ACCA FA FAQ
Answers to the most common questions about the ACCA Financial Accounting (FA) exam.
What is financial accounting?
Financial accounting is designed to produce standardized reports for external parties (such as investors, regulators, and public agencies) and strictly follows established accounting standards. This differs from managerial accounting, which focuses on internal measurement, analysis, and decision-making, though both financial accountants and management accountants typically work directly within firms or similar entities.
How can I take the ACCA FA exam?
The ACCA FA exam and other introductory-level tests are delivered both in-person and as on-demand, computer-based exams (CBEs), meaning students can register with the organization, pay the exam fee, and schedule their test at any time.
Regarding ACCA FA test dates, the exam is administered year-round at testing sites worldwide and can also be taken remotely at home with the proper setup. Note that for more advanced tests (Applied Skills and Strategic Professional), ACCA exams are delivered during specific quarterly timetables (in March, June, September, and December), which can be reviewed online in advance.
What is the order of the ACCA Applied Knowledge exams?
The ACCA Applied Knowledge (AK) exams are the first tests to complete in the full ACCA sequence. The Business and Technology (BT), Management Accounting (MA), and FA exams can be taken in any order, though experts recommend starting with BT or MA before moving on to FA. The AK tests open up training and internship opportunities for aspiring global accountants, while subsequent levels allow candidates to progress to more advanced roles.
What can I do with an ACCA title?
The ACCA qualification is widely recognized outside the U.S. and prepares accounting professionals for international careers in finance. Although it is not equivalent to the U.S. CPA license domestically, earning the ACCA designation alongside other licenses can strengthen credentials for those pursuing global business or cross-border accounting roles.
Typical roles held by ACCA-qualified professionals include:
- Management or Staff Accountant
- Financial Controller
- Finance Manager
- Auditor
- Tax Consultant
ACCA members work across a wide range of settings, including the private and public sectors, and in leadership roles within their own firms or consulting practices.
Do I need to take all 13 ACCA exams to practice as an accountant?
To qualify as a chartered certified accountant and use the ACCA designation, you need to pass all 13 exams and the Ethics and Professional Skills Module (EPSM). However, depending on your prior accounting or finance qualifications, you may be eligible for exemptions from up to 9 of these papers.
How long does it take to earn the full ACCA qualification?
In total, it takes about three to four years to obtain the full ACCA certification, including time for test preparation and completion of each exam level. To take each exam, you must have an active student membership with the ACCA, which costs about $180 for U.S. candidates. Fees and registration vary by region.
What is the ACCA retake policy?
If you fail an ACCA exam, you are allowed to retake the exam as many times as needed as long as you pay the requisite fees, though you must pass the Strategic Professional level papers within seven years. For on-demand Applied Knowledge exams, test-takers can usually retake them at any time and have virtually unlimited attempts to pass. For session-based exams, candidates must wait until the next available exam window for their retake.
Do I need a college degree to become an ACCA?
All ACCA candidates must meet certain education and performance requirements. For U.S.-based candidates, the ACCA is open to those who:
- Have completed high school AND scored a 3 or above on at least 3 Advanced Placement (AP) exams (any subject)
- Are attending or have matriculated in a bachelor's or master's program
- Hold an associate's degree
Basic proficiency in reading English and math is also a must-have. While a college degree is not necessarily required to register for the ACCA, a bachelor's or master's in a relevant field can help accelerate the process by allowing you to skip entry-to-mid-level ACCA papers. For those who do not meet these qualifications, are switching careers, or want more instruction in accounting fundamentals, the ACCA offers Foundations in Accountancy courses that award diplomas in specific areas.