Jag's Journey

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

ICAEW Case Study Made Easy – How to Pass ACA Case Study

What was my first impression of the ICAEW Case Study? Weird. This exam is completely different to the 14 ACA exams prior which actually have new content to learn. The ICAEW Case Study was completely unknown to me until I came to study for this exam. It was not really an exam that was spoken about at all beforehand. For this reason, I have written this blog to give others an insight into the ICAEW Case Study exam with tips to pass . If you would like to know how much preparation is needed for the ICAEW Case Study, click here .

I will also share a few of my ‘ help sheets ‘ for free to those of you who have kindly joined my journey. These sheets can be tailored to your ICAEW case study, printed out and taken into your exam as it is open book. It isn’t too late – join now! You will receive these within three/four days of joining at 6pm (UK).

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

Table of Contents

Introduction to the icaew case study, icaew case study materials, icaew case study exam format, executive summary, requirement 1, requirement 2, requirement 3, different ways to fail the icaew case study exam, icaew case study marking key and timings, make it easy.

To reiterate, there is no new content that you need to learn to pass the ICAEW Case Study. Passing this exam is more skills based than anything. According to ICAEW , students need to demonstrate they “ can provide advice on complex business issues in the form of a written report “. In order to do so, you will have to analyse both financial and non-financial data as well as portray ethical awareness to form conclusions and recommendations.

In terms of difficulty , the calculations involved are quite basic such as percentage change and there is minimal technical knowledge required. You will even already know roughly 40% of the exam that is going to come up. The remaining 60% is somewhat predictable too based on the case study information you are given.

If you are reading about the ICAEW Case Study for the first time, you are probably thinking “ this is great! “. I know I was. However, hold your horses as you might start to smile slightly less as you continue to read on.

The way the ICAEW Case Study works is that prior to the exam (roughly a month before I think it was) you should get sent the Advanced information (AI) . This is 40-50 pages of information – it is everything we need to know about the client before the current financial year. Do not worry about researching the industry outside of the AI as there is plenty of information including prior year financial statements and a few news articles within this. My case study was during COVID-19 and there were not many extra marks available regarding this.

Using this AI, you can really get to know the fictional client. You should understand the history of the company, the products the client sells, the pricing, competitors, opportunities, etc. Furthermore, you can perform a SWOT analysis, PESTEL analysis and all sorts.

The surprise aspect of the ICAEW Case Study comes in the exam where you will get 10-15 pages of new information. However, this information is unlikely to be a total surprise as the AI will point towards this. For example, my ICAEW Case Study was about a magazine company. The AI mentioned the possibilities of exploring different consumer markets, different prices for magazines, a different type of magazine, etc. In the exam, out of all of these options price changes was one of the questions which came up so I was somewhat prepared.

The way I see it is that the AI is historical and the exam information is like meeting with your client for a new financial year and they update you on how it went. You will get the latest financial statements, hear of actual potential strategies and opportunities as well as get provided some newer news articles.

Every ICAEW Case Study will have the same exam format as follows:

For more information regarding each of these key exam areas, see the tabs below. As this is a report, your ES and requirements will need to be numbered throughout. My ‘help sheet’ will assist with this.

This first thing to do before even reading the exam question is to start the executive summary. You will need to address the external report to the client from your accountancy firm as per the Case Study. Following this, you should also write a disclaimer regarding liability. Doing this will get you a tick in the overall assessment criteria and my ‘help sheet’ has this all set out.

The purpose of the ES is to provide a balanced summary of all the three requirements. If someone did not have the time to read your full report, they should be able to pull out all the key information from this executive summary. The ES is standard for any ICAEW Case Study exam and is part of the 40% where you know what will come up.

You cannot simply copy and paste the conclusions from your requirements otherwise you will not get any marks . This could also result in you failing, see below. The ES needs to be slightly more detailed than the conclusion.

The ES is on a separate tab in the ICAEW software to the requirements so there would be a fair bit of flicking back and forth between the tabs to do this properly. The way I went about doing this was copying each of my requirement answers into sticky notes/comments on the exam exhibits. I would then paste these into the ES, remove less important information and reword parts to ensure I gained marks.

Timing is key in this exam so I would recommend to avoid leaving the ES until the end. Write it up after each requirement when the points are fresh in your mind.

Requirement 1 is part of that 40% where you know what question will come up. There is a small part of this requirement that is unknown but using the case study you can form an educated guess for what might come up.

