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Hey guys
I enrolled for the foundations in accountancy course but in the exam fees it says I owe £310 because of exemption fees for the ACCA ‘proper’ exams.
Can someone explain the exemption fee for me please?The exemption fee is the same amount that you would have paid to actually sit the exam. So you’re basically paying the exam entry fees for exams you don’t have to sit.
Nothing’s free when it comes to ACCA!!
Yeah, Fidget is right about nothing being free when it comes to ACCA. In respect to exemption fees, it beats me too… Since the idea of exempting students from certain papers is based on the recognition that the student has a proportionate knowledge or qualification enough to move on to the next paper level without having to sit the exams, I really don’t see (personally) why the exemption fees have to be as high as if one were actually sitting those papers. In fact, I don’t see the reason for paying at all, except maybe paying an insignificant amount for admin charges.
I am not exactly sure about Fidget’s facts, that exemption fees are the same as actual exam fees, as I think the exemption fees are slightly less than the exam fees, Nevertheless, I still don’t feel that a high exemption fees, such as the one ACCA is currently imposing, is justifiable. After all, they are not having to make any provision for papers, materials, human resource in cases of exemptions. Besides, the mere fact that ACCA charges such rates for exemptions is enough reason to believe that they grant exemptions carelessly, cos at the end of the day, they get their cash whether or not a student is truly well cooked enough to deserve an exemption. It saddens me that everyone sees ACCA (and rightly so) as a money-milking Body as opposed to one that unwaveringly projects professionalism – too bad I have to say!
I’ve just checked and the exemption fee is the same as the early bird fee for each exam, so you’re right in that it’s slighly less than the standard exam entry fee.
Apparently the reason for the charge is “to cover admininstration costs”, but I very much doubt the admin costs are anywhere near the charge.
I guess their point is what is £310 on an accountants salary lol
many thanks for the help guys
Just a suggestion……
As you plan on continuing to the full ACCA qualification and you would be eligible to start straight away anyway due to your degree, I assume you are doing FIA to cover the basics. Why not just read the text books but don’t actually register for FIA or sit any exams. You wouldn’t get the FIA qualification but if you are going to continue to ACCA anyway, it won’t matter. Some of the final FIA exams are the same as ACCA F1, 2 and 3 anyway so you would just take those as normal but under the ACCA route rather than the FIA route.
Incidentally some ACCA exemptions are now free (the AAT qualification for example which exempts you from. F1-3 with no charge – though this is a fairly recent development as previously you were charged the full exam fee).
Also, which exams are you being exempted from? Surely you wouldn’t be exempted from any ACCA ‘proper’ papers if you are on the FIA path rather than the ACCA path. And as I say, you’d be eventually exempt from F1-3 but only as you’d have sat the actual papers already albeit under a different name.
Well I have already registered.
my degree was not on the exemption list so I have to do FIA. I am being charged £62 for exemptions in the following:
FAB, FFA, FMA, FO1, FO2.If I have to pay, I guess I have to pay. Ill make it back with a good salary I hope 🙂
Well that makes no sense whatsoever. They are giving you exemptions from FAB, FMA and FFA, which are also known as F1, F2 and F3 in the main ACCA qualification (they are the exact same exam, and are even called F1/FAB etc), yet you are not eligible to start straight on ACCA?? By giving you those exemptions, they are in effect telling you that you already have the basic knowledge and only need to complete the remaining 11 ACCA exams, yet are making you take a backward step in doing the FIA qualification first.
Have you actually spoken to someone directly at ACCA to argue your point, as if it was me, I’d be seriously unimpressed.
How have you achieved your exemptions? If from your degree, how can it not be enough to allow you access to ACCA, yet is enough to give you exemptions from their first three exams?
I have emailed them but no response so far. I know I need to do foundation because I know nothing about finance but the fees take the biscuit 🙁
But you are being given exemptions for the equivalent of F1,2 and 3, which suggests a fairly good accountancy knowledge base already. There’s no way you could have prior equivalent knowledge for those syllabuses if you have absolutely no accountancy knowledge.
Something isn’t quite right here?? I think you need to speak to them directly. They have a student helpline you can call to get all this sorted out.
You’ve probably already seen this which explains what FIA is
https://www.accaglobal.co.uk/content/dam/acca/global/pdf/fia-aq.pdf
I’ve copied and pasted the relevant bit from the entry requirements but the last paragraph below clearly states that you can miss out the lower levels of FIA and go straight on to the Diploma even with no formal qualifications. The Diploma is FAB, FMA and FFA, the exact three exams which you have been given exemptions for. So by claiming the exemptions you have already completed FIA, so can now begin ACCA and will automatically be exempt from F1-3.
ENTRY REQUIREMENTS
Foundations in Accountancy offers various entry points, allowing maximum flexibility for your trainees to select the most appropriate entry route and progression
to additional qualifications, based on previous qualifications, experience and future career aspirations.
It is important to note that exams FAB, FMA and FFA within Foundations in Accountancy are exactly the same as exams F1, F2 and F3 of the ACCA Qualification and share identical syllabuses, study guides and assessment methods. Students who complete F1, F2 and F3 of the ACCA Qualification and Foundations in Professionalism will also be awarded the Diploma in Accounting and Business.
Students with no formal academic qualifications can register to take exams
at any level within Foundations in Accountancy. There is no requirement to complete the Introductory Certificate in Financial and Management Accounting or the Intermediate Certificate in Financial and Management Accounting prior to completing the Diploma in Accounting and Business, although students are strongly recommended to do so.All I can say for certain is I have 0% finance knowledge so regardless of what ACCA I know I need the foundation knowledge. I have emailed the ACCA for advice about the fees.
thank you so much for the help. I will hold off until I hear from ACCA.
By the way, do you know how to book the computer based exams for FIA?many thanks nps1976
It sounds to me like ACCA have made a mistake with the exemptions and you aren’t actually entitled to them. However, if you want to stand any chance of passing the later ACCA papers, I’m afraid you’ll have to end up studying them anyway as they form the complete basis for your later studies. Hence, I would be very cautious about paying any exemption fees whatsoever at this stage.
I didn’t do FIA, but I would imagine you can sit the exams at any centre which holds ACCA CBE exams. These are generally the BPP and Kaplan training providers (there are other training providers too, and some colleges may even hold exams for external students). Each centre holds exams on different days and some hold them more regularly than others. Prices can also vary so shop around if you have more than one provider in your area.
what does the exemption look like?is it just a peice of paper stating that you are exempted from F1,2,3
@abistou The exemptions are in ‘ACCA in the exams and fees section
@npc1976 Ill gibe ACCA a few days then I will call them. thanks for the help man
i have got a reply frm acca that i have sit for f8 and whilst my exemption database says 9 papers .my college mates got 9 paper same year as me..but i did not get.pls advice wat to do
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