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Structure

ACCA redesigned the Professional level to create the Strategic Professional level which consists of six subjects from Essentials and Options. You will sit four of these exams to complete this level.ACCA advise that you attempt their Ethics and Professional Skills module before you sit any exams on Strategic Professional. ACCA say that students who do so are statistically proven to increase their chances of passing the exams.If you are considering studying AAA as one of your options subjects, please be aware that we strongly recommend that you attempt this after or at the same time as studying SBR.You should also be aware with all subjects at this level there will be a certain amount of assumed knowledge from earlier subjects at Applied Skills level, so if you were exempt or sat these some time ago, you should use the resources and advice in the beginning of your course to refresh your understanding.

Entry requirements

You should have completed the previous two ACCA levels; Applied Knowledge and Applied Skills, or have been awarded exemptions from Applied Knowledge and/or Applied Skills.You should check whether you’re eligible on the ACCA website and apply for any exemptions launch before you start studying.

Syllabus

You’ll learn about the role of accounting in the business environment and develop the practical skills and techniques required of an accountant.The two Essentials subjects are mandatory – these are SBR and SBL. You can select two out of four subjects from Options, which include AFM, APM, ATX and AAA.

Strategic Business Leader (SBL)

Discuss the impact of current issues in corporate reporting.This learning outcome may be tested by
requiring the application of one or several existing
standards to an accounting issue. It is also likely to require an explanation of the resulting accounting implications (for example, accounting for cryptocurrency in the Digital Age or accounting for the effects of a natural disaster and the resulting environmental liabilities). The following examples are relevant to the current syllabus:

1. Accounting policy changes
2. Materiality in the context of financial reporting
3. Defined benefit plan amendments, curtailment or settlement
4. Accounting policy changes
5. Sustainability Reporting

Strategic Business Reporting (SBR)

SBL is a 4 hour integrated case study which examines a breadth of organisational functions. It assesses not only technical and ethical skills but the professional skills expected of effective leaders and advisers to senior management. The rationale for the syllabus can be summarised as follows:

• Leadership and governance
• Strategy requires an understanding of risk management
• Technology and data analytics are transforming businesses
• Organisational control includes internal audit
• Financial aspects support decision making
• Innovation, performance excellence and change management
  are essential to organisational success.

Advanced Financial Management (AFM)

This is an advanced level exam which builds upon the knowledge
and skills examined in Financial Management. You will be required to
demonstrate your ability to:

• Read and digest quickly, comprehensive and detailed questions
• Apply relevant knowledge and skills
• Exercise the professional judgement expected of a senior
  financial person
• Make recommendations or financial management decisions that are
  likely to affect the entire business organisation

Like a senior financial person at work, you will be expected to read a business brief and decide on a relevant methodical approach to meeting the brief’s objectives, making notes where necessary. Senior managers work under tight deadlines, and hence prioritising and managing your time is crucial to performing well under examination conditions.

Advanced Performance Management (APM)

The APM syllabus has five capabilities which can be summarised as follows:

• Use strategic planning and control models
• Assess the impact of risk and uncertainty
• Identify and evaluate design features of performance management systems
• Apply appropriate strategic performance measurement techniques
• Advise clients on strategic business performance evaluation

Advanced Taxation (ATX-UK)

You will need a detailed knowledge of the ATX-UK syllabus. This includes assumed knowledge of technical areas brought forward from the TX-UK syllabus, which must be refreshed and updated for the examinable Finance Act.
Be aware that:

• All questions will be scenario-based
• All questions will contain a mixture of computational and discursive elements
• More than one topic area of the syllabus may be examined in each question
• Questions may involve
  • Consideration of more than one tax
  • Some elements of planning
  • The interaction of taxes

Advanced Audit and Assurance (AAA)

AAA has a wide ranging syllabus, which includes the audit of historical financial information (‘audit’) and other specific assignments. It builds on the Audit and Assurance and Strategic Business Reporting (SBR) exams, by introducing more complex topics and covering the basic topics from different angles to reflect the challenges auditors will face in their  professional life. Current issues, exposure drafts and developments in audit including emerging technologies also feature. Questions are set in the context of single entities, groups and private or public sector organisations. To prepare for AAA effectively you need to understand the nature of the exam and what you will be asked to do.