How ACCA works
The ACCA qualification has 13 exams across 3 levels, plus an ethics module and practical experience. Here's everything you need to know - explained simply.
The big picture
Think of ACCA as a ladder with three rungs. Each level builds on the one before it.
Level 1: Applied Knowledge
Your foundation. These 3 papers teach you the building blocks of accounting and business. All are computer-based exams with objective-style questions - no written answers yet. Typical study time: 6-12 months for all 3 papers.
Your introduction to business organisations, their structures, governance, and the role of technology. Covers IT systems, internal controls, and professional ethics.
- Format: Computer-based exam (CBE)
- Duration: 2 hours
- Pass mark: 50%
- Questions: Multiple choice & multi-task questions
aCOWtancy tip: This is the most accessible starting paper. Focus on understanding concepts rather than memorising - the exam tests application, not recall.
Learn how organisations use financial information to plan, control, and make decisions. Covers budgeting, costing methods, variance analysis, and performance measurement.
- Format: Computer-based exam (CBE)
- Duration: 2 hours
- Pass mark: 50%
- Questions: Multiple choice & multi-task questions
aCOWtancy tip: This paper is heavily numerical. Practise calculations until they're second nature - speed matters in the exam.
The fundamentals of financial reporting - double entry bookkeeping, preparing financial statements, and understanding accounting standards for single entities.
- Format: Computer-based exam (CBE)
- Duration: 2 hours
- Pass mark: 50%
- Questions: Multiple choice & multi-task questions
aCOWtancy tip: Master the basics here and everything that follows in FR and SBR will make much more sense. Don't rush through this one.
Level 2: Applied Skills
The technical core. Six papers that deepen your expertise. From here, exams shift to written answers (except LW), so practising question technique becomes essential. This is where aCOWtancy's AI marking really helps. Typical study time: 12-24 months for all 6 papers.
Legal frameworks that affect businesses - contract law, employment law, company formation, corporate governance, and insolvency.
- Format: Computer-based exam (CBE)
- Duration: 2 hours
- Pass mark: 50%
- Questions: Multiple choice & multi-task questions
aCOWtancy tip: This is the only Applied Skills paper that's still objective-tested. Learn the legal principles and be ready to apply them to scenarios.
Building on MA, this goes deeper into management accounting techniques - activity-based costing, decision making, pricing, transfer pricing, and performance evaluation.
- Format: Computer-based exam (CBE)
- Duration: 3 hours
- Pass mark: 50%
- Questions: Constructed response (written answers)
aCOWtancy tip: This is where written answers begin. Practise structuring your responses clearly - the examiner can't give marks for things you're thinking but don't write down.
Income tax, corporation tax, capital gains tax, VAT, and national insurance. You'll learn to calculate tax liabilities and advise on tax-efficient strategies.
- Format: Computer-based exam (CBE)
- Duration: 3 hours
- Pass mark: 50%
- Questions: Constructed response (written answers)
aCOWtancy tip: Tax rates and rules change each year - always study from current materials. Past papers are useful for technique but the numbers will differ.
Preparing and interpreting financial statements using international accounting standards (IAS/IFRS). Covers single entities and simple groups.
- Format: Computer-based exam (CBE)
- Duration: 3 hours
- Pass mark: 50%
- Questions: Constructed response (written answers)
aCOWtancy tip: This builds directly on FA. Know your accounting standards inside out - the examiner loves testing whether you understand the why behind the rules, not just the mechanics.
The audit process from planning to reporting - risk assessment, audit evidence, internal controls, and professional ethics in an audit context.
- Format: Computer-based exam (CBE)
- Duration: 3 hours
- Pass mark: 50%
- Questions: Constructed response (written answers)
aCOWtancy tip: Think like an auditor. Every answer should show professional scepticism - what could go wrong, what evidence would you need, what's the risk?
Investment appraisal, business finance, working capital management, and risk management. The paper that connects accounting to real business decisions.
- Format: Computer-based exam (CBE)
- Duration: 3 hours
- Pass mark: 50%
- Questions: Constructed response (written answers)
aCOWtancy tip: A mix of calculation and discussion. Learn the formulas, but more importantly understand what the numbers mean for decision-making.
