ICAEW CFAB

ESSENTIAL GUIDE FOR STUDENTS

Helping you make the most

of your studies
icaew.com/cfab
YOUR ESSENTIAL GUIDE TO ICAEW CFAB

Contents
Welcome1

Getting started 2

Qualification overview 4

Exam top tips 12

Study resources and benefits 16

Next steps 20
 YOUR ESSENTIAL GUIDE TO ICAEW CFAB

Welcome to ICAEW
Congratulations, you are now on your way to achieving ICAEW
CFAB – an internationally recognised qualification that will give
you the practical skills and essential knowledge needed in
today’s competitive business world.

ICAEW CFAB provides fantastic opportunities for your future career. It can help you to
develop your finance know-how in your current role, open new career doors, or achieve
your next promotion.
As you progress through ICAEW CFAB and your studies, we will be here to support you
every step of the way. This guide is your essential toolkit − refer to it at any time during your
studies and if you can’t find what you’re looking for, ensure you visit the ICAEW CFAB student
resources area at icaew.com/cfabstudents. You can also chat to us directly via the live help
boxes on our website, email studentsupport@icaew.com or call +44 (0)1908 248 250.

Good luck.

WHO ARE WE AND WHAT AT A GLANCE

DO WE DO • ICAEW stands for The Institute of
We’re ICAEW, a world-leading Chartered Accountants in England
professional body. We train, develop and Wales
and support current and future
• Created by Royal Charter in 1880
generations of accountants and
finance professionals. • Offices in the UK, Beijing, Brussels,
Dubai, Hanoi, Ho Chi Minh City,
We offer a range of qualifications for
Hong Kong, Jakarta, Kuala Lumpur,
people at different stages of their
Shanghai and Singapore
careers, so whether you want to put your
finance knowledge on firm foundations • Supports over 156,000 members
or develop as a future leader, we can in 150 countries
help. We ensure that the expertise you
• Over 30,000 students currently
gain with us continues to meet the
taking our qualifications
needs of tomorrow’s businesses.
• c6,000 employers work with us
by offering our qualifications to
their employees

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YOUR ESSENTIAL GUIDE TO ICAEW CFAB

Getting started
You’re now registered as an ICAEW CFAB student.
Your journey to success begins with three simple steps.

CREDIT FOR PRIOR

1 LEARNING How to apply for credit for prior learning
Before you apply for CPL, there are a few
If you already hold a qualification that we things to remember:
recognise, we may be able to award credit • You must already be registered as an
for your prior learning. ICAEW CFAB student.
Credit for prior learning is also known as • You will need to check that you are eligible
CPL and exemptions. It recognises areas of to apply for credit. Our CPL directory lists all
the ICAEW CFAB syllabus that you have the qualifications available for credit, enter
previously studied. You can claim credit for your academic institution or qualification to
up to five exams. see if it’s listed at icaew.com/cfabcpl
• If your employer is contributing to the cost
of your studies, check with them before you
Please note that the Accounting apply for CPL. Your employer may prefer you
exam is compulsory for all students to sit the exams to ensure you have the most
to sit and pass. You may be eligible up-to-date knowledge.
to apply for credit for this exam, only
• It can take up to 14 days from receipt of
if you hold a relevant qualification,
your credit for prior learning application
for example, the AAT qualification
and supporting documents for us to assess
or an accounting degree, and you
your application.
have also successfully passed the
ACA Professional Level Financial • You can’t apply for credit on an exam that
Accounting and Reporting exam. you have already sat.
We recommend that you apply for credit for
prior learning at the point of registering as
an ICAEW CFAB student, however, if you are
studying for a degree, or another professional
qualification, you may not be able to apply
until you have completed the relevant learning
in year two or three of your course or finished
your degree.
You can apply for credit for prior learning
online. You will be charged a fee for each
credit you apply for. This fee is the same as the
ICAEW CFAB exam fee, and is non-refundable.
Find out more at at icaew.com/cfabcpl

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 YOUR ESSENTIAL GUIDE TO ICAEW CFAB

