Applied Knowledge.
Exemptions for CAT Graduates
Students that have cleared CAT are exempted from Knowledge Module (3 papers). They can directly prepare for the Skills Module (6 papers).
Scenarios where ACCA Exemptions are not Permissable
The following are the scenarios where ACCA exemptions are not awarded:
- For any work experience
- For Strategic Professional exams of ACCA
- For any post-professional qualifications
Is there any Fee for ACCA Exemptions?
A certain amount of fee is payable for each exemption. This is mainly for the institute to assess the exemption candidates and to give the exemptions to qualified personnel.
What is the Process of Claiming ACCA Exemptions?
The process of claiming exemptions for ACCA is quite straightforward. All one requires are the necessary documents, including the qualification certificates in the English language. Once the paperwork is done, one can claim the exemptions from the official ACCA Global website itself.
Conclusion
ACCA exemptions can be the quickest way to qualify for the exams, especially if one has any prior educational background. While the exemptions aren’t applicable in the Professional exams, one can use them to facilitate their journey of becoming a qualified ACCA.