Global exam results for ACCA (the Association of Chartered Certified Accountants) reveal today that a record number of students around the world successfully completed their final exams in December 2013.
Almost 195,000 candidates took over 357,000 papers around the world, with an additional 57,000 students sitting computer based exams.
7,980 students (7,700 June 2013) have completed all the exams needed for that aspect of their professional qualification, enabling these students to take the next step to ACCA membership on completion of their practical experience and ethics requirements.
Pass rates in the Professional Level remained constant overall, but some improvements were seen in the final level Options exams. In particular, students performed well in the 50 mark case study in P4 - Advanced Financial Management and the pass rate rose by 8%. Other Options exams and the Essentials exams remained close to historic pass rates.
Overall pass rates across the Skills module (F4 to F9) of the ACCA Qualification fell this session, other than F4, Corporate and Business Law, where results improved over the previous session. Despite the slight decline in pass rates at the Skills module, 8,455 students become eligible at this session for ACCA’s Advanced Diploma in Accounting and Business on completion of their Professional Ethics module which is another step to membership.
Additionally, 4,833 students transferred from the Foundations in Accountancy register to the ACCA Professional Qualification on completion of their Diploma in Accounting and Business exams or their Foundation Specialist exams.
Alan Hatfield, ACCA director - learning, said about the results: 'These are all demanding exams which must not be underestimated, the Professional Level exams being equivalent to Master’s degree level. Research has shown that employers are seeking complete finance professionals. Passing the ACCA exams and completing the practical experience requirements (PER), provides the market place with qualified professional accountants who demonstrate these skills and competencies.'
Alan Hatfield continued: 'We congratulate all students who have passed this session’s exams – they deserve a great deal of credit, particularly the 7,980 who have completed their final exams. It’s also pleasing to see that many students who have passed their final papers have also completed their practical experience requirements whilst studying for the exams. Practical experience is an important requirement of becoming an ACCA member, and we look forward to welcoming our new members soon.'
Alan Hatfield concluded: 'As in previous sessions, our results analysis shows that students who study with approved learning providers, and use the ACCA quality assured study materials, fare much better in the exams than those who do not. We recognise that not everyone has access to face to face tuition and there are now a number of quality-assured distance learning packages available for students. Additionally, at ACCA we are exploring other innovative ways to help students in their studies.'
December 2013 session ACCA Qualification pass rates:
Paper F1, Accountant in Business, 74%
Paper F2, Management Accounting, 61%
Paper F3, Financial Accounting, 57%
Paper F4, Corporate and Business Law, 43%
Paper F5, Performance Management, 41%
Paper F6, Taxation, 45%
Paper F7, Financial Reporting, 39%
Paper F8, Audit and Assurance, 35%
Paper F9, Financial Management, 45%
Paper P1, Governance, Risk and Ethics, 48%
Paper P2, Corporate Reporting, 49%
Paper P3, Business Analysis, 49%
Paper P4, Advanced Financial Management, 42%
Paper P5, Advanced Performance Management, 30%
Paper P6, Advanced Taxation, 41%
Paper P7, Advanced Audit and Assurance, 33%
December 2013 session Foundations in Accountancy pass rates:
Introductory Certificate in Financial and Management Accounting
FA1, Recording Financial Transactions, 74%
MA1, Management Information, 71%
Intermediate Certificate in Financial and Management Accounting
FA2, Maintaining Financial Records, 64%
MA2, Managing Costs and Finance, 56%
Diploma in Accounting and Business
FAB, Accountant in Business, 59%
FMA, Management Accounting, 52%
FFA, Financial Accounting, 48%
Foundation Specialist papers
FAU, Foundations in Audit, 44%
FTX, Foundations in Taxation, 71%
FFM, Foundations in Financial Management, 43%
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