36 months' practical experience (2024)

FAQs

What counts as practical experience in ACCA? ›

You can use experience from previous roles, voluntary work, work placements and internships towards your PER, including experience gained before registering with ACCA. If you are using previous experience then the person who supervised your work at that time must be able to review and sign off your experience.

In most cases your practical experience supervisor will be your line manager or the person you report to on particular projects or activities. In order to sign off your performance objectives your practical experience supervisor should be someone who: is a qualified accountant* works closely with you.

How many hours should I study for ACCA? When you're studying ACCA we recommend you plan to do a minimum of 8 hours per week. Study time varies in terms of how long it will take you to cover the syllabus, but you can expect to spend about 11 weeks on each paper.

You could therefore complete all of the exams in two years. However, as you also need three years practical experience before you can become an ACCA member and be considered a qualified accountant, the qualification takes a minimum of three years to complete.

The ACCA Practical Experience Requirement (PER)

PER allows you to develop professional knowledge and values, ethics and behaviours needed to become a professionally qualified accountant. To become a member of ACCA, all students and affiliates must successfully complete three components: ACCA Exams.

Finance departments

Most if not all offices will have a dedicated finance function or financial department, and they are a great place to start when it comes to accounting work experience. After all, accountancy is the practice of recording, classifying and reporting on business financial transactions.

To complete PER you'll need to achieve 36 months of supervised experience. This should be in a relevant accounting or finance role. You'll also complete nine performance objectives - all five Essentials and four Technical objectives.

Your practical experience supervisor should be someone with whom you work closely, who knows the type of work you are doing now, and who also knows the quality of your work. Ideally this will be your line manager or the person to whom you report on particular projects or activities.

You'll need to record details of: your employer's name and address • your role – including job title and start date. You'll also need to add your supervisor's details and send them an invitation to register, because they won't be able to sign off your PER until they've registered.

Both ACCA and CPA are prestigious accounting certifications that offer excellent career prospects. While ACCA provides a broader global perspective and is recognized in numerous countries, CPA focuses on U.S. accounting principles and regulations, making it ideal for those interested in working within the U.S. market.

What is the shortest time for ACCA? ›

ACCA Exemptions

If you have many years of previous experience in the finance and accounting industry, this will also assist you. Even so, the minimum completion time is 12 - 15 months, based solely on the average number of exams students are capable of writing in one year.

ACCA provides a comprehensive understanding of accounting principles and is highly valued in countries following IFRS. CFA, on the other hand, focuses on investment analysis and is recognized by leading financial institutions. The choice between the two depends on your career goals and interests.

ACCA Membership Fees

You must pay an admission fee of £283 and an annual renewal fee of £283. It's also worth noting that in some circ*mstances, you can reduce the annual subscription fee to £142.

The ACCA Qualification is broadly equivalent to degree standard when you take the first nine papers (the Fundamentals level). When you take the Professionals level, it is equivalent to a masters degree.

What are the entry requirements? Students need to have two A Levels and three GCSEs in five separate subjects including English and Maths, or their equivalent. Students who do not have the minimum academic qualifications may be eligible for the Foundations in Accountancy qualification.

The term "practical accounting" describes the application of accounting concepts and procedures to actual financial conditions. It involves keeping track of financial transactions, sorting and summarizing them, and making financial statements.

What activities count as CPD? A range of activities can count as CPD provided that they are relevant to your current role or future career aspirations, activities include courses, work based and online learning. You can find out more about the different types of activities that count as CPD in our Do your CPD section.

To be a supervisor you should work closely with the trainee and be familiar with the quality of their work. To sign-off performance objectives you must be a qualified accountant, recognised by law in your country and/or a member of the International Federation of Accountants (IFAC).

To be a part qualified ACCA you must be enrolled as an ACCA Student and have passed 9 of the 14 papers required to become an ACCA Member. If you have successfully completed the relevant modules of our BA Accounting & Finance course, and enrolled as an ACCA Student, you are already a part qualified ACCA.