The ACCA are redesigning the Professional level of their qualification.
The changes aim to give students the strategic abilities and advanced skill set required of modern accountants, with a real world focus to help students handle the challenges of the workplace.
Watch the ACCA’s short video about the changes.
What is Changing?
- P1 (Governance, Risk and Ethics) and P3 (Business Analysis) will be replaced with a new four hour Strategic Business Leader case study exam from September 2018.
- P2 will be replaced by a new Strategic Business Reporting exam from the September 2018 exam sitting.
- A new Ethics and Professional Skills module will replace the current Professional Ethics Module on 31st October 2017.
- The Professional Level option papers remain unchanged, however there will be updates to each syllabus.
- All remaining ACCA modules will be renamed. The numerical F1, F2 etc. naming convention will be removed from the module titles.
Professional Level Exams
- Strategic Business Leader – this will be a 4 hour case study exam with no pre-seen information. The exam is designed to mirror real workplace scenarios. More information, including the specimen exam can be found here.
- Strategic Business Reporting – this will be a 3 hour 15 minute exam. Like the existing P2 exam it will test the technical aspects of corporate reporting, but will also give students the skills to explain and communicate wider aspects of corporate reporting. More information, including the specimen exam can be found here.
- Ethics and Professional Skills – students will encounter real world scenarios in this online learning module. More information can be found here.
What Are the Transitional Arrangements?
- If a student has passed both P1 and P3 before September 2018 they will be given a converted pass for the new Strategic Business Leader case study exam.
- If a student has passed P2 before September 2018 they will be given a converted pass for the new Strategic Business Reporting exam.
- If a student has passed the existing Professional Ethics Module before 31st October 2017, they will not have to sit the new Ethics and Professional Skills module.
How do the Changes Affect Students?
Students will need to carefully plan their route through the qualification. For example, if a student has passed P1 but not P3, this will not provide a converted pass and they would need to sit the new Strategic Business Leader exam.
Any student that has passed the existing Professional Ethics Module by October 2017 will retain the credit. However, they may find it useful to study the new Ethics and Professional Skills module as it has been designed to support their studies at the professional level.
Please read our recommendations below.
June 2018 will be the final sitting for P1, P2 and P3.
Students who fail either P1 or P3 will have to sit the new Strategic Business Leader exam.
We therefore recommend students plan their 2018 exams as follows:
- If you have not yet sat any P level exams: Sit P2 and Options papers in March and June then sit the new Strategic Business Leader exam in September or December.
- If you have already passed P1 by December 2017: Sit P3 in March 2018 and Option papers in June or September 2018.
- If you have already passed P3 by December 2017: Sit P1 in March 2018 and Option papers in June or September 2018.
- Do not sit P1 or P3 for the first time in June 2018: If you fail, you will need to sit the new Strategic Business Leader exam in September, meaning you will sit an extra exam.
Contact us on 0161 228 6564 or firstname.lastname@example.org to speak to a tutor about these changes and your study plan.