ACA exemptions - WTF is going on?

Hanley

I've been hearing ALOT of conflicting info about what sort of exemptions people can get from CAP 1 with the new syllabus coming into play.

AFAIK I'm exempt across the board, except for financial accounting (30% first sitting in college, 80% on repeat).

Am I allowed to carry this over to the CAP 2 exams and do it there instead of having to spend a whole year at CAP 1 level because of one exam?

The ICAI website hasn't been very helpful, and the careers department in college don't seem to know what's going on either.

Does ANYONE know??

Leon11

Did you repeat the exam during the summer or did you have to repeat a year? If it was a summer resit you won't have your exemption. Fairly certain of this as one of the lads in my class has this same prob. If it was part of a repeat year I'm of no help.

Hanley

I decided to take a year out and resit it the following summer. Best desicion I ever made btw. I'm pretty sure I don't have the exemption. I was just wondering if it would prevent me from doing CAP 2.

Actually another question, someone said to me a while ago that you don't do any exams in the first year of your training contract. Is that true??

Also I see they added a double entry portion to the CAP 1 one FA exams. It's about time!!

Leon11

You don't have exams in your first year if you do a masters. If not you'll be slogging away! I wouldn't know if you could go on and sit exams at a higher level without passing the CAP 1's first.

One of my mates has been told to register to take the necessary exam (Think he got a C in FA) with ICAI in September which means he can go straight to CAP 2.

To be honest your best bet is to get straight on to your department head, ours is extremely helpful in that regard, they've put together all our grades and will tell us where exactly we stand when it comes to submitting to ICAI.

Definitely a good idea having journal/double entries on the syllabus, we get asked each exam how to do them out in one way or another. Only worth 5 marks or so if even but definitely improves the students technical ability.

edit: by the way that exam is before he starts his contract. He was told he'd be okay to start contract without it. That's with a Top 10 firm.

shewasoctober

I found the following in a document for last year on the ICAI website: http://www.icai.ie/documents/CA0933%20-%206ppA4%20Student%20LT3.pdf

"Students joining firms, exempt from all but 1 1/2
subjects in CA Proficiency 1 may take the outstanding
CAP1 subjects and Module 1 from Professional Three
during the first year of study."

I know there have been changes, but I would believe that there would still be a similar with the CAP 2. Your best bet would be to ring the ICAI or pay them a visit. Everyone I have spoke with there has been very friendly and exrememly helpful. Go to the source; they know best.

Good Luck! Cheers!

Hanley

shewasoctober wrote: »

I found the following in a document for last year on the ICAI website: http://www.icai.ie/documents/CA0933%20-%206ppA4%20Student%20LT3.pdf

"Students joining firms, exempt from all but 1 1/2
subjects in CA Proficiency 1 may take the outstanding
CAP1 subjects and Module 1 from Professional Three
during the first year of study."

I know there have been changes, but I would believe that there would still be a similar with the CAP 2. Your best bet would be to ring the ICAI or pay them a visit. Everyone I have spoke with there has been very friendly and exrememly helpful. Go to the source; they know best.

Good Luck! Cheers!

Yup, that sounds about right...(and just what I wanted to hear) Thanks!!

One of the lads in college was onto the ICAI and I was listening in on the call and that's pretty much what they were saying. You could tell they were getting frustrated from getting so many queries tho. While not rude, you could tell they weren't happy!!!