2 CHOOSE A LEARNING 3 ORDER YOUR LEARNING

OPTION THAT SUITS YOU MATERIALS
Our tuition providers offer a range of flexible Our learning materials are now available
tuition options including evening, weekend digitally on ICAEW Bookshelf. However, if you
and online study. Simply choose the best are studying with a tuition provider, do check if
option for you around your needs. Access a the learning materials are already included in
list of ICAEW CFAB tuition providers at the course fee.
icaew.com/cfab and select ‘Getting started’
The ICAEW Workbooks work much like printed
under the ‘Key resources’ section.
books in that you can still write notes on them
You can also choose to self-study for the and highlight them, but with the additional
exams. This means you will work at your own benefits of being able to search for key terms,
pace through the ICAEW learning materials. change the settings to make them easier to
read, and have the book read itself to you with
You then need to decide which exam to
the text to speech function.
study first.
The new ICAEW Workbooks combine our skills
If you are studying with a tuition provider or
and syllabus learning support content with
if your employer is contributing to the cost
study manual content all in one publication,
of your studies, you may be required to sit
making it easier for you to study. Find out
your exams in a set order. If you have chosen
more at icaew.com/CFABlearningmaterials
to self-study, it is your choice which exam you
study first. It’s important to buy your learning materials
one exam at a time.
The materials are updated every year. It’s
your responsibility to always ensure that you
are using the most up-to-date edition. Please
do not use any old editions of the learning
materials for any of your exams, as the
information may be different and not relevant
to the exam you are studying for.
Sometimes, we find errors within the learning
materials. If we do, any corrections will be
available as errata sheets. Read the errata
sheets as soon as you begin your studies – find
them within each exam resources page on our
website at icaew.com/cfabstudyresources

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YOUR ESSENTIAL GUIDE TO ICAEW CFAB

The qualification
ICAEW CFAB introduces you to the fundamentals of accountancy, finance and business,
and is made up of six exams:

ICAEW CFAB

Management
Accounting
Information

Business,
Technology Assurance
and Finance

Principles
Law
of Taxation

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 YOUR ESSENTIAL GUIDE TO ICAEW CFAB

The exams can be taken in any order, at a time that is convenient for you. This means that you
can easily fit studying around your work and personal commitments. You also have the option
to sit your exam at a test centre or via OnVue remote invigilation, where you sit the exam at
home while being continuously monitored. View the requirements needed to sit a remote
exam on the Pearson Vue website.

Maximum of
Each exam is

90 55%
pass mark at 4
minutes long each exam attempts at
each exam

If your employer is making a financial contribution towards your studies, they may choose to limit
the number of attempts. You should always check with your employer before taking an exam.
Once you have successfully passed an exam, you will receive a certificate to show your
achievement. When you have sat and successfully passed all six exams, we will send you your
ICAEW CFAB qualification certificate.

‘I am glad I chose
to study this way.
It has elevated
my technical
knowledge and
skills.’
Student, Malaysia

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YOUR ESSENTIAL GUIDE TO ICAEW CFAB

Here are some of the key topics covered in each exam.

EXAM SYLLABUS OVERVIEW KEY TOPIC EXAMPLES

Accounting • Ethics and professional • Assets and liabilities

scepticism
• Gross and net profit
• Maintaining financial records
• Profit and loss
• Adjustments to accounting
• Balance sheet
records and financial statements
• Cash flow
• Preparing financial statements

Assurance • Ethics and professional • What is assurance, why it’s

scepticism needed and what’s involved
• Concept, process and need for • Types of risk a business might
assurance be exposed to
• Internal controls • Identify internal controls for an
organisation
• Gathering evidence on an
assurance engagement • Understanding the importance
of ethical behaviour

Business, Technology • Ethics and professional • Organisational structures,

and Finance scepticism functions and people
management
• Business objectives and
functions • Theories of economics, finance
and business
• Business and organisational
structures • Strategic planning
• The role of finance • Different finance sources
available to businesses
• The role of the accountancy
profession • External influences on
businesses and their impact on
• Governance, sustainability,
business decisions
corporate responsibility and
ethics • The importance of competition
and how it affects business
• External environment
decisions
• Technology
• Key features, benefits and risks
of different technologies

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 YOUR ESSENTIAL GUIDE TO ICAEW CFAB

As part of your study plan, ensure you read the syllabus and learning outcomes of each exam.
You can find the syllabus at icaew.com/cfabstudents

EXAM SYLLABUS OVERVIEW KEY TOPIC EXAMPLES

Law • Ethics and professional • Laws applicable to

scepticism organisations
• Impact of civil law on business • Legal requirements to set up a
and professional services company
• Company and insolvency law • Disputes with suppliers or
clients
• Impact of criminal law on
business and professional • Employment law
services
• Contract law
• Impact of law in the professional
context

Management Information • Ethics and professional • Business costs

scepticism
• Pricing strategies,
• Costing and pricing considerations and profit
margins
• Budgeting and forecasting
• Working capital management
• Performance management
and management information • Measuring business
operations performance against budgets
and goals
• Management decision-making
• Decisions required by a
business to function effectively

