Important Changes to ACCA’s Time Limits for Completion of The ACCA Exams
Changes are being introduced by ACCA to time limit the accounting body currently allows its students to complete the exams part of the qualification.
Why is This Changing?
These changes are being made after listening to the feedback from students and employers.
Currently all the students are allowed to finish the exams within 10yrs period. This period does not take into account that students in ACCA can commence at different levels of exams depending on the exemptions granted and their previous qualifications. As per current rule some Students have to 5 exams within 10 years (if they get exemption because of previous qualification) and some students (with no exemptions) have to qualify all the 14 exams in the mentioned period. ACCA wants a fair policy for all its students.
Furthermore employers often emphasize on time limits as they want assurances that the ACCA members and trainees have current, relevant and up-to-date workplace knowledge.
So what are the Changes to the Time Limit for Taking Exams?
Currently if the students do not complete the qualification within the due time of 10 years, their registration is cancelled.
As per the changed rules, no limit will be imposed to pass Fundamental exams (F1-F9) while the professional level exams will have to be completed within 7years period.
If the students are not able to pass professional exams in the required period then they will have to retake the exams they passed 7 years ago. The limit of 7 years will start as and when the first professional exam is passed.
When will the New Time Limit Rule Take Effect?
The modified rules will not deregister the students if they have not met the original 10 years requirement. However they will have to retake any professional exam passed 7 years ago. All of the professional level papers have to be passed within the period of 7 years.
New Students Registering with ACCA
The new rule will be applicable on he new students registering with the global body who are granted March 2016 as their first eligible exam date.
Oxford Brooks Degree and Time Limits
The rule of gaining the Applied Accounting BSc Degree from Oxford Brooks University remains the same i.e. you can get the degree only if you complete the ACCA qualification within 10yrs.