Frequently asked questions about CFAB

Frequently asked questions about Certificate in Finance, Accounting and Business (CFAB).

General queries about the CFAB qualification

Can I call myself a chartered accountant and/or a member of ICAEW when I complete CFAB?

CFAB will not enable you to use the chartered accountant status and nor will you become an ICAEW member. ICAEW membership is only available to those who have passed the ACA qualification in its entirety.

How much does CFAB cost?

There is a one off registration fee for CFAB of £165 + VAT. There are six modules and each computer-based assessment costs £65. Students may purchase learning materials from Gillards at cost of £30 per subject for assessments in 2011. If you decide to register for tuition, your costs will depend on the provider and method of study. Learning materials will be included with the cost of your course.

• • Registration fee
  • £165 + VAT 
• • Computer-based assessments
  • £65 per assessment
• • Learning materials
  • For exams in 2011 - £30 per subject
• • Tuition
  • Cost varies by tuition provider and chosen study option

How long does it take to complete CFAB?

It may be possible for you to complete CFAB in less than one year depending on your existing commitments, your chosen method of study and whether you are eligible for credit for prior learning. There is no time limit in which to complete the programme, but you are limited to four attempts for each assessment.

Registering for CFAB

How can I register as a CFAB student?

To become a CFAB student, simply complete the registration process and provide the information and payment details requested. Once registered, you will be given an ICAEW student number and website login. Both of these will be required when you are ready to book your assessments and access your results.

• Register for CFAB

What study options are available to me as a CFAB student

There are four study routes available:

• Classroom tuition: face-to-face learning provides the opportunity to ask questions and network with your peers.
• Distance learning: a mix of tutor sessions and self-study support.
• Self-study: you may purchase the learning materials and study independently.
• Blended learning: choose the learning option you prefer on a module-by-module basis, depending on the level of support you feel you need.

Credit for prior learning/Exemptions

I have already studied finance at college/university. Can I apply for credit for prior learning against some of the modules?

Several degree courses have elements of taught finance and business as part of the syllabus that are a direct match to our modules. If you have studied one of these courses you may be eligible to apply for credit for prior learning (CPL) against different modules. You should refer to our online credit for prior learning directory for more information.

International students

Can I study for CFAB outside of the UK?

You can study for CFAB anywhere, however it is important that you should check there is an examination centre near you before registering.

Is CFAB an internationally recognised programme?

Yes, CFAB is recognised internationally.

I'm an international student who has just finished/about to finish my degree course. Will CFAB allow me to study in the UK on a student visa?

CFAB students are not eligible for a UK student visa.

Qualification content

How many modules make up the Certificate in Finance, Accounting and Business?

There are six modules: Business and Finance, Management Information, Accounting (Mandatory), Law, Assurance and Principles of Taxation.

• View the syllabus (PDF 267KB/18 pages)

Why is the Accounting module compulsory/mandatory?

Employers prefer students to have a common level of understanding of the Accounting module. Therefore credit for prior learning is not available for the Accounting module.

Will I still have to sit the Accounting module if I have passed the ACA Financial Accounting module or ACA Financial Accounting top-up assessment?

No. Credit for the Accounting module is available to AAT qualified students who have passed the ACA Financial Accounting top-up assessment or university graduates who have passed the ACA Financial Accounting module.

If I only want to sit one or two modules, can I do this?

Yes. You may wish to only complete the modules that are relevant to your role or to give you a general understanding of a specific area. However, you will only be awarded the certificate of achievement once you have completed all six modules.

What order do I need to take the modules in?

There is no specific order that the modules and assessments must be completed.

CFAB and the ACA

I have already completed some modules for the ACA. Can I register for CFAB?

Yes, you can register for CFAB but you need to successfully completed all six modules to be eligible for the certificate.

If I want to do the full ACA after completing CFAB, do I need a training agreement? Would previous work experience count towards the ACA?

To achieve the ACA qualification, you will still be required to pass the remaining exams and meet the work experience and skills development requirements. Please refer to the ACA training programme for more information.

I have failed one of my ACA knowledge level modules four times. Can I apply for CFAB?

No. CFAB is made up of the same six modules that form the ACA Professional Stage knowledge modules, and you are limited to four assessment attempts per CFAB module.

Assessment

Do I have to pass all modules to achieve the Certificate in Finance, Accounting and Business?

If you have a credit for prior learning for a particular module then you will not be required to sit or pass the assessment for that module as you will have already demonstrated your knowledge of the subject matter.

However, if you do not have credit for prior learning for any one of the modules, you will be required to sit and pass the appropriate assessment.

How many attempts are allowed for each module assessment?

You may attempt each module assessment a maximum of four times.

Will I be entitled to use any designatory letters after my name when I have successfully completed the qualification?

No designatory letters are awarded for CFAB.

Will I obtain a certificate once I have successfully completed all of the assessments?

Yes. If you successfully complete the programme, you will receive a certificate of achievement from ICAEW.

Who will receive my assessment results?

You are the only person who has access to your result(s). You can forward these to a third party from your online results page if you wish.

How do I register for an assessment?

If you are studying with a tuition provider you may take your assessment at the end of the tuition period. This should be arranged directly with the tuition provider. Alternatively, you may also book assessments through Pearson Education.

When can I sit the assessments?

Computer-based CFAB assessments are available all year round. Most of the tuition provider venues are ICAEW assessment centres, and will offer assessments to coincide with their training courses. Alternatively, you can book your assessment with Pearson Vue who can run the assessments at your local Pearson Vue test centre.

Where are the assessment centres located?

Pearson Vue has a large network of test centres in the UK and around the world. Most tuition providers venues are ICAEW assessment centres.

How long is each assessment?

You are given 1.5 hours to complete each assessment.

Where can I practice the assessments?

A practice assessment module is available to give you an idea of the style of what to expect in the actual assessment. Your learning materials will include questions which reflect the style and difficulty of the assessment questions, and can be used for practise and revision purposes.