Principles of Taxation • Ethics and professional • Types of tax that individuals and
scepticism companies pay
• Objectives, types of tax and • Tax requirements for individuals
ethics and companies
• Administration of taxation • Implications of not complying
with tax requirements
• Income tax and national
insurance contributions
• Capital gains tax and
chargeable gains for companies
• Corporation tax
• VAT

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YOUR ESSENTIAL GUIDE TO ICAEW CFAB

The journey to
exam success
1 BOOK YOUR EXAM 2 ACCESS ARRANGEMENTS
You have the flexibility to choose when you If you feel your exam performance may
want to sit your exams. You also have the be hindered due to a health condition,
option to sit your exam at a test centre or via disability, or specific learning difficulty (SpLD),
OnVUE remote invigilation. we may be able to put access arrangements
You can book your exams via this link. You in place to support you during an exam.
will need to log in with your ICAEW log in Read the full guidance at
details. Although the exams are the same, the icaew.com/cfabaccessarrangements
process for booking your exams vary slightly To gain access arrangements, you will need
depending on whether you are sitting an to apply online. Please ensure that you apply
exam remotely or at a test centre. You can find at least 21 days before you intend to sit
guides to assist you through each booking the exam and that appropriate evidence is
process here. provided. Please do not book your exam until
If you are studying with a tuition provider, arrangements have been confirmed.
they will provide you with your exam details. Once you have received confirmation from us,
You should also speak to your employer, as please contact your exam centre no less than
they may have arrangements in place and 48 hours before the start time of your exam to
organised an exam for you. inform them of the arrangements. If you have
been awarded extra time when you sit your
RESCHEDULING OR CANCELLING exam, the test centre will arrange this for you.
AN EXAM
You can reschedule or cancel an exam, but EXAM DAY
you do need to give at least 24 hours’ notice.
3
If you do not give 24 hours’ notice, it will If you are sitting your exam at a test centre,
not count as one of your exam attempts and you should arrive 30 minutes before it is due
nothing will appear on your exam history to start. The test centre will expect to see two
providing that you do not begin the exam pieces of ID, please view the list of accepted
and note that you will not be eligible for a forms of ID before you sit your exam. You will
refund. also need to provide a digital signature upon
arrival. This will help us to identify you and will
If you booked your exam online, you can confirm that you agree to all the candidate
follow the instructions set out in the guide rules. A high quality photo will also be taken,
to cancel or reschedule your exam. If your using image-quality intelligence software
exam was booked by your tuition provider to produce a standardised passport-style
or employer you should contact them so that photo. The invigilator will then compare your
they can reschedule or cancel the exam on signature and photo with your ID and previous
your behalf. exam data. All student data will be securely
stored and protected by Pearson VUE in line
with GDPR.

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 YOUR ESSENTIAL GUIDE TO ICAEW CFAB

If you are sitting your exam remotely you If you are late to your exam, the test centre
should log in to your exam at the specified will decide if they can accommodate your late
check-in time. This will usually be 30 minutes arrival as other students may have already
before your exam start time. This time will booked in to follow your exam slot, so it may
allow you to complete the administrative tasks not be possible to accommodate you. You may
before you begin your exam. You will need to also be required to reschedule and your exam
present identification before you can begin fee will not be refunded. Don’t worry, if you
your exam and a photograph of yourself. You are late and don’t sit the exam, it will not be
will also need to show the remote invigilator counted as an exam attempt.
the room you are sitting in to take your exam.
If you are late for your remote invigilation
More information on setting up your remote
exam, you will not be able to begin your exam.
exam is available on the Pearson Vue website.
You will not be eligible for a refund and you
Please note that if you do not present the will need to book your exam again.
required ID, you will not be permitted to sit the
If your employer is contributing to the cost
exam and you will need to book again. Visit
of your studies, please check with them first
the Pearson VUE website to ensure you have
to ensure that any rescheduled date is also
the accepted forms of ID.
convenient for them. And if you feel unwell
If you are sitting your exam at a test centre, you before an exam, you should not sit it. It will not
will also need to take your own calculator to count as one of your exam attempts.
the exam, from an approved list, available at
Should you experience an issue during your
icaew.com/calculators
exam, you must report this to Pearson VUE via
No other makes or models will be permitted. the greeter or invigilator on the day of your
Calculator covers and lids are not permitted exam. If you are unable to contact them, you
in the exam room and must be stored away in should contact Pearson VUE to report the issue
your locker/storage area with other personal and ensure it has been logged. If you feel the
items. You are responsible for making sure that issue you experienced has impacted your
your calculator works on the day. Replacement exam performance or you feel that your result
calculators will not be provided. You may not has been adversely affected, please apply for
share a calculator with another candidate special consideration directly to ICAEW. Email
during your exam session. Your calculator will specialconsideration@icaew.com to apply
be visually inspected prior to the start of the with any supporting evidence within seven
exam, and it must remain on your desk in full days of your exam. For example, if your exam
view throughout your exam session. is on Monday you will have until 23:59 the
following Monday to complete your special
If you are sitting a remote exam, you will only
considerations application. Find out more.
have access to the on-screen calculator. You
can practise using the on-screen calculator
using the Pearson VUE demo test.
You cannot take any books into the test centre.
However, you will be able to view on screen
the relevant extracts from tax tables in the
Principles of Taxation exam and discount
tables in the Management Information exam.

