ACCA exams breakdown

The ACCA qualification requires passing up to 13 exams, often called “papers,” across three levels: Applied Knowledge, Applied Skills, and Strategic Professional. Each paper covers different accounting principles, and the rigorous process is designed to ensure business professionals have the knowledge and training needed for high-stakes accounting and finance roles.

The ACCA certification is recognized in over 180 countries, with particular strength in the U.K., Europe, Asia, and Africa, and can be a powerful asset for U.S.-based finance professionals pursuing positions with an international reach.

How the ACCA certification works

The Association of Chartered Certified Accountants (ACCA) is the organization behind the ACCA certification, a globally recognized accounting qualification that encompasses both public practice and private management accounting.

As an internationally accredited institution, the ACCA provides a wide range of qualifications and diploma programs in partnership with leading universities. For U.S. professionals, the ACCA can act as a complement to a Certified Public Accountant (CPA) license and open paths to global accounting opportunities.

The full ACCA certification is a comprehensive process that requires candidates to complete up to 13 challenging examinations, though their educational background and other licenses may allow them to take an accelerated path. Each ACCA exam covers fundamental areas of accounting, including management accounting, financial accounting, taxation, business valuation, audit practices, and relevant legal frameworks. This well-rounded curriculum prepares ACCA-certified professionals with expertise that aligns with many accounting and finance positions across industries. The ACCA can prepare you for a career at a large international firm or bank, government agency, or personal accounting practice.

General ACCA requirements

To achieve full ACCA certification, you must:

1. Attain minimum qualifying scores in mathematics, English, and other courses during secondary education, or meet other educational requirements sufficient for registration
   1. In the U.S., individuals with grades of 3 or above on at least three Advanced Placement (AP) tests and a high school diploma, an associate’s degree, or who are attending a university program (bachelor's or master’s) may apply.
2. Complete the designated ACCA qualification levels and required exams.
   1. Note: Up to 9 of the 13 ACCA exam papers may be exempted for students holding relevant degrees in accounting or finance. Exemptions only apply to the Applied Knowledge and Applied Skills levels. All four Strategic Professional papers must always be taken.
3. Accumulate three years (36 months) of relevant professional experience in accounting, finance, or business valuation as part of the ACCA certification process.
4. Successfully finish a specialized ethics and professional skills module developed by ACCA (also known as the ACCA EPSM). This must be done ahead of completing the Strategic Professional level.

For the three-year Practice Experience Requirement (PER), candidates must demonstrate competence across nine performance objectives:

Mandatory objectives:

1. Ethics and professionalism
2. Stakeholder relationship management
3. Strategy, innovation, and sustainable value creation
4. Governance, risk, and control
5. Leadership and management

Choose one of four out of 17 technical objectives:

Corporate and business reporting

1. Record and process transactions and events
2. Prepare external financial reports
3. Analyze and interpret financial reports

Financial management

1. Evaluate investment and financing decisions
2. Manage and control working capital
3. Identify and manage financial risk

Management accounting

1. Evaluate management accounting systems
2. Plan and control performance
3. Monitor performance

Taxation

1. Tax computations and assessments
2. Tax compliance and verification
3. Tax planning and advice

Audit and assurance

1. Prepare for and plan the audit and assurance process
2. Collect and evaluate evidence for an audit or assurance engagement
3. Review and report on the findings of an audit or assurance engagement

Advisory and consultancy

1. Business advisory
2. Data, digital, and technology
3. Data analysis and decision support

Choose Technical objectives aligned with your role for greater success. Focusing on objectives most relevant to your daily tasks makes it easier to accomplish your performance goals. Remember that you’ll need to explain and justify your experience and how it aligns with your objectives at choice.

It typically takes between two and four years to obtain the ACCA license. Qualifying significantly enhances your profile for global business, international finance, and cross-border accountancy positions.

Is the ACCA recognized in the U.S.?

Currently, the ACCA is not formally recognized in the U.S. by the American Institute of Certified Public Accountants (AICPA) and cannot be used in place of the CPA. However, some CPAs in the U.S. choose to pursue the ACCA to open new global financial opportunities (in fact, holding a qualifying accounting degree dramatically shortens the ACCA certification process, allowing you to bypass the Applied Knowledge and Applied Skills exams in many cases). The exact exemptions awarded depend on your specific educational background and are assessed on an individual basis: the CPA credential itself does not automatically grant ACCA exemptions. Visit ACCA's exemptions page to check your eligibility.

Some ACCA holders from other countries also choose to move to the U.S. to pursue opportunities in innovation hubs such as New York, San Francisco, Chicago, and Atlanta. The ACCA website has more information on moving to the U.S. as an international accountant, including educational and immigration resources.

