Why choose the ACA
Overview
The Institute of Chartered Accountants in England and Wales – ICAEW was established by royal charter in 1880.
The ICAEW is the oldest and largest chartered accountancy body in Europe with more than 181,000 members and students in over 148 countries. It is the most prestigious professional body for students who aspire to become qualified accountants.
Chartered accountants are the founders of the accountancy profession and have led its global development. Today they hold influential positions around the world as business leaders, decision-makers and trusted advisers. ACA members shape success, across industries.
ACA professionals are ever valued in the changing landscape of the VUCA world (volatility, uncertainty, complexity, and ambiguity) which demands:
- talented
- ethical
- committed professionals
- with unrivalled knowledge
- with skill and commitment
- to achieve the financial and strategic goals of businesses – with rigour, integrity and vision.
Key Benefits
- Gain access to world-leading information resources, technical guidance, member offers and discounts, advisory services and local member networks.
- Access a rigorously reviewed syllabus, frequently adjusted to address the true needs of professionals.
- Equip its members with the necessary technical and professional skills to confidently operate in uncertain economic conditions and adapt to technological changes.
- Helps employers retain high-quality employees, as well as develop a pipeline of future leaders.
- Offers members the big picture, as more accounting tasks become automated-ACA professionals can be trusted to advise organisations and clients to navigate complex business issues and decision-making.
- Assures the ICAEW members of a consistent protection of the quality and integrity of the accountancy profession, maintaining trust in your organisation.
Course Focus
To ensure the ongoing relevance of the qualification and ACA training in today’s changing commercial landscape, ICAEW has undertaken through consultation and research- to identify which professional skills are needed for the future chartered accountant. These are duly incorporated-as additional skills- to the rigorous technical knowledge assessed within each module.
Additional skills refer to:
- Adaptability– the ability to recognize that business is in a constant state of change and evolution, to be curious about this, and to be flexible and adjust thinking, approach or methods as required.
- Insight– the ability to analyse, interpret data and think critically to provide commercial insight.
- Collaboration– the ability to collaborate and consider diverse perspectives to create successful outcomes while being accountable for self.
- Perspective– the ability to take a holistic view of business issues and decisions, considering external stakeholder interests and enterprise-wide implications.
- Learning and reflection– the ability to reflect on experience, learn and change to be more efficient and effective.
All about exams
Course content/ Exam structure
- Exams consist of 15 Modules across a broad range of topics in accountancy, finance and business
- Exams are grouped under 3 levels: Certificate, Professional and Advanced
- Exams are designed to complement their practical work experience, so they constantly progress through the qualification
- They can be taken in any order with the exception of the Case Study, which has to be attempted last, within the final year of an ACA training agreement and once all other exams have been taken or received credit.
Explore each level:
There are six exams at this level that introduce the fundamentals of accountancy, finance and business.
- Students may be eligible for credit for some exams if they have studied a qualification ICAEW recognizes.
Modules:
Module aim
To ensure that candidates have a sound understanding of the techniques of double-entry accounting and can apply its principles in recording transactions, adjusting financial records and preparing non-complex financial statements.
On completion of this module, candidates will be:
- proficient in the use of double-entry accounting techniques and the maintenance of accounting records.
- able to identify and correct omissions and errors in accounting records and financial statements.
- able to specify the components of financial statements and prepare and present non-complex accounts for sole traders, partnerships and limited companies.
To ensure that candidates understand the assurance process and fundamental principles of ethics, and are able to contribute to the assessment of internal controls and gathering of evidence on an assurance engagement.
- explain the concept of assurance, why assurance is required and the reasons for assurance engagements being carried out by appropriately qualified professionals;
- explain the nature of internal controls and why they are important, document an organisation’s internal controls and identify weaknesses in internal control systems;
- select sufficient and appropriate methods of obtaining assurance evidence and recognise when conclusions can be drawn from evidence obtained or where issues need to be referred to a senior colleague; and
- understand the importance of ethical behaviour to a professional and explain issues relating to integrity, objectivity, conflicts of interest, conflicts of loyalty, confidentiality and independence.
