Detailed guide about time limits for ACCA exams
- 19th August 2021
- Online Learning
The ACCA qualification is perfect for candidates who want a successful career in finance management and accountancy.
Numerous topics are covered in an ACCA course such as Business accounting, financial accounting, taxation, financial reporting, business and corporate law etc. After an ACCA exam, you’ll be eligible for a number of jobs across several industries as every industry is in constant need of trained and qualified accountants. You could also work independently and carry out your own business.
A minimum course for ACCA lasts for about two to three years.
What is the 7 year rule in ACCA?
The seven year rule in ACCA means that a student has 7 years to write and pass the Strategic Professional exams. If a student reaches the affiliate status within 7 years but does not pass all the strategic professional exams, then they lose all strategic professional passes achieved within those seven years. In such a situation, the candidate needs to retake the tests to complete their qualification.
For example, let’s consider a student who has passed their Advanced Financial Management paper in December 2013They will then have 7 years to complete all the Strategic Professional exams. After December 2020, the advanced papers will expire and the student has to resit the test to earn the qualification.
Why is the 7 year rule important in ACCA?
The 7 year rule applies to all ACCA students and is therefore fair and equal for all students. It’s also practiced because most employers want the ideal candidate to stay up to date and have the relevant knowledge in the field. A time limit ensures professionals to reapply and stay updated with their skills.
Prompt completion of examinations also reflect an individual’s commitment to becoming a professional. Many students may also come across employers who have their own specific company policies regarding completion of exams.
How do you know if you are affected as a student?
The seven year rule is mandatory for everyone. If the first eligible exam was taken in December 2015 or before that, you had a ten year time limit to finish your qualification and completeall the exams.
If your situation is similar to this, you will not lose your results before your ten year periodis over. After finishing ten years, you may lose any Strategic professional result that is more than seven years old and you will have to rewrite the exams.
What is the impact of syllabus change in ACCA?
All exam results and exemptions that were gained before September 2018 will be converted to a strategic professional pass and will maintain the existing expiration dates.
Students that passed both P1 and P3 level examinations will be given a converted pass for the exam of a strategic business leader.
What is the time period for finishing the ACCA programme?
In most cases, there are 4 exam sessions each year. Every student can appear for a maximum of 4 exams for each session. Students are also eligible for a maximum of 8 different exams for each calendar year. Therefore, a student can finish all of the exams in a period of 2 years.
Students need 3 years practical experience before becoming an ACCA member. They will also require three years experience to be considered a qualified professional accountant.
Are you looking for professional programmes to update your skills? Check out the ACCA and several other programs offered by the London School of Business and Finance (LSBF) both on-campus and online. Regardless of which classroom mode you choose, you can enjoy full access to their online platform called Canvas.
These programmes are designed to distinguish you from other finance or accounting professionals. You’ll gain all the practical skills that employers look for across industries. LSBF also offers a full range of high-quality study material and resources that are curated to accelerate your career path. Enrol on a programme today.
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