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ICAEW Case Study Nov 22

Hey guys, so I did my case study exam in Nov 22. Unfortunately, I didn't have enough time for the ES and thus, just copied and pasted it from my conclusions/recommendations. Anyone did this before and managed to pass the exam?

Jag's Journey

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

How Difficult/Hard REALLY are the ICAEW ACA Exams? With ACA Exam Difficulty Ranking and Proven ICAEW ACA Pass Rates

Before reading, please note that this is an extremely subjective blog. What I find difficult another person may not and vice versa. Find the details of my academic background here if interested (no prior accounting experience ). Therefore, this is my personal opinion on how hard the ICAEW ACA exams are. I will also include ICAEW pass rates from the ICAEW website throughout to help give a clearer, more factual picture of ACA exam difficulty. Finally, I have ranked these exams in order of difficulty . I have shared my exam marks here too for further context!

This blog is grouped into the three ACA Levels ( Certificate , Professional and Advanced ) to discuss the ACA exam difficulty. For additional details on an individual module basis, please refer to those hyperlinked 15 ACA Exams Breakdown three part blogs.

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

Table of Contents

General difficulty of icaew aca exams, certificate level icaew pass rates, professional level icaew pass rates, advanced level icaew exam statistics, 15 aca exams difficulty ranking, aca exam difficulty wrap up.

The most common question I get asked around ACA exam difficulty is asking how hard the exams are with a comparison. For example, are ACA exams harder than university exams/A-Levels? It is worth mentioning that in my first blog I did mention the Level 7 ACA Apprenticeship is equivalent to a Masters . Therefore naturally you would think the ACA would be much harder.

Conversely, I think passing the exams is actually quite achievable . Although there were times I did not think this was the case when sitting the mock examinations. The struggle with ACA exams comes where you have to balance studying with a full time job and all the other ACA requirements. The difficulty can be intensified by having to sit more than one exam at once . I will be discussing these aspects in later blog posts so join the journey to find out more.

To answer the question how hard is the ACA as a whole, as a BSc Economics and Mathematics graduate with no prior accounting experience, the ACA exams are difficult. They are difficult but they are definitely passable and I did pass all exams first time with a lot of hard work to achieve this. The majority (70%+) of students in my graduate intake did too.

Note : If you are considering studying towards the ACA with no prior accounting experience , I would recommend reading this book I have written. It will teach you the basics of accounting and hopefully help you find out if you will have an interest in accounting before starting.

Back to the ACA, the content itself is not too complex if you are taught well and put in the time to learn it. I was taught by Kaplan and thought they were brilliant. There is just a lot of content in each exam and a lot to remember. Some exams are open book as discussed in previous blogs but the time pressure and extent of application adds difficulty.

Overall, I would say they are not significantly harder than university exams or even A-Levels . Off topic but I found A-Levels harder than university anyway.

How Difficult are the ICAEW ACA Exams?

The good thing about these exams is that ICAEW have many resources available to help you pass. There is a study manual and question bank full of plenty of practise questions for each exam as well as past papers and sample papers. Learning providers also provide further resources and assistance and hopefully my ACA blogs help too! You employer may also provide you with support through study days or extra notes to help. Essentially you should have all the information you need to do well in these exams if you put in the time to fully prepare.

Join my journey and I will send you some BPT notes and ACA Case Study help sheets if you need it!

Let’s now take a look at the different ACA Levels to assess ACA exam difficulty in greater detail.

Certificate Level ACA Exam Difficulty

Certificate Level exams are all predominantly multiple choice . This sounds easy but honestly these exams should not be underestimated. I would rank Management Information (MI) to be rank highly for ACA exam difficulty, see below. Some of these exams such as MI are not completely multiple choice and these other areas can actually be quite tricky. Additionally, as I did not have an accounting background there was a lot to learn and it can be seen as learning a new language. You must nail this to do well in the following Levels.

The ICAEW question banks are very helpful for these ACA modules. Sometimes questions from the question bank may appear in the real exam or may be very similar. I ensured to complete all question banks at least once through, sometimes twice. This involved non-stop question practice, even at train stations and all over. Others definitely did not do as much question practice but still passed. I do think though that with some good practice you should be fine for these exams. There is little time pressure at this stage.

However, that being said I do think these questions can be difficult. The different multiple choice options in the more wordy exams are sometimes very similar. It feels like ICAEW are trying to catch you out. Even with all the practice I was rarely certain I passed these exams because of this. The most similar comparison I can think of would be your driving theory test but these ACA exams are harder. The pass mark is 55% though which helps!

ICAEW have provided exam statistics for the Certificate Level exams. You do need to be an ICAEW member to access these for this Level. I will therefore not disclose these individual exam details but I will say the average ICAEW pass rate is above 80% . On a first attempt only basis, the ICAEW pass rate is higher but for re-sits it is quite a bit lower. This indicates if you fail once you are more likely to fail again. Additionally, Accounting (AC) and MI are have the lowest ICAEW pass rates so it is not just me who found MI tricky. Hopefully these statistics boost your confidence but like I said, you do need to work for it!

Professional Level ACA Exam Difficulty

The Professional Level exams are definitely a huge step up from Certificate Level and I would say they are much harder. There is a lot of content in these exams so there is of course a lot to learn. What makes them more difficult is the fact that they are quite time pressured too. Given the content and all of these factors, I do think these exams at a stretch can be compared to A-Levels/University exams.

Again with these exams and the question banks I do think they are definitely ones that can be passed with practice. The past exam papers tend to have a fairly similar structure and I would say they do not have many surprises. Different topics will come up year on year but it is a case of which one more than anything else. BPT is one I will discuss separately along with the Advanced Level exams. This is because this exam is slightly different to the rest of the Professional exams.

The Professional exams pass mark is 55% too. With these exams I am genuinely not sure if they are scaled ; I am unsure whether marks are inflated or deflated to ensure a set number of people pass. You will see the pass marks below are similar year on year but there is no proof of scaling. I can confirm that the exams are moderated as I was asked to be a moderator. This is where after passing the exams you will be asked to sit the same exam again and comment on the ACA exam difficulty. Perhaps this is why the ICAEW pass rate is usually similar.

The exam statistics I will be discussing are for the exam sittings I sat. These were in March 2019 and September 2019. I sat three Professional Level exams at a time and will discuss this intensity in a later blog . Join my journey so you do not miss this.

A lot of information can be drawn from the March 2019 statistics below. Firstly, all ICAEW pass rates are higher than 70% . This is often the case in all Professional sittings. You may be thinking “70% is surprisingly quite high so they must be easy”. No, the exams are NOT easy – fail to prepare, prepare to fail . The ICAEW pass rates are high because students are dedicated and want to pass so work hard. As mentioned , employers may be able to dismiss you for failing so this added pressure could again explain the high ICAEW pass rates. As with Certificate Level, the statistics indicate you are more likely to fail if you have failed already.

It is definitely important to minimise exam stress for these exams as it is easy to get overwhelmed.

These statistics include international students; students who English is a second language to. I would therefore say others in the UK are at an advantage as there is no language barrier. This also includes self-taught, independent students who do not have as much support as those with say Kaplan or BPP .

Moving onto September 2019 , we can see a similar trend. The ICAEW pass rate is higher than 70% for all except BPI. However, this is likely to be due to the number of students sitting the exam being so low. 

Advanced Level ICAEW Pass Rates

As mentioned, I will include BPT in my discussion of Advanced exams as well as Corporate Reporting (CR) and Strategic Business Management (SBM) . ACA Case Study is very different with many ways to fail but it too is passable with practice. Click here for my ICAEW Case Study Made Easy blog post for in depth details. Join my journey to get free Case Study ‘help sheets’ within a few days of joining.

These three exams (BPT, CR and SBM) are completely open book and have a great deal of content. These are somewhat similar to university exams where you have to learn say ten topics and only three will come up. However, these exams have many, many more topics that could come up and then only a few will be examined in detail. This is why the open book does help but it means you need an awareness of numerous areas.

A significant amount of question practice is needed for these exams, especially BPT where application is key . The question banks and past papers will help but they do vary massively paper to paper because of the amount of content. The exams are also ridiculously time pressured and this adds a lot of difficulty. Otherwise, the exams would definitely be much easier. The pass mark for BPT is 55% as it is within the Professional Level but the pass mark is 50% for CR and SBM.

Below I have ranked the exams by difficulty (1 being the hardest) but this is definitely going to be controversial. I have a feeling most people who have sat the exams will not agree with me completely. In all honestly, it is probably in order of which exam scarred me the most! I have therefore also added my mark out of 100 for context.

Note: if you are viewing off your mobile I would recommend rotating the screen for this…

When studying for BPT I was quite stressed by the amount of content. Click here to find out my study technique for BPT. With CR and SBM however, the content was fairly ok as I had learnt a lot of the content already during Professional Level. That being said, there is some difficult new content/standards taught in CR. Before even studying for CR and SBM I was made to sit a mock exam and actually passed! Professional exams are probably the biggest hurdle so by Advanced Level you should have the confidence to succeed.

That being said, I did almost fail CR and will be sharing why so again, join my journey!

When it comes to the exam itself, CR especially is quite hit and miss depending on what questions come up. I will be writing a blog about how I felt I almost failed the exam as mine was a big miss. I would however say Professional Level is harder than Advanced when revising for the exams as there is more to actually memorise . When sitting them though, the Advanced (CR mainly) threw me a lot more because of the difficult topics that came up and the immense time pressure.

The ICAEW Advanced statistics for August 2020 exams (my CR & SBM sitting) can be seen below. It can be seen that the ICAEW pass rate is again quite high at around 85% . Again, this definitely does not mean the exams are easy. This could be a reflection of students who have got to this stage would have the work ethic to pass. Additionally, the lower pass mark at 50% definitely helped me. For those who failed, it is likely they either had a bad day, were not prepared on those particular exam topic areas or messed up their timing.

To summarise, although ICAEW pass rates may seem high the ACA exams are still difficult . That being said, there should be enough resources available to you where if you put in the work you should be fine. You may of course have a bad day or a bad paper but hopefully the 55% or 50% pass mark helps.

I would love to hear whether you agree with my opinion on this so please comment below. It would also be great if you could add your own comparisons to help others get a better picture of what these exams are like.

If you would like to connect and talk to others , feel free to join the ACA LinkedIn group . Here you can also find details of ACA Telegram groups (essentially WhatsApp without phone numbers) where you can chat to other aspiring/Certificate/Professional/Advanced/qualified students!

If you found this blog helpful, feel free to  buy me a coffee  or  join my journey  for more!

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PASS RATES Please note that if say financial accounting pass rate is 70%, I would then say caveat emptor. This 70% is made up from 1st Timers, failed first time resit, failed second time resit, referrals first resit, referrals second resit etc etc. What is the weighting for each? who knows but resits have much to lose so you could say are desperate to pass. This doesn’t minimise first timers’ eagerness to pass, but you get the general idea.

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

• May 1, 2020

How to Pass the ICAEW ACA Case Study Exam

Updated: Feb 22, 2023

This article offers advice on how to pass the ACA Case Study exam. Written by a multiple prize-winning ACA tutor who scored 92% in the Case Study exam and won the ICAEW prize for the highest score in the world, this is essential reading for any student preparing for their Case Study exam.

How to Ace the ACA Case Study Exam

The Case Study is unlike most other ACA exams as there is very little technical content to learn. Therefore, students who are used to memorising technical concepts and then ‘smashing out the question bank’ will be perplexed when they are presented with 40+ pages of advance information and a Case Study exam paper seemingly testing nothing they have learnt in their other 14 exams.

However, the Case Study is actually very similar to the other ACA exams in that the three exam requirements are always the same, as are the mark schemes. By appreciating the consistency in the exam requirements and the mark schemes, you can develop your exam technique to ensure that you tick all the 'boxes' on the mark scheme and complete your ACA qualification in style.

In light of this, we believe that there are 5 steps to Case Study success:

1. Understand how Case Study is marked

2. Understand what each of the three requirements involve

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

The Case Study marking process is objective: there is a set marking key for each requirement and if a student’s report includes a point which is on the mark scheme, they will get the mark. This is not like an academic essay where the examiner forms an overall opinion of the piece of work and then decides whether it is good enough to pass; the Case Study marking grid is rigid. Whilst it can be frustrating that making a valid point which is not on the mark scheme does not score a mark, it does mean that the marking process is very transparent and easy to navigate. Below is an example from a Case Study mark scheme to illustrate what I mean by points and boxes.

Step 2: Understand what each of the three requirements involve

As explained above, the three requirements are broadly the same in each Case Study exam.

R1: Analyse the financial performance of the company

R2: Evaluate a financial proposal

R3: Evaluate an opportunity or issue

The mark scheme for each requirement is also the same. This makes the exam fairly predictable.

By having a look at recent past papers, you will soon start see the consistency in the requirements and build an understanding of what each requirement involves.

Step 3: Understand what information is provided in the AI and what is provided in the exam

In addition to the exam requirements and mark schemes being in the same format every time, the AI is also in the same format every time (albeit a different business with different issues).

By working through past Case Study exams, you will soon start to see that the AI always has the same exhibits with very similar types of information e.g. industry background, prior year accounts, key customers / suppliers, strategic goals and risks. Similarly, all the exams include the same exhibits with very similar types of information.

Having completed the exam, it is important to mark it and reflect on what information came from the AI and what came from the exam exhibits. You will soon start to see that the majority of mark scoring points come from the exam exhibits rather than the AI. You will also learn which types of information in the AI tend to be rewarded in the mark scheme and where in the mark scheme they are rewarded, i.e. which box.

Step 4: Learn the Case Study exam technique which ensures that you hit all the boxes on the mark scheme

Having understood what the exam requirements are and how they are marked, you need to develop an exam technique which ensures that your report includes the points which are included on the mark scheme. Fortunately for you, we have developed an exam technique which does this and it has resulted in two students winning the prize for the highest mark in the world (90% and 92%), another winning a prize for the highest mark in their region (88%) and another achieving the highest mark in their firm (81%)!

Given the practical nature of exam technique, it is not possible to explain this in text so you can watch a free class here which teaches you exactly how to ace Requirement 1 and get a prize-winning mark.

Step 5: Practice mock exams to master your exam technique

By this stage in your ACA journey, you will already know that question practice is key to success. Having learnt the prize-winning technique, you then need to practice mock exams on your case study business under exam conditions so that you master the technique and sign off your ACA in style!

Need Help Passing the ACA Case Study Exam?

Details of our live tuition, video tuition, mock exams and proforma reports 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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Advanced Level Case Study advance information

The Advanced Level Case Study exam includes advance information released prior to the exam sitting. This allows you time to become familiar with the information and to undertake any other appropriate research and analysis.

Select the relevant product below, depending on the exam sitting, and proceed to check out to get the product in your ICAEW Bookshelf. You will be able to access this within your exam and see any notes and highlights you’ve made, as well as using the search function.

This document is also available as a standard PDF that you can print and use in your exam sitting.

To access the pdf and for more information on the Case Study exam, please visit https://www.icaew.com/for-current-aca-students/exam-resources/advanced-level/case-study .

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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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There are fees associated with training to become an ICAEW Chartered Accountant. These include tuition fees, exam entry and learning materials. Students who have secured an ACA training agreement are generally supported with some or all of these costs by their employer, so this information is also useful for employers. Independent students are responsible for paying the fees associated with their studies.

Student fees

• Tuition fees

ACA exam fees

Credit for prior learning, learning materials, icaew invoices.

The standard annual student fee is £197 + VAT (if applicable). This fee is paid on registration, where applicable, and then on 01 January each year.

Independent students please note that the date of registration may change the fee paid for that year:

• When registering between 01 July and 31 October, there will be a half-year fee + VAT.
• When registering between 01 November and 31 December the full annual fee will apply, but in this instance, the first annual bill will be issued after 13/14 months. 

Annual student fees and exam entry fees

The authorised training employer is responsible for paying the student’s annual registration fees and exam entry fees, unless these have been explicitly passed on to the student. If training ceases, any liability for the student fee remains in place.Tuition fees

Tuition costs vary depending on the provider used and the location. Also, costs for classroom tuition may differ from those where tuition is provided online or on a one-to-one basis.

• Review the different tuition options

These vary depending on which exam is taken and are payable upon registering for an exam. 

The exam fees are:

• Certificate Level exam fee: £85
• Professional Level exam fee: £119
• Advanced Level (Corporate Reporting and Strategic Business Management) exam fee: £204
• Case Study exam fee: £275

From 1 January 2025, the exam fees will be changing to:

• Certificate Level exam fee: £90
• Professional Level exam fee: £125
• Advanced Level (Corporate Reporting and Strategic Business Management) exam fee: £215
• Case Study exam fee: £290

Credit for prior learning fees are £85 for each Certificate Level exam and £119 for each Professional Level exam.

From 1 January 2025, credit for prior learning application fees will be changing to £90 for each Certificate Level exam and £125 for each Professional Level exam.

Credit is not available for Advanced Level exams.

Students in some countries may be eligible to receive credit at a reduced cost or free. For more information on this please contact us .

ICAEW Workbooks and question banks are now available digitally on ICAEW Bookshelf. The digital workbooks work much like printed books in that students can still write notes on them and highlight them, but with the additional benefits of being able to search for key terms, change the settings to make them easier to read, it even provides a text to speech function. The new ICAEW Workbooks combine our skills and syllabus learning support content with study manual content all one publication, making it easier for students to study.

Students will need to purchase the most up-to-date learning materials for each of the exams studied. It’s a good idea to check with the tuition provider before purchasing any learning materials, as these may be included in their tuition costs.

• View more information about the required materials

Learning material costs

As part of the move to digital learning materials, we are able to offer our materials in bundles which include the relevant permitted texts.

• View the costs for 2023 learning materials

Where costs are being covered by an employer, our annual invoices will be sent to the qualified person responsible for training (QPRT) or authorised training principal unless we are notified otherwise. These will be issued near to the end of the calendar year and will include all students in a training agreement during that year. Employers can contact us  for support.

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