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Jag's Journey

Sharing my life experiences including the Associate Chartered Accountant (ACA) qualification

ICAEW ACA Case Study – How Much Preparation Is Enough?

The ACA Case Study was an exam I had not heard much about in detail before my time came to prepare for the exam. I was always one to book annual leave to ensure I had enough time to revise for the exams, especially as I would sit three at a time . When asking my work friends how much time I would need to book off for the ACA Case Study exam they would state only a day or two . As a lot of the exam is skills based and dependant on the real exam itself, it is difficult to know whether you have done enough preparation. I therefore thought I would write this blog to hopefully help.

Note : you may also want to refer to ICAEW Case Study Made Easy , ACA Case Study Marking Key as well as ICAEW Software Testing for more help on the ACA Case Study exam.

Check out my  YouTube video  if you would prefer watching to reading!

Table of Contents

Advanced information (ai), past aca case study mock exams, planning sheets, how much preparation is actually needed, how similar are these mocks to the real exam.

The AI is provided six weeks before the ACA Case Study exam. When the AI was released, I of course took a look to see what industry the business was in. For me, it was Beal the magazine company. As expected, I then read the whole AI when I had more time and went through, very slowly, with the highlighter.

Here is a checklist I have pulled together for what information you need to ensure to pull out of the AI:

• Details of who the report will be from so you can form your disclaimer – join my journey for a draft disclaimer included on the overall timing sheet with a draft structure for the report too
• Benchmarks/targets/key performance indicators (KPIs) for Requirement 1 – this will give you quick and easy marks in the real exam if you state whether these have been met or not
• The relevant PY figures from the AI for Requirement 1 – join my journey to receive how I laid this out and set it up for my Case Study as well as a blank template for your own that you can populate and copy in your exam
• For Requirement 2 and 3 you will need to pull out assumptions and these will come from the AI. The AI should also help you with the calculations for these. For my case study, I was able to pull out at least a page of assumptions from the AI!
• Business issues and wider context that you can put into any of the exam requirements such as whether the industry is competitive
• The ethics marks you should be able to easily identify these from the articles at the end of the AI

Something to consider is whether you need to practice past ACA Case Study mock exams. Now, I studied with Kaplan who really did not focus on the real potential exam much at all to begin with. Even when the AI was out, we would still be going through past paper exams. This was very frustrating at the time but in hindsight, it was definitely beneficial .

We actually ended up going through four ACA Case Study mock exams both in class and as homework and then ran through the real AI and two mocks for this too. Given each mock exam is four hours long, this was definitely not fun. However, timing is KEY with this exam and it is very important to nail timing . If you mess up your timings, leading to an incomplete report as a result, this could result in failure . If you need help with timings, join my journey to receive my timings sheet.

I would therefore strongly recommend practicing at least a couple of ACA Case Study mock exams. Not only will it help ensure you are able to stay on top of your timings but another plus is that it does really help you to understand the mark scheme . The more you practice, the more you start to figure out where the marks/”diamonds” come from and how the mark scheme actually works. For example, knowing which figures are in bold and are needed or how conclusions and the Executive Summary needs to be written.

If you have joined my journey, you should also have been sent some blank planning sheets . These were very helpful when I was studying for the ACA Case Study so I thought I would share these. I only really went into detail on this planning sheet for Requirement 1. This requirement is quite predictable based on the AI in the sense that you should be able to grasp whether the areas of interest are revenue, gross profit and operating profit for example.

What is nice is that the AI purposely gives you three years of management accounts. The AI actually gives example analysis of the year-on-year movements too where they use a range of different numbers and movements. This should help you to prepare for Requirement 1 so you can get an idea of what kind of analysis comments , such as revenue mix, may score a “diamond”. However, a lot of this information and the marks are in the real exam so make sure to pull all of this information into your answers.

I thought it would be helpful if I showed you my Requirement 1 planning sheet for Beal so you can get the gist of how I did this:

Essentially for the Requirement 1 planning sheet I would draft it out similarly to how I have done. Include PY comparison figures so you have these to hand such as PY revenue growth or revenue mix. Also ensure to include business issues and wider context points and recommendations . If your AI mentions any benchmarks/targets/KPIs I would note to comment on whether they were met. Additionally, if there are any bank loan covenants to comment on a breach based on overdraft, note this down. A draft conclusion can also be made based on past mark schemes.

In college we did go through and do a few more planning sheets to Requirement 2 and 3 but I did not really use these given the reduction in predictability. It looks like I have more sheets stapled to the Requirement 1 sheet photographed. However, there are all actually blank (sorry to disappoint) . I pulled this together myself but it may be worth going through this with a friend or study buddy . This may speed up time and it does help with this exam if you all write the same!

It does actually sound like I did a LOT of preparation for the ACA Case Study exam. Looking back, I guess I actually did. Here is a list of points that I think you must do :

• Read the AI and pull out everything I have said above!
• Practice a couple of past mock exams to time so you can nail timings and understand the mark scheme – depending on how well you do, you may need more practice.
• Draft a table with the PY figures for Appendix 1 so you can copy this out into the exam and get started almost straight away
• Practice a mock exam based on your AI . Hopefully you are with a training provider so you have access to this or see the next section for an alternative

Anything else on top of this is just an added bonus , such as the next section of this blog. The Requirement 1 planning sheet is not a must do but it really is worthwhile if you do have the time. You could also draft some standard recommendations for Requirement 2 or 3. I have included a photo of a some I had made below for Beal.

Given the above bullet points, I think you should not need to spend more than a few days on preparing for the ACA Case Study exam outside of college. It is very skills based in terms of how you structure and write your report. Many of the marks are going to be in the real exam so through practice, you should get better at knowing how to pull this out and where to include it in your report.

ACA Simplified/Paradigm Shift Mock Exams

Many of you have probably heard of the ACA Simplified or newly named Paradigm Shift ACA Case Study mock exam pack . I did actually get these for my ACA Case Study exam, where I was given five mock exams. It definitely was not needed to pass but I do think it helped. I did not practice any of these but did read through the mark schemes, understood the calculation workings and took these into the exam with me. Given there are so many mocks, I made a quick reference guide for each mock so I could easily identify the relevant mock.