- identify the general objectives of businesses and the functions and tasks that businesses perform in order to meet their objectives;
- specify the nature, characteristics, advantages and disadvantages of different forms of business and organisational structure;
- identify the purpose of financial information produced by businesses, specify how accounting and finance functions support business operations, and identify sources and methods of financing for businesses and individuals;
- specify the role of the accountancy profession and why the work of the profession is important;
- identify the role that governance plays in the management of a business and specify how a business can promote corporate governance, sustainability, corporate responsibility and an ethical culture; and
- specify the impact on a business of the economic environment in which it operates.
- explain the nature of contractual agreements, the agency relationship and the consequences of negligence;
- understand the legal implications of incorporation, including the roles of shareholders and directors, and the main implications of insolvency law;
- identify instances of criminal behaviour that may be encountered by professional accountants; and
- identify other key areas in which the law affects the role and work of the professional accountant.
- establish the costs associated with the production of products and provision of services and use them to determine prices;
- select appropriate budgeting approaches and methods and prepare budgets;
- identify key features of effective performance management systems, select appropriate
- performance measures and calculate differences between actual performance and standards or budgets; and
- identify and calculate relevant data for use in management decision making.
- explain the general objectives of tax, the influences upon the UK system of tax, the different types of tax in the UK and recognise the ethical issues arising in the course of performing tax work;
- identify the obligations the UK system of tax imposes on taxpayers and the implications of noncompliance;
- calculate the amount of income tax owed by or owed to individuals and the amount of national insurance payable;
- calculate the amount of capital gains tax payable by individuals and the chargeable gains subject to corporation tax;
- calculate the amount of corporation tax payable by companies; and
- calculate the amount of VAT owed by or owed to businesses.
The next six exams build on the fundamentals and test students’ understanding and ability to use technical knowledge in real-life scenarios.
- The exams can be taken in March, June, September and December.
- Please note, the Business Planning alternative exams for banking and insurance are available at the June, September and December sittings.
Modules:
Module aim
To develop candidates’ understanding of the critical aspects of managing an assurance engagement (including audit engagements): acceptance, planning, managing, concluding and reporting.
On completion of this module, candidates will be able to:
- understand and advise on the regulatory, professional and ethical issues relevant to those carrying out an assurance engagement;
- understand the processes involved in accepting and managing assurance engagements;
- understand how quality assurance processes mitigate risks;
- plan assurance engagements in accordance with the terms of the engagements and appropriate standards; and
- conclude and report on assurance engagements in accordance with the terms of the engagements and appropriate standards.
- explain the contribution and inherent limitations of financial statements, apply the International Accounting Standards Board’s (IASB) conceptual framework for financial reporting and identify and explain key ethical issues;
- prepare and present financial statements from accounting data for single entities, whether organised in corporate or in other forms, in conformity with IFRS and explain the application of IFRS to specified single entity scenarios; and
- identify the circumstances in which entities are required to present consolidated financial statements, prepare and present them in conformity with IFRS and explain the application of IFRS to specified group scenarios.
Learning outcomes apply to non-specialised profit-oriented entities unless otherwise specified.
- identify capital requirements of businesses, assess financing options and recommend relevant methods of financing;
- identify the financial risks facing a business and the principal methods of managing those risks; and
- apply appropriate investment appraisal techniques taking into account other factors affecting investment decisions.
- recognise the ethical issues arising in the course of performing tax work and identify the obligations the UK system of tax imposes on taxpayers and the implications for taxpayers of non-compliance;
- calculate the capital gains tax payable by individuals and trustees;
- calculate the amounts of income tax owed by or owed to individuals and trustees;
- calculate the amounts of inheritance tax due on lifetime transfers and transfers on death by individuals, personal representatives and trustees;
- calculate the amounts of national insurance payable by individuals, businesses and companies;
- calculate the corporation tax liabilities of companies;
- calculate the amount of VAT owed by or owed to businesses; and
- calculate the amount of stamp taxes due in straightforward transactions.
