How Many Exams for ACCA? A Complete Guide on Your Path to Becoming a Chartered Certified Accountant

When you decide to pursue a top-tier career in accounting, the name “ACCA” will definitely appear on your radar. As one of the world's most respected accounting qualifications, it's not just a certificate—it's a passport to the international financial stage.

But the question that often follows is: Exactly how many exams do I have to take? It sounds more like a marathon than a sprint. Don't worry; many successful CFOs and partners started right here.

In this article, we'll peel back the layers of the ACCA exam structure, give you the exact number, and explain what each stage tests. We will cover all levels, from foundational knowledge to strategic thinking, and provide practical study tips and information on exemptions. Ready? Let's get started.

What is ACCA? And Why Is It So Important?

ACCA stands for the Association of Chartered Certified Accountants. It's more than just a title; it's a globally recognized symbol of professional excellence and ethics in the financial field. Whether you're in London, Singapore, or Shanghai, an ACCA qualification signifies that you have mastered international financial reporting standards, strategic business planning, and professional ethical codes.

For employers, hiring an ACCA member means hiring a strategic thinker with a comprehensive set of business skills. This is why ACCA is often called the "global passport for finance and accounting professionals," capable of opening countless doors for your career.

The Core Question: How Many ACCA Exams Are There?

The short and direct answer is: you need to pass a maximum of 13 exams.

But that's not the whole story. ACCA’s curriculum is designed to be flexible, building your knowledge base progressively. These 13 exams are divided into three main levels, much like constructing a skyscraper—starting with a solid foundation and building up to the top floor.

Additionally, to officially become an ACCA member, you also need to complete the Ethics and Professional Skills Module (EPSM) and accumulate 36 months of relevant work experience (Professional Experience Requirement, PER).

Let's dive deeper into these three key exam stages.

Level 1: Applied Knowledge

This is your starting point, designed to build a solid foundation in financial and management accounting. If you're a complete beginner or transitioning from an unrelated field, this is where you begin. This level helps you understand how the business world works and the core role of accounting within it.

This level consists of 3 exams:

Business and Technology (BT/F1): This paper introduces you to how businesses operate in the modern commercial environment, including organizational structure, governance, and the accountant's role.
Management Accounting (MA/F2): You will learn how to process basic cost information to support management in budgeting, cost control, and decision-making.
Financial Accounting (FA/F3): You will master the principles of double-entry bookkeeping and learn to prepare basic financial statements and understand the fundamental principles of financial reporting.

After passing these three exams, you will be awarded the ACCA Diploma in Accounting and Business. It's like graduating from the beginner's level—you now have basic accounting knowledge and are ready for more complex challenges.

Level 2: Applied Skills

At this stage, you not only learn the theory but also how to apply this knowledge to solve real-world business problems. It's the critical transition from "knowing" to "doing," where you start thinking like a true finance professional.

This level consists of 6 exams:

Corporate and Business Law (LW/F4): Understand the legal framework in which businesses operate, including contract law, employment law, and corporate governance.
Performance Management (PM/F5): This is an advanced version of management accounting, focusing on using techniques like budgeting, variance analysis, and performance measurement to improve business performance.
Taxation (TX/F6): Learn about the main taxes in your country/region, including the calculation and compliance for income tax, corporate tax, and value-added tax.
Financial Reporting (FR/F7): Dive deep into International Financial Reporting Standards (IFRS) and master how to prepare and interpret financial statements for individual companies and consolidated groups.
Audit and Assurance (AA/F8): Understand the audit process, internal control systems, risk assessment, and the formation of an audit report.
Financial Management (FM/F9): Learn about a company's investment decisions (like project appraisal), financing decisions (like capital structure), and working capital management.

Upon completing this level, you will have the core competencies of a mid-level finance professional. Furthermore, by passing all exams in the Applied Knowledge and Applied Skills levels and submitting a Research and Analysis Project, you can often obtain a BSc (Hons) in Applied Accounting from Oxford Brookes University.