The reason I wanted the mocks is because I found for my case study Beal that the Requirement 2 and 3 calculations were quite difficult. In all honesty, even though I love Maths and know I am good at it, I did always find these tricky. These mock exams give examples of potential calculations that could come up as well as model appendices to address these. The mocks were therefore helpful in this sense.

The mocks were actually quite similar to the real exam in terms of the scenarios that came up. Such as an increase in the magazine price for one of the requirements. I was able to apply how the calculation was done in the mocks to the real exam. This is likely to be the case given the AI indicates a limited number of potential scenarios and I was given five mocks.

You do need to bear in mind that many of the marks/”diamonds” for the real exam will be based on the information given in the real exam . This of course cannot be predicted and so you cannot just copy the mock answers. The same exam will never come up so application is required and given the time pressure, you do need to know what you are doing. That being said, you can probably copy the business issues and wider context points.

If you have other Advanced Level exams to revise for, try not to get too carried away with the ACA Case Study. SBM also helps with Requirement 1 as there is an overlap with the performance analysis.

I hope this helps and good luck!

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What to Know About the Updated COVID Vaccine for Fall, Winter 2024–25

The updated COVID vaccine provides safe, effective protection against current variants for everyone 6 months and older.

Aliza Rosen

Amid an unexpectedly large surge of summer COVID infections in the U.S., and with the fall/winter virus season around the corner, updated COVID vaccines have arrived.

COVID vaccines are one of the best and safest ways to protect against severe illness and hospitalization. Updated COVID vaccines are chosen to target the variants currently circulating and are recommended for everyone 6 months of age and older.

In this Q&A, Andy Pekosz , PhD, a professor in Molecular Microbiology and Immunology , discusses who the updated vaccine is recommended for, when to get yours, whether it’s safe to get it alongside other seasonal vaccines.

What’s new about this year’s updated COVID vaccines?

The updated mRNA COVID vaccines from Moderna and Pfizer are based on the KP.2 strain, one of the FLiRT variants that have been spreading since early spring. These variants and their sub-variants have caused the majority of infections during this summer’s COVID wave.

Who should be getting an updated COVID vaccine?

Everyone 6 months and older should get vaccinated against COVID, according to the CDC’s recommendations .

For children ages 6 months to 4 years: Vaccination is recommended, but the number of vaccinations is based on which vaccine they receive, their age, and whether they’ve received a previous COVID vaccine. Parents and guardians should refer to CDC guidance and check with their pediatrician to see what’s recommended for their child.

For people ages 5 years and up: One dose of the updated COVID vaccine is recommended, regardless of whether they’ve been vaccinated previously. If someone has received a COVID vaccine recently, they should wait at least two months before getting the updated one for this season.

According to updated CDC guidelines, individuals who are immunocompromised may receive additional doses with their health care provider’s guidance.

When is the best time to get vaccinated?

This summer’s surge has been larger and lasted longer than many experts anticipated, making it a little trickier than years past to determine the best time to get vaccinated.

People who have not had COVID in the past few months have a couple options:

• Get the updated COVID vaccine as soon as it’s available  (late August, early September) to protect yourself as the wave of summer infections continues.
• Get the updated COVID vaccine around mid-October to build protection in time for the rise of cases that typically occur around November through January.

People at higher risk of severe illness should consider getting an updated COVID vaccine as soon as possible. Everyone who is eligible should get an updated COVID vaccine by mid-October in order to build immunity ahead of holiday travel and gatherings. Remember, it takes about two weeks to build up immunity following a vaccine, so schedule your vaccination accordingly.

How long does protection last after I'm vaccinated?

Broadly speaking, the COVID vaccine provides strong protection against infection for up to three months and protection against severe disease out to six months. That said, there are a lot of variables that can affect duration and strength of protection, including any new variants that may emerge and how different they are from the vaccine formulation.

If I had COVID recently, when should I get the updated vaccine?

If you’ve had COVID this summer, you’ll have strong infection-based immunity and can wait a few months after your infection before getting the vaccine. According to the CDC, you can wait three months since your symptoms began or, for asymptomatic cases, since you first tested positive.

There’s some evidence to support waiting as long as six months after a COVID infection to receive an updated vaccine. Waiting longer than the CDC’s guidance of three months is not recommended for high-risk groups, but it’s something people can discuss with their doctor.

How should I choose which COVID vaccine to get?

Between the two mRNA vaccines from Moderna and Pfizer, there is no reason to get one over the other. They target the same KP.2 variant, are similarly effective, and elicit similar side effects.

Is the COVID vaccine free?

The COVID vaccine is free under most health insurance plans and Medicare.

If you don’t have insurance to cover the cost of the COVID vaccine, look for vaccination clinics run by your local or state health department. Children under 18 may also be eligible to get a free COVID vaccine through the CDC’s Vaccines for Children Program .

You can find local pharmacies offering COVID vaccines at Vaccines.gov or by contacting your health care provider or local health department.

Are there any side effects to the updated COVID vaccine?

The common side effects are the same as with previous COVID vaccines. Symptoms like soreness at the injection site, achiness or joint pain, fatigue, slight fever, chills, or nausea are normal and not cause for concern. These side effects are a sign that your body is mounting an immune response—exactly what it’s supposed to do following a vaccine. Side effects generally subside within a day or two.

If I haven’t gotten any COVID vaccines yet, can I start with this one?

If you’ve never been vaccinated against COVID, now is a great time to start. People 5 years of age and older are considered up to date on COVID vaccination once they receive one dose of an updated mRNA COVID vaccine.

How well does the vaccine protect against the variants currently circulating?

The vaccine is a close match to variants currently circulating and provides good protection against severe disease, hospitalization, and death. While KP.2 is not causing a significant number of infections, the most prevalent variants circulating right now are very closely related to them. The vaccine will never be a perfect match to the circulating variants because it takes 2-4 months to make the vaccine, and during that time the virus continues to change as it infects people.

