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Hello,
I need some advice regarding the issue of exemptions from F1, F2 and F3. I was awarded these exemptions based on my business and finance degree. As I completed my degree more than five years ago, ACCA sent me the following information regarding my exemptions:
“As the exemptions awarded to you are based on a qualification gained more than 5 years previously, you are required to forfeit these exemptions and sit the relevant ACCA examinations should you wish to subsequently apply for an ACCA practising certificate and audit qualification for the UK. Should you fail to meet this requirement you will not be eligible to apply for these practising rights once converted to ACCA membership.
If you wish to forfeit any or all of the exemptions awarded to you, please email or write to ACCA confirming the exact exemptions to be forfeited. Please note that you cannot reclaim these exemptions at any time in the future.”Please can anyone help, I cant seem to get a straight answer from anyone at ACCA. Do I forfeit these exemptions? Will it be necessary for the future?
Please help!!!
Thank you
Hi MRSM,
I can’t tell you for sure what they mean with their message, as they seem to tell you that you have to sit them, and then subsequently that you have a choice…
However, the knowledge you gain from F2 & F3 (F1 not so much) is absolutely critical in passing the other exams.
I am currently doing F5, and if I had not done F2, then I would honestly not understand even half of what’s going on, because these exams assume you have this knowledge from F1, F2 and F3.
If you use Open-Tuition lectures and course notes and work hard, you will pass these exams and then you will be in a strong position to complete the rest of the qualification with this base-level knowledge.
John Moffat is an outstanding teacher.
Of course, if you have an exemption, then sure you should take it, but make sure you really do learn the material from F1-F3! 🙂
Best of luck
Hello,
Thank you for your response Andrew.
My major concern is that I may not be able to apply for an ACCA practising certificate and audit qualification for the UK. They’ve given me the exemption but then go on to say that If I take these exemptions I wont be able to apply for this practising certificate after I’ve completed all the other exams. Is this going to be a problem after I’ve completed the full course.
Thank you.
Hello MRSM,
I can advise you here as I am in exactly the same position.
Basically, what it means (as I understand it from my correspondance with ACCA);
If you choose to accept the Exemptions (which incidentally I have), you still will gain the full ACCA qualification and be fully entitled to use the designatory letters after your name (subject to ACCA’s usual terms & PER requirements etc).
The only thing you will * NOT * be able to is set up on your own in Practice, unless of course you wish to forfeit the exemption (within 5yrs) and retake the exams.
If this is something you are wanting to do then maybe consider forfeiting the exemptions.My own circumstances, I dont intend to run my own practice or become a partner, so the exemptions were fine for me.
Hope this clarifies thing for you.
Marky
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