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ICAEW CFAB - what's involved

Suitable for everyone, the ICAEW Certificate in Finance, Accounting and Business (ICAEW CFAB) teaches essential practical skills and knowledge for today’s competitive business world. Having this knowledge can help you get a job, a promotion or can help open up new career options for you

The essentials of business, accounting and finance are covered across six modules. You can take these in any order and at any time. All of the exams are examined in English. You gain a certificate for each module you sit and pass to help demonstrate your achievements as you progress. Once you complete all of the ICAEW CFAB exam modules, you’ll receive a certificate of achievement from ICAEW - a world-leader of the accountancy and finance profession.

What's involved

Before you start: Is there an exam centre near you?

Before you commit to studying for ICAEW CFAB, check there is an exam centre near you (or one that you can travel to). The ICAEW CFAB exams are examined by computer-based assessment and you need to sit each of the exams at an approved exam centre. Search for an ICAEW approved test centre or through the Pearson Vue exam network

If there is no exam centre near you, then you will need to decide if studying for ICAEW CFAB is right for you.

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Before you start: Exam credit / exemptions

There are up to five exam exemptions (also known as credit for prior learning - CPL) available at ICAEW CFAB. Exam credit is available if:

  • you are studying for, or already hold a recognised university degree that contains components in business, finance, accounting or law, or
  • you are studying for, or already hold a relevant professional accountancy qualification (eg, AAT, ACCA etc).

If you are eligible for exam exemptions at ICAEW CFAB, it could mean that you just need to study for, and sit a few of the exams to gain the ICAEW CFAB qualification.

The Accounting module is compulsory for all students. The only exception is for AAT qualified individuals who have also passed the ACA Financial Accounting top-up paper or university students who have also passed the ACA Financial Accounting paper.

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Exam modules: what you’ll learn

The six Certificate in Finance, Accounting and Business (CFAB) modules

There are six modules which you can study in any order. There are no set exam dates, so you can study for and sit the exams throughout the year whenever you are ready. The ICAEW CFAB modules cover the essentials and help you understand how a business really works.

 
 
 
Business and Finance
Business objectives and functions
Business and organisational structures
The role of finance
The role of the accountancy profession
Governance, sustainability, corporate responsibility and ethics
External environment
Law
The impact of civil law on business and professional services
Company and insolvency law
The impact of criminal law on business and professional services
The impact of law in the professional context
Management Information
Costing and pricing
Budgeting and forecasting
Performance management
Management decision making
Assurance
The concept, process and need for assurance
Internal controls
Gathering evidence on an assurance engagement
Professional ethics
Accounting (compulsory)
Maintaining financial records
Adjustments to accounting records and financial statements
Preparing financial statements
Principles of Taxation
Objectives and types of tax
Ethics and administration
Income tax and national insurance contributions
Capital gains tax and corporation tax on chargeable gains
Corporation tax
VAT
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Certificates of achievement

For every module you sit and pass, we will post a certificate of achievement to you in recognition of the new skills and knowledge you have gained. Remember to add that you are studying for the ICAEW Certificate in Finance, Accounting and Business (ICAEW CFAB) to your CV/career resumé or job applications.

Then as you pass each module, you can also add the name of the module and the percentage pass mark you achieved. This will help employers to see that you are gaining the business-essential skills they are looking for. Remember to take your ICAEW CFAB certificates to your job interviews with you to show employers proof of your new skills.

Once you complete all the six modules, we will send your final ICAEW Certificate of Finance, Accounting and Business (ICAEW CFAB) qualification certificate to you.

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How and where can I study?

Whatever your existing commitments or preferred learning style, there are study options to suit everyone – classroom tuition, online learning, self-study and more. Some study options are not available in some countries.

Classroom tuition

You’ll attend a classroom with other students and be taught by experienced tutors. This environment also allows you to ask questions and network with other students. The cost of the ICAEW CFAB learning materials is normally included in the tuition course fees. 

Online learning

If you are unable to attend classes, then online learning could be ideal for you. Online learning will usually involve a mix of tutor sessions and self-study support. Tutor sessions could be delivered online in a number of ways including recorded tutorials or live online tutorials.

Self-study

This is an ideal option if you want to study for ICAEW CFAB on your own without tutor support. You’ll need to purchase the official ICAEW CFAB learning materials directly from our distributors, Gillards.

Blended learning

Blended learning allows you to choose the study option you prefer on a module-by-module basis, depending on the level of support you / your employer feels you need. As an example, you could take two modules through online learning, three through classroom tuition and one through self-study.

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Support from ICAEW during your studies

Once you register as an ICAEW CFAB student, you will be able to access lots of free resources to help you during your studies including:
  • webinar recordings, study guides, sample questions to practice, videos, syllabus, study tips from tutors and much more,
  • our online student community – you can ask your fellow students a question or find someone to study with, 
  • free access to our skills development tools to help you develop your employability skills (presentation, problem-solving, teamwork, managing others and more),
  • free access to an online Excel training programme to help you develop your computer skills through self-tests, video tutorials, practical exercises and more, and
  • e-newsletters with the latest business news, career guidance, job alerts and exam updates.

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Towards chartered accountancy

You could study ICAEW CFAB as part of your journey towards a stable, varied and lucrative career in chartered accountancy or any area of business.

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Study costs

Registration fee £165 (+VAT) - this is a one-off fee payable at the point of registration
OR
£20 one-off fee - for students still at university through our University Student Scheme 
Computer based assessments £70 per exam attempt
Learning materials £30 per subject 
Tuition Costs may vary by location, study option and by tuition provider

How do I enrol?

You need to register with ICAEW to begin your journey as an ICAEW CFAB student. 

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