Is vaccine-induced immunity better than immunity from infection?

Vaccine-induced immunity is better because it’s safer. When you get infected with COVID, symptoms from the infection wreak havoc on your body. Whether or not you’ve been infected or vaccinated previously, the updated COVID vaccine is going to strengthen your immune responses to high levels and do so in a safe way.

Can I still get COVID if I’m vaccinated?

People who are vaccinated can still get COVID, but it is much more likely they will experience mild symptoms. Vaccinated people are much less likely to experience severe illness or get so sick that they need to be hospitalized. Data continue to show that those who are hospitalized with COVID are largely people who have not received a COVID vaccine within the past 12 months.

Particularly for people at higher risk of severe COVID, vaccination is an essential tool for reducing COVID complications, hospitalization, and death.

Can you get the flu shot and the COVID vaccine at the same time?

Yes! In fact, studies have shown that people who decide to spread out their vaccines into separate appointments often don’t follow through with getting both. We’ve also seen that the immune response generated by each vaccine does not change based on whether they are administered at the same time or separately.

It’s important to remember that many of the same populations at high risk of experiencing severe illness from COVID are also at high risk of severe influenza. Especially for these vulnerable populations, it’s a good idea to time your vaccines together.

When might we see a combined COVID and flu vaccine?

Some vaccine manufacturers have been working on developing a combined vaccine for COVID and flu, but we’re not there yet. We certainly won’t see a combined vaccine this year. It’s possible one will be ready in time for fall 2025, but we won’t know for sure until more clinical trial results are available.  

Aliza Rosen is a digital content strategist in the Office of External Affairs at the Johns Hopkins Bloomberg School of Public Health.

Related Articles:

• Understanding the CDC’s Updated COVID Isolation Guidance
• What to Know About COVID FLiRT Variants
• The Long History of mRNA Vaccines

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On the Covid ‘Off-Ramp’: No Tests, Isolation or Masks

For many, Covid is increasingly regarded like the common cold. A scratchy throat and canceled plans bring a bewildering new critique from friends: You shouldn’t have tested.

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By Emily Baumgaertner

Emily Baumgaertner, the national health correspondent, has a graduate degree in public health and has covered Covid since 2020.

Jason Moyer was days away from a family road trip to visit his parents when his 10-year-old son woke up with a fever and cough.

The prospect threatened to upend the family’s plans.

“Six months ago, we would have tested for Covid,” Mr. Moyer, 41, of Ohio, said. This time they did not.

Instead, they checked to make sure the boy’s cough was improving and his fever was gone — and then set off for New Jersey, not bothering to tell the grandparents about the incident.

In the fifth summer of Covid, cases are surging, and the Centers for Disease Control and Prevention has reported “high” or “very high” levels of the virus in wastewater in almost every state . The rate of hospitalizations with Covid is nearly twice what it was at this time last summer, and deaths — despite being down almost 75 percent from what they were at the worst of the pandemic — are still double what they were this spring.

As children return to schools and Labor Day weekend travel swells, the potential for further spread abounds. But for many like Mr. Moyer, Covid has become so normalized that they no longer see it as a reason to disrupt social, work or travel routines. Test kit sales have plummeted . Isolation after an exposure is increasingly rare. Masks — once a ubiquitous symbol of a Covid surge — are sparse, even in crowded airports , train stations and subways.

Human behavior is, of course, the reason that infections are soaring. But at some point, many reason, we need to live.

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In India, an exhausted female doctor took a nap at work. What happened next horrified a nation

Topic: Sexual Offences

Doctors have protested around India after a young medical professional was allegedly raped and killed on the job.  ( Reuters: Adnan Abidi )

A young female doctor was allegedly raped and murdered at her workplace in Kolkata. 

A police volunteer stationed within the hospital has been arrested and charged. 

What's next?

The victim's family alleges it was gang rape and more than one person was involved.

During a marathon 36-hour shift at a government hospital in India's east, a young female trainee doctor ducked off for a quick sleep.

WARNING: The details in this story might be distressing to some readers. 

According to her colleagues, she headed to an empty seminar room used by on-duty doctors to rest.

There, she was brutally raped and murdered.

The 31-year-old's death while at work at the Kolkata R. G. Kar Medical College on August 9 has ignited a furore across India.

Tens of thousands of people have marched through the streets across the country during the past two weeks, calling for justice for the victim and a radical reshaping of attitudes towards women.

More than a million doctors are estimated to have gone on strike, and the country's highest court has ordered a national taskforce be set up to improve workplace safety in hospitals.

But awful crimes like this aren't uncommon in India.

An ABC analysis of government crime data shows in 2022 a woman was raped on average every 17 minutes.

Many cases go unreported in the media. Most don't result in any sort of punishment.

A quick scan of local media shows coverage of dozens of rape incidents in the past month alone.

So, in a country infamous for sexual attacks on women, why has this particular case garnered so much attention?

'Another incident? Again?'

Anti-rape activist Yogita Bhayana says the answer is simple: the victim was a doctor.

"It's beyond disgusting. Where can we call a safe place for women in this country?" says activist Yogita Bhayana.  ( Instagram: Yogita Bhayana )

"That is a trigger point," Ms Bhayana, who runs the organisation People Against Rapes in India, told the ABC.

"The reason there is so much outrage is because [a hospital] is supposed to be the safest place.

"It gives me jitters that in a public facility like a hospital where she was serving others and continuously working for many, many hours, this is her fate.

"It's beyond disgusting. Where can we call a safe place for women in this country?"

Amisha Maroo, a 24-year-old second-year resident at a government training hospital in New Delhi, is one of thousands of doctors who suspended non-emergency work at their hospital and joined the protests.

She said abuse of female doctors is common in India.

"A lawyer should be safe in court. A police officer should be safe in his own police station. Likewise, a doctor should be at least safe in the workplace where he or she is working," Dr Amisha Maroo said.  ( Instagram: Dr Amisha Maroo )

"Honestly, I was like, 'Another incident? Again?'" she said. 