The first thing you will need to do for every requirement is to create an appendix . These will be fairly basic calculations using information from the exhibits. Requirement 1 is all around financial statement analysis , in particular financial performance.

You already have the financial statements for the year prior to the exam statements in the AI. This will be used for the YOY comparison which is essentially what this R1 appendix is. You will need to have a movement column (£) and a % change column.

The software can be a pain when it comes to this requirement. This is because once you have produced the appendix, you will need to discuss the movements in the year and explain why this has happened using information in the exhibits. Again, this is fairly predictable and you can for example prepare reasons for increase/decrease in revenue beforehand. However, given the software you would need to keep scrolling up and down to see the numbers.

This is why my ‘ help sheets ‘ are useful as one addresses this issue. See a preview below. I took this in with me printed out as part of my open book file. As I was populating the appendix in the software I was writing all the numbers out too. This prevents having to scroll constantly and if you practice, it will save you more time than it wastes.

The less obvious aspect of this requirement will relate to a proposed financial adjustment. For example, a stock write off, bad debt issue, to do with cash flow or more. Do not worry too much as the AI will hint towards the potential issues.

As stated in requirement 1, you will need to produce an appendix made of fairly straightforward calculations. This should be the calculations behind evaluating a potential strategy or opportunity. For me, this was the potential revenue for different magazine pricing strategies. This was somewhat predictable so I had practiced calculations beforehand.

The rest of requirement 2 tends to have the same structure :

  • Is the strategy or opportunity is worthwhile given your numbers?
  • The assumptions would then need to be assessed. There will be benchmarks given in the AI and in the exam which you can compare these assumptions to.
  • Commercial and ethical considerations based on the exam information would be made. For example, does this strategy align with the client’s values as per the AI.
  • Conclusions and recommendations would need to be made.

Always state “any changes in the assumptions will affect the results of the model” for any ICAEW case study – it is an easy, guaranteed mark!

The shortest appendix will be needed for this requirement. It should be a few simple calculations to assess a potential strategy or opportunity. In all honesty, sometimes the lines can get slightly blurred between what could come up in requirement 2 or requirement 3.

As with 2, requirement 3 has roughly the same structure from ICAEW Case Study to Case Study:

  • Financial impact using these calculations
  • Strategic and operational issues
  • Business trust and ethical issues
  • Conclusions and recommendations

The recommendations can be quite straightforward such as carrying out market research. If there is another company involved, carry out due diligence on them.

Within all requirements , wider business context points are required to be sprinkled in throughout. These can be gathered from the AI and prepared beforehand but then ensure to add them in where relevant.

This is probably the most horrible aspect of the ICAEW Case Study. Either this or the fact that it is 4 hours long. What surprised me is that you can still fail this exam even if you achieve the actual pass mark. Yes, you read that correctly. Even if you reach the 50% pass mark, you can be failed for any of the other reasons outlined below .

  • As mentioned, achieving less than the 50% pass mark.
  • For not having complete coverage of the requirements – for example, if you scored 100% on R1 and R2 but then 0% on R3 or have a missing ES this would be seen as an incomplete report and you will fail. This is why time management in this exam is crucial which I touch on later and the ‘help sheet’ should help with.
  • Achieving less than 50% in each individual requirement and being deemed insufficiently competent often. Not only do you need 50% overall but you need to pretty much be passing each requirement. You really need to show you can produce a strong report here.
  • Missing out parts of requirements across the ICAEW Case Study. If you score above 50% in all requirements but have missed out 4-5 skills assessment boxes, you will fail. There cannot be gaps in the report. A fail could also be for writing poor conclusions and recommendations throughout.

Essentially, the examiner wants to see that you can write a complete report properly. If you do not do as ICAEW say in this exam you will be punished and you will fail.

I could honestly spend a very long time talking through the marking key. However, I do not want to get too bogged down with this in this blog. You will go through this in a LOT of detail once studying for this exam. I will therefore cover this at a high level. If you want further details about the ACA ICAEW Case Study marking key, click here where I have delved into this much more.

The main thing to know is that there are skilled assessment boxes (total of 40): ES (6); each of the three requirement (11); and one final box for the overall assessment criteria. The mark per each box is 0-6 so the maximum mark is 240 for this exam (40 x 6). Each box will have six points/’diamonds’ that need to be made. For example, one point/’diamond’ is stating revenue increased by x amount/(y %) based on the case study numbers. This will make more sense once you start studying for ICAEW Case Study.

