ACA

The ACA is an accounting qualification administered by the ICAEW. Being ACA qualified allows the bearer to be referred to as a 'Associate of The Institute of Chartered Accountants in England and Wales'. It is considered to be the premier accounting qualification available, noted for the difficulty of its examinations and the requirement to complete 3 years of technical work experience towards it.

The conventional route to qualifying as an ACA is through a 3-year training contract with an ICAEW accredited firm.

Structure

The ACA consists of 2 stages, the Professional Stage and the Advanced Stage, comprising 12 exams and 3 exams respectively.

The Professional Stage consists of knowledge modules which introduce you to the core concepts underpinning accountancy, and application modules which demonstrate how you can build on your knowledge in practice.

The Advanced Stage consists of two technical papers and a Case Study. Throughout the training process you will be working and therefore able to apply your new skills in the workplace.

The Professional Stage Modules are subdivided into individual Knowledge (K) and Application modules (A):

• Accounting (K) and Financial Accounting (A)
• Assurance (K) and Audit & Assurance (A)
• Principles of Taxation (K) and Taxation (A)
• Business Finance (K) and Business Strategy (A)
• Law (K) and Financial Reporting (A)
• Management Information (K) and Financial Management (A)

Knowledge stage exams are 1.5 hours long and Application stage exams are 2.5 hours long.

The Advanced Stage papers are:

• Business Reporting
• Business Change
• Case Study

The first two of these are designed to integrate the knowledge gained in the professional stage the give the trainee the skills necessary to reason based on circumstances. The case study focuses on giving advice, and is considered to be the hardest paper of all. It is the final paper you will sit.

The skills necessary for the professional stage and advanced stage differ greatly, where knowledge and numeracy play key roles in the professional stage, and reasoning, wording and language play key roles in the advanced stage.

Alternative Routes to ACA

Qualified members of ACCA, CIMA or CIPFA may apply to join the ICAEW through the Pathways to Membership programme. This allows holders of other accounting qualifications to obtain an ACA qualification without having to sit any formal exams.

Reference

Learn more about the ACA at the ICAEW ACA website, here.

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