"Women are now empowered [to work] in every workplace, be scientists, doctors, but still common people and citizens are not able to respect that."

She said the Kolkata incident has made her question the government's interest in safe and secure workplaces.

"A lawyer should be safe in court. A police officer should be safe in his own police station. Likewise, a doctor should be at least safe in the workplace where he or she is working," she said. 

"That is the basic right we can expect from a government."

That expectation is also held by the country's highest court.

On Tuesday, the Supreme Court ordered a national taskforce be set up to improve safety standards in hospitals, suggesting things like separate resting rooms for female staff and better CCTV coverage.

"If women cannot go to a place of work and be safe, then we are denying the basic conditions of equality," Chief Justice D Y Chandrachud said.

Will there be justice?

Government data shows between 2017 and 2022 there were 189,000 reported rape cases in India.

More than 31,000 rapes of women or girls were reported in 2022 alone.

However, the conviction rate remains low , hovering between 27 and 28 per cent from 2018 to 2022.

Senior Supreme Court lawyer and human rights activist Vrinda Grover said the danger against a woman who has been assaulted can often intensify after the crime has been committed.

Doctors walked off the job after a woman was raped and murdered at work in a hospital in Kolkata.  ( Reuters: Sahiba Chawdhary )

"Many women drop out [of pursuing justice] because there is so much threat and intimidation," Ms Grover told the ABC.

"We've had cases where a woman going to court has been kidnapped, she has been burned to death because the people who have committed the rape are so powerful, socially and politically.

"Why should a woman have to pay with her life because she has filed a complaint?"

Rape causing death can be a capital punishment offence in India.

Those convicted may be hanged, or jailed for 20 years to life.

India's last hanging was in 2020 , when four adult men convicted of gang raping and murdering a 23-year-old physiotherapy student on a bus in Delhi in 2012 were executed.

Days after the Kolkata incident, the Chief Minister of West Bengal – where the crime occurred – led a rally demanding the person or people responsible for the doctor's death be hanged within the week.

Ms Grover said she has "never heard a more odd thing".

"There is an entire trial to be conducted," she said.

Female doctors say the crime has left them fearful of going to work.  ( AP: Mahesh Kumar A. )

"There is a presumption of innocence enshrined in the Indian constitution for every accused, including a rapist."

In any case, those convicted of rape causing murder are not automatically given the death penalty; that's reserved for cases deemed "rarest of the rare" by a court.

Ms Bhayana from People Against Rapes in India said the attention on the Kolkata case would hopefully lead to a more severe punishment for those responsible, but lamented the huge number of victims who don't ever get justice.

"[Judges] go by the outrage, unfortunately, they don't go by the merits," she said.

"This case might get justice, but unfortunately, not many cases get justice in this country.

"It can't turn into outrage every time because there is no backing, there is no support."

Across India, women in STEM have attended protests and vigils to remember the woman who was killed at work in Kolkata.  ( AP: Anupam Nath )

Ms Grover, who assisted the trial court regarding the sentencing of the Delhi gang rapists to death, said India's sexual assault statistics are a "perfect example" of capital punishment not deterring would-be criminals.

"Four men were hanged in March 2020. Who did it deter?" she asked. 

"The Kolkata horrible, horrific incident reminds us of the same thing."

She accused governments of using inflammatory calls for "the spectacle" of the death sentence to divert attention away from possible failures to provide safe workplaces or contribute to meaningful change in attitudes towards women.

Where's the investigation at?

A police volunteer stationed within the hospital has been arrested and charged with rape and murder.

However, the victim's family alleges it was gang rape and more than one person was involved.

An autopsy has confirmed sexual assault.

Days after the incident, Kolkata's High Court criticised local police for their handling of the investigation and transferred the case to the Central Bureau of Investigation (CBI), India's federal crime investigation agency.

On Thursday, the CBI submitted a status report on its investigation to the Supreme Court.

The government of West Bengal also submitted an update on its investigation into a mob attack on the hospital last week.

An angry mob stormed the R. G. Kar Medical College and Hospital in Kolkata and smashed up facilities in the wake of the murder.  ( Reuters: Sahiba Chawdhary )

The Supreme Court again urged striking doctors to return to work, after making the same request on Tuesday.

But many are still refusing to provide anything other than emergency care.

Resident doctors at the Kolkata hospital issued a statement on Tuesday night asking for Indians' "unwavering support and solidarity" as they strike for "the safety, dignity, and rights of every medical professional in our country".

The incident has deeply impacted 26-year-old Tabinda Farooq, who works at a remote hospital in northern India.

She hoped the inconvenience of the protests would lead to change.

"If the hospitals will be shut for a day, it's going to blow out the whole nation," Dr Farooq said.

"This is the way we can fight for it and get justice.

"After God's will, it's doctors who heal people and send them back home happy and healthy."

The case highlights the danger that all women face in India, and not just those in professional roles, according to women's studies academic Deeplina Banerjee, from Western University in Ontario. 

"Growing up, we have been told that the honour of the family rests with us in our bodies. 

"So if anything is to happen to that honour, if we are violated by perpetrators who are men, who are violent, then the blame is on us.

"What we are seeing really is the tip of the iceberg. The problem is far more entrenched and deep-rooted." 

Additional reporting by Oscar Coleman .

Female students walked out of class to demonstrate against the murder of a young doctor this month.  ( AP: Anupam Nath )

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If you think chartered accountants spend their lives confined to their desks, then think again. They are sitting on the boards of multinational companies, testifying in court and advising governments, as well as supporting charities and businesses from every industry all over the world.

• Why chartered accountancy?

Search for qualified ACA jobs

Matching highly skilled ICAEW members with attractive organisations seeking talented accountancy and finance professionals.

Volunteering roles

Helping skilled and in-demand chartered accountants give back and strengthen not-for-profit sector with currently over 2,300 organisations posting a variety of volunteering roles with ICAEW.

