Changes to ACCA qualification 2018
ACCA understands that accountants must adapt to modern dynamics of work and acclimatize themselves to new prospects of their position in today’s business world.
The Best Path for the Future
The ACCA is a globally recognised accounting body known for making sure their members remain on top of current and future trends within business and the accountancy profession.
ACCA has undertaken a survey among professional accountants and leading companies from 19 countries in order to assess what changes to the qualification should be introduced.
The report summing up the results of the survey “Professional Accountants – the Future” shows that new innovations in technology, business and politics encourages the creation of new possibilities and enhanced standards. These changes mean the role of the accountant is not purely financial but also heavily involved in strategic business management.
What is going to change?
One Less Subject
As a result of the survey and responding to employer needs, ACCA will replace the existing Core Professional level exams with the new Strategic Professional exams. The change aims to focus on the employability and practical application of accounting skills in the workplace.
Currently the Professional level of ACCA consists of 5 exams in total- 3 Core exams (P1, P2 and P3) and 2 elective exams (option to choose 2 out of 4 modules).
The change will see the existing two Professional level modules P1 and P3 being combined into one exam that will now be named Strategic Business Leader. The P2 exam will also be reviewed and will change its name to Strategic Business Reporting. This change will be introduced in September 2018. There are no changes announced to the elective part of Professional level stage.
New Ethics Module
Professional Ethics will be replaced with a new Ethics and Professional Skills module in September 2017. The module aim is to develop a range of professional skills that are sought after by employers. It will cover ethical behaviour and judgment, communications, commercial innovation, analysis and evaluation skills.
How will this affect your study?
There are 4 exam sessions until September 2018. If you are currently at the P1-P3 stage take time to plan out your studies carefully!
It is important to note that if you only complete P1 OR P3 module by June 2018 you will have to take the new Strategic Business Leader subject. . If you have completed both P1 and P3 you will be granted an exemption for the Strategic Business Leader exam. If you have completed the current P2 Corporate Reporting you will be exempt from the new Strategic Business Reporting paper.
Overview of outcomes:
The changes will have a positive impact on ACCA students. You will benefit from the most advanced, employer centric professional accounting program. You will also have one less paper to complete. Students should familiarise themselves with these changes. ACCA has some good resources including a timeline to guide you.
Still have questions? Make sure to give us a call or start an online chat with one of our programme managers.