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YOUR ESSENTIAL GUIDE TO ICAEW CFAB

4 EXAM RESULTS 5 EXAM CERTIFICATE

You can access your exam results 24 hours For each exam you pass, you will be awarded
after the exam. View your results at a certificate of achievement. Each certificate
icaew.com/trainingfile and select the demonstrates the new skills you have acquired
examinations tab. Here you can email your and is available within your online training
results to your family, friends and employer file at icaew.com/trainingfile. Download your
or download your results as a PDF. certificate and share it with your family, friends
and employer. You also have the option to
If you receive your exam results on the same
print your certificate.
day as the ACA Professional or Advanced
Level exam results are released, they will be Once you have passed or received credit for
available at a slightly later time than usual. prior learning for all six exams you will receive
View all ACA Professional and Advanced Level the ICAEW CFAB qualification certificate. This
exam results dates. will show that all your hard work has paid off,
and will signify your achievement in gaining
If you fail an exam, you can access marks
the ICAEW CFAB qualification. It will formally
feedback via your online training file. Once
demonstrate that you have a firm foundation in
logged in, go to the examinations tab
finance, accounting and business.
and you will see a ‘details’ link within the
‘Feedback’ column. The feedback will show The ICAEW CFAB qualification certificates are
the percentage of questions that you scored posted every two weeks, so you will receive
correctly within each syllabus area and will your certificate within four weeks of your final
give an indication of the area(s) where further exam date. Please note that if you have a
revision or tuition may be required before you PO box number within your address or your
next attempt the exam. address is incomplete, we’re unable to send
your certificates in the post. Please ensure that
When you are ready to book your resit, you will
your contact details are always kept up to date
need to book it via your online training file.
so you don’t miss out. You can update your
Be sure to speak with your tuition provider and
contact details by clicking on ‘My account’ at
employer before booking any resits and view
icaew.com/cfabstudents or via your training
the variety of study resources available at
file at icaew.com/trainingfile
icaew.com/cfabstudents
Please note that certificates are not available
Don’t forget that you have a maximum of
for an exam you have gained by receiving
four attempts at each exam.
credit for prior learning.

EXAM SURVEY EXAM AWARDS

After each exam, share your feedback with We appreciate that you have to work
us by completing the exam survey. You hard for the ICAEW CFAB exams, so each
can access the survey via the Pearson Vue year we award prizes to the students who
website and select ‘Student Feedback’, or achieve the highest marks, as well as the
you can access the survey link within your students with the highest average mark
exam confirmation and reminder emails. across all exams.

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 YOUR ESSENTIAL GUIDE TO ICAEW CFAB

Before you take an exam,

be sure to read the
exam regulations, view
all the exam support
and resources and learn
more on what to expect
on the day of the exam at
icaew.com/cfabstudents

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YOUR ESSENTIAL GUIDE TO ICAEW CFAB

Exam top tips

ICAEW CFAB tutors give their advice on how
to approach the exams.

PRACTICE IS KEY TO TIMING IS

SUCCESS EVERYTHING!
Question practice is the most Calculating your time is as
important thing when it comes crucial as revising the subject
to passing the exams. Even matter. Certain exams, such
if you have studied tax, law as Assurance, give you time
or business as part of your to think about your options.
degree, or at work. Examiners Others, such as Management
have a particular way of posing Information are more
their questions that you need pressured. It’s important that
to get familiar with. you do not spend more than
the allocated time practising
each question. It is also
advisable to do a practice
exam under timed conditions.

MISTAKES
Often students make
mistakes by misreading
or misunderstanding the PRACTICE AND
question. The Principles of TIMED CONDITIONS
Taxation exam is one where You must always practise
the question content could all of the questions from
generate a number of different the question bank from the
answers. For example, an ICAEW learning materials.
income tax question might Use the sample exams on
be asking for taxable income, ICAEW’s website as part of
income tax liability or income your revision too and make
tax payable – read the sure you test yourself under
questions carefully and get timed conditions at least once
it right. or twice.

