Over the past 2 years since I wrote these two articles (1, 2) on my ACCA experience I’ve gotten a lot of messages from people, asking about questions about ACCA that those two posts didn’t answer. I came up with a response script in anticipation of the questions I heard over and over again. So I figured I’d do a living post that I’d update with new questions and answers.
Cost of Exams
The most popular question has been what’s the total cost of taking the exam? Now because the papers are taken separately and the cost isn’t bundled up. It’s hard to give a precise amount.
An estimate of the cost of everything from start to finish should be between 2,500–3000 pounds for exams and tuition, it’s not a fixed amount as it’s always increasing (thanks to inflation & exchange rate).
Finance is usually a major factor to consider in taking ACCA. While I understand your concern, I think the good thing about the exam is that you get to take it at your own pace. You can choose to not take classes or borrow study materials. There are different ways to work around this.
On paying annual subscriptions
You’d pay yearly subscriptions once you register for exams and keep paying till you leave this earth. How much, it’s currently at £112 for students, £129 for Affiliates and £258 for members. It depends on your country — Check here
Duration: How long can I take the exams
Typically it takes people btw 2–3 years. It took me 1.5 years tho, It depends on how fast you can pass through the different papers. In all, it’s ideal to set a reasonable timeline based on your other commitments.
How many modules.
With a BSc degree, you have 13 Papers to write. It’s less only if you have Exemptions.
Exemptions are offered to students with a background in Accounting/ Finance, and it depends on the school you attended as ACCA has MoUs with certain schools. You can check the ACCA exemption calculator for your school, and if you’re not still satisfied, follow up with ACCA.
ACCA vs other Options.
ACCA is clearly more expensive than ICAN. Costs aside, I think ACCA has a richer course content & offers more work options if you’re considering leaving the country. You decide. It’s okay to go for an alternative, there are many paths to success.
ACCA vs MBA
Errm, ACCA is a bit more skewed towards accountancy, From how I see things, depending on what you need the MBA for, an MBA should give you the knowledge and leverage you’re looking for.
MBA does touch most of the fundamentals of running a business at a high level and also close up. I think you can learn the basic accounting needed for MBA during the MBA; you don’t need ACCA first before taking an MBA.
ACCA would give you a strong financial background, however, ACCA is a long journey that you’d have to be ready for.
On the side of cost (if that’s a factor), ACCA might be less expensive than an MBA, however, once you enrol you pay annual dues that keep increasing slightly (because they’re adjusting for inflation) every year for the rest of your life.
If there are other reasons for the interest in ACCA like pure interest in Accounting or having a professional certification then maybe ACCA might have more merit.
Zero-Knowledge of Accounting
I know many persons who didn’t have a background in accounting and ventured into ACCA E.g. A close friend who studied law.
The way ACCA is structured you don’t need a background in accounting — although a background might be helpful.
You get to start at a lower level where you learn the fundamentals, so it’s as good as learning from scratch. You’d be fine. Accounting is logical so it should be easy to assimilate.
Putting in the required work coupled with a good understanding of yourself should help you pass all papers in one sitting.
Age restriction on Oxford Brookes program
No, I’m not aware of any age restriction for the BSc. program. Although I must state that I didn’t take the BSc. program so my knowledge is limited.
Road to becoming a member
The 3 years of relevant work experience starts counting from when you started working. I’m still on this track, well to be fair, too lazy to fill my PER.