ACCA exams list

Earning the ACCA qualification is a comprehensive process that spans years, so it’s important to understand how the certification is structured and how to prepare properly. Those who are starting without a university degree or with limited experience in finance can take the Applied Knowledge exams, which serve as a crash course in accounting and business concepts. Next up are the Applied Skills and Strategic Professional levels, which help entry-level accountants take the next step in their careers.

ACCA Applied Knowledge

The three Applied Knowledge exams cover the core principles of accounting and business. They are administered online and taken on demand, meaning you do not need to register by a certain date.

• Business and Technology (BT): Introduces the basics of accounting, governance, ethics, and the external business environment.
• Management Accounting (MA): Covers budgeting, cost accounting, and performance management.
• Financial Accounting (FA): Focuses on financial reporting, bookkeeping, balance sheets, and financial statements.

Candidates with a bachelor’s degree in a related field or other qualifications may be eligible for exemptions, though they will need to pay a fee per exempted exam to continue in the ACCA process.

ACCA Applied Skills

Six Applied Skills exams build on the knowledge of the first level, focusing on key technical skills. Unlike Applied Knowledge, Applied Skills exams are administered during specific months (March, June, September, and December), and candidates usually must sign up four to five weeks before the exam date to secure a spot. Additionally, ACCA’s guidance states that only the Applied Skills and Strategic Professional exams (limited variants) will be available during the March and September exam sessions, while all variants are available in June and December:

• Corporate and Business Law (LW): Examines legal principles and introduces concepts in contract, company, and employment law.
• Performance Management (PM): Develops familiarity with cost and management accounting techniques for decision-making and performance evaluation.
• Taxation (TX): Covers tax systems, particularly those in the U.K., including personal, corporate, and VAT taxes.
• Financial Reporting (FR): Focuses on financial reporting knowledge, including International Financial Reporting Standards (IFRS).
  • Note that in the U.S., Generally Accepted Accounting Principles (GAAP) are generally used, so you must familiarize yourself with a new system if pursuing ACCA.
• Audit and Assurance (AA): Enhances knowledge of auditing processes, assurance engagements, and compliance.
• Financial Management (FM): Covers business finance, risk management, and investment appraisal.

Like the Applied Knowledge exams, qualified professionals can pay to be exempt from these tests.

ACCA Ethics and Professional Skills (EPSM) module

Finally, the ACCA Ethics and Professional Skills module (EPSM) is a mandatory course that enhances candidates’ communication, leadership, and ethical decision-making skills. The EPSM must be completed before you can qualify as an ACCA affiliate or member. ACCA strongly recommends completing it before attempting Strategic Professional exams, as the skills it develops directly support success at that level.

ACCA Strategic Professional

The final level, Strategic Professional, consists of four exams. Two are mandatory, while the final two are chosen by the applicant from four options, depending on the area they specialize in. Like the Applied Skills tests, these are also session-based exams administered during the ACCA testing periods:

• Strategic Business Reporting (SBR): A case-study-based test focused on advanced financial reporting, including applying IFRS, consolidations, and ethical considerations.
• Strategic Business Leader (SBL): Assesses strategic leadership, governance, risk management, and business decision-making.

Candidates then must choose two of the four Option exams:

• Advanced Financial Management (AFM): Further develops expertise in strategic financial and accounting management.
• Advanced Performance Management (APM): Expands knowledge of business strategy skills.
• Advanced Taxation (ATX): Enhances skills in complex taxation issues.
• Advanced Audit and Assurance (AAA): Prepares professionals for high-level auditing and assurance responsibilities.

These are among the most important exams in the process, designed to develop advanced-level skills and promote ethical judgment.

The full suite of exams covers nearly every key area of accounting, ensuring professionals with the ACCA title are fully prepared to take on any case and client. It’s important to be clear that the main levels of the core ACCA qualification are not independent, standalone certifications. Instead, they are progressive stages of a single integrated program, though diplomas are awarded as you progress: the ACCA Diploma in Accounting and Business at the Applied Knowledge stage and the Advanced Diploma in Accounting and Business at the Applied Skills stage. (Confirm the exact award requirements for each diploma on ACCA’s qualification-structure page.) Within each level, exams can be taken in any order; however, you cannot move on to the next level of tests without completing all assessments in the prior level beforehand. You may sit exams of different levels in the same cycle if your timeline lines up.

ACCA pass rates

Data from recent testing sessions show that the ACCA exams have a wide range of success rates, corresponding to their overall difficulty:

Applied Knowledge:

Applied Skills:

Strategic Professional:

The exams get progressively more difficult the further along in the process you go, with Strategic Professional exams having the lowest pass rates, making targeted, intentional preparation necessary at every level.

