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Exemption from CAI Examinations

Requirement for Exemption from Professional Examinations (Accounting)

Accounting graduates qualify for exemption from some of the examinations held by certain professional accountancy bodies for admission to membership.  Details of the specific exemptions currently given by the various professional accountancy bodies are set out below:

Chartered Accountants Ireland (formerly The Institute of Chartered Accountants in Ireland)

ICAI Exemption Criteria

Requirements for exemption from CAP 1 examinations in respect of the following degrees:

B.Sc. Accounting;
LLB Law and Accounting;
B.Sc. Accounting with a Modern Language; and
B.Sc. Economics (Joint Honours) with Accounting


CAI CAP1 exemptions - 

Graduates in the above degrees must achieve at least 2.ii (Hons.) with an overall average of 50% to be considered for exemption.  Exemption from specific subjects will be considered on an individual basis following the criteria set out below.


The CAP 1 subjects that QUB are seeking exemption from are Financial Accounting, Management Accounting, Finance, Law and Taxation.


Financial Accounting:
Students must achieve an average of 50% or more in the three Financial Accounting modules (Introductory Accounting 1, Financial Accounting and Advanced Financial Accounting) with no less than 40% in each module.

Management Accounting
Students must achieve an average of 50% or more in the three Management Accounting modules (Introductory Accounting 2, Management Accounting and Advanced Management Accounting) with no less than 40% in each individual module.

Finance
Students must achieve 50% or more in this subject (Financial Decision Making), and have passed Economics and Statistical Methods in Year 1.

Company Law Course
Students must achieve an average of 50% or more in the two law modules (Law of Business Organisations and Introduction to Legal Study and Basic Contract Law) with no less than 40% in each individual module.

Taxation (N.I.):
Students must achieve a mark of 50% or more in the Taxation module.


CAI External Sitting
There is a facility whereby a student who fails to achieve the agreed criteria for exemptions in any or all subjects at Professional Two may, if he/she wishes, present for one or more subjects in either the Spring or Autumn session of the Institute examination in the final year of their degree programme.

B. Sc. (Accounting with a Language) and LLB (Law and Accounting)
Since B. Sc.(Accounting with a Language) and LLB (Law and Accounting) are both four year programmes, the graduation years and the subject requirements detailed above may not be exactly the same for these students. Students who fall into this category and are unsure of their exemptions are advised to contact the Queen’s University Management School. All queries should be addressed to Mr. Martin Kelly.

Exemptions from the Association of International Accountants professional examinations.

Any student qualifying with a BSc Accounting degree (inc. with a language)
(Graduates 1/1/2003 to 31/12/2006) shall be entitled to exemptions from all of foundation level (i.e. Course A: Paper 1 – Financial Accounting I; Paper 2 – Economics; Paper 3 – Cost Accounting and Course B: Paper 4 – Law; Paper 5 – Auditing and Taxation; Paper 6 – Information Processing) and four of the courses in professional level 1 (i.e. Course C: Paper 7 – Auditing; Paper 8 – Company Law and in Course D: Paper 10 – Business Management; and Paper 12 - Management Accounting on the basis of Financial Decision Making I Plus Management Accounting Plus Financial Market Theory)

CIMA Exemptions


Other Professional Accountancy Bodies
The Accounting degree programmes at QUB also qualify for exemption from some of the examinations of ACCA,  CIPFA, and ICAS. Further exemptions on a paper by paper basis may be available. Information about papers and exemptions may be viewed on the following web-sites:

Accreditation Arrangements:
http://www.icaew.co.uk/baaec

Requirements and syllabus:
www.acca.co.uk
www.cima.org.uk
www.icaew.co.uk
www.icas.org.uk
www.cipfa.org.uk

The position regarding exemption from examinations of other professional accountancy bodies may be obtained directly from such bodies. The exemption position is currently under review.

While every care has been taken to ensure that the above information is correct at the time of preparation of this Handbook, changes are always liable to be made by the professional bodies and students are advised to check with them directly.