From the table above you can see you do not benefit for hitting six points/’diamonds’ rather than four. You waste time but then it is difficult to know whether a point you make is in the skills assessment box or not. Through these boxes you demonstrate that you can: assimilate and use information; structure problems and solutions; apply judgement and form conclusions and recommendations.

You may be slightly confused as the marking key is unlike any others. There are no predetermined correct answers . In fact, only after assessing the first 100 say papers are the skills assessment boxes points/’diamonds’ put together. You need to write what everyone else writes so state the obvious and work together when preparing beforehand!

To briefly touch on timings, the ICAEW Case Study is four hours as mentioned. Believe it or not but it is very time pressured . There are many different ways to plan your time. I will share how I did it on one of my ‘help sheets’.

This blog title is definitely not click bait. These ‘help sheets’ will definitely give you a good idea of how to approach the ICAEW Case Study.

In addition to this, people do say you cannot revise for this exam given there is no content. However, I do definitely think you can prepare and you will need to go through the AI beforehand. Like I said though, do not go overboard with this as the AI should have all the information you need. Find out exactly how much preparation is needed to pass here . You should also familiarise yourself with the ICAEW software beforehand.

Practice for this exam to master the technique and timing. You may be wondering how and you probably will not like the answer. I would recommend practicing mock exams , as in previous ICAEW Case Study exams. This is tough as sitting one four hour exam is bad enough. Additionally, you would have to read AI’s that are not relevant to your exam and it is a lot of work. It is worthwhile though to do a few!

Another way to practice is through ACA Simplified / Paradigm Shift . Once the AI is released, this company will use the AI to predict around 5 different exams for your case study. It is fairly expensive but if you do want to practice on your own case study it is worthwhile. You can take the mark schemes in with you too as it is open book so this can potentially help in the exam if a similar question comes up. I mentioned above that requirement 2 and 3 have simple calculations but these can actually sometimes be tricky depending on the case study. ACA Simplified can help with this.

And there you have it! This was a very lengthy blog so if you found this useful it would be great if you could leave a comment 🙂

I thought I would also throw in a video of my final ICAEW exam day (Case Study) in November 2020 – I am sure many of you can relate to these feelings!

20 comments

It’s all just come screaming back to me, great summary! Excited to see what your helpsheet is like!

Thank you for reading Abs and I hope you like them!

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A very informative blog for someone starting to prepare for Case Study! Now I know more about what I’m in for, lol. Thank you for the tips and helpsheets!

You are welcome Anne – I am glad to help!

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Thank you for providing the information relating to Case!

I was wondering what made you use ACA Simplified/Paradigm Shift compared to ACA Masters to help with your analysis of the AI?

Hi Guv, you are welcome – others I knew who had sat Case previously used ACA Simplified/Paradigm Shift and highly recommended them. At the time of my studies I actually wasn’t that aware of ACA Masters. They also have great reviews though!

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Loved this post. Very informative.

I was wondering what you think is the best way to use the ACA simplified mocks? Obviously sitting the other 2 advanced level exams, there isn’t a lot of time to practice all the mocks to time so I was wondering if you have any tips?

Also, is it possible for me to have your help sheets?

Thank you!!!

You are welcome and in terms of the mocks, I scanned through them and at the time was able to print them out and take in with me. I think this may have changed since I sat them so not sure if this is possible now. I would advise really running through the calculations and understanding them for requirement 2 and 3 – write these out in a way that is easy to understand and could be applicable to your real exam. Definitely is unmanageable trying to do them all but it is worth going through them and seeing if you would be on the right track if similar questions came up in the exam. I have mistakenly just emailed you the audit notes – in terms of the help sheets you will need to join my journey at http://www.jagsjourney.blog/contact and they will be with you in a few days. All the best!

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Exam statistics

The pass rates for the Professional Level exams are shown below.

View the summary of results.

The finance exams with a 70% pass rate that earn you £100k+ in banking jobs

The finance exams with a 70% pass rate that earn you £100k+ in banking jobs

If you're looking for exams that are a) comparatively easy to pass, that b) will get you a job in banking and finance and that c) will enable you to earn £100k+ quite quickly, it seems there's one particular qualification you should be pursuing: the ACA qualifications from the UK's ICAEW. 2019 pass rates are out today, and they're impressively high.

Overall, the 8,000 students sitting the ACA's Advanced Level exams  to become fully qualified chartered accountants this summer achieved a pass rate of nearly 70% in all three papers when they sat them together. When each paper (strategic business management, corporate reporting and a case study) was taken individually, pass rates were higher still - at 83.9% for strategic business management, 79.6% for corporate reporting, and 76.7% for the case study.

The Advanced Level Exams represent the highest level of the ACA qualification to become a chartered accountant. Students take the exams while they're working. Some of the highest grades were achieved by students currently employed at PricewaterhouseCoopers in London. 

The extravagant pass rates are, needless to say, very different to the pass rates achieved by students of the CFA exams. As we reported last month, only 41% of people taking CFA Level I in June 2019 achieved a pass, a five year low. 

As with the CFA exams, the ACA qualifcations are typically taken while students are working. However, while the CFA exams are usually students' personal endeavour, the Big Four accountancy firms  support employees in passing ACA qualifications.

Students with ACA passes can either work for the Big Four as auditors, or move into banking and industry. According to the most recent salary survey from recruitment firm Morgan McKinley, newly qualified accountants in London typically earn an average salary of £55k in banking. This rises to £90k+ when they become a vice president after a few years, and to well over £100k if they reach director-level (which isn't that hard as banks have plenty of directors).

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Just a few points on this...

To say these are comparatively easy to pass suggests you did very little research into these exams. They are technically incredibly complex, with a very large spectrum of content, and gruelling examinations of 3.5-4 hours each.

Also your comment that it is a relatively quick route to £100k+ is frankly laughable. In the Big4 as an ACA qualified accountant this would take a minimum of 10 years to become a director, at which point your salary may hit 6 figures. For the most part, ACA qualified accountants don't go and take banking jobs in the city like you claim is the norm, they move into corporate finance roles in industry where they work in financial accounting or management roles. These are also not six figure salaried jobs, they are better paid than other management roles normally due to the technical expertise and experience, but those salaries are only accessed by directors and beyond. A recent study shows that in 2020 the average entry age for a CEO for example, a role that many ACA qualified accountants in industry can aspire to, is 56. Not exactly walking in to senior management.

The reason for the high pass rates are not 'easy exams', they are incredibly driven and hard working people sitting them. These are some of the top UK graduates and apprentices working long days and very late nights to get these results, using up their annual leave to try and maximise their time to prepare and revise.

Please don't write this kind of article with as little knowledge on the subject as you have, it reflects badly on yourself as a journalist.

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Exam modules

To become an ICAEW Chartered Accountant you must study and pass 15 exam modules focused on different aspects of accountancy, finance and business. Designed to provide you with in-depth knowledge across a broad range of topics, each of the ACA qualification modules are directly relevant to the work that you will do throughout your training. While the modules are split over three levels: Certificate, Professional and Advanced, the modules can be taken in any order, except for the Case Study which must be taken last.

Certificate level

The Certificate Level modules of the ACA

  • 1.5 hour computer-based assessment.
  • Can be completed at any time at approved test centres.

These modules will introduce you to the fundamentals of accountancy, finance and business.

Most ACA students complete the Certificate Level within the first year of their training agreement.

Read more about the Certificate level

ICAEW Certificate in Finance, Accounting and Business (ICAEW CFAB)

The Certificate level of the ACA also make up an independent qualification, ICAEW Certificate in Finance, Accounting and Business. This can be completed independently of the ACA. 

ICAEW CFAB is a globally-recognised qualification in finance, accounting and business. It is open to everyone and can be studied independently or via a tuition provider.

The six exams can be completed in any order and are assessed via computer-based assessment at a local exam-centres.

ICAEW CFAB can be achieved in 12 months. Upon completion, you will receive your ICAEW CFAB qualification certificate and you can choose to carry on and complete the ACA.

Read more about ICAEW CFAB

ICAEW CFAB is a qualification on its own, but it’s also a stepping stone to the ICAEW Business and Finance Professional (BFP) designation.

BFP provides you with professional status, recognises your achievements and supports you with your development as you progress in your career.

By gaining the designation, and adding the BFP letters to your name, you demonstrate your ability to stay up to date in your profession, and show a strong understanding of ethics and a commitment to professional development.

You can start your journey to BFP and complete the requirements while studying for ICAEW CFAB, or once you complete it.

  • Find out more about BFP

Professional level

The Professional Level modules of the ACA

  • 2.5-3 hour paper exam.
  • Flexible to fit around your training agreement.
  • Can be taken in one of four sittings each year.

The 'Business Planning: Taxation' and 'Business Strategy' modules are more advanced and link to the Advanced Level of the ACA qualification.

Read more about the Professional level

Credit for prior learning

Credit for prior learning (CPL), also known as exemptions, are available for some of the Certificate level and Professional level exam modules. If you have studied a related subject at university, you may be eligible to apply for exemptions for up to eight modules. 

Check our CPL Directory to see if you can apply for credits.

Advanced level

The Advanced Level modules of the ACA

The Corporate Reporting and Strategic Business Management modules have been designed to test your understanding and strategic decision making at a senior level.

You will be presented with complex real-life scenarios, which expand on the Professional Level modules.

The Case Study presents a complex business issue which encourages you to problem solve, identify the ethical implications and provide an effective solution.

It must be completed last, and is aimed to test all of the knowledge gained throughout your studies training.

Read more about the Advanced level

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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 case study pass list

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. 

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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.

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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
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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.

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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.

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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.

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

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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.

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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.

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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.

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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

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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

Faculties

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.

  • Ukraine crisis: central resource hub

Learn about the actions that ICAEW members are taking to ensure that their clients comply with sanctions imposed by different countries and jurisdictions, and read about the support available from ICAEW.

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

  • See the latest insights
  • Making COP count

This series looks at the role the accountancy profession can play in addressing the climate crisis and building a sustainable economy.

  • Read more on COP28

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

When Chartered Accountants Save The World

Find out how chartered accountants are helping to tackle some of the most urgent social challenges within the UN Sustainable Development Goals, and explore how the profession could do even more.

  • Read our major series

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.

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ICAEW Regulation

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  • 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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The ACA exams

Credit for prior learning / exam exemptions, exam support for your students, applying for exams, exam dates and deadlines, access arrangements, exam disruption appeal, exam re-sits.

The ACA exams are designed to complement your student’s practical experience as they progress through the qualification and gain an in-depth knowledge of accountancy, finance and business.

There are 15 exams spread over three levels: the Certificate Level, the Professional Level and the Advanced Level. The exams can be taken in any order, except for the Case Study exam which must be attempted last and in the final year of a training agreement.   All ACA exams are computer-based and can be sat in an exam centre or remotely, either at home or in the office. Credit for prior learning (otherwise known as exam exemptions) is available for some exams.

Introducing students to the fundamentals of accountancy, finance and business, the Certificate Level exams take 1.5 hours to complete, have a 55% pass mark and can be sat at any time throughout the year. There are six exams within the Certificate Level:

  • Management Information
  • Business, Technology and Finance
  • Principles of Taxation
  • Download the Certificate Level syllabus

The Professional Level builds on the fundamentals, testing your students’ understanding and their ability to use technical knowledge in real-life scenarios. There are six exams within the Professional Level: 

  • Financial Accounting and Reporting* 
  • Business Planning** 
  • Business, Strategy and Technology 
  • Audit and Assurance 
  • Tax Compliance 
  • Financial Management 

* There are two Financial Accounting and Reporting exam options: UK GAAP or IFRS Standards. You can choose which exam will be most beneficial for your students to sit.

**There are three Business Planning exam options: Banking, Insurance and Taxation. You can choose which exam will be most beneficial for your student to sit. Each exam has a 55% pass mark, and is 2.5 hours long, except for the Financial Accounting and Reporting exam which is 3 hours long. Each exam can be taken in March, June, September, and December except for the Business Planning alternative exams for Banking and Insurance which are only available at the June, September, and December sessions.

  • Download the Professional Level syllabus

Corporate Reporting and Strategic Business Management

The Corporate Reporting and Strategic Business Management exams test your students’ understanding and strategic decision-making at a senior level. Each exam has a pass mark of 50% and is 3.5 hours long.  Case Study  The Case Study exam tests all the knowledge, skills and experience gained. It presents a complex business issue which challenges students’ ability to problem solve, identify the ethical implications, and provide an effective solution. The Case Study exam has a pass mark of 50% is 4 hours long, and should be attempted last. 

