CREDIT TOWARDS PROFESSIONAL ACCOUNTANCY QUALIFICATIONS Depending upon modules studied and performance, University of Exeter graduates may obtain credit towards the qualifications of the following leading professional accounting bodies: Institute of Chartered Accountants in England and Wales (ICAEW) Institute of Chartered Accountants of Scotland (ICAS) Association of Chartered Certified Accountants (ACCA) Chartered Institute of Management Accountants (CIMA) Chartered Institute of Public Finance and Accountancy (CIPFA) Credit is maximised for those graduating with BA (Hons) in Accounting and Finance or BA (Hons) Business and Accounting having made appropriate module choices; it is by no means, however, restricted to these graduates. Note that credit available changes from time to time, with changes in the professional bodies qualifications and changes in University modules and degree schemes. Details of the credit available as at 1 November 2009 are provided in the following pages: ICAEW ICAS ACCA CIMA CIPFA P2 P3 P4 P5 P6 In addition, a two-page summary is provided on pages 7-8. Please consult Dr Chen Lim, Room 201 Streatham Court, Rennes Drive, Exeter, EX4 4PU (e-mail C.V.Lim@exeter.ac.uk) if you have any further queries. 1
Institute of Chartered Accountants in England and Wales Under the ICAEW Professional Stage examination syllabus exemption is available to Exeter graduates with BA Accounting and Finance and BA Business and Accounting degrees (including those with European/International Study/Industrial Experience) as follows, based on appropriate module choices: Paper Accounting Assurance Business and Finance Law Management Information Principles of Taxation Business Strategy Awarded on the basis of passes (*) in: BEA1004 Introduction to Accounting or BEA1006 Accounting I plus BEA1007 Accounting II BEA2001 Financial Accounting BEA2004 Auditing ** see below BEA1003 Business Law BEA3004 Corporate Law BEA1004 Introduction to Accounting BEA2003 Management Accounting or BEA2006 Management Accounting plus BEA2007 Accounting Models for Decision Making BEA2002 Taxation BEM3004 Business Strategy BEA2003 Management Accounting or BEA2006 Management Accounting plus BEA2007 Accounting Models for Decision Making BEA1005 Management Concepts & Practices Financial Management BEA3001 Financial Management * A pass in the above modules is one at 50% or better (with at least 40% in all the assessed elements). ** Unlike other papers, credit for the Business and Finance paper will only be awarded on the basis of a first or upper second class degree, or a pass in BEE1001 Principles of Economics (or BEE1027 Economics for Business), BEA1003, BEA1005, BEA2001, BEA2003 (or BEA2006 plus BEA2007), BEA2004, BEA3006 Governance, Accountability and Audit and BEA3004. This is because the ICAEW deems that the general learning outcomes for the paper are incorporated into modules throughout the accounting degree programmes. For further information and materials, see the following and follow the link: http://www.icaew.com/index.cfm?route=146188 2
Institute of Chartered Accountants of Scotland (ICAS) The BA Accounting and Finance and BA Business and Accounting degrees are ICAS accredited degrees. With appropriate module choices, these attract exemption from up to a maximum of five of the following five papers the Test of Competence Stage: Financial Accounting Principles of Auditing and Reporting Business Management Finance Business Law Other degrees may attract exemptions and these are considered on a case by case basis. To be eligible for exemptions at Test of Competence level you must have both syllabus coverage and meet the subject requirements. For further information, see the following and follow the links: http://www.icas.org.uk/site/cms/contentviewarticle.asp?article=3070 3
Association of Chartered Certified Accountants (ACCA) The BA Accounting and Finance and BA Business and Accounting, and their with European/International Study/Industrial Experience variants, and BA Business and Management are ACCA accredited. Credit for Fundamentals Level papers is available on full course completion, with options as shown in brackets required in respect of certain papers: F1 F2 F3 F4 F5 F6 F7 F8 F9 Accountant in Business Management Accounting (need BEA1004* and BEA2003**) Financial Accounting (need BEA1004* and BEA2001) Corporate and Business Law (need BEA3004) [not available to BA Business and Management students] Performance Management (need BEA2003**) Taxation (need BEA2002) Financial Reporting (need BEA2001 and BEA3005) Audit and Assurance (need BEA2004 and BEA3006) Financial Management (need BEA3001) * For the 2008/09 entrant cohort, the equivalent modules are BEA1006 plus BEA1007 ** For the 2008/09 entrant cohort, the equivalent modules are BEA2006 plus BEA2007 Credit in respect of other degrees must be sought from ACCA on a paper-by-paper basis. For further information and materials, see the following and follow the links: http://www.accaglobal.com/students/study_exams/exemptions 4