• Search for volunteer roles
• Get ahead by volunteering

Advertise with ICAEW

From as little as £495, access to a pool of highly qualified and ambitious ACA qualified members with searchable CVs.

Early careers and training

Start your ACA training with ICAEW. Find out why a career in chartered accountancy could be for you and how to become a chartered accountant.

Qualified ACA careers

Find Accountancy and Finance Jobs

Voluntary roles

Find Voluntary roles

While you pursue the most interesting and rewarding opportunities at every stage of your career, we’re here to offer you support whatever stage you are or wherever you are in the world and in whichever sector you have chosen to work.

• ACA students

"How to guides" for ACA students

• ACA student guide
• How to book an exam
• How to apply for credit for prior learning (CPL)

Exam resources

Here are some resources you will find useful while you study for the ACA qualification.

• Certificate Level
• Professional Level
• Advanced Level

Digital learning materials

All ACA learning materials are now digital only. Read our guide on how to access your learning materials on the ICAEW Bookshelf via the BibliU app, or through your browser.

• Read the guide

My online training file

Once you are registered as an ACA student, you'll be able to access your training file to log your progress throughout ACA training.

• Access your training file
• Student Insights

Fresh insights, innovative ideas and an inside look at the lives and careers of our ICAEW students and members.

• Read the latest articles

System status checks

Getting started.

Welcome to ICAEW! We have pulled together a selection of resources to help you get started with your ACA training, including our popular 'How To' series, which offers step-by-step guidance on everything from registering as an ACA student and applying for CPL, to using your online training file.

Credit for prior learning (CPL)

Credit for prior learning or CPL is our term for exemptions. High quality learning and assessment in other relevant qualifications is appropriately recognised by the award of CPL.

Apply for exams

What you need to know in order to apply for the ACA exams.

The ACA qualification has 15 modules over three levels. They are designed to complement the practical experience you will be gaining in the workplace. They will also enable you to gain in-depth knowledge across a broad range of topics in accountancy, finance and business. Here are some useful resources while you study.

• Exam results

You will receive your results for all Certificate Level exams, the day after you take the exam and usually five weeks after a Professional and Advanced Level exam session has taken place. Access your latest and archived exam results here.

Training agreement

Putting your theory work into practice is essential to complete your ACA training.

Student support and benefits

We are here to support you throughout your ACA journey. We have a range of resources and services on offer for you to unwrap, from exam resources, to student events and discount cards. Make sure you take advantage of the wealth of exclusive benefits available to you, all year round.

• Applying for membership

The ACA will open doors to limitless opportunities in all areas of accountancy, business and finance anywhere in the world. ICAEW Chartered Accountants work at the highest levels as finance directors, CEOs and partners of some of the world’s largest organisations.

• ACA training FAQs

Do you have a question about the ACA training? Then look no further. Here, you can find answers to frequently asked questions relating to the ACA qualification and training. Find out more about each of the integrated components of the ACA, as well as more information on the syllabus, your training agreement, ICAEW’s rules and regulations and much more.

• Anti-money laundering

Guidance and resources to help members comply with their legal and professional responsibilities around AML.

Technical releases

ICAEW Technical Releases are a source of good practice guidance on technical and practice issues relevant to ICAEW Chartered Accountants and other finance professionals.

• ICAEW Technical Releases
• Thought leadership

ICAEW's Thought Leadership reports provide clarity and insight on the current and future challenges to the accountancy profession. Our charitable trusts also provide funding for academic research into accountancy.

• Academic research funding

Technical Advisory Services helpsheets

Practical, technical and ethical guidance highlighting the most important issues for members, whether in practice or in business.

• ICAEW Technical Advisory Services helpsheets

Bloomsbury – free for eligible firms

In partnership with Bloomsbury Professional, ICAEW have provided eligible firms with free access to Bloomsbury’s comprehensive online library of around 80 titles from leading tax and accounting subject matter experts.

• Bloomsbury Accounting and Tax Service

Country resources

Our resources by country provide access to intelligence on over 170 countries and territories including economic forecasts, guides to doing business and information on the tax climate in each jurisdiction.

Industries and sectors

Thought leadership, technical resources and professional guidance to support the professional development of members working in specific industries and sectors.

Audit and Assurance

The audit, assurance and internal audit area has information and guidance on technical and practical matters in relation to these three areas of practice. There are links to events, publications, technical help and audit representations.

The most up-to-date thought leadership, insights, technical resources and professional guidance to support ICAEW members working in and with industry with their professional development.

• Corporate Finance

Companies, advisers and investors making decisions about creating, developing and acquiring businesses – and the wide range of advisory careers that require this specialist professional expertise.

• Corporate governance

Corporate governance is the system by which companies are directed and controlled. Find out more about corporate governance principles, codes and reports, Board subcommittees, roles and responsibilities and shareholder relations. Corporate governance involves balancing the interests of a company’s many stakeholders, such as shareholders, employees, management, customers, suppliers, financiers and the community. Getting governance right is essential to build public trust in companies.

Corporate reporting

View a range of practical resources on UK GAAP, IFRS, UK regulation for company accounts and non-financial reporting. Plus find out more about the ICAEW Corporate Reporting Faculty.

Expert analysis on the latest national and international economic issues and trends, and interviews with prominent voices across the finance industry, alongside data on the state of the economy.

• Financial Services

View articles and resources on the financial services sector.

• Practice resources

For ICAEW's members in practice, this area brings together the most up-to-date thought leadership, technical resources and professional guidance to help you in your professional life.

Public Sector

Many ICAEW members work in or with the public sector to deliver public priorities and strong public finances. ICAEW acts in the public interest to support strong financial leadership and better financial management across the public sector – featuring transparency, accountability, governance and ethics – to ensure that public money is spent wisely and that public finances are sustainable.

Sustainability and climate change

Sustainability describes a world that does not live by eating into its capital, whether natural, economic or social. Members in practice, in business and private individuals all have a role to play if sustainability goals are to be met. The work being undertaken by ICAEW in this area is to change behaviour to drive sustainable outcomes.