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 YOUR ESSENTIAL GUIDE TO ICAEW CFAB

77 of the FTSE 100

(the leading UK) companies have an ICAEW
Chartered Accountant on the board
(December 2019)

EMPTY QUESTIONS 000s

Don’t leave any short-form When entering thousand
questions incomplete. Even figures, you can enter these
if you run out of time, add with or without a comma
something in for each question. separator. Do not use any
other form of separator. So,
if an answer has a numerical
value of one thousand, only
1,000 or 1000 would get you
the marks for that question.

WHOLE NUMBERS
You must only use whole
numbers. So, if the answer is NEGATIVE NUMBERS
10.78 (as an example) then
you will need to round that In the exam, negative numbers
up to 11 to get the question must be indicated using
correct. If the answer was 5.2 brackets or a preceding minus
then you would need to round sign. If you don’t do this, you
that down to 5 to get the will not be awarded marks
question correct. This applies for that question, even if your
to all ICAEW CFAB exams. calculations are correct.

‘I would recommend ICAEW CFAB to others. It has

helped me towards my dream. I am now one step away
from becoming a fully qualified chartered accountant.’
Student, Malaysia

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YOUR ESSENTIAL GUIDE TO ICAEW CFAB

Each exam is different. ICAEW CFAB tutors give their top tips on
each topic.

ACCOUNTING • negative numbers must be indicated using

brackets or a preceding minus sign; and
• ‘Debits are on the left, credits are on the
right’. If you know this little rhyme, you won’t • some of the lines on the blank statement
get in a fright. may be unnecessary and you should put a
‘0’ in the box to show that you recognise this.
• Know your DEAD from your CLIC.
– Debit for increase in Expenses,
Assets and Drawings. ASSURANCE
– Credit for increases in Liabilities, • Know the assurance process from start to
Income and Capital. finish – understanding its purpose is key.
• ALICE can help you remember the elements • Be able to identify key risks in the context
of the financial statements: Assets, Liabilities, of the audit risk model and then explain the
Income, Capital and Expenses. impact on an audit.
• If we post a debit, remember the credit. • Be able to link internal controls to the risk
That’s the dual concept, without it the they reduce in the context of a company’s
statement of financial position won’t balance. sales/purchase/payroll cycle.
In this exam, the examiner is looking for you • Know your audit assertions and be able to
to use as many of the numbers provided in link them through to relevant substantive
the question as possible. Make sure you go audit procedures.
through all the figures and allocate them
to the relevant box on the blank statement
first. You can use the on-screen highlight or BUSINESS, TECHNOLOGY
strikethrough functions to help you make AND FINANCE
sure you don’t miss a number.
• Know the facts, theories and models.
Read the additional information carefully
and prioritise the easier points. • You’ll need to know how companies organise
themselves and their finance functions to
In a trial balance, every time you make an achieve their objectives.
adjustment it will affect two balances. In other
words it is a double entry. • Think about the stakeholder perspective
in the question; any stakeholders from
And remember: government, employees, directors,
• you can use commas to signify thousands customers or suppliers could be mentioned.
but it is not compulsory;

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 YOUR ESSENTIAL GUIDE TO ICAEW CFAB

‘After a year of studying, I can actually see the

bigger picture of the business world. I believe
ICAEW CFAB is my next ticket for my journey
into the competitive business world.’
Student, Malaysia

LAW PRINCIPLES OF TAXATION

• Know case law inside out. You will see them • Admin is 20% of the exam, so it is very
come up again and again in the exam. important, but tricky to memorise specific
dates and penalties. Get comfortable with
• The law’s impact within the professional
the tax tables, as the majority of information
environment is key in this exam.
needed is included within them.
• Company law has the highest syllabus
• Read the question carefully – it’s very easy to
weighting so focus on this.
misread these questions and miss a disposal
• Legal implications, including contractual date or company year end.
arrangements, the agency relationship and
• Examiners will always try and throw you by
the consequences of negligence is how
introducing an odd rule. The best way to
most questions will be examined.
get used to these oddly specific rules is to
practise, practise, practise.

MANAGEMENT INFORMATION • Basis periods are the hardest bit of the

syllabus – always draw out a timeline to
• Management Information has lots of specific clearly see what’s happening in the scenario,
calculations that need to be practised and instead of trying to process it in your head.
then replicated in the exam – question
practice is key to mastering this. Explore more study guidance and exam
tips including exam webinars, study guides,
• An understanding of how to cost products sample exam, and tutor and examiner
and how this drives price is vital. guidance at icaew.com/cfabstudyresources
• A student should be able to understand
how budgets are analysed and forecasts
are derived. Many thanks to Kaplan Financial for providing
all exam tips.
• Ultimately a student needs to understand
how decisions are made based on the
information a manager has.

