ACCA FAQs: Skills Level
If you’re embarking on your ACCA (Association of Chartered Certified Accountants) journey, you’re about to dive into the exciting world of finance, auditing, taxation, and business management. But, like any educational pursuit, it comes with its fair share of questions. The ACCA syllabus is divided into 3 levels: Knowledge, Skills and Professional. This blog is your go-to resource for clarifying all those burning questions you might have about the ACCA Skills Level Papers.
So, fasten your seatbelts, because, by the time you finish reading this blog, you’ll be well on your way to acing those ACCA Skills Level Papers with confidence and clarity. Let’s get started on this journey to unlocking your potential in the world of finance!
What is ACCA?
The Association of Chartered Certified Accountants (ACCA) is a global professional qualification recognized in over 179 countries. It equips individuals with the knowledge and skills required for a cutting-edge career in the business & finance sector. With a strong emphasis on ethics, the ACCA qualification prepares candidates to excel in various sectors. According to ACCA Global, more than 500,000 ACCA-certified professionals work all over the world, including India, the UK, UAE, South Africa, and many more. Every year, more than 30,000 students start their ACCA journey in India.
Table Of Contents
Introduction
What is ACCA?
Audit & Assurance (AA) FAQs
Financial Management (FM) FAQs
Law(LW) FAQs
Performance Management (PM) FAQs
Tax (TX) FAQs
Audit & Assurance (AA) FAQs:
1. What is AA in ACCA?
In ACCA (Association of Chartered Certified Accountants), “AA” stands for Audit and Assurance. It is a skills-level paper that focuses on auditing principles, techniques, and processes. AA covers topics such as audit planning, risk assessment, internal controls, audit evidence, professional ethics, and reporting. This paper aims to develop an understanding of the auditing and assurance engagements conducted in various organisational and regulatory contexts. It equips learners with the knowledge and skills necessary to perform effective and ethical audits and provide reliable assurance services to clients.
2. Is AA ACCA difficult?
The difficulty of the ACCA Audit and Assurance (AA) exam can vary depending on the individual. It requires a comprehensive understanding of international auditing standards, ethical considerations, internal control systems, audit planning, and evidence gathering. Some candidates may find it challenging due to its analytical nature. However, with proper preparation, practice, and a strong grasp of the syllabus, many students have successfully passed the exam. The global pass rate for the AA paper is usually between 40 – 45%
3. How to study for AA ACCA?
Candidates can follow these strategies to effectively plan their AA studies:
– Understand the syllabus thoroughly.
– Review past exam questions and examiners’ reports.
– Allocate sufficient time for studying and revision.
– Practice solving a variety of questions.
– Take mock exams to simulate the real exam environment.
– Focus on comprehension and application of accounting principles rather than memorization.
– Stay organized, manage your time effectively, and maintain a disciplined study routine.
4. How long is the AA ACCA exam?
ACCA AA exam has a duration of 3 hours and an additional 10 minutes to read exam instructions. It is an Online Exam that consists of multiple-choice questions and case studies.
5. How difficult is ACCA audit and assurance?
The difficulty of the ACCA Audit and Assurance (AA) exam can vary depending on the individual. It requires a comprehensive understanding of international auditing standards, ethical considerations, internal control systems, audit planning, and evidence gathering. Some candidates may find it challenging due to its analytical nature. However, with proper preparation, practice, and a strong grasp of the syllabus, many students have successfully passed the exam. The global pass rate for the AA paper is usually between 40 – 45%
6. What is the difference between AA and AAA ACCA?
The difference between AA (Audit and Assurance) and AAA (Advanced Audit and Assurance) in ACCA lies in their level of complexity and depth. AA is a skills-level paper that covers foundational principles and practices of auditing, focusing on the fundamentals of planning, executing, and reporting on audit engagements. On the other hand, AAA is an optional professional-level paper that builds upon the knowledge gained in AA.
7. Is ACCA F8 difficult?
The difficulty of the ACCA Audit and Assurance (AA) exam can vary depending on the individual. It requires a comprehensive understanding of international auditing standards, ethical considerations, internal control systems, audit planning, and evidence gathering. Some candidates may find it challenging due to its analytical nature. However, with proper preparation, practice, and a strong grasp of the syllabus, many students have successfully passed the exam.
