FIA

What is Foundations in Accountancy (FIA)?

First of all please do not confuse FIA as a new certificate, it’s a suit. Meaning, if you are doing FIA you will earn more than one certificate until you reach the end. It should not be taken as a replacement of CAT qualification instead CAT qualification is now going to be part of much broader and much more flexible suit of qualifications i.e. FIA. So, in simple terms, previously you were doing just one certification (CAT) but now you will get more than just a single CAT certification. Thus, FIA is more rewarding than CAT and under FIA students will be getting two additional certificates and a diploma.
However, the implementation of this new suit came with few important changes around it and how this suit is connected with ACCA as compared to CAT qualification.

Changes in Syllabus – as compared to CAT and MSER

Few of the obvious questions in the minds of students are, “Is it difficult?” “How many papers does it have?” “Will I have to start all over again from the beginning?”

Well, ACCA knew about these concerns and thus made the suit of qualifications even lovelier by giving them just what they wanted i.e. more flexible, more easy to follow and more practical.

Good news is there is nothing much to be worried about. Transition from CAT to FIA or from MSER to FIA is very smooth.

Let’s have a look to understand where FIA stands and how each subject of CAT and ACCA is matched with FIA subjects.

Arrows represent migration process

As you can see in the above picture FIA also have 10 subjects, as was the case in CAT. And all of the CAT subjects are now considered as worthy of given credit in a certain FIA subject. For example, if you have done T1 and T2 then you will be awarded exemption in FA1 and MA1 and will automatically be transferred to Intermediate certificate in Accounting and Business.

One of the important things to note in FIA is previous T5, T6 and T7 are now FAB, FFA and FMA respectively which basically share exactly the same syllabus as F1, F3 and F2 respectively.

That is why if students take admission directly in Diploma in Accounting and Business and complete it, they will be awarded exemption in ACCA for the first 3 papers as students were studying the same subjects under FIA. That’s why ACCA said, there is no need for MSER anymore. Read on to know more.

Changes in ACCA entry requirements

FIA (new CAT) – Anyone, anytime, anyplace!

As it was the case with previous CAT qualification almost anyone was allowed to register for CAT, the same has been carried forward to FIA also. But that is not all; previously if students were registered for CAT they usually had to follow a certain stream to go through “all the papers. For instance, CAT qualification is divided in three stages i.e. Introductory, Intermediate and Advanced. It was not possible for student register straight for the advanced stage skipping Introductory and Intermediate stage. But now students can register in FIA at any stage. FIA suit is divided into four parts:

1. Introductory certificate
2. Intermediate Certificate
3. Diploma
4. CAT

Student now have the option to register for Diploma straight skipping introductory and intermediate certificate stage.

ACCA – You got to have MINIMUM REQUIREMENTS fulfilled!

Previously, if the students were aged 21 or above they were able to enter ACCA qualification on no question asked basis i.e. even without any prior academic requirements through Mature Student Entry Route (MSER). But now MSER route has been terminated and if students wish to enter ACCA directly then they have to have 2 A levels and 3 GCSEs or equivalent otherwise they have to start FIA before they can start ACCA qualification.

So does it mean ACCA has ignored the future MSER students? Naaah!… Read on to understand how ACCA has not forgotten the MSER completely.

Understanding the Transitional phase and conversion from CAT to FIA

In February 2011 existing students of CAT qualification i.e. who are already registered under CAT will receive a notification from ACCA briefing about new suit of qualifications i.e. FIA.

In this notification, that will accompany the December 2010 results due to be released by the end of February 2011 month, ACCA will ask students whether they want to transfer to ACCA register on completion of T5, T6 and T7 or they want to stay in the same register and transfer to FIA where they can complete CAT certification by giving additional 2 more optional papers.

If the above description is hard to grasp then let me put it points so that you can easily understand what is going to happen when.

1. By last week of February the results of 2010 exams will be announced for CAT and ACCA qualifications.
2. With December 2010 results, existing CAT students will receive a notification about introduction of new suit of qualifications with the name FIA that will be effective by the end of August 2011.
3. Remember that CAT qualification will be effective and present until June 2011 exams and conversion from CAT to FIA or from CAT to ACCA will depend on the results of students that they are going to score in June 2011 exams. I repeat your credit or exemptions in FIA or ACCA qualification will be determined according to the papers you will have passed after June 2011 exams.
4. In the notification, mentioned in point 2 above, students will be asked one important question i.e. whether they want to transfer to ACCA register (whether they want to transfer to ACCA qualification straight) on the completion of T5, T6 and T7 papers (or their equivalents i.e. TT5, TT6 and TT7) or they want to continue to pursue CAT certification. In case students select to transfer to ACCA register then he will resume the studies from ACCA F4 whereas if student selects to pursue CAT certification then he will give two optional papers under FIA.
5. To understand more about TT5 TT6 and TT7 and the applicable syllabus for these subjects read the answer in the FAQs as follows.