Level 3: Strategic Professional

This is the final mile on your journey to membership and the most challenging part. The focus here is less on pure calculation and more on strategic thinking, leadership, and high-level decision-making. you will be required to integrate all your knowledge to solve complex business problems, much like a business consultant or senior manager.

This level includes 4 exams, consisting of 2 essential papers and 2 optional papers.

Essential Papers (Compulsory):

Strategic Business Leader (SBL): This is a highly integrated, 4-hour case study exam. It simulates real business scenarios, testing your combined abilities in governance, risk management, strategic planning, and leadership.
Strategic Business Reporting (SBR): You will need to interpret and evaluate complex financial reports from a stakeholder's perspective, discussing their underlying business implications and ethical considerations.

Optional Papers (Choose 2 of 4):

You need to select two papers from the following four, based on your career path and interests. This choice will define your professional specialization.

Advanced Financial Management (AFM): Specializes in complex investment decisions, multinational financial management, and risk management strategies.
Advanced Performance Management (APM): Delves into designing and applying strategic performance management systems to evaluate and enhance organizational performance.
Advanced Taxation (ATX): Become a tax expert, handling complex personal and corporate tax planning and compliance issues.
Advanced Audit and Assurance (AAA): Master complex audit and assurance engagements, including risk management and audit quality control.

Expert Tip: The choice of optional papers is crucial. If you aspire to work in audit at a Big Four accounting firm, AAA is almost a must-have. If you are interested in corporate finance or investment banking, AFM would be your best choice.

Hold On! You Might Be Eligible for Exemptions

Although the standard route is 13 exams, many people don't actually need to take that many. ACCA has a very comprehensive and fair exemption policy, designed to recognize your prior learning and qualifications.

Accounting Undergraduates: If your university degree is accredited by ACCA, you could receive up to 9 exemptions (all of the Applied Knowledge and Applied Skills levels), depending on how well your courses match the syllabus.
MPAcc (Master of Professional Accounting): You also have the chance to get up to 9 exemptions.
CPA (Certified Public Accountant) Holders: If you already hold a CICPA (Chinese Institute of Certified Public Accountants) or another recognized CPA qualification, you may only need to take a few exams at the Strategic Professional level.

How to check? Be sure to visit the "Exemptions calculator" on the ACCA Global website. Enter your institution and program information, and the system will immediately tell you your specific exemptions. This could save you years of time and effort!

Study Tips for ACCA Candidates

Facing this long but rewarding path, it's normal to feel pressured. Here are some secrets to success to help you study more effectively:

Create a realistic plan: Don't try to do too much at once. ACCA has four exam sessions per year (March, June, September, December). Aiming for 1-2 papers per session is a steady and sustainable pace.
Use official resources: The ACCA website is your treasure trove. It has a wealth of Past Exam Papers, Examiner's Reports, and Technical Articles. The Examiner's Reports are especially important, as they tell you common mistakes candidates made and where they scored points in previous exams.
Don't neglect your English: While you don't need to be Shakespeare, clear and precise professional English is essential, especially for writing-intensive papers like SBL and SBR.
Find study buddies, and progress together: You can go fast alone, but you can go far together. Joining a study group, holding each other accountable, and discussing difficult topics can help you get through the tedious revision periods and understand concepts from different perspectives.

Conclusion: Your ACCA Journey Starts Today

Now you know the answer: there are a maximum of 13 exams for ACCA, but every step counts. This journey is not just about passing exams; it's about forging yourself into a business leader with a global perspective, strategic mindset, and professional integrity.

This path may be full of challenges, but when you finally receive that certificate with "ACCA" printed on it and look back, you will find that all the effort was worth it.

Are you ready to begin?

Or perhaps you are already on your way? Tell us in the comments below: Which paper are you currently studying for? Or what is the biggest challenge you've faced in your studies? Let's discuss and support each other! If you found this article helpful, don't forget to share it with friends who are considering the ACCA qualification.