The Tax area has information and guidance on technical and practical tax matters. There are links to events, the latest tax news and the Tax Faculty’s publications, including helpsheets, webinars and Tax representations.

Keep up-to-date with tech issues and developments, including artificial intelligence (AI), blockchain, big data, and cyber security.

Trust & Ethics

Guidance and resources on key issues, including economic crime, business law, better regulation and ethics. Read through ICAEW’s Code of Ethics and supporting information.

Communities

ICAEW Communities

Information, guidance and networking opportunities on industry sectors, professional specialisms and at various stages throughout your career. Free for ICAEW members and students.

• Discover a new community

ICAEW Faculties

The accountancy profession is facing change and uncertainty. The ICAEW Faculties can help by providing you with timely and relevant support.

• Choose to join any of the faculties

UK groups and societies

We have teams on the ground in: East of England, the Midlands, London and South East, Northern, South West, Yorkshire and Humberside, Wales and Scotland.

• Access your UK region
• Worldwide support and services

Support and services we offer our members in Africa, America, Canada, the Caribbean, Europe, Greater China, the Middle East, Oceania and South East Asia.

• Discover our services

ICAEW Faculties are 'centres of technical excellence', strongly committed to enhancing your professional development and helping you to meet your CPD requirements every year. They offer exclusive content, events and webinars, customised for your sector - which you should be able to easily record, when the time comes for the completion of your CPD declaration. Our offering isn't exclusive to Institute members. As a faculty member, the same resources are available to you to ensure you stay ahead of the competition.

Communities by industry / sector

Communities by life stage and workplace, communities by professional specialism, local groups and societies.

We aim to support you wherever in the world you work. Our regional offices and network of volunteers run events and provide access to local accounting updates in major finance centres around the globe.

Election explainers

ICAEW experts offer simple guides to help understand the technical, economic jargon that will be at the heart of political debates in the coming weeks.

Insights pulls together the best opinion, analysis, interviews, videos and podcasts on the key issues affecting accountancy and business.

• See the latest insights

ICAEW podcasts

ICAEW produces two podcast series that count towards your CPD: Accountancy Insights for news from across the profession, and The Tax Track for specialist analysis from the ICAEW Tax Faculty.

Professional development and skills

With new requirements on ICAEW members for continuing professional development, we bring together resources to support you through the changes and look at the skills accountants need for the future.

• Visit the hub
• Diversity and Inclusion

Diversity and inclusion is a key pillar of ICAEW's strategy. Discover the latest insights on equality, diversity and inclusion. You can also join our Diversity & Inclusion Community.

• Find out more on our hub
• Join the community

Insights specials

A listing of one-off Insights specials that focus on a particular subject, interviewing the key people, identifying developing trends and examining the underlying issues.

Top podcasts

Insights by topic.

ICAEW Regulation

• Regulatory News

View the latest regulatory updates and guidance and subscribe to our monthly newsletter, Regulatory & Conduct News.

• Regulatory Consultations

Strengthening trust in the profession

Our role as a world-leading improvement regulator is to strengthen trust and protect the public. We do this by enabling, evaluating and enforcing the highest standards in the profession. 

Regulatory applications

Find out how you can become authorised by ICAEW as a regulated firm. 

ICAEW codes and regulations

Professional conduct and complaints, statutory regulated services overseen by icaew, regulations for icaew practice members and firms, additional guidance and support, popular search results.

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Are you an independent student? Do you have a question about your ACA training? Our frequently asked questions could have the answers.

You are an independent student if you are studying for the ACA qualification, but you are not yet in an ACA training agreement with an ICAEW authorised training employer or principal.

To become an independent student studying for the ACA, you must:

• Entry requirements for those in the UK
• If you are outside the UK, there are various local entry requirements
• You can register online
• You will need to pay the annual student registration fee

No. You can only use the ACA designatory letters after your name when you become a fully qualified ICAEW member.

You must be registered with ICAEW as an ACA student to be able to take the ACA exams. You will also need to be registered as a student before you can claim any credit for prior learning .

Once you become an ACA student, you will benefit from a wide range of fantastic resources and services to help you in your studies. Here’s what we have to offer:

• a dedicated student support team;
• free exam resources - past exams, practice questions, examiner feedback, errata, exam webinars etc;
• access to your local student society or group for exam support, local events and study buddies;
• access to free learning content from across ICAEW such as digital skills training, economic insights and more; and
• regular e-newsletters with the latest student news, job alerts, exam resources and exam date reminders.

You may be eligible for credit for prior learning (which you may know as exam exemptions) if you have an academic qualification such as a degree, Masters or a diploma - that has elements of law, business, finance or accounting within it - or, have a professional qualification.

Depending on what you have previously studied, you may be eligible to apply for credits for up to 12 of the Certificate Level and Professional Level exams.

• More on  credit for prior learning and how to apply
• View the  Credit for prior learning FAQs

No. Please note you need to be in the final year of an ACA training agreement to be able to take the Case Study exam*. You can only qualify as an ICAEW Chartered Accountant when you have successfully completed all the requirements of the four elements of the ACA qualification.

• View four elements of the ACA
• More on ACA assessment regulations for ACA students

* ACA assessment regulations  state that students may not attempt the Case Study until they have completed all but their last year of approved training by the end of the month in which the assessment is held unless authorised to attempt the examination earlier by the Managing Director, Education and Training.

No, you need to be registered as an ACA student to sit your exams.

This depends on a number of factors such as which country you study in, what type of tuition you take and if you are entitled to any credit (exemptions) at any of the ACA exams.

There are two types of costs – those payable to ICAEW and those that are payable directly to your tuition provider.

Fees payable to ICAEW

• View ACA tuition fee information

Fees payable to your tuition provider

• Tuition costs - there may be a number of ways for you to study for the ACA exams (classroom, online and one-to-one). The costs for these will vary by location and tuition provider.
• Find a tuition provider

To become an ICAEW Chartered Accountant you need to complete all four elements of ACA training: exams, practical work experience, professional development, and ethics and professional scepticism. You also need to complete a formal period of training under an ACA training agreement with an authorised training employer or principal.

