Frequently Asked Questions about CFAB

General queries about the CFAB qualification

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

A: CFAB will not enable you to use the chartered accountant status nor will you become a member of the ICAEW. Membership is only available to those who have passed the ACA qualification in its entirety.

Q: How much does CFAB cost?

A: There is a one off registration fee for CFAB of £165 (incl. VAT). There are six modules and each assessment costs £60. Students have the option to purchase learning materials which are available from Gillards at £25 per subject. If you require 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 (incl. VAT)
    • Assessment
    • £60 per assessment
    • Learning materials
    • £25 per subject
    • Tuition
    • Costs depend on the provider.

Q: How long does it take to complete CFAB?

A: It is possible to complete CFAB within one year or less, if you have credit for prior learning. There is no time limit to complete the qualification, but you are limited to four attempts at each exam.

Registering for CFAB

Q: When will I be able to register for the qualification?

A: The CFAB qualification is available for registration from June 2008.

Q: Can I study for CFAB without formal tuition?

A: There are a two study routes available; self taught or classroom. 

Classroom

If you wish to take the classroom route there are a number of tuition providers for you to choose from. If you enroll on a tuition course learning materials are normally included in your course fee.

Self-taught

If you are going to study for the assessments independently of a tuition course, you can purchase the learning materials directly from our distributors.

Credit for prior learning/Exemptions

Q: I have already studied finance at college / university, can I apply for credit/exemptions against some of the modules?

A: Several degree courses have elements of taught finance and business as part of the syllabus that are a direct match to our modules. In these instances students can apply for credit for prior learning (CPL) against different modules. You should refer to our online database for more information.

International students

Q: Can I study for CFAB outside of the UK?

A: You can study for CFAB anywhere, however you should check there is an examination centre near you.

Q: Is CFAB an international qualification or only UK recognised at the moment?

A: CFAB is an internationally recognised qualification.

Q: 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?

A: CFAB students are not eligible for a UK student visa.

Qualification content

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

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

Q: Why is the Accounting module compulsory / mandatory?

A: Employers prefer all students to have a consistent level of understanding of the accounting module, therefore to prevent variances in understanding no credit will be given.

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

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

Q: What order do I need to take the modules?

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

CFAB and the ACA

Q: I have already completed some modules for the ACA; can I register for CFAB?

A: You can still register for the CFAB qualification but you will need to have successfully completed all six modules to be eligible for the certificate. The Accountancy module is mandatory; you will still need to sit this exam even if you have credit for prior learning.

Q: Can CFAB act as an entry route to the ACA qualification?

A: Yes. The six modules are the first level of exams for the Professional Stage of the ACA qualification.

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

A: If you have successfully completed CFAB you can use this to fulfil the entry requirements of the ACA. To get the ACA qualification, you will still be required to pass the remaining exams and meet the work experience and skills development requirements. Please read the details of the ACA training programme for more information.

Q: I failed one of my ACA knowledge level modules four times. Can I still do CFAB?

A: No, since they are the same exam modules and you will have already used your four attempts.

Assessment

Q: Do I have to pass all modules to gain the CFAB qualification?

A: If you have a credit for prior learning for a particular module then you will not be required to sit or pass the assessments as you will have already proven your knowledge.

If you are sitting the assessment because you do not have the appropriate credits for prior learning you will be required to pass the module.

All participants must sit and pass the Accounting module as this is mandatory, in order to pass the CFAB qualification.

Q: How many attempts are allowed for each module assessment?

A: You have a maximum of four attempts at each module.

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

A: No designatory letters are awarded with this qualification. On successful completion of CFAB you will receive a certificate from the ICAEW.

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

A: Yes, you will be sent a CFAB certificate on successful completion.

Q: Who will receive my assessment results?

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

Q: How do I enter for an assessment?

A: If you are studying with a tuition provider you may be taking your assessment at the end of the tuition period. This should be arranged directly with the tuition provider. You may also book assessments at Pearson Education

Q: When can I sit the assessments for CFAB?

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

Q: Where are the exam centres located?

A: Pearson Vue has a large network of test centres in the UK and around the world. Many of the tuition providers running courses for the CFAB qualification will be approved test centres.

Q: How long is each assessment?

A: You are given 1.5 hours to complete each exam.

Q: Where can I practice the assessments?

A: There is a practice exam available which is designed to give students an idea of the style of the actual assessment. Your learning materials will include questions which reflect the style and difficulty of the exam questions, and can be used for practice and revision.