‘My peers offered me so much support throughout

the stress of exams and we were always there to help
each other.’ Student, UK

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YOUR ESSENTIAL GUIDE TO ICAEW CFAB

Study resources
and benefits
From exam resources to Excel know-how and cloud accounting
skills, a variety of fantastic support and guidance is available to
you while you study.

STUDENT SUPPORT TEAM Syllabus

Our dedicated student support team is This document explains the subjects that are
on hand to help and advise you throughout covered in each exam, the learning outcomes,
your studies. Whatever the question, and describes how you will be assessed.
don’t hesitate to get in touch. Email
studentsupport@icaew.com or call Errata sheets
+44 (0)1908 248 250. If any errors within the study manuals or
If you are browsing our website, look out for question banks for any exam are brought
the live help boxes. You will be able to speak to our attention, we will publish an errata on
directly to an adviser. Mia, our Chatbot, is also our website for you to access.
on hand to answer your queries.
Question banks
 You
 can also contact us using Skype.
Search ‘icaew_uk’ on Skype and speak to Before you sit your exam, attempt the
our student support team free of charge. question banks under timed conditions,
and attempt all questions at least twice.
Please note that the team is available Question banks for each exam can be
08:30-17:00 Monday to Friday and purchased at ebookshop.icaew.com
10:00-17:00 on Wednesday, UK-time.
Sample exams

EXAM RESOURCES These show the types of questions you can

expect in the exam as well as the weighting
In addition to your ICAEW Workbooks and of topics that you may experience in the
question banks, there are lots more resources exam. They also show the format and
available to you. Explore the following functionality that you will see in the actual
resources at icaew.com/cfabstudyresources exam. Find the sample exams at the end of
the question bank for each exam or on each
Exam guide exam resources web page. Explore more at
This guide is packed with all the essential icaew.com/cfabstudyresources
information you need to know before taking
your exams.

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 YOUR ESSENTIAL GUIDE TO ICAEW CFAB

ETHICS LEARNING PROGRAMME ‘Question practice

Our Ethics Learning Programme is now
available to ICAEW CFAB students who have
is vital. There is
registered since 1 July 2020. no way of passing
Ethics is more than just knowing the rules
around integrity, objectivity, professional
without it! I would
competence and due care, confidentiality complete each
and professional behaviour. It’s about
identifying ethical dilemmas, understanding question bank twice,
the implications, making judgements and
behaving appropriately, as well as using then sit a mock
professional scepticism to build business trust.
To develop your ethical capabilities, ethics
exam and then go
is integrated throughout the ICAEW CFAB for the exam the
qualification.
The programme is not mandatory for the
next day. I set the
ICAEW CFAB qualification, but is recommended exam date first
to help with your understanding of ethics and
professional scepticism. Find out more at and then I worked
icaew.com/ethicscfab backwards from
the exam date to
ensure I had enough
time to complete the
question bank.’
Student, Dubai

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YOUR ESSENTIAL GUIDE TO ICAEW CFAB

IMPROVE YOUR BUSINESS ACCESS THE LIBRARY AND

ENGLISH INFORMATION SERVICE
A variety of webinar recordings and Our Library and Information Service offers
workbooks are available to help you develop thousands of resources, free of charge.
your business English skills. Find out more at Visit icaew.com/library
icaew.com/employability

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self-management and much more. If you discounts on everything including eating
are looking for a job, you can also learn out, fashion, health and fitness, travel and
what employers are looking for in your job technology. Making your money go further.
interviews, and hear from experts on how to Totum Pro is only available to students
dress for work, manage other people, how to studying in the UK. Find out more
study effectively and lots more. Learn more at
icaew.com/employability
SUBSCRIBE TO FACULTIES
ONLINE
JOIN A COMMUNITY
Unlock the online technical resources of all
Our communities offer the most up-to- seven ICAEW Faculties and access to the
date information, insights, guidance and Excel Community and its Excel online training.
networking opportunities on a range of With Faculties Online you will have access to
industry sectors, professional specialisms all the online publications from the Faculties,
and at various stages throughout your career. including their magazines, guides, helpsheets,
There are lots to choose from. Find out more technical updates as well as the full back
catalogue of webinar recordings.
Register for free by visiting
GAIN CLOUD ACCOUNTING icaew.com/facultiesonline
AND TECH SKILLS
ICAEW has joined in partnership with Xero,
a world-leading cloud accounting software LEARN ABOUT FINANCE
provider, so you can access courses and IN A DIGITAL WORLD
certifications to make you instantly more Access a suite of online learning modules
employable – for free! It’s a great way to gain designed to build your understanding of
highly prized cloud accounting and tech skills. digital technologies and their impact on
Learn more finance. Learn more