You will not be able to qualify as an ICAEW Chartered Accountant without having completed all of these required elements of the ACA qualification.

You cannot use the ACA letters after your name until you have completed all elements and have become a fully qualified ICAEW Chartered Accountant.

There are a number of ways we can help. If you are working for an organisation that is not currently an ICAEW Authorised Training Employer (ATE) or principal, you may want to talk to them about becoming one. The process is free and simple. Our business development team are happy to talk to you/your employer through the process.

• More on becoming an authorised training employer or principal
• Tips for independent students

Look for ACA training opportunities on our dedicated  ICAEW Training Vacancies website . You will find a variety of UK and overseas vacancies from employers including accountancy firms, commercial organisations, not for profit and the public sector. Set-up job alerts to receive notifications about newly added vacancies.

Get yourself and your CV employer-ready - make use of our Careers Advice Hub for insight on getting ready for interviews, assessment centres and how to job hunt effectively.

You can register on the site, upload your CV and create a personal profile. Your profile can be reviewed by employers recruiting ACA students. Some companies choose not to post their jobs on our site, so remember to check the websites of companies you want to work for too.

For further advice on finding a training agreement, you can visit our careers website at  icaew.com/careers .

All ACA students benefit from a wide range of fantastic resources and services. These are designed to help you in your studies and in the workplace. They include:

• A dedicated student support team  – here to help and advise you throughout your training via live web chat, email or phone;
• Student website – find the latest information, guidance and exclusive resources to help you as you progress through the ACA at icaew.com/dashboard;
• Student insights hub - an online hub with useful articles, videos and resources to help you with work, study and life;
• Regular e-newsletters – with the latest student news, exam updates and reminders;
• Exam resources  – past exams, exam software practice, errata, exam webinars, syllabus and examiner feedback to help your revision;
• Student groups  – join your local ICAEW student society or network to connect with other ACA students and get involved in social activities, study buddy groups and more.
• Gain access to free resources from across ICAEW including free digital skills training, economic insights and more.

If you are an independent student, you will not be able to complete the requirements of the ACA until you have gained employment and are in a training agreement with an ICAEW authorised training employer or principal.

Remember: you will also need to be in the final year of your training agreement, before you can sit the Case Study exam.

If you are working for an organisation (or individual) that is not currently an ICAEW authorised training employer or principal, you may want to talk about becoming one. It is a free and straightforward process. Our business development team will happily talk to you and your employer about what's involved.

• Find out more about  becoming an authorised training employer or principal

For advice on finding a training agreement, you can visit our careers website at icaew.com/careers .

• Tips for ACA independent students

In the majority of cases the answer is no. However, in certain circumstances, we will recognise up to a maximum of 12 months of prior work experience (which would include some practical work experience) gained before your ACA training agreement. This applies only if:

• that experience was gained in an organisation that was registered as an ICAEW authorised training employer or principal;
• AND that this experience was gained within the 24 months before your ACA student registration date;
• AND you met the requirements to register with ICAEW from the date you are trying to claim credit;
• AND your previous work experience must have been gained within the two years prior to the start of your training agreement.
• View the guidance notes on prior work experience

Please note that if your work experience does not meet all of these conditions, then you will not be able to count it towards the requirements of the ACA.

Student support team

The student support team is here to help. We recommend that you contact us via our Live Chat or chatbot Mia first. Our telephone support line is open 9-5 Monday - Friday exc. Wednesday 10-5 (UK time) Closed - UK statutory & public holidays.

• Speak to an advisor on Live Chat
• Contact us form
• +44 (0)1908 248 250 (option 1)

Read out this code to the operator.

FAR - Full Series

Learn how to ace the aca certificate level exams, financial accounting and reporting (far) , classroom tuition, online tuition.

• Apr 1, 2020

How to Pass the ICAEW ACA Corporate Reporting (CR) Exam

Updated: May 3

This article offers our top five tips on how to pass the ACA Corporate Reporting (CR) exam. Written by a multiple prize-winning ACA tutor who has coached several students to also win ICAEW prizes, this is a must read for any student preparing for their CR exam.

Tip 1 – When starting your CR preparation, ensure that your Financial Accounting and Reporting (FAR) and Audit and Assurance (AA) knowledge is at the same level as when you passed those exams

CR examines Financial Reporting (FR), Audit, Financial Statement Analysis and Ethics, with at least 80% of the marks allocated to FR and Audit. The FR aspects of the paper are similar to the FAR exam and the Audit aspects similar to the AA exam. In fact, around 60-70% of the marks in the CR exam are on topics already tested at Professional Level. Furthermore, the style of some of the exam questions are also the same, e.g. ‘explain the financial reporting treatment’ and ‘identify audit risks and suggest audit procedures’.

Therefore, it is strongly advised that your preparation begins with re-learning the technical content from FAR and the auditing process from AA, with a particular focus on audit risks and procedures. As we consider this to be such a fundamental part of CR preparation, we provide our CR students with access to our FAR and AA video classes on key brought forward topics. Our experience is that students who complete this preparatory work find the advanced CR content much easier to understand and apply. This then enables them to focus on exam technique from an earlier stage which leads them to higher marks.

Tip 2 – Appreciate the differences between each type of CR question and learn the optimal exam technique for each

The three questions in the CR exam are can be summarised as follows:

FR only (requiring correction to draft financial statements/figures)

FR and Audit (requiring use of Data Analytics Software/Advance Information)

FR and Audit

Financial statement analysis and Ethics can be examined in any question, although Ethics is most often examined in Q1 or Q3.

By nature, FR requirements are technical and require students to explain the correct accounting treatment and then adjust the financial statement extracts. This is similar to Q2 in the FAR exam, albeit with examination of some new standards and more complex adjustments.

