What's involved?
To become a Business and Finance Professional, you will need to complete the ICAEW CFAB qualification and achieve the professional skills and experience requirements.
ICAEW CFAB
The ICAEW CFAB qualification made up of six exams, launching from this September.
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Accounting Fundamentals
Ensures that students 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.
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Assurance and Risk Fundamentals
Ensures that students 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.
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Business Insight and Performance
Enables students to prepare essential financial information for the management of a business.
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Business Law
Provides students with an understanding of the principles of business law.
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Sustainability and Ethics
Provides students with an understanding of the fundamentals of sustainability and ethics and how they are relevant to the work of the professional accountant.
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Tax Fundamentals (launching December 2025)
Enables students 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 skills and experience
You will also need to complete the professional skills and experience requirements of a BFP.
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Professional skills
You will need to reach a proficiency level of ‘Aware’ in 25 skills across five key competency areas, signed off as part of your professional experience:
- Communication
- Critical thinking
- Professionalism
- Leadership
- Emotional intelligence
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Professional experience
You will need to demonstrate professional work experience in a business and/or finance role.
The work experience must:
- Cover a total period of 12 calendar months within the last three years – full time (35 hours a week), or the pro rata equivalent over a longer period of time. This work experience can be completed overseas as well as in the UK.
- Be of a business and/or finance nature.
- Be overseen and signed off by a qualified member of an IFAC body, or a person approved by ICAEW, who works for the same employer as the applicant.
- You will be able to claim work experience for periods of at least 3 months across a maximum of 4 employers.
At a glance
ICAEW BFP is a sought after designation. You can use the BFP letters after your name to show employers your professionalism and commitment to learning. It is a stamp of professional recognition, demonstrating that you meet the standards of a membership organisation.
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Costs
There’s a one-off registration fee of £25 and the annual subscription fee is £138*.
If you're earning less than £34,109 p.a, you are eligible for our concession rate, and your subscription fee would then be £55.All subscriptions are renewable on 1 January each year.
Registration date Registration fee Annual subscription fee Total 1 January 2025 to 30 June 2025 £25 £138 £163 1 July 2025 to 31 December 2024 £25 £69 £94 A concessionary annual subscription of £55 per year is available if your annual income is below £34,109. If your annual income is below £34,109 please see the table below to see how much you will need to pay
Rates table for concessionary rate applicants only
Registration date Registration fee Annual subscription fee Total 1 January 2025 to 30 June 2025 £25 £55 £80 1 July 2025 to 31 December 2025 £25 £27.50 £52.50 -
Duration
The qualification takes on average between 12 - 18 months to complete.
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Entry requirements
There are no minimum entry requirements. Individuals committed to their development and to increasing their professionalism can start working towards the designation.
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Level of study
ICAEW BFP is a level 4 designation. BFP is also a professional title in its own right that will help you become a well-respected professional in any organisation and prepare you for more senior roles.
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Study options
There are flexible study options. These includes online tuition, classroom, self-study and more.
How does it work?
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Step 1 - Sign up for ICAEW CFAB
If you’re new to ICAEW, your first step will be to sign up for ICAEW CFAB. You will then have access to the six exams, so you can start studying for the qualification and gain essential business knowledge. If you are already an ICAEW student, currently studying for ICAEW CFAB or the ACA, you can skip this step and go straight to step 2.
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Step 2 - Register as a BFP student for free
Using your ICAEW student number, you can register to start the BFP journey for free. This will allow you to complete the professional skills and experience requirement.
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Step 3 - Apply for the BFP designation
Once you have completed ICAEW CFAB and had your work experience properly signed off.
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Step 4 - Become a BFP
Once you’ve completed the exams and professional experience elements you’re ready to apply to become an ICAEW Business and Finance Professional.
There’s a one-off registration fee of £25 and the annual subscription fee is £125*.
If you're earning less than £31,615 p.a, you are eligible for our concession rate, and your subscription fee would then be £50.
In addition to the prestige associated with the BFP designation, ICAEW Business and Finance Professionals also have access to a wide range of resources to support them in their personal and professional development. Here is an overview of what is included:
- The designatory letters BFP: Using these can help you demonstrate your status and recognition from a membership organisation.
- Business and finance refresher: An A-Z of reference materials covering a wide range of finance, accounting and business topics.
- Microsoft Excel training and community: A suite of online Excel training modules, a personalised training plan, model spreadsheets and video tutorials.
- Your chosen technical specialism: Tailored technical content that’s most relevant to your current job or chosen future career.
- Helplines: One-to-one, free and confidential help from ICAEW’s technical advisory and ethics helplines, as well as support from ICAEW’s library research team.
- Newsletters: Business, finance and accountancy news.
- Lifestyle discounts and offers: A range of discounts and offers from high street and online retailers.