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FREDERICK UNIVERSITY

ACCA PRESENTATION
ABOUT ACCA
 Association of Chartered Certified Accountants:
 largest and fastest growing accountancy body in
World
 over 140,000 members
 over 404,000 students.

 The Association’s qualification:


 members call themselves Chartered Certified
Accountants
 use the designatory letters ACCA or FCCA
 recognised around the world as a prestigious
business qualification.
QUALIFYING AS CHARTERED
CERTIFIED ACCOUNTANT
EXAMS
+
ETHICS
+
EXPERIENCE
=
ACCA
ACCA – KEY STEPS
 Register as an ACCA student

 Register with a Tuition Provider

 Register for Exams


REGISTRATION REQUIREMENTS
1. One passport size photo.
2. Copy of the passport or Identity Card
3. Copies of College/University certificates/diplomas and transcripts (in
English)
4. Copy of Cyprus Apolyterion or School Leaving Certificate (translated
in English)*
5. A Credit Card or Bank draft for STG£79 payable to the Association of
Chartered Certified Accountants
6. Cheque or cash €40 payable to The Institute of Certified Public
Accountants (ICPAC).
7. Copy of your marriage certificate (translated in English) if your name
has changed
 Note
 Translations are made at the PIO (Press
Information Office, Tel. 22801131) in Nicosia
(You have to take to the PIO the original
certificate).
IMPORTANT DATES
Deadlines
Regist Exem Exams
ration ptions
Early Standard Late

June exams 8/3 8/3 8/3 8/4 8/5


December exams 8/9 8/9 8/9 8/10 8/11

Note: As from 2016 there will be 4 exams every year:


March, June, September, December
ROUTES TO ACCA
 Route 1 - FIA  Route 2 – ACCA register
 Pass 3 exams and  Apolyterion average mark of
transfer to ACCA register at least 17/20 (85%)
 No qualifications required or
or minimum age  Apolyterion average mark of
at least 16/20 (80%) + LCCI
Level 3 Accounting (Higher)
or
 2 A Levels and 3 GCSEs
Levels in 5 separate subjects
including English and Maths
or
 CAT graduate
or
 University graduate
THE ACCA QUALIFICATION
 14 Exams
- Knowledge (3 subjects)
- Skills (6 subjects)
- Professional (5 subjects)
- Online ethics module

 Exemptions available

 3 years relevant practical experience


 The ACCA qualification has two levels:
1. The Fundamentals Level
2. The Professional Level

 The structures and regulations of each


stage are explained in detail below.
THE FUNDAMENTALS LEVEL
 The Fundamentals Level is comprised of 9 papers split
into two modules:
Knowledge Module Skills Module
 F1 – Accountant in  F4 – Law (Cyprus)

Business  F5 – Performance

 F2 – Management Management
Accounting  F6 – Taxation (Cyprus)

 F3 – Financial  F7 – Financial

Accounting Reporting
 F8 – Audit and

Assurance
 F9 – Financial

Management
EXEMPTIONS
 If a students’ degree is accredited by the
ACCA it is possible for the student to be
exempt from all Fundamentals papers (9
papers in total).
 Frederick University graduates get the
maximum number of exemptions, i.e. 9.
THE PROFESSIONAL LEVEL
 The Professional Level is comprised of 5 papers split
into two modules:
Essentials Module Options Module (2 out of 4)
 P1 – Governance, Risk  P4 – Advanced Financial

and Ethics Management


 P2 – Corporate  P5 – Advanced Performance

Reporting Management
 P3 – Business  P6 – Advanced Taxation

Analysis (Cyprus)
 P7 – Advanced Audit and

Assurance
ACCA EXAMS
 Papers within each module can be sat in any order
 Between 0 and 4 papers per exam session
 No requirement to sit final papers together
 Each paper is considered independently of the
others.
 If one paper is passed irrespective of the results in
other subjects, the student will retain credit for this
paper.
 There is no maximum number of attempts at each
assessment.
 BUT must pass all exams within 7 years to pass
the Professional exams. The 7 years limit starts
when you pass your first Professional level exam.
EXAM FORMAT
 Knowledge papers (F1-F3)
 CBE or paper based
 Two-hour exams

 Skills and Professional papers


 Paper based only
 Three-hour exams

 15 minutes reading and planning time


PRACTICAL EXPERIENCE
REQUIREMENT
 Three years relevant experience in an
accounts related role

 13 performance objectives

 Before, after or during ACCA qualification

 In any industry sector


CAREER OPPORTUNITIES & OTHER WHY they are important!
BENEFITS

1 ACCA Qualification is a passport Because ACCA Qualification is


to a new world of opportunity highly regarded throughout the
World

2 The most cost-effective training ACCA reduces training costs of


program on the market (trainee the employer
attends training after work-hours)

3 You are qualified to sign the You can become a Partner or


accounts open your own Accountancy
Practice

4 Money and benefits If financial success is part of your


motivation to become an ACCA,
you can breathe easily.
CAREER OPPORTUNITIES WHY they are important!
& OTHER BENEFITS

5 Prestige and Respect Because upon completion of ACCA you will


have achieved a degree of expertise
beyond that of a 'normal' accountant

6 There are a lot of There’s auditing. There’s finance. There’s


choices once you tax accounting There’s the analysis part.
become an ACCA. There’s government accounting and
private accounting. There’s the public
practice (auditors, accountants and
bookkeepers) and there’s the private
sector accounting. There’s Consulting in
Financial & Business matter. There’s
Internal Audit. There’s Risk Management
Consulting!
Cyprus and abroad!
CAREER OPPORTUNITIES & OTHER WHY they are important!
BENEFITS

7 Recession-Proof Even in this recession, there is


still work for accountants.

8 Job Satisfaction and variety In today's financial environment


accounting is an intensely vibrant
field full of opportunities for
travel, excitement, and job
satisfaction
9 Career Security There is a shortage of
experienced accounting
professionals, which puts those
with their ACCA designation
even more in demand.

What's more, this trend shows no


signs of slowing down
WHY TO BECOME ACCA - SUMMARY

 Highly respected qualification


 Excellent job prospects
 Work at the very top of an organisation
 Study and work wherever you like
 High salary
 Travel
 Opens lots of doors
 Industry
 Public Sector
 Practice
 Financial Service Sector
 Education
WHAT EMPLOYERS ARE LOOKING FOR
 Good academic record
 Communication skills
 Inter-personal skills
 Motivation
 Initiative and quick decisions
 Judgement
 Mathematical and analytical skills
 Computer literacy (Excel, Accounting software)
 Professional CV and interview skills
 Early application for jobs (Jan-April of 3rd year)
 Cost reduction!!!
Any Questions?
Thank you!

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