The audit aspects are ‘skills based’ rather than technical and require students to interpret the scenario to identify auditing issues (which isn't always just risks and procedures). Therefore, because the audit questions are scenario based, the questions are less predictable and less repetitive across exam sittings compared with the FR requirements. Having said that, the exam technique you should use does not change because the skills the examiners are testing are the same.

Having performed a detailed review of all the CR past exam papers and mark schemes, we have developed and tested the optimal exam technique for each type of CR exam question. As exam technique is best taught via practical application to recent past exam questions, we have included a free sample class from our CR course here .

Tip 3 – Practice several of the same question one after another

After using lots of past CR exams to teach our students the optimal exam technique for a particular type of CR exam question, we send our students away to practice lots of similar questions. For example, after being taught the exam technique to use for ‘explain the FR treatment’ questions on Leases, our students then practice several other ‘explain the FR treatment’ questions on Leases.

This has the following benefits:

It enables you to apply the exam technique demonstrated during tuition

It familiarises you with how the examiners structure questions

It enables you to identify patterns in how each topic is examined

It improves your efficiency when using the open book notes

It enables you to identify weakness areas so that you can focus your technical learning and exam skills

It familiarises you with the ICAEW CBE software

It enables you to improve your speed so that you don’t exceed your time allocation

Our CR Master Plan categorises all the past exam questions by topic to make it easy to practice lots of questions on the same topic. ​An example from our 2021 CR Materials is included below.

Tip 4 – Structure your open book notes so that they can be used effectively and time-efficiently in the exam

Open book exams present both a golden opportunity and fatal time trap. The CR exam is incredibly time pressured so any time spent looking something up in your notes is time which could have been spent typing a mark scoring point. Therefore, your open book notes need to be concise and structured in a way that you can quickly look up information should you need.

Given the technical nature of FR, we suggest that your notes include a summary of the key technical points for each topic. As audit ‘risks and procedures’ requirements frequently follow on from ‘explain the financial reporting’ requirements, it is advised that you also include a list of some common risks and procedures for each topic. The example below demonstrates how to do this, which is taken from our CR Materials .

As explained earlier, non-risks and procedures audit questions tend to be scenario specific so your open book notes are likely to be of limited use when tackling these types of question. However, it is a good idea to have a reminder of the types of points to include and how to generate ideas to help steer you in the right direction.

As mentioned above, any time spent looking something up in your notes is time which could have been spent typing a mark scoring point. Therefore, you should aim to build your FR knowledge and audit exam technique skills to the level where you use your open book notes sparingly, if at all. This will then enable you to secure marks far more easily within the tight time constraints of the exam. Personally, I only use our materials if a very technical FR question comes up, such as share-based payments with a choice of settlement.

Tip 5 – Bag the relatively easy ethics marks

Ethics is examined in all the ACA exams and whilst ethics questions do get harder as the ACA progresses, the ethics marks remain comparatively easier to the technical marks. A typical CR paper includes 8 marks for ethics which equates to 16% of the marks needed to secure a 50% passing grade. Therefore, comparatively easy ethics marks offer the opportunity to secure 16% of the marks you need to pass - in what in our opinion is - the hardest ACA exam.

The most efficient exam strategy is to ensure that you have an exam technique which will ensure that you make the eight points needed to get maximum marks for ethics.

Need Help Passing the ACA CR Exam?

Our CR classroom and online courses focus on the most frequently examined technical content and demonstrate the optimal exam technique for each type of CR question. Sample classes from the course, our CR Materials and our CR Master Plan can be found here .

About the Author

Kieran Doe is a Senior ACA Tutor at ACA Masters. Kieran won ICAEW prizes for his performance in Financial Accounting and Reporting, Tax, Financial Management, Audit, Business Strategy and Case Study. This is in addition to winning several prizes at university for various Accounting, Management, Business and Economics subjects.

Kieran’s tuition is based around the learning techniques and exam strategies which enabled him to win prizes for all the subjects he teaches. Under his guidance, several of his ACA students have also won ICAEW prizes.

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ACA Exam Pass Rates (2023) – Which exam is the hardest?

When looking to begin the ACA qualification, or if you are mid way through, a key question is around ACA exam pass rates. 

As you will read below, the pass rates appear quite high on initial viewing. Something to note is that the vast majority of the people who are taking these exams are part of an accounting firm (many big 4) and getting a training contract at one of these firms is difficult. As such, the average person taking these exams is well qualified and intelligent. 

The pass rates for the Professional and Advanced level are archived based on exam sitting on the ICAEW website (and outlined below). Pass rates for the Certificate level are not given by sitting as they can be taken at any time, and as such are given as total exams to date.

Full exam pathway below:

ACA exam pass rates

Certificate level: .

Information summarised in the below table represents exam statistics for the Certificate level exams which have been taken since 2019. 

The information provided for both the professional level and advanced level are the ACA exam pass rates rates for the most recent 4 exam sittings for each level. 

Professional Level: 

*The statistics presented above represent all first attempts

Advanced level: 

So which is the hardest exam (based on ACA exam pass rates)?

Below I have ranked each of the ICAEW ACA exams based on pass rate. As you can see, based on pass rate alone, the Certificate level accounting exam is the most difficult, with a pass rate of just 71.0%.

Interestingly, the Certificate level Law exam is the easiest with an average pass rate of 90.8% – this may come as a surprise for many people. 

It should be noted that from experience, these pass rates do not reflect the difficulty of the content in each syllabus. 

Additionally, progression to the professional and advanced levels depends on completion of the certificate level in most cases. As such, the calibre of students completing the later exams is higher than at the start. 

Related posts

How to get qualified in a big 4 firm – How hard is the ACA?

Why working in Big 4 audit is the best way to start your career

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How much do you get paid in the Big 4?

What do auditors actually do?

Is being an auditor REALLY that boring?

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I want to make a subreddit dedicated to the ICAEW professional qualification. I'll build it when we have established a group of members.

How hard is the ACA? How many hours did you study outside of work throughout the qualification?

Will be starting the aca soon, really interested to see the level of work required to pass the aca exams

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