- identify and analyse the consequences of a business’s current objectives, market position and direction;
- evaluate the likely consequences of strategic choices and recommend strategies to meet the objectives of a business; and
- recommend appropriate methods of implementing strategies and demonstrate how management information can be used subsequently to measure and monitor strategic performance.
To enable candidates to apply technical knowledge and professional skills to identify and resolve tax issues that arise in the context of preparing tax computations and to advise on tax-efficient strategies for businesses and individuals.
Candidates will be required to use technical knowledge and professional judgment to identify, explain and evaluate alternative tax treatments and to determine the appropriate solutions to taxation issues, giving due consideration to the needs of clients and the interaction between taxes.The commercial context and impact of recommendations will need to be considered in making such judgments, as will ethical and legal issues.
Prior knowledge
There are no regulations stipulating the order in which candidates must attempt this module.
However, candidates are strongly advised to complete both the Principles of Taxation module and the Tax Compliance module before attempting this module as the ability to prepare tax computations is required to be successful at this module.
Although technical topics by necessity flow through the three tax papers, a technical topic will not be retested in this module in a comprehensive computational question if it has already been tested in detail in either of the other two tax papers.
To enable candidates to apply technical knowledge and professional skills to identify and resolve technical compliance and ethical issues that arise in the context of the preparation and evaluation of financial and regulatory reporting and from providing audit and assurance services in the banking sector.
Prior knowledge
There are no regulations stipulating the order in which candidates must attempt this module.
However, candidates are strongly advised to complete the Financial Accounting and Reporting module and the Audit and Assurance module before attempting this module, as an understanding of financial reporting and auditing is required to be successful at this module.
- The Advanced Level exams can be taken in July and November.
- They are fully open book, so they replicate a real-life scenario where all the resources are at their fingertips.
Modules:
Module aim
To enable candidates to apply technical knowledge, analytical techniques and professional skills to resolve compliance and business issues that arise in the context of the preparation and evaluation of corporate reports and from providing audit services.
Candidates will be required to use technical knowledge and professional judgement to identify, explain and evaluate alternatives and to determine the appropriate solutions to compliance issues, giving due consideration to the needs of clients and other stakeholders. The commercial context and impact of recommendations and ethical issues will also need to be considered in making such judgements.
On completion of this module, candidates will be able to:
- formulate, implement and evaluate corporate reporting policies for single entities and groups of varying sizes and in a variety of industries. They will be able to discern and formulate the appropriate financial reporting treatment for complex transactions and complex scenarios.
- analyse, interpret, evaluate and compare financial statements of entities both over time and across a range of industries.
- explain the processes involved in planning an audit, evaluating internal controls, appraising risk, gathering evidence and drawing conclusions in accordance with the terms of the engagement.
- evaluate corporate reporting policies, estimates and disclosures in a scenario in order to be able to assess whether they are in compliance with accounting standards and are appropriate in the context of audit objectives.
- identify and explain ethical issues. Where ethical dilemmas arise, candidates will be able to recommend and justify and determine appropriate actions and ethical safeguards to mitigate threats.
To enable candidates to demonstrate quantitative and qualitative skills, in order to make realistic business recommendations in complex scenarios. Business awareness will need to be demonstrated at strategic, operating and transactional levels.
To achieve this aim, candidates will be required to use technical knowledge and professional judgement to apply appropriate models and to analyse data from multiple sources, including corporate reports, in order to evaluate alternatives and determine appropriate solutions.
On completion of this module, in a national or global context, and for a range of different business structures and industry scenarios, candidates will be able to:
- analyse and identify the external environment and internal strategic capability of an entity; evaluate the consequences of strategic choices; recommend strategies to achieve stakeholder objectives, recommend appropriate methods of implementing strategies and monitoring strategic performance; manage business risks; and advise on corporate governance.
