What are the 13 ACCA exams?

If you’re thinking about studying ACCA, one of the first questions you’ll probably ask is, “What exams do I need to take?”

The ACCA qualification is made up of 13 exams, split across three levels: Applied Knowledge, Applied Skills, and Strategic Professional. Together, they develop the technical knowledge, practical skills and strategic thinking needed to become a Chartered Certified Accountant.

If you’ve already completed another accounting qualification, such as the AAT Level 4 Diploma in Professional Accounting, you may also be eligible for exemptions, reducing the number of ACCA exams you’ll need to sit.¹

In this guide, we’ll explain what each ACCA exam covers, how the qualification is structured, and what you can expect as you progress through your studies.

ACCA exams at a glance

There are 13 ACCA exams in total. They are split across three levels:

You’ll also complete the Ethics and Professional Skills module, which is compulsory for ACCA membership but isn’t counted as one of the 13 exams.¹

ACCA exam summary

*Exam lengths and formats are subject to change. Always check the latest ACCA guidance before booking your exam.¹

Applied Knowledge exams

Purpose

Applied Knowledge is the first level of ACCA. It introduces the fundamental principles of accounting, finance and business, providing the knowledge you’ll build on throughout the rest of the qualification.

There are three compulsory exams at this level.

Business and Technology (BT)

Business and Technology introduces the business environment and explores how organisations operate.

You’ll learn about:

• different types of organisations
• business structure and governance
• leadership and management
• technology in business
• ethics and professional behaviour.

This exam gives you a solid understanding of how businesses function before moving into more technical accounting topics.

Management Accounting (MA)

Management Accounting focuses on how financial information helps organisations make better decisions.

Topics include:

• costing techniques
• budgeting
• forecasting
• performance measurement
• decision making.

You’ll learn how accountants support managers by providing accurate financial information to improve business performance.

Financial Accounting (FA)

Financial Accounting introduces the principles behind financial reporting.

During this exam you’ll cover:

• double-entry bookkeeping
• preparing financial statements
• accounting concepts
• recording financial transactions
• interpreting financial information.

These are the core technical skills that underpin almost every accounting role.

Applied Knowledge exam format

Applied Knowledge exams are computer-based and use objective test questions.

Question styles include:

• multiple choice
• multiple response
• number entry
• drag and drop
• gap fill
• scenario-based questions.

Each exam lasts two hours, and you’ll need to achieve 50% to pass.¹

Things to remember

Applied Knowledge exams are designed to test your understanding of accounting fundamentals rather than your ability to memorise facts.

Because there are plenty of questions to answer within the time available, practising mock exams is one of the best ways to build confidence and improve your speed before exam day.

Applied Skills exams

Purpose

Applied Skills builds on the knowledge gained in the first level and develops the practical and technical skills required by professional accountants.

There are six compulsory exams at this stage.

Corporate and Business Law (LW)

Corporate and Business Law introduces the legal framework that businesses operate within.

You’ll learn about:

• contract law
• company law
• employment law
• corporate governance
• legal responsibilities.

The aim isn’t to turn you into a lawyer, but to help you recognise legal issues and know when specialist advice is needed.

Performance Management (PM)

Performance Management develops your ability to use accounting information to support business planning and decision making.

You’ll study:

• budgeting
• variance analysis
• performance measurement
• strategic planning
• management information.

This paper focuses on helping organisations improve efficiency and achieve their objectives.

Taxation (TX)

Taxation introduces the UK’s tax system and how it applies to both individuals and businesses.

You’ll learn about:

• income tax
• corporation tax
• VAT
• capital gains tax
• inheritance tax.

You’ll also learn how tax influences financial decisions and business planning.

Financial Reporting (FR)

Financial Reporting develops your understanding of accounting standards and financial statements.

Topics include:

• preparing financial statements
• consolidated accounts
• accounting standards
• analysing financial performance.

This is one of the most important papers within ACCA because many later subjects build on the knowledge gained here.

Audit and Assurance (AA)

Audit and Assurance focuses on the audit process and the responsibilities of professional auditors.

You’ll learn:

• audit planning
• risk assessment
• internal controls
• gathering audit evidence
• reporting findings.

Rather than simply recalling knowledge, you’ll need to apply it to realistic business scenarios.

Financial Management (FM)

Financial Management develops the skills needed to make strategic financial decisions.

You’ll study:

• investment appraisal
• business finance
• working capital
• risk management
• business valuation.

These are key skills for anyone looking to progress into senior finance positions.

Applied Skills exam format

Applied Skills exams combine objective test questions with longer written responses.