18
 YOUR ESSENTIAL GUIDE TO ICAEW CFAB

EXPLORE THE STUDENT

INSIGHTS HUB
For the latest interviews, guides and
‘ICAEW CFAB
features, explore our Student Insights
hub, giving you fresh insights, innovative has given me a
ideas and an inside look at the lives
and careers of ICAEW students and boost. With this
members. Read more
qualification
ICAEW CAREERS+ I have more
As an ICAEW CFAB student, you may
also want to sign up to our free online credibility when
hub, ICAEW Careers+. The hub provides
you with access to a range of resources – talking to clients.’
from personal finance content to career
development advice and more. Student, UK
Find out more.

STAY UP TO DATE
For regular news, updates, exam support
and guidance follow us on:
KEEP YOUR CONTACT
ICAEW Students DETAILS UP TO DATE
Ensure you receive all the information
ICAEW Students
you need during your studies by
@ICAEW keeping your contact details up to date.
You can update your contact details by
ICAEW
clicking on ‘My account’ at
You will receive regular emails from us icaew.com/cfabstudents or via your
to keep you up to date. Keep an eye on training file at icaew.com/trainingfile
your inbox for them.

19
YOUR ESSENTIAL GUIDE TO ICAEW CFAB

Your options after

ICAEW CFAB
Whether you’re developing your finance know-how for your current role, looking for new career
opportunities, preparing for your next promotion or starting a business, ICAEW CFAB will help you
to develop valuable skills. These skills are transferable to any organisation and sector, giving you
essential knowledge and an impressive CV.
ICAEW CFAB is a respected standalone qualification that also serves as a stepping stone to the
ICAEW Business and Finance Professional (BFP) designation and chartered accountancy with the
ACA qualification.

ICAEW BUSINESS AND FINANCE PROFESSIONAL

This exciting new designation allows you to take your qualification even further. Combining the
knowledge gained through ICAEW CFAB alongside an understanding of ethics and 12 months’ work
experience, it demonstrates your commitment to ongoing professional development to your current
or future employer.
BFP holders gain access to a network of like-minded professionals as well as tools and resources to
continue to develop technical and professional skills and knowledge from ICAEW and the Chartered
Management Institute.

WHAT’S INVOLVED?
There are three key elements that need to be completed before receiving the BFP designation.
They include, applying for the BFP designation during or at the end of your ICAEW studies, as well
as completing the ICAEW Ethics Learning Programme and gaining 12 months’ work experience.

ICAEW Ethics Learning ICAEW Business and

Programme Finance Professional (BFP)

1 2 3 =
ICAEW Certifcate in 12 months’ work
Finance, Accounting and experience in a
Business (ICAEW CFAB) business or finance role

To continue your journey to gaining the BFP designation, simply register to gain access to everything
you need. Find out more at icaew.com/becomeabfp

20
 YOUR ESSENTIAL GUIDE TO ICAEW CFAB

‘There are endless

opportunities
that are available
once you qualify
– if you go on to
study the ACA
it’s a world
recognised
qualification
allowing you
to easily
work abroad.’
Student, UK
YOUR ESSENTIAL GUIDE TO ICAEW CFAB

ACA qualification
The ACA is our world-leading qualification in finance and
accountancy, combining study and exams with ‘on-the-job’
work experience.
By successfully achieving ICAEW CFAB you will have also
passed the six Certificate Level exams of the ACA. This
means you have already taken the first step on your way
to becoming an ICAEW Chartered Accountant.

The four elements of ACA training are:

1 PRACTICAL WORK EXPERIENCE

You need to record 450 days of relevant ‘on-the-job’ work experience during your period of
approved training. If you are currently studying ICAEW CFAB with an employer authorised by us,
you may be able to count up to 12 months’ experience and 150 days towards your ACA training.

2 ETHICS AND PROFESSIONAL SCEPTICISM

Ethics and professional scepticism is an essential part of being a chartered accountant.
You’ll follow a structured programme to ensure you apply them – focusing on areas such
as integrity, objectivity and independence.

3 PROFESSIONAL DEVELOPMENT
You will demonstrate your competence in seven key professional skills (such as communication,
team work, decision making and problem solving) by providing examples from your work
experience.

