Business, finance and accountancy exams

The ACA is made up of 14 exams spread over three levels: the Certificate Level, the Professional Level, and the Advanced Level. Each exam has been designed to fit students practical experience as they progress through the qualification and gain an in-depth knowledge of business, finance and accountancy. Students may be able to claim credit for up to 12 exams depending on their previous studies and experience.

Certificate Level

Introducing students to the fundamentals of business, finance and accountancy, the Certificate Level exams take between 1.5-2 hours to complete, have a 55% pass mark and can be sat at any time throughout the year (from September 2025, and December 2025 for Tax Fundamentals).

There are six exams within the Certificate Level:

Accounting Fundamentals

This exam ensures that you have a sound understanding of the techniques of double entry accounting and can apply its principles in recording transactions, straightforward adjustments to financial records and preparing non-complex financial statements. 

Assurance and Risk Fundamentals

This exam ensures that you understand the assurance process and fundamental principles of ethics, and are able to contribute to the assessment of internal controls and gathering of evidence on assurance work.

Business Insight and Performance

This exam will enable you to prepare essential financial information for the management of a business.

Business Law

This module provides you with an understanding of the principles of business law.

Sustainability and Ethics

This exam will provide you with an understanding of the fundamentals of sustainability and ethics and how they are relevant to the work of the professional accountant.

Tax Fundamentals

This exam will enable you to understand the general objectives of taxation and to calculate income tax, national insurance contributions, capital gains tax, inheritance tax, corporation tax, VAT and stamp taxes in straightforward scenarios.

Professional Level

The Professional Level builds on the fundamentals, testing student’s understanding and their ability to use technical knowledge in real-life scenarios. Each exam has a 55% pass mark and is 2.5-3 hours long. Exams can be taken in one of four sittings each year (from March 2026). You can take your exams at an exam centre or via remote invigilation.

There are six exams within the Professional Level:

Fundamental Case Study

The Fundamental Case Study aims to bring together technical knowledge gained by studying the Certificate Level material with professional skills and experience. It will test practical accounting skills, critical thinking and the application of theoretical knowledge through a real-world case study. In particular, skills being tested include: analysis and evaluation, clear and concise communication, planning and prioritisation leading to appropriate behaviours of adaptability, adding value and professional integrity and scepticism.

The Fundamental Case Study is a work placed scenario focusing on the technical skills covered at Certificate Level with emphasis on showcasing these skills linked with work placed professional development.

Assurance, Risk and Reporting

The Assurance, Risk and Reporting exam is split into two separate elements:

Assurance and risk – develops your understanding of the critical aspects of managing an assurance engagement (including audit engagement): acceptance, planning, managing, concluding and reporting.

Financial reporting – enables you to prepare single entity financial statements, and extracts from those financial statements, covering a wider range of International Financial Reporting Standards (IFRS® Standards). You will also be required to explain accounting and reporting concepts and the application of IFRS® Accounting Standards and IFRS® Sustainability Standards to specified single entity scenarios.

Business and Digital Strategy

This exam will provide you with an understanding of how an organisation develops, implements and monitors strategy, including implications for ethics and sustainability.

Corporate Financial Strategy

This exam will enable you to recommend appropriate financial strategies for a business, including: investment, financing and distribution decisions; managing financial risks; and business valuation.

Corporate Reporting, Data and Assurance

This exam will enable you to prepare consolidated financial statements, and extracts from single entity and group financial statements, covering a wide range of IFRS® Accounting Standards. You will also be required to explain the application of IFRS® Accounting Standards to specified single entity and group scenarios.

Tax Compliance and Planning

This exam will enable you to, in straightforward scenarios, prepare tax computations for individuals and companies; understand the tax implications of a course of action; explain potential tax treatments of transactions; resolve taxation issues that arise in the context of preparing tax computations; and advise on tax-efficient strategies for businesses and individuals.

Advanced Level

The Advanced Level exams include the Technical Case Study and Strategic Case Study. Each case study is 4 hours long. The Advanced Level exams can be taken in July and November each year (from July 2027). You can take your exams at an exam centre or via remote invigilation. The Advanced Level exams will be open book and will permit you to take any written or printed material into the exam.

The Technical Case Study and Strategic Case Study scenarios may be based on any one of a variety of different industries, organisational structures or operations. The organisations in the scenario may vary in size and may have international operating and financial issues.

Students will be provided with Advance Information which will describe the organisation and its environment and introduce some potential accounting and business issues. The Advance Information for the Technical Case Study will be the same as for the Strategic Case Study.

Technical Case Study

The Technical Case Study will enable you to apply technical knowledge, analytical techniques and professional skills to resolve compliance and business issues that arise in the context of the preparation and evaluation of corporate reports and from providing audit and assurance services.

Strategic Case Study

This exam will enable you to demonstrate quantitative and qualitative skills, in order to make realistic recommendations in complex business and financing scenarios. Business awareness will need to be demonstrated at strategic, operating and transactional levels. You will also be required to demonstrate the ability to analyse data, exercise professional and ethical judgement, and develop conclusions and recommendations.

The Strategic Case Study can only be attempted in the last 18 months of your training agreement and must be attempted last.