Compared with Applied Knowledge, the exams are more scenario-based and place greater emphasis on applying your knowledge rather than simply recalling facts.

You’ll often be asked to explain your reasoning, analyse information and demonstrate professional judgement.

Things to remember

Many students choose to study Financial Reporting before Audit and Assurance, or study them alongside each other.

Having a solid understanding of financial reporting makes it much easier to understand the audit process and apply audit procedures effectively.

Strategic Professional exams

Purpose

Strategic Professional is the final stage of the ACCA qualification. It brings together everything you’ve learned so far and focuses on applying your technical knowledge in realistic business situations.

At this level, you’ll develop the strategic thinking, leadership and professional judgement expected of a qualified accountant.

You’ll sit two compulsory exams and choose two optional papers to suit your career goals.

Strategic Business Leader (SBL)

Strategic Business Leader is a case study-based exam that reflects the challenges faced by senior finance professionals.

You’ll develop skills in:

• strategic planning
• leadership
• governance
• risk management
• ethics
• business analysis.

Rather than answering isolated questions, you’ll work through a realistic business scenario and demonstrate how you’d solve problems as a finance professional.

Strategic Business Reporting (SBR)

Strategic Business Reporting builds on the Financial Reporting paper and develops your ability to apply accounting standards in complex business situations.

You’ll learn how to:

• interpret financial information
• apply professional judgement
• evaluate financial reporting issues
• communicate recommendations to different stakeholders.

This paper focuses on the “why” behind accounting decisions, rather than simply preparing financial statements.

Strategic Professional option papers

After completing the compulsory papers, you’ll choose two of the following four options.

Advanced Financial Management (AFM)

Ideal if you’re interested in corporate finance, treasury or investment management.

You’ll study topics including:

• business valuation
• mergers and acquisitions
• risk management
• advanced investment appraisal
• financial strategy.

Advanced Performance Management (APM)

A good choice if you’d like to work in commercial finance or business strategy.

Topics include:

• strategic performance measurement
• business analysis
• organisational performance
• decision making
• strategic planning.

Advanced Taxation (ATX)

If you enjoy tax and want to specialise, this is the paper for you.

You’ll develop advanced knowledge of:

• personal taxation
• corporate taxation
• inheritance tax
• VAT
• tax planning.

Advanced Audit and Assurance (AAA)

Advanced Audit and Assurance is designed for students planning a career in audit or assurance services.

You’ll build on the Audit and Assurance paper by exploring:

• complex audit engagements
• professional ethics
• quality management
• risk assessment
• current developments in auditing.

How do you choose your option papers?

There isn’t a “best” combination – it depends on where you want your career to go.

You might consider:

• Auditor: Advanced Audit and Assurance (AAA) + Strategic Business Reporting (core)
• Tax specialist: Advanced Taxation (ATX)
• Finance Director or CFO: Advanced Financial Management (AFM) + Advanced Performance Management (APM)
• Commercial finance: Advanced Performance Management (APM) + Advanced Financial Management (AFM)

Choose the papers that best align with your interests and long-term career ambitions.

Ethics and Professional Skills module

Alongside the 13 ACCA exams, you’ll also complete the Ethics and Professional Skills module.

Although this isn’t counted as one of the 13 exams, it’s a compulsory part of becoming an ACCA member.¹

The module uses real-life business scenarios to help you develop the professional behaviours employers expect, including:

• ethical decision making
• communication
• commercial awareness
• leadership
• critical thinking.

ACCA recommends completing the module before beginning the Strategic Professional exams, as many of the skills are directly relevant to those papers.¹

Things to remember

Studying ACCA is a marathon, not a sprint.

Some tips to help you succeed include:

• Create a realistic study timetable and stick to it.
• Focus on understanding concepts rather than memorising answers.
• Practise plenty of mock exams under timed conditions.
• Read the examiner’s reports to understand common mistakes.
• Make use of tutor support whenever you need it.
• Build your confidence by revisiting weaker topics regularly.

Remember, every exam brings you one step closer to becoming a Chartered Certified Accountant.

Ready to start ACCA?

Whether you’re beginning your accounting career or progressing from AAT, ACCA is a globally recognised qualification that can open the door to a wide range of finance and accounting careers.

At Eagle Education, we offer flexible ACCA study options designed to fit around your work and personal commitments, with expert tutor support and high-quality learning materials to help you succeed.

Explore our ACCA courses to find the study method that’s right for you, or get in touch if you’d like advice on starting your ACCA journey.

Sources

1. ACCA. Qualifications, exams, exemptions and Ethics and Professional Skills module. Available at: https://www.accaglobal.com/