ACCA exam dates

The ACCA exams can be broadly divided into two categories: on-demand and session-based. All Applied Knowledge exams can be taken at any time during the year; results are available immediately at the end of the exam and posted to your account shortly afterward. All exams after this level, Applied Skills and Strategic Professional, must be taken during one of four exam sessions held over a few days in March, June, September, and December (note that in the U.K., the Corporate and Business Law, or LW, exam is taken on demand). Note that the ACCA limits candidates to a maximum of four exams per exam session. This is a practical constraint that affects study planning, especially for candidates trying to complete the qualification quickly.

Results for these tests are released within six weeks of the test date.

All exams are administered on a computer (also called computer-based exams, or CBEs) at testing centers. Exam centers that administer the ACCA are located in over 100 countries worldwide. In rare cases, examinees may take their ACCA tests remotely if there is no nearby testing site. Candidates looking to schedule their exams should visit the ACCA’s exam timetables and administration page for upcoming dates.

ACCA exam results

As mentioned, the timeline of your ACCA exam scores release will depend on which level of exams you’re taking:

• Scores for on-demand Applied Knowledge (and the Applied Skills LW exam if in the U.K.) are displayed immediately after the test ends
• Scores for session-based Applied Skills and Strategic Professional assessments are sent to candidates within six weeks of the test date

Each exam is scored out of 100 marks, and a minimum passing score of 50% is required.

Do ACCA exams expire?

It depends on the exam: entry- and mid-level exams do not expire. However, a “seven-year rule” applies to Strategic Professional tests, which states that candidates have seven years to pass all final exams after passing their first Strategic Professional assessment. This rule is in place to ensure that employers can be confident that students have the most relevant, up-to-date knowledge as they reach senior levels.

Are ACCA exams open-book?

No, ACCA exams are currently closed-book. Formula sheets and accounting tables are provided on the computer-based exam platform for easy reference, allowing students to focus on applying the information in context rather than memorizing formulas. Physical books or personal notes are strictly prohibited.

As part of the planned 2027 changes to exams and the certification process, the ACCA has signaled a move toward providing test-takers with access to reference materials from the ACCA Study Hub. Candidates should always confirm the exact format for their sitting on ACCA’s official channels.

ACCA exam fees

ACCA exam fees vary by country, session, and exam type, and ACCA revises them each session. Always check the current rates before you budget.

Approximate recent U.S. figures are:

Additionally, students should be prepared to pay a £89 registration fee and a £140 annual subscription fee to maintain good standing with the ACCA. Before embarking on your certification journey, ensure that you are properly budgeting for your exam and preparation fees based on your current and expected income.

Preparing for the ACCA exams

Studying for the ACCA qualification can be an intense but flexible process. Candidates are allowed to choose from:

• Distance learning
• Online revision via ACCA-X, the learning platform
• Revision courses
• Full-time courses
• Part-time/weekend courses

The ACCA partners with learning companies and educational institutions worldwide, including many U.S.-based university partnerships. Knowing about these partnerships is helpful both for domestic ACCA candidates and those moving to the U.S. from abroad.

Future of the ACCA exams

Starting in mid-2027 (the Knowledge level from July 2027, with later levels following from September 2027), the ACCA plans to implement major changes to its exams and certification process, reducing the main route from 13 exams to 11. These updates are meant to better represent the needs of today’s business leaders. The exams will be divided into three sections:

• Knowledge level: Financial Accounting, Management Accounting, and Business Law
• Expertise level: Taxation; Financial Reporting; Audit, Risk, and Control; Finance and Investment; and Performance with Data Analysis
• Strategic Professional level: S1 Business and Sustainability Reporting, Strategic Business Leader, and one option chosen from the following five:
  • Audit and Assurance Professional
  • Corporate Finance Professional
  • Data Science Professional
  • Performance and Insights Professional
  • Taxation Advisory Professional

These changes are meant to keep pace with the rapidly evolving technological and financial landscape and make the qualification more relevant to modern professionals. Interested candidates are advised to keep up with the latest updates on the ACCA’s official website.

Closing thoughts

The demand for skilled finance professionals continues to grow, and for those aiming to build international careers, the ACCA offers pathways to rewarding roles at multinational organizations. It’s an ideal license if you want the flexibility to practice accounting across diverse sectors worldwide.

When pursuing your certification, plan ample time for exam preparation, meet the work experience requirements, and ensure you have the resources to invest in this respected credential. The ACCA process requires significant investment, but the global opportunities it unlocks can make it well worth your while. Familiarize yourself with today’s requirements and be ready for the new ACCA if you plan to qualify further down the road.