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I have just received the acceptance letter from ACCA and was very pleased that I have been awarded exemptions from 3 papers. But after reading through the entire letter my joy passed completely. Now I am totally unsure about what to do.
The main problem is that I have been awarded exemptions on the basis of a qualification that is over ten years old. As they say, this could have implications on my future eligibility to apply for a practicing certificate and audit qualification. If I wish to remain eligible, I’ll need to forfeit these exemptions and sit the exams instead. This also means I am not currently eligible for the BSc (Hons) degree in Applied Accounting. Again I must forfeit each paper and sit the exam and as soon as I`ve passed the papers, I’ll be eligible to apply for the degree.
I have a BSc degree in Economics, minor Finance which was gained 15 years ago, I have been working in finance ever since so I have extensive practical experience. Currently, I live in the UK and I wish to settle and work here permanently. Therefore I tried to find any information about the practicing certificate and whether it is something I definitely would need at some point or not but honestly, I still don’t have a clue. Also, this is not clarified how my exemptions could affect my eligibility to apply for this certificate which is much worrying me. They mentioned that ACCA recommends that, where possible, performance objectives are achieved simultaneously to the appropriate exams as this underpins the knowledge and skills necessary to progress to membership. But this assumes that everyone is working and studying ACCA at the same time which I don’t think would be the case. Anyway, can someone please enlighten me on the necessity of a practicing certificate? Regarding my other concern, is it worth to forfeit the exemptions and sitting the exams just to get another degree? Time is the most important aspect for me, so it would mean a lot if I do not have to sit these 3 exams but I am really uncertain how to proceed. Thank youThis is the link to the ACCA resources portal https://www.accaglobal.com/hk/en/student/exam-support-resources.html
Select ACCA qualification and then the individual exams from which you can claim exemption – take a look at the syllabus of each – do you recognise the subject matter? Frankly, you should be able to sit and pass these exams (all 2-hour CBE) in a short space of time and be assured that you have a firm foundation to progress to the Applied Skills exams. You will find CBE specimen exams in ACCA resources and huge amount of free content on this site to fill in any gaps in preparation for the foundations exams. If you need question practice you should buy an ACCA-approved revision kit.The vast majority of qualified accountants do not need practicing certificates https://www.accaglobal.com/an/en/member/sectors/smp/practising-certificates-and-licences/do-i-need-a-practising-certificate-.html
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