ICAEW Certificate in Finance, Accounting and Business

The Certificate in Finance, Accounting and Business (ICAEW CFAB) is ideal for anyone who either works, or wants to work, in business or practice including school leavers, graduates and existing employees with experience in the workplace. No previous academic qualifications are required.

The ICAEW CFAB is a stand-alone qualification in its own right – demonstrating on a CV that a qualification in the basics of business and finance. It also provides an option to progress further to the even more prestigious ACA qualification, and to becoming a ‘Chartered Accountant’ with the Institute of Chartered Accountants in England and Wales (ICAEW).

ICAEW CFAB is a perfect choice if you are

New to the work place, starting out in a career in accountancy & finance and seeking a qualification to kick start a career without the expensive of University fees. ICAEW CFAB gives a flexible option that is recognised as a qualification in its own right, but also opens the door to the full ACA qualification (‘Chartered Accountant’)The ICAEW CFAB qualification is a good career choice, whether to progress to the full ACA qualification further at a later date or for someone who is already employed and:

  • Working in, or supporting a professional or financial service firm or the public sector
  • Working in a finance role in business
  • In a senior non-finance role with a need to understand the fundamentals of finance
  • Studying for a degree or undertaking an internship, summer break or gap year
  • Keeping career options open or returning to work
  • Seeking general knowledge of finance, accounting and business

Our courses comprise of intensive tuition blocks of between 3 – 7 days duration dependent upon the subject, and combine teaching and question practice. After a short consolidation period for further question practice a student will be ready to sit their computer-based assessment exam. We run courses for each subject over a 6 month period commencing in both January and September.

The Syllabus

CFAB is designed to give you a rounded introduction to the world of business and finance.
There are six modules that you are required to pass (or successfully claim exemption from due to Prior Learning) in order to complete the qualification. They can be attempted in any order and the subjects are:

  • Accounting
  • Assurance
  • Principles of Taxation
  • Business, Technology and Finance
  • Management Information
  • Law

Accounting

Module aimTo ensure that students have a sound understanding of the techniques of double entry accounting and can apply its principles in recording transactions, adjusting financial records and preparing non-complex financial statements.
On completion of this module, students will be:

  • proficient in the use of double entry accounting techniques and the maintenance of accounting records;
  • able to identify and correct omissions and errors in accounting records and financial statements; and
  • able to specify the components of financial statements and prepare and present non-complex accounts for sole traders, partnerships and limited companies.

Method of assessment

The Accounting module is assessed by a 1.5 hour computer-based exam. 40% of the marks are allocated from the preparation of single company financial statements; either a statement of profit or loss and statement of financial position or a statement of cash flows, using a pro-forma template. The remaining 60% of the marks are from 24 multiple-choice, multi-part multiple choice or multiple-response questions.

Visit the ICAEW website for full syllabus details.

Assurance

Module aimTo ensure that students understand the assurance process and fundamental principles of ethics, and are able to contribute to the assessment of internal controls and gathering of evidence on an assurance engagement.

On completion of this module, students will be able to:

  • explain the concept of assurance, why assurance is required and the reasons for assurance engagements being carried out by appropriately qualified professionals;
  • explain the nature of internal controls and why they are important, document an organisation’s internal controls and identify weaknesses in internal control systems;
  • select sufficient and appropriate methods of obtaining assurance evidence and recognise when conclusions can be drawn from evidence obtained or where issues need to be referred to a senior colleague; and
  • understand the importance of ethical behaviour to a professional and identify issues relating to integrity, objectivity, professional competence and due care, confidentiality, professional behaviour and independence.

Method of assessment

The Assurance module is assessed by a 1.5 hour computer-based exam. The exam consists of 50 questions worth two marks each, covering the areas of the syllabus in accordance with the weightings set out in the specification grid. The questions are presented in the form of multiple choice, multi-part multiple choice, or multiple response.

Visit the ICAEW website for full syllabus details.

Principles of Taxation

Module aimTo enable students to understand the general objectives of taxation and to calculate income tax, national insurance contributions, capital gains tax, corporation tax and VAT in straightforward scenarios.

On completion of this module, students will be able to:

  • explain the general objectives of taxation, the influences upon the UