Under previous rules, students are removed from the register if they have not completed the exams within 10 years of their initial registration date. Now, under the new rules, acca 7 year rule, a seven-year time limit will be introduced at the professional level starting with 4 exam sessions from march 2016.
There will be no time limits for passing F1-F9. Once students have completed these papers they will have seven years to pass their five remaining professional exams and after 7 years student will not be removed from register but will lose any passes that were achieved within seven years time. These papers will need to be retaken before you can become ACCA affiliates.
The seven-year limit begins when a student passes their first professional level exam. ACCA felt the current rules do not take into consideration the fact that ACCA students can start at different levels of exams, depending on prior qualifications and exemptions given.
Employers also believe in value of up-to-date and relevant knowledge. All students currently on the register have been given a ‘last exam session’ which is 10 years limit from when they initially registered. Under the new rules, if they haven’t completed all the exams by the last exam session means after 10 years they will not be removed from the register.
However, students will lose / retake any papers that they may have passed at the professional level, if they passed them more than seven years ago. Professional level exam have total of 7 papers out of which 5 papers must be passed to get ACCA affiliates status.
ACCA said it was important that the new time limit rules means all students are treated equally. It also pointed out that it will be offering four paper exam sessions in March, June September and December by 2016.