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Foundations in Accountancy

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Finance is the universal language of business – in every sector in every country. Having staff that understand this language is valuable. And not just within your finance function. Marketing, human resources, logistics, production – whatever the function or department, decision-making will be shaped by finance. So, being able understand the figures and read a balance sheet or P&L account is a real boost to the business literacy of your team.

Foundations in Accountancy (FIA) is a group of business and finance qualifications designed for people at the beginning of their journey towards financial literacy. It’s the ideal education platform for employers seeking to upskill their teams, either to work in finance functions or to understand how finance works within the wider organisational structure.

Whatever their role, FIA will give your employees the technical financial knowledge and business understanding to expand their contribution and deliver more for your business.

Key benefits

  • Builds understanding of the universal language of business
  • Delivers technical financial skills and business understanding through a global leader in financial education
  • Emphasises the requirement for high ethical and professional standards around finance
  • Helps to reduce employee turnover and recruitment costs
  • Flexible study options
  • Open to everyone – there are no academic entry requirements
  • Potential for rapid progress: the complete FIA group of exams can be completed in 12-18 months
  • Entry route to a career in finance and accounting

FIA begins at a level equivalent to a UK GCSE (Level 2), International Baccalaureate or MYP, and progresses up to the equivalent of the first year of a bachelor's degree (Level 4). There are no minimum entry requirements. However, we recommend that staff with no formal qualifications should start at Level 2, especially if it’s been a while since they completed any studies.

FIA is a group of business qualifications that will benefit your team, regardless of whether they are performing finance-related roles. Understanding how financial information is recorded and interpreted, will enable them to contribute to decision-making, capture and communicate important information and broaden their impact within your business.

And, as an employer, supporting your team’s professional development is a powerful way of communicating how you value them, reducing employee turnover and its associated recruitment costs.

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FIA is an ideal workforce development solution for employers looking to build the skills within their teams – both in finance and around their business.

Foundations in Accountancy (FIA) qualifications are suitable for a wide range of people from school leavers just beginning their careers to established team members and career changers who need to add qualifications to supplement their experience. FIA is ideal for anyone who is just beginning their journey towards financial literacy, whether they are new to finance, aiming to switch to finance or working in finance but with no formal qualifications.

What are the FIA qualifications and what roles do they support?

The FIA group of qualifications provides foundational knowledge in business and finance. As such they are applicable to just about any role in any organisation – because finance is the universal language of business. From understanding a balance sheet and P&L to making sense of project or departmental budgets and costs, FIA will give your people the skills and knowledge to contribute to decisions and add value.

However, within the finance function, FIA qualifications do align with some specific types of roles:

What are the entry requirements?

ACCA is committed to broadening access to financial education and careers and so we do not set any academic requirements for our FIA qualifications. However, for staff with no formal qualifications, we recommend starting FIA at the ACCA Diploma in Financial and Management Accounting (RQF Level 2), which is equivalent to a UK GCSE (Level 2), International Baccalaureate or MYP, and progresses up to the equivalent of the first year of a bachelor's degree (Level 4).

Once they have completed the ACCA Diploma in Accounting and Business (RQF Level 4) (or the Foundation Diploma if your people are based in Bangladesh or Pakistan), they can progress onto the full ACCA Qualification. This is the global benchmark of excellence in finance and accountancy education: a qualification that is recognised and valued around the world. If your members of your team choose to transfer onto this programme of study, their FIA qualifications will entitle them free exemptions for the Applied Knowledge exams.

What standards of English and Maths are required for FIA?

To be successful on FIA, your staff will need to have a reasonable level of competence in both English and maths (numeracy).

We have created some self-check tests and interactive learning modules to help them assess their competence. These can be accessed in our Student Virtual Learning Centre.

Staff can also access maths and English language support to improve their skills while studying for ACCA qualifications.

Explore the courses with free online learning through ACCA-X.

Want your team to learn the language of business? Get started here.

Foundations in Accountancy is a group of qualifications that build progressively:

  • ACCA Diploma in Financial and Management Accounting (RQF Level 2)
  • ACCA Diploma in Financial and Management Accounting (RQF Level 3)
  • ACCA Diploma in Accounting and Business (RQF Level 4)
  • Certified Accounting Technician (CAT)
  • The Foundation Diploma (only available in Bangladesh and Pakistan)

There are also standalone certificates that enable staff to specialise in a particular area:

  • ACCA Certificate in Audit (RQF Level 4)
  • ACCA Certificate in Taxation (RQF Level 4)
  • ACCA Certificate in Financial Management (RQF Level 4)

Each of these qualifications requires students to take a number of exams and to complete our professionalism and ethics module, Foundations in Professionalism. This mandatory online module can be taken at any time.
For full details of the qualifications visit the Course details section.

