Requirements for Exemption from Professional Examinations

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 (CAI)

The requirements for exemption from CAI CAP 1 examinations:

Graduates must achieve at least a 2(ii) degree classification with an overall average of 50% to be considered for exemption. Exemption from specific subjects is considered on an individual subject basis following the criteria set out below.

Financial Accounting:

Students must achieve an average of 50% or more in the three Financial Accounting modules (Introductory Financial Accounting, 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 Management Accounting, 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.

Students embarking on a career with CAI must firstly clear their eligibility/exemption position. Exemption Application Forms are published each year and students can apply for exemptions anytime from 1 April to end of July. However, students at Queen’s will normally apply once the Institute receives their transcripts directly from Queen’s Management School in mid-July. Applications for exemptions must normally be received by the Institute before the end of July.

CAI External Sitting:

There is a facility whereby a student who fails to achieve the agreed criteria for exemptions in any subjects at CAP 1 may, if he/she wishes, present for one or more subjects in either the spring (May) or autumn (September) session of CAI’s examinations in the final year of their degree programme. Please note that students sitting CAI examinations in Financial Accounting and Taxation will also have to do an assessment exercise as well as the relevant examination. More information on this can be obtained directly from CAI: www.charteredaccountants.ie.

 

Association of Chartered Certified Accountants (ACCA)

The requirements for exemption from ACCA examinations are:

F1 Accountant in Business

F2 Management Accounting

F3 Financial Accounting

F4 Corporate and Business Law (on the basis of ACC1005 Introduction to Legal Study and Basic Contract Law and ACC3024 Law of Business Organisations)

F5 Performance Management (on the basis of ACC2005 Management Accounting and ACC3011 Advanced Management Accounting)

F6 Taxation (on the basis of ACC3012 Taxation)

F7 Financial Reporting (on the basis of ACC2004 Financial Accounting and ACC3010 Advanced Financial Accounting)

F8 Audit and Assurance (on the basis of ACC3009 Auditing and Accountability)

F9 Financial Management (on the basis of FIN2006 Financial Decision Making and FIN2008 Financial Market Theory)

If you have any queries regarding exemptions, including how to apply, please contact ACCA via e-mail students@accaglobal.com or telephone 0141 582 2000.

 

Association of International Accountants (AIA)

BSc Accounting

Module A:

Paper 1 Financial Accounting 1

Paper 2 Business Economics

Paper 3 Management Accounting 1

Module B:

Paper 4 Law

Paper 5 Auditing and Taxation

Paper 6 Information Processing

Module C:

Paper 7 Auditing (on the basis of ACC3009 Auditing and Accountability)

Paper 8 Company Law

Paper 9 Management Information

Module D:

Paper 10 Business Management

Paper 11 Financial Accounting 2 (on the basis of ACC2004 Financial Accounting and ACC3010 Advanced Financial Accounting)

Paper 12 Management Accounting 2 (on the basis of ACC2005 Management Accounting and ACC3011 Advanced Management Accounting)

BSc Accounting with French and BSc Accounting with Spanish

Module A:

Paper 1 Financial Accounting 1

Paper 2 Business Economics

Paper 3 Management Accounting 1

Module B:

Paper 4 Law

Paper 5 Auditing and Taxation

Paper 6 Information Processing

Module C:

Paper 8 Company Law

Paper 9 Management Information

Module D:

Paper 10 Business Management

Paper 11 Financial Accounting 2 (on the basis of ACC2004 Financial Accounting and ACC3010 Advanced Financial Accounting)

Paper 12 Management Accounting 2 (on the basis of ACC2005 Management Accounting and ACC3011 Advanced Management Accounting)

BSc Economics and Accounting

Module A:

Paper 1 Financial Accounting 1

Paper 2 Business Economics

Paper 3 Management Accounting 1

Module B:

Paper 4 Law

Paper 5 Auditing and Taxation

Paper 6 Information Processing

Module C:

Paper 8 Company Law

Paper 9 Management Information

Module D:

Paper 10 Business Management

Paper 11 Financial Accounting 2 (on the basis of ACC2004 Financial Accounting and ACC3010 Advanced Financial Accounting)

Paper 12 Management Accounting 2 (on the basis of ACC2005 Management Accounting and ACC3011 Advanced Management Accounting)

 

Chartered Institute of Management Accountants (CIMA)

The requirements for exemption from CIMA examinations are set out:

C1: Fundamentals of Management Accounting

C2: Fundamentals of Financial Accounting

C3: Fundamentals of Business Mathematics

C4: Fundamentals of Business Economics

C5: Fundamentals of Ethics, Corporate Governance and Business Law

P1: Performance Operations

F1: Financial Operations

E1: Enterprise Operations

CIMA has specific modules which you are required to complete and achieve at least 40% in order to qualify for their exemptions.

Further details are available at:

http://www.cimaglobal.com/Study-with-us/Exemptions/Exemption-search/Queens-University-of-Belfast/

If you have any queries regarding exemptions, please contact CIMA on 0208 849 2251.

 

Chartered Institute of Public Finance and Accountancy (CIPFA)

CIPFA Professional Certificate:

Financial Accounting

Completion of Degree

 

Management Accounting

Completion of Degree

 

Financial Reporting

Financial Accounting (ACC2004)

Advanced Financial Accounting (ACC3010)

 

Audit and Assurance

Auditing and Accountability (ACC3009)

               

CIPFA Professional Diploma:

Financial Management

Financial Decision Making 1 (FIN2006)

Financial Market Theory (FIN2008)

Taxation

Taxation (ACC3012)

 

Institute of Chartered Accountants in England and Wales (ICAEW)

Graduates must achieve at least a 2(ii) degree classification and the minimum module marks specified below.

BSc Accounting offers exemptions for five out of six papers at the Professional Stage of the ICAEW examinations. Students studying other degrees with accounting will gain exemptions for relevant papers, depending on the specific modules studied. For example, students doing the BSC Accounting with either French or Spanish are eligible to apply for four exemptions, while those studying BSc Economics and Accounting are eligible to apply for three exemptions.

Students are required to obtain at least 50% in the relevant modules in order to qualify for the exemptions.

Accounting:

A pass mark of 50% is required in ACC1001 Introductory financial Accounting and ACC2004 Financial Accounting.

Assurance:

A pass mark of 50% is required in ACC3009 Auditing and Accountability.

Law:

A pass mark of 50% is required in ACC1005 Introduction to Legal Study and Basic Contract Law and ACC3024 Law of Business Organisations

Management Information:

A pass mark of 50% is required in ACC1003 Introduction to Management Accounting, ACC2005 Management Accounting and ACC3011 Advanced Management Accounting.

Principles of Taxation

A pass mark of 50% is required in ACC3012 Taxation.

Further information is available at:

http://apps.icaew.com/index.cfm/route/146395/icaew_ga/en/Students/Credit_for_prior_learning_directory

Under Academic Search type Queen’s