Chartered Institute of Management Accountants (CIMA) New Syllabus (examinations from May 2010 onwards) [Please note that the exemption below applies to the 2009 and earlier graduates only reaccreditation for 2010 and beyond is currently in progress] Exemption for all Certificate Level papers is available to Exeter graduates with BA Accounting and Finance and BA Business and Accounting degrees (including those with European/International Study/Industrial Experience). The CIMA Certificate Level papers are: C01 Fundamentals of Management Accounting C02 Fundamentals of Financial Accounting C03 Fundamentals of Business Mathematics C04 Fundamentals of Business Economics C05 Fundamentals of Ethics, Corporate Governance and Business Law Exemption from Operational and Management Level papers is available as follows to graduates with BA Accounting and Finance and BA Business and Accounting degrees (including those with European/International Study/Industrial Experience): E1 Enterprise Operations requires BEM2004 OBHRM F1 Financial Operations requires BEA3005 and BEA3006 F2 Financial Management - requires BEA3005 and BEA3006 P1 Performance Operations P2 Performance Management Note that for CIMA paper exemption purposes, passes must be at 40% or better in relevant core degree programme modules, and in any additional modules specified above in relation to Operational and Management Level papers. For further information and materials, see the following and follow the links: http://www.cimaglobal.com/cps/rde/xchg/sid-0aaac544-175acb54/live/root.xsl/exemptionsearch.htm 5
Chartered Institute of Public Finance and Accountancy (CIPFA) Under the CIPFA examination syllabus exemption is available to Exeter graduates with BA Accounting and Finance and BA Business and Accounting degrees (including those with European Study) as follows, based on appropriate module choices: Certificate level: Financial Accounting Certificate level: Management Accounting Certificate level: Financial Reporting Certificate level: Financial Management Systems & Techniques Diploma level: Governance and Public Policy For further information and materials, see the following and follow the links: http://www.cipfa.org.uk/eandt/current/exemptions.cfm 6
EXETER UNIVERSITY CREDIT TOWARDS PROFESSIONAL ACCOUNTANCY QUALIFICATIONS (as at 1 Nov 2009) BA (Hons) Accounting and Finance (with/without European/International Study/Industrial Experience) BA (Hons) Business and Accounting (with/without European/International Study/Industrial Experience) The table below summarises the position of our accounting degree programmes in terms of credit/ exemption received from the five main accountancy bodies. Credit (highlighted in blue below) is available to those graduated with BA (Hons) in Accounting and Finance or BA (Hons) Business and Accounting having made appropriate module choices. Please note that there are additional conditions attached to claiming these credit. Students are advised to read the preceding notes for further information. ICAEW ICAS ACCA Professional Stage - Knowledge Modules (6 papers) Accounting Assurance Business and Finance Law Management Information Principle of Taxation Professional Stage - Application Modules (6 papers) Audit and Assurance Business Strategy Financial Accounting Financial Management Financial Reporting Taxation Advanced Stage (3 papers) Technical Integration - Business Change Technical Integration - Business Reporting Case Study Test of Competence (5 papers) Financial Accounting Principles of Auditing and Reporting Business Management Finance Business Law Test of Professional Skills (4 papers) Financial Reporting Assurance and Business Systems Taxation Advanced Finance Test of Professional Expertise (1 paper) Multi-discipline Case Study: Fundamentals (9 papers) F1 Accountant in Business F2 Management Accounting F3 Financial Accounting F4 Corporate and Business Law F5 Performance Management 7
ACCA (cont d) CIMA CIPFA F6 Taxation F7 Financial Reporting F8 Audit and Assurance F9 Financial Management Professional (5 papers in total) Essentials (all 3 compulsory) P1 Professional Accountant P2 Corporate Reporting P3 Business Analysis Options (2 to be completed) P4 Advanced Financial Management P5 Advanced Performance Management P6 Advanced Taxation P7 Advanced Audit and Assurance Certificate in Business Accounting (5 papers) C01 Fundamentals of Management Accounting C02 Fundamentals of Financial Accounting C03 Fundamentals of Business Mathematics C04 Fundamentals of Business Economics C05 Fundamentals of Ethics, Corporate Governance and Business Law Professional Qualification Operational Level (3 papers) E1 Enterprise Operations F1 Financial Operations P1 Performance Operations Professional Qualification Management Level (3 papers) E2 Enterprise Management F2 Financial Management P2 Performance Management Professional Qualification Strategic Level (3 papers) E3 Enterprise Strategy F3 Financial Strategy P3 Performance Strategy Professional Competence Level (1 paper) Final case study: The Test of Professional Competence in Management Accounting Certificate Level (4 papers) Financial Accounting Management Accounting Financial Reporting Financial Management Systems and Techniques Diploma Level (7 papers) Audit and Assurance Leadership and Management Financial and Performance Reporting Accounting for Decision Making Governance and Public Policy Public Finance Taxation Final Test of Professional Competence (2 papers) Strategic Business Management Finance and Management Case Study 8