4 ACCOUNTANCY, FINANCE AND BUSINESS MODULES

15 modules, each with its own exam. These modules are staged across three levels.
The good news is you have already completed the six exams of the Certificate Level.

22
 YOUR ESSENTIAL GUIDE TO ICAEW CFAB

The next two levels, Professional and Advanced, build on your technical knowledge
and experience.

COMPLETED

YOUR NEXT STEPS

To continue your journey to becoming an ICAEW Chartered Accountant, you will need to register
with us as an ACA student in a training agreement or as an independent ACA student.
While it’s possible to continue your journey to the ACA independently, we advise that you secure
a training agreement with an ICAEW authorised employer or principal as soon as possible. Your
organisation may already be authorised with us, so speak with your employer to find out first.
If not, becoming an authorised training employer is a simple three-step process. For more
information they can contact +44 (0)1908 248 250 or email studentsupport@icaew.com

23
YOUR ESSENTIAL GUIDE TO ICAEW CFAB

‘I would most
definitely
recommend
ICAEW CFAB – it
gave me a solid
foundation on
which I was able
to build on and
complete the
ACA. I’m now
fully qualified
at 23.’
Student, UK

24
 YOUR ESSENTIAL GUIDE TO ICAEW CFAB

Your steps to the ACA

EXPLORE WHAT’S INVOLVED
Discover a career as an ICAEW Chartered Accountant. Meet our current students and members
and see where they work, what they do and their career advice. Learn about what it takes to
complete the ACA and the opportunities you will have. Because at ICAEW, we get you there.
Find out more at icaew.com/careers

AUTHORISED TRAINING
To progress onto the ACA, you will need to complete a period of training with an ICAEW
authorised training employer or principal. This may be your current employer or a new one.
This ensures that you can work towards and complete the nine exams and additional
requirements to qualify as an ICAEW Chartered Accountant.

ICAEW TRAINING VACANCIES

Continue your studies with our authorised employers. Home to the biggest roles in finance
and business, sign up and stay on top of your job hunt: icaewtrainingvacancies.com

ADD YOUR CV TO OUR AVAILABLE STUDENT REGISTER

Add your CV to this register when you pass four or more ICAEW CFAB exams. The register is
sent to employers who are looking to recruit students with some of the ACA exams already
completed. Visit icaewtrainingvacancies.com/asr to find out more or join the register.

is the global average salary for a newly

£51k
qualified ICAEW Chartered Accountant
with up to two years’ experience.*
*Indicative based on mean averages of specified salary bands – Member profile response 2018.

25
YOUR ESSENTIAL GUIDE TO ICAEW CFAB

‘I would definitely
consider offering
ICAEW CFAB to
our employees…
It appears to be
a very flexible
choice of study
with the backing
of an excellent
international
reputation.’
Employer (Financial Services), Russia

26
 YOUR ESSENTIAL GUIDE TO ICAEW CFAB

‘The modular structure of ICAEW CFAB

is a sensible option for me because of the
flexibility it offers in terms of planning
study time for my team.’
Employer (Practice), UK

27
There are more than 1.8m chartered accountants
and students around the world and 186,500
of them are members and students of ICAEW.
They are talented, ethical and committed
professionals, which is why all of the top 100
Global Brands employ chartered accountants.*

ICAEW promotes inclusivity, diversity and

fairness. We attract talented individuals into
the profession and give them the skills and
values they need to build resilient businesses,
economies and societies, while ensuring our
planet’s resources are managed sustainably.

Founded in 1880, we have a long history of

serving the public interest and we continue
to work with governments, regulators and
business leaders around the world. And, as an
improvement regulator, we supervise and monitor
over 12,000 firms, holding them, and all ICAEW
members and students, to the highest standards
of professional competency and conduct.

ICAEW is proud to be part of Chartered

Accountants Worldwide, a global network
of 750,000 members across 190 countries,
which promotes the expertise and skills of
chartered accountants on a global basis.

We believe that chartered accountancy can be a

force for positive change. By sharing our insight,
expertise and understanding we can help to create
strong economies and a sustainable future for all.

www.charteredaccountantsworldwide.com
www.globalaccountingalliance.com

ICAEW
Chartered Accountants’ Hall
Moorgate Place
London
EC2R 6EA
UK

T +44 (0)1908 248 250

E studentsupport@icaew.com
icaew.com

ICAEW Students
ICAEW
@ICAEW
ICAEW Students
icaew_uk

* Source: CAW, 2020 – Interbrand, Best Global Brands 2019

© ICAEW 2021 METCAH20388 08/21