- identify and advise upon appropriate finance requirements; evaluate financial risks facing a business and advise upon appropriate methods of managing those risks; provide valuations for businesses and securities; and advise upon investment and distribution decisions.
- identify and explain ethical issues. Where ethical dilemmas arise, candidates will be able to recommend and justify and determine appropriate actions and ethical safeguards to mitigate threats.
- interpret and apply corporate reporting information in evaluating business and financial performance; recognise and explain the corporate reporting consequences of business and financial decisions; apply corporate reporting information in appropriate models to determine asset, equity and entity valuations, demonstrating an understanding of the usefulness and limitations of accounting information in this context.
- appraise and explain the role of assurance in raising new equity and debt funding and in the subsequent monitoring of such funding arrangements; understand, explain and evaluate the role of assurance in selecting and implementing key business decisions including acquisitions and strategic alliances; understand and explain the role of assurance in financial and business risk management.
To ensure that candidates can provide advice in respect of complex business issues in the form of a written report.
- the core technical knowledge and skills and practical application acquired at the Certificate and Professional level;
- the technical, analytical, evaluative and integration skills from the Corporate Reporting and Strategic Business Management; and
- the advisory, judgemental and communication skills acquired through practical work experience undertaken during the training contract.
6+1 Reasons Why ACA® at UNIC Global Training
Professional & Reliable
With over 30 years+ of experience, earning the trust of the most lucrative and demanding corporate clients who chose us as their exclusive learning providers
Exceptional Pass Rates
Coupled with an incomparable learning experience and a high level of consistency
National & International Prizes
Proud of the extraordinary achievements of our students each year
Highly Rated Tutors
Our lecturing team is exceptional and inspiring
Extensive Study Resources
Are available for students in both digital and printed form
Flexible Delivery Model
Choose between classroom, live online and pre-recorded lectures or a combination of the above through our blended and hybrid models
Customer Service
We offer amazing support, guiding students on all matters required through their ACA journey
How to become an ACA
Follow the steps with UNIC Global Training
1.
Meet the Requirements2.
Enroll With UNIC Global TrainingEnroll With UNIC Global Training
Join UNIC Global Training and let us guide you every step of the way on your ACA journey
3.
Book your ACA Exam4.
Important Dates & FeesImportant Dates & Fees
5.
ACA MemberACA Member
You will be invited to join ICAEW as a member upon completion of your ACA exams.
Meet the Requirements
Entry Requirements:
One of the most popular entry routes into studying for the ACA is under a training agreement with an organisation that is an ICAEW authorised training employer. This means that you can learn and earn at the same time. Employers would usually expect a first or upper second class or any equivalent in a first Bachelor degree. It is not considered a prerequisite to have an Accounting related Bachelor degree.
Alternatively, you can also study for the ACA qualification as an ’independent student’, but you will not be able to complete your studies (or qualify as an ACA) without completing an approved period of work experience (usually 450 days). This can only be done if you are employed by an ICAEW authorised training employer and have entered into an ACA training agreement.
What is also noteworthy is that you don’t need a university degree for entry into the ACA program. You can start training towards the ACA straight after completing A-levels (or equivalent school-leaving certificates).
To find out whether your specific qualification meets the ACA Entry Requirements, please see the ICAEW website: https://www.icaew.com/regulation/qualifications/aca-entry-routes
Apply Online:
Once you have met the ACA Entry Requirements, you may apply to start your ICAEW qualification here.
The standard annual student fee is £180 + VAT (if applicable). This fee is paid on registration, where applicable, and then on 1 January each year. More info. here
Book your Exam
All exams are now computer-based and can be scheduled either at exam centres or through remote invigilation.
For more information on relevant exam application procedures please click here
Charter
You will be invited to join ICAEW as a member when you have completed your ACA exams, your professional work experience and development requirements as well as your Ethics and Professional Skepticism requirements. For more information click here.
Useful Links:
Below we have listed some useful ICAEW links:
ICAEW Student Support telephone number: 0044 1908 248 040
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