How long can they take to complete?

ACCA qualifications, from FIA right up to the full ACCA qualification, are designed to allow maximum flexibility so that students can fit study and exams around their work and home commitments. So, there is no fixed timetable for completion. However, if a student wanted to progress as fast as possible through the FIA diplomas, they could complete all of the studying and exams in around 12-18 months.

Are exemptions available for students with relevant qualifications?

Yes. Students can claim some exemptions from some exams. Students can use our Exemptions calculator to check which exemptions may apply.

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Foundations in Accountancy

Foundation in Accountancy (FIA) is a group of qualifications. Each qualification has a number of exams which can be taken at any time to suit the students’ schedule. They also need to complete the Foundations in Professionalism module to be awarded any of the qualifications, though this module need be taken only once.

ACCA Diploma in Financial and Management Accounting (RQF Level 2)

  • FA1 Financial Record Keeping

Covers the main types of business transactions and documentation and how these are recorded in an accounting system up to the trial balance stage.

  • MA1 Management Information

Covers the provision of basic management information in an organisation to support management in planning and decision-making.

ACCA Diploma in Financial and Management Accounting (RQF Level 3)

  • FA2 Maintaining Financial Records

Covers the underlying principles and concepts relating to financial records and technical proficiency in the use of double-entry accounting techniques including the preparation of basic financial statements.

  • MA2 Managing Costs and Finance

Covers preparing, processing and presenting basic cost information to support management in planning and decision-making in a variety of business contexts.

ACCA Diploma in Accounting and Business (RQF Level 4)

Broadly equating to the first year of a degree programme, it comprises three courses. Students who complete these will also have completed the Applied Knowledge level of the full ACCA Qualification:

  • FBT Business and Technology

Covers business and technology and the influence this has on how organisations are structured and on the role of accounting and other key business functions in contributing to the efficient, effective and ethical management and development of an organization, its people and systems.

  • FFA Financial Accounting

Covers the underlying principles and concepts relating to financial accounting and technical proficiency in the use of double-entry accounting techniques, including the preparation of basic financial statements for single entities and simple groups. Also introduces basic techniques of interpretation of financial statements.

  • FMA Management Accounting

Covers management accounting techniques to support management in planning, controlling and monitoring performance in a variety of business contexts.

See the Foundation Diploma exams (designed exclusively for students in Pakistan and Bangladesh).

Foundations in Professionalism

Wherever students begin their FIA journey, they will also need to complete our Foundations in Professionalism module to gain their qualification. This online and interactive module will give them an understanding of what it means to act professionally and ethically in relation to finance.

This module can be taken before or after the exam component of their qualification and only needs to be taken once, irrespective of whether the student goes on to take further FIA qualifications. Professionalism and ethical behaviour are fundamental aspects of the ACCA approach – which is recognised and respected around the world as the gold standard for financial training and education.

View more information on Foundations in Professionalism

Certified Accounting Technician (CAT) Qualification

The CAT Qualification draws together the three FIA diplomas, plus three additional specialist options awards. It provides a broad platform of financial skills and knowledge as well as allowing students a degree of specialisation to support their role. They need to complete two out of the three specialist options awards:

  • FAU Foundations in Audit
  • FTX Foundations in Taxation
  • FFM Foundations in Financial Mnagement

To complete the CAT Qualification, students also need to evidence a year of practical experience in a relevant finance role and complete the Foundations in Professionalism module.

Foundation certificates in taxation, financial management and audit
The following standalone certificates are also available if you simply wish to certify your employees’ competence in specific areas of work:

  • ACCA Certificate in Audit (RQF Level 4)
  • ACCA Certificate in Taxation (RQF Level 4)
  • ACCA Certificate in Financial Management (RQF Level 4)

To be awarded a certificate the student will also need to complete the Foundations in Professionalism module.

Students resident in Scotland will receive award certificates for the Scottish regulated titles.

Want your team to learn the language of business? Get started here.