The Advanced Level exams can be sat in July and November, and are all fully open book, replicating real-life scenarios where all resources will be available at your student’s fingertips.  

  • Download the Advanced Level syllabus

Students with accounting or business-related degrees or professional accountancy qualifications may be able to claim credit (otherwise known as exemptions) for up to 12 of the ACA exams. Students cannot claim exemptions for the Advanced Level exams. It is up to you whether you allow your student to apply for any exemptions they may be eligible for. 

  • Visit our CPL directory to find out what credit is available to your students
  • Guidance for students on applying for CPL

You can pick a tuition provider from our list of approved Partners in Learning. You may wish to let your students choose a tuition provider that suits their individual learning styles. 

  • Find a tuition provider

A wide range of exam resources, including past exams, insights articles and webinars, are available for students on our website. We recommend that your students use these when preparing for their exams.

  • Explore our exam resources

It is your student’s responsibility to apply for exams within the specified booking windows via my.icaew.com/examsonline . Once your student has completed an application, they will receive an application summary via email. They will be able to make any changes to their booking application up until the booking window closing date.

  • Guidance for students on applying for exams

There are four Professional Level exam sessions throughout the year in March, June, September and December, and two Advanced Level exam sessions in July and November. Certificate Level exams can be attempted at any time of the year.

Please ensure you and your students are aware of all exam dates and deadlines, particularly surrounding booking windows. Late applications are unlikely to be accepted, and any requests that can be accommodated will incur additional fees. We also encourage students to apply for their exams early, particularly if they will be sitting their exam in an exam centre, as availability is allocated on a first-come, first-served basis.

  • View the ACA exam dates and deadlines

If you are offering the ACA on an apprenticeship programme, please ensure you are also aware of the dates and deadlines relating to the apprenticeship assessments:

  • View the Level 4 apprenticeship dates and deadlines
  • View the Level 7 apprenticeship dates and deadlines

If your student feels their exam performance may be hindered due to a health condition, disability, or specific learning difficulty (SpLD), we may be able to put access arrangements in place to support them during their exams.

Students should apply for access arrangements via my.icaew.com/examsonline by the following deadlines:

  • ICAEW CFAB and ACA Certificate Level exams - 21 working days before the exam date.
  • ACA Professional and Advanced Level exams – no later than the closing date of the respective exam session.
  • Level 4 Accounting Technician Apprenticeship Role Simulation exam - no later than the closing date of the respective exam session. 
  • Guidance for students on applying for access arrangements

Where a student feels that their performance in an exam has been adversely affected by illness or other circumstances, they can apply for an exam disruption appeal. Applications should be made via my.icaew.com/examsonline with any supporting evidence within seven days of the exam.

  • Guidance for students on making an exam disruption appeal
  • Results for Certificate Level exams Your students will be able to access Certificate Level exam results 24 hours after the exam has been sat via their online training file or by downloading the MyICAEW App . You will be able to view your student's exam results in their online training file. Please note, if your student is due to receive their results on the same day as the Professional or Advanced Level exam results are released, they will be available at a slightly later time. 

Your students can access their results from 12:00 (UK-time) via the  online training file or by downloading the MyICAEW App . You will be able to view your student’s exam results from 12:00 (UK-time) on results day via the online training file. You can view a summary of the latest exam results and statistics here .

Exam attempts

ICAEW Student Regulations allow a maximum of four attempts at each Certificate Level and Professional Level exam, except for the Business Planning and Financial Accounting and Reporting assessments. Students are permitted a combined maximum attempt of four attempts across all three of the Business Planning exams. Similarly, students are permitted a combined maximum of four attempts across both Financial Accounting and Reporting exams.  There are an unlimited number of attempts at the Advanced Level exams. Please note, these are the maximum number of attempts allowed according to our regulations however you, as the employer, are allowed to advise your student on how many attempts you are prepared to support. 

Failing an exam

If your student fails an exam, marks feedback  will be available for them to access in their online training file. Marks feedback provides a breakdown of the mark achieved per question allowing you and your student to identify any areas where your student has scored lower marks.  We take the marking of exams very seriously and therefore errors in the calculation of exam results are very rare. However, if your student has failed an exam and believe that this result is not correct, they may request a marks review. The marks review  is not a re-mark, but it is a complete check of all the processes involved in arriving at their result. 

Have a question?

If you need any support or have a question on ACA training, please contact us.

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, corporate reporting (cr).

Our CR tuition is extremely exam focused and once a technical subject has been taught, we will develop your exam technique by teaching you the most effective way to answer each type of CR exam question. The exam techniques you will be taught are those which enabled your tutor to win several prestigious ICAEW prizes and this tuition approach has resulted in several of our students also winning prizes.

You can watch the course introduction and a FREE SAMPLE CLASS   below.

OUR PRIZE-WINNING TECHNIQUE

Each class focuses on a frequently examined topic and explains the key technical concepts in a simplified way, before demonstrating the optimal exam technique by working through recent past exam questions in full. Your tutor will teach you the most efficient way to read, interpret and analyse the exam paper and most importantly, the specific technique you should use when typing your answer. This includes practical advice on how to make effective use of your open book when answering questions.

Having understood the technical content and exactly how you should be approaching a particular type of CR  exam question, you can then go and attempt similar past exam questions to put these prize-winning exam technique skills to the test and watch your marks drastically improve - hopefully you will join our growing list of prize winners!

PAYMENT AND ACCESS

You can subscribe to all the classes for £395 and enjoy a viewing period of 12 months.

Please click  HERE   to purchase. Once payment has been made, you can view the full course  HERE . ​

Please note that our PDF materials are sold separately.

​ ​ PASS GUARANTEE 

The 12 month access period should give you plenty of time to sit and pass the C R exam. However, if you need longer, we will gladly extend your access at no extra cost to you. This includes access to any additional content we upload to the course as a result of syllabus changes. 

COURSE STRUCTURE ​

The course is structured so that it covers each examinable area and each type of C R exam question. You can find a list of the classes on the course structure structure document below.  ​ The course also includes FAR and AA revision classes to refresh you on brought forward content. 

WHAT STUDENTS SAY

5 star transparent _edited.png

Kieran is definitely one of the best, if not the best tutor one can ever have when preparing for the ICAEW exams. His invaluable teachings, notes and video classes helped me to attaining the Top Scorer award for BPT and CR for Southeast Asia! None of this would have been possible without Kieran's help. Hoping to becoming ACA-exam qualified with Kieran by July 2024!

(ICAEW Prize Winner)

IMAGES

  1. How to Pass the ICAEW ACA Case Study Exam

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  2. How to Pass the ICAEW ACA Case Study Exam

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  3. ICAEW Case Study Made Easy

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  4. How To Pass The ICAEW ACA Case Study Exam

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  5. HOW TO PASS ICAEW CASE STUDY ACA EXAM

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COMMENTS

  1. Archived ACA exam results

    Access archived results (pass lists) from all Professional Level and Advanced Level exam sessions held in the past few years. ... All ACA, ICAEW CFAB and Level 4 apprenticeship learning materials are now digital only. Read our guide on how to access your learning materials on the ICAEW Bookshelf using the BibliU app or through your browser ...

  2. Exam results

    The results of the ICAEW March 2024 ACA Professional Level exams were published here at 12:00 BST on Thursday 18 April 2024. If you have problems viewing the results, your computer may be showing content stored on the hard disk (cache). To view the most up-to-date information you will need to override your cache.

  3. ICAEW Case Study Made Easy

    Introduction to the ICAEW Case Study . To reiterate, there is no new content that you need to learn to pass the ICAEW Case Study.Passing this exam is more skills based than anything. According to ICAEW, students need to demonstrate they "can provide advice on complex business issues in the form of a written report". In order to do so, you will have to analyse both financial and non ...

  4. How to pass the ICAEW ACA Case Study exam

    What is the pass rate for the ACA Case Study? The pass rate for the ACA Case Study exam was 77.6% in the most recent exam season. Historically, the pass rate for this exam has been between 75-80%. The relatively low pass rate tends to be due to poor exam technique rather than not understanding the content.

  5. How to Pass the ICAEW ACA Case Study Exam

    3. Understand what information is provided in the Advance Information (AI) and what is provided in the exam. 4. Learn the Case Study exam technique which ensures that you hit all the boxes on the mark scheme. 5. Practice mock exams to master your exam technique. Step 1: Understand how Case Study is marked.

  6. Study ACA online

    Study ACA online with Kaplan Learning. Study your own way, on your own terms. Get ACA qualified. ... Case Study (CS) ... Lifetime pass guarantee* included to support you passing your exam. *T&Cs apply. ACA - try for FREE. Try ICAEW OnDemand for absolutely free for five days . Try for FREE.

  7. Exam statistics

    Exam statistics. The pass rates for the Professional Level exams are shown below. Exam. Sat. Pass Rate %. Audit & Assurance. 1,163. 76.4%. Financial Accounting & Reporting (IFRS)

  8. The finance exams with a 70% pass rate that earn ...

    Overall, the 8,000 students sitting the ACA's Advanced Level exams to become fully qualified chartered accountants this summer achieved a pass rate of nearly 70% in all three papers when they sat them together. When each paper (strategic business management, corporate reporting and a case study) was taken individually, pass rates were higher ...

  9. Advanced Level Examinations November 2021

    Exam Pass Rates Sat Passed % Sat Passed % Case Study 2,591 2,087 80.5% 2,179 1,805 82.8% Corporate Reporting 2,870 2,306 80.3% 2,510 2,130 84.9% Strategic Business Management 2,924 2,510 85.8% 2,575 2,304 89.5% First attempt only ALCS only 1,190 1057 88.8% - - - - - - - - - - - - 133 11.2% ALCR only 231 - - 127 55.0% - - - - - - - - - - 104 45.0%

  10. ACA Advanced Level

    The ICAEW Advanced level exams present real-life scenarios, with greater complexity and wider implications than the Professional Level exams. The Case Study exam will present a complex business issue which will require problem solving, the identification of ethical implications and your ability to provide effective solutions.

  11. ACA Qualification

    ICAEW ACA courses powered by BPP Momentum. As an ICAEW Approved Partner in Learning, our unique exam-focused approach delivers industry leading pass rates, averaging above 90% across all Professional and Advanced papers. Progress through your ACA course studies using BPP Momentum, providing unrivalled levels of personalised teaching and support.

  12. What exams are in the ACA?

    The ACA qualification requires that you study and pass 15 exam in order to become an ICAEW Chartered Accountant. These focus on different aspects of accountancy, finance and business and are designed to provide you with in-depth knowledge across a broad range of topics. The modules are split over three levels: Certificate, Professional and ...

  13. Exam modules

    ICAEW CFAB is a globally-recognised qualification in finance, accounting and business. It is open to everyone and can be studied independently or via a tuition provider. The six exams can be completed in any order and are assessed via computer-based assessment at a local exam-centres. ICAEW CFAB can be achieved in 12 months.

  14. Case Study module study resources

    The Case Study exam will assess your understanding of providing advice on complex business issues in the form of a written report. The scenario may be based on a variety of different organisational structures or operations, and you will be provided with advance information ahead of the exam. The exam is four hours long and will consist of three ...

  15. ACA Advanced

    The ACA qualification is made up of 15 exams, advancing your knowledge across accountancy, finance, and business. When you complete the qualification, you will be an ICAEW chartered accountant. You can take the exams in any order, apart from the Case Study, which needs to be attempted last, in the final year of an ACA training agreement.

  16. ICAEW ACA Advanced Level Exams

    Having won multiple ICAEW prizes - including the ICAEW prize for the highest score in the world for the final Case Study exam (92%) - our Senior ACA Tutor Kieran Doe knows exactly how to ace the ACA exams. Having developed the optimal exam technique for each exam, Kieran now teaches these exam strategies to the next generation of ACA students.

  17. ACA Exam Pass Rates (2023)

    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. Module.

  18. ICAEW Prize-Winning ACA Tutor

    Kieran Doe at ACA Masters is an ICAEW prize-winning ACA tutor who provides classroom courses, online courses, private tuition and our own ACA materials. ... It was great to see one of our Case Study students follow in her tutor's footsteps by winning the ICAEW prize for the highest score in the world (90%). This is particularly impressive given ...

  19. A guide to the ACA exams

    Case Study The Case Study exam tests all the knowledge, skills and experience gained. It presents a complex business issue which challenges students' ability to problem solve, identify the ethical implications, and provide an effective solution. The Case Study exam has a pass mark of 50% is 4 hours long, and should be attempted last.

  20. ACA Corporate Reporting

    Hoping to becoming ACA-exam qualified with Kieran by July 2024! Justin. (ICAEW Prize Winner) ICAEW prize-winning ACA Corporate Reporting (CR) tutor who provides London courses, online courses, video classes, private tuition, open book notes.