Level 3: Strategic Professional
The final stretch. Two compulsory papers (SBL and SBR) plus two optional papers from a choice of four. These exams test strategic thinking and professional judgement - this is where you prove you can think like a qualified accountant. Typical study time: 12-18 months for all 4 papers.
The flagship case study exam. You'll analyse a real-world business scenario (the pre-seen) and answer questions on strategy, governance, risk, technology, and leadership.
- Format: Computer-based exam (CBE)
- Duration: 4 hours
- Pass mark: 50%
- Questions: Case study with constructed response
aCOWtancy tip: This is unlike any other ACCA exam. Study the pre-seen material thoroughly before the exam - treat it like preparing for a board meeting. Our SBL pre-seen analysis tools are designed exactly for this.
Advanced financial reporting - complex group accounts, current issues in reporting, ethical and professional considerations, and analysis of financial information.
- Format: Computer-based exam (CBE)
- Duration: 3 hours 15 mins
- Pass mark: 50%
- Questions: Constructed response (written answers)
aCOWtancy tip: Build on your FR knowledge but think at a strategic level. The examiner wants to see you evaluate and advise, not just calculate.
Complex investment decisions, acquisitions, treasury management, and advanced risk management techniques.
- Format: Computer-based exam (CBE)
- Duration: 3 hours 15 mins
- Pass mark: 50%
- Questions: Constructed response (written answers)
aCOWtancy tip: Choose this if you enjoyed FM and want to go into corporate finance. Heavy on calculations but always needs strategic context.
Strategic performance measurement, management information systems, and evaluating performance management systems in complex business environments.
- Format: Computer-based exam (CBE)
- Duration: 3 hours 15 mins
- Pass mark: 50%
- Questions: Constructed response (written answers)
aCOWtancy tip: More discussion-heavy than numerical. Strong written communication skills are essential here.
Complex personal and corporate tax planning, cross-border taxation, and advising clients on tax-efficient strategies.
- Format: Computer-based exam (CBE)
- Duration: 3 hours 15 mins
- Pass mark: 50%
- Questions: Constructed response (written answers)
aCOWtancy tip: Choose this if you enjoyed TX. Very detailed - you need to know the rules precisely and apply them to complex multi-tax scenarios.
Complex audit scenarios, professional and ethical considerations, current issues in auditing, and reporting on assignments.
- Format: Computer-based exam (CBE)
- Duration: 3 hours 15 mins
- Pass mark: 50%
- Questions: Constructed response (written answers)
aCOWtancy tip: Choose this if you're heading for an audit career. You need to think and write like a senior auditor giving professional advice.
How options work: You must pass SBL and SBR (compulsory), then choose 2 out of 4 optional papers. Pick the ones that match your career goals - there's no wrong choice.
Beyond the exams
Passing all 13 exams isn't the finish line. You also need to complete these two requirements to become a fully qualified ACCA member.
Membership is granted only when exams, EPSM, and PER are all complete.
A self-paced online module you complete alongside your exams. It covers ethical dilemmas, professional behaviour, and communication skills. You must pass this to qualify - don't leave it until the end.
Start any time - ideally after you've passed a few Applied Skills papers.
You need 36 months of relevant work experience, supervised by an approved mentor, covering at least 9 of 13 performance objectives. You can complete this before, during, or after your exams.
Start logging as soon as you're in a relevant role. Don't wait until exams are done.
When can you sit exams?
ACCA runs four exam sessions per year. Most papers are available in all sessions, so you can plan around your schedule.
Feb - Mar
May - Jun
Aug - Sep
Nov - Dec
Tip: Applied Knowledge papers (BT, MA, FA) can be sat on-demand at any time - you don't need to wait for an exam session.
How long does it take?
It depends on you - your exemptions, study hours, and pace. Here are some common timelines.
Studying full-time or sitting 3-4 papers per year. Intense but achievable with dedication.
Most common route. 2-3 papers per year while working. Sustainable and realistic.
1-2 papers per year. Works well if you have a demanding job or other commitments.
If you have a relevant degree, you could be exempt from up to 9 papers. Check with ACCA.