Financial Management (FM) FAQs:
1. Is ACCA FM hard? / Is ACCA FM difficult?
The difficulty of the ACCA Financial Management (FM) exam can vary depending on the individual. It requires a comprehensive understanding of areas like investment appraisal, working capital management, and risk management. Some candidates may find it challenging due to the analytical and problem-solving nature of the paper. However, with proper preparation, practice, and a strong grasp of the syllabus, many students have successfully passed the exam. The global pass rates are usually between 50 – 55%
2. What is FM paper in ACCA?
In ACCA (Association of Chartered Certified Accountants), the “FM” paper refers to Financial Management. It is a skills-level paper that focuses on equipping learners with knowledge and skills related to financial decision-making. FM covers areas such as investment appraisal, working capital management, risk management, and financial strategy. It is designed to develop competencies required for finance professionals to effectively manage financial resources and contribute to the strategic objectives of an organization.
3. What is F9 ACCA about?
In ACCA (Association of Chartered Certified Accountants), the “FM” paper refers to Financial Management. It is a skills-level paper that focuses on equipping learners with knowledge and skills related to financial decision-making. FM covers areas such as investment appraisal, working capital management, risk management, and financial strategy. It is designed to develop competencies required for finance professionals to effectively manage financial resources and contribute to the strategic objectives of an organization.
4. Is ACCA F9 easy?
The difficulty of the ACCA Financial Management (FM) exam can vary depending on the individual. It requires a comprehensive understanding of areas like investment appraisal, working capital management, and risk management. Some candidates may find it challenging due to the analytical and problem-solving nature of the paper. However, with proper preparation, practice, and a strong grasp of the syllabus, many students have successfully passed the exam. The global pass rates are usually between 50 – 55%
5. What is the salary of ACCA after F9 in India?
The salary of an ACCA (Association of Chartered Certified Accountants) professional after completing F9 (Financial Management) in India can vary widely depending on factors such as additional degree, experience, location, industry, and job role. As a general estimate, students having cleared Skills Level ( 9 papers of ACCA) are usually offered stipends between 3 – 5 lacs per annum while fully qualified ACCA Affiliates ( on completion of all 13papers) are offered start salaries between 5 – 7 lacs per annum.
6. Who got the highest marks in ACCA F9?
In general, the ACCA does not publicly disclose the names or scores of individuals who have achieved the highest marks in their exams. ACCA results are confidential, and individuals’ performance is not typically made public. Individual notifications are sent to the prizewinners across the globe by the ACCA body.
7. What is F7 vs F9 in ACCA?
In ACCA, “FR” stands for Financial Reporting, which focuses on the principles and practices of financial accounting and reporting, its analysis and interpretation. “FM” refers to Financial Management, covering areas like investment appraisal, working capital management, and risk management. It equips learners with skills related to financial decision-making and the efficient allocation of resources. Both are core papers, equipping learners with skills for financial decision-making.
9. How to prepare for ACCA Skills Level?
The ACCA qualification is a challenging but rewarding one, and there are many different ways to prepare for the exams. Three of the most popular modes are:
Classroom + Live-online: This mode combines the benefits of traditional classroom teaching with the flexibility of live online lectures. You’ll have the opportunity to learn from experienced ACCA tutors and interact with other students in real-time.
100% Live-online: This mode is ideal for students who want to study from home or on the go. You’ll have access to live online lectures, tutorials, recorded lectures, and other resources.
Self-paced: This mode is the most flexible, allowing you to study at your own pace and on your own time. You’ll have access to recorded lectures, practice questions, and other resources.
Corporate and Business Law (LW) FAQs:
1. What is ACCA F4?
ACCA F4, also known as the Corporate and Business Law, is a knowledge level paper in the Association of Chartered Certified Accountants (ACCA) qualification. It focuses on the legal and regulatory framework in which businesses operate, covering areas such as contracts, company law, and governance. It tests candidates’ understanding of legal principles and their application to practical scenarios in the corporate world.
2. Does ACCA have law?
Yes, the Association of Chartered Certified Accountants (ACCA) includes law as part of its qualification. ACCA offers a paper called Corporate and Business Law (F4) at the knowledge level. This paper covers legal principles and their application to business scenarios, providing ACCA students with a comprehensive understanding of the legal and regulatory framework in which businesses operate.
3. How long does it take to study LW ACCA?
The time required to study for ACCA’s LW (Corporate and Business Law) paper varies depending on individual factors such as prior knowledge, study routine, and availability. On average, students dedicate around 100-120 hours of study time to each ACCA paper. Assuming a consistent study schedule, it may take approximately 4-6 weeks to prepare for LW.
4. What is F4 in accounting?
ACCA F4, also known as the Corporate and Business Law, is a knowledge level paper in the Association of Chartered Certified Accountants (ACCA) qualification. It focuses on the legal and regulatory framework in which businesses operate, covering areas such as contracts, company law, and governance. It tests candidates’ understanding of legal principles and their application to practical scenarios in the corporate world.
5. Is ACCA F4 easy?
ACCA F4’s difficulty varies among students. Some find it easier due to practical nature and straightforward concepts, while others struggle with limited legal exposure. Success depends on dedication, understanding legal principles, and practicing real-world scenarios. Proper preparation enables many students to pass ACCA F4.
6. What is LW in ACCA?
ACCA F4, also known as the Corporate and Business Law, is a knowledge level paper in the Association of Chartered Certified Accountants (ACCA) qualification. It focuses on the legal and regulatory framework in which businesses operate, covering areas such as contracts, company law, and governance. It tests candidates’ understanding of legal principles and their application to practical scenarios in the corporate world.
7. Is ACCA F4 easy or hard?
ACCA F4’s difficulty varies among students. Most find it relatively easy due to practical nature and straightforward concepts, Success depends on dedication, understanding legal principles, and practicing real-world scenarios. Proper preparation enables many students to pass ACCA F4.
8. What are different variants in ACCA LW?
ACCA LW has different variants to cater to the legal frameworks of different countries. LW variants include following: 1. Global 2. English 3. Ireland 4. Hong Kong 5. Lesotho 6. Malaysia 7. Singapore 8. South Africa 9. Botswana 10. Cyprus 11. Malta 12. Russia 13. Vietnam 14. Zimbabwe
Performance Management (PM) FAQs:
1. What is PM in ACCA?
In ACCA, PM stands for Performance Management. It’s an applied skills level exam focusing on performance management techniques. It covers budgeting, variance analysis, performance measurement, and strategic business analysis. The exam evaluates candidates’ ability to apply these concepts in real-world scenarios to enhance organizational performance. Pass rates typically range between 37%-43%.
2. How do I pass the ACCA PM exam?
To pass the ACCA PM exam, one must follow these tips: 1) Understand the syllabus , exam format & examiner’s expectations thoroughly. 2) Study the key topics, including budgeting, variance analysis, performance measurement, and strategic business analysis. 3) Practice past exam questions to familiarize yourself with the question style and time management 4) Develop problem-solving and critical-thinking skills. 5) Appear for a minimum of 2 – 3 mocks on the ACCA Practice Platform to be hands on with the exam style.
3. How long is the PM ACCA exam?
ACCA PM exam has a duration of 3 hours and additional 10 minutes to read exam instructions. It is an Online Exam which consists of multiple choice questions and case studies.
4. Is ACCA performance management hard?
The difficulty of ACCA Performance Management (PM) exam can vary from person to person. It requires a solid understanding of concepts and the ability to apply them to real-world scenarios. Some candidates may find it challenging due to its quantitative nature and the need for analytical thinking. However, with proper preparation, practice, and a clear understanding of the syllabus, many students have successfully passed the exam. The global pass rates for this paper are usually between 35 – 40%
5. What is PM vs APM ACCA?
PM is an applied skills level exam while APM is optional professional level exam in the ACCA qualification. PM stands for Performance Management and focuses on performance measurement and management techniques. APM stands for Advanced Performance Management and covers strategic performance management concepts. APM builds upon the knowledge gained in PM, emphasizing strategic planning, risk management, and performance evaluation at an advanced level.
6. What is the structure of ACCA PM exam?
The ACCA PM exam is structured into three sections. Section A consists of 15 multiple-choice questions, each worth 2 marks, totaling 30 marks. Section B includes three case studies with 5 multiple-choice questions each, also worth 2 marks, adding up to 30 marks. Lastly, Section C features two detailed case studies, with each case study carrying 20 marks, making a total of 40 marks. The exam duration is 3 hours.
7. What is MA vs PM ACCA?
In ACCA, MA stands for management accounting, and PM stands for performance management. MA is a paper at the Knowledge Level, whereas PM is an advanced paper at the Applied Skills Level. Both papers cover topics such as cost classification, budgeting, variance analysis, performance measurement, and strategic management accounting. MA provides foundational knowledge, while PM focuses on enhancing analytical capabilities.
8. Is ACCA F5 on demand?
The PM (Performance Management) exam, also known as F5, is not an on-demand paper. Candidates are allowed four exam windows per year to take the exam. The ACCA exams are held in the months of March, June, September, and December annually. This schedule provides candidates with regular chances to attempt and pass the PM exam within the specified examination windows.
9. Why is ACCA F5 so hard?
The difficulty of ACCA Performance Management (PM) exam can vary from person to person. It requires a solid understanding of concepts and the ability to apply them to real-world scenarios. Some candidates may find it challenging due to its quantitative nature and the need for analytical thinking. However, with proper preparation, practice, and a clear understanding of the syllabus, many students have successfully passed the exam.
Tax (TX) FAQs:
1. How long is ACCA TX exam?
ACCA TX exam has a duration of 3 hours and additional 10 minutes to read exam instructions. It is an Online Exam which consists of Multiple Choice Questions & Case Studies
2. What is TX in ACCA?
In ACCA, TX stands for Taxation. It is an applied skills level exam that focuses on the principles and practices of taxation. TX covers topics such as income tax, corporation tax, value-added tax (VAT), and inheritance tax. The exam assesses candidates’ understanding of tax laws, their ability to calculate tax liabilities, and apply tax planning strategies. TX is essential for those pursuing a career in taxation or finance roles that involve tax compliance and advisory services.
3. What is the pass mark for ACCA TX?
One needs to score a minimum of 50 out of 100 marks to pass ACCA TX exam.
4. What is the total marks of ACCA tax paper?
The total marks of ACCA tax paper is 100 marks. To pass the exam, candidate needs to score minimum of 50 marks.
5. Is ACCA taxation easy?
The difficulty of ACCA Taxation (TX) exam can vary depending on the individual. It requires a comprehensive understanding of tax principles and the ability to apply them to complex scenarios. Some candidates may find it challenging due to the intricate nature of tax laws and the need for accuracy in calculations. However, with proper preparation, practice, and a strong grasp of the syllabus, many students have successfully passed the exam. The average pass rate for this paper is between 50 – 55% which is relatively higher than the other Skills Level Papers.
6. What are different variants in ACCA TX?
ACCA Taxation (TX) offers a wide range of variants that candidates can choose based on their national tax requirements. These variants encompass countries such as the UK, Zimbabwe, Malaysia, Hong Kong, Ireland, and many more. Each variant focuses on the specific tax laws and regulations of the respective country, providing candidates with a localized perspective on taxation. This ensures that ACCA students can acquire knowledge and skills relevant to their specific national tax systems, enabling them to apply tax principles effectively in their professional careers. Presently, there is no Indian Tax Variant and hence most students in India opt for the UK Tax Variant.
Ultimately, the best way to decide which mode is right for you is to speak to an ACCA coaching provider. They can assess your needs and help you choose the best mode for your learning style and budget.
Synthesis Learning is a leading provider of ACCA coaching in India. We offer all three modes of study: Classroom, 100% live-online, and self-paced. Our experienced tutors will help you to prepare for the Skills Level exams and to achieve your ACCA qualification.
Call us today at 9320007893 to learn more about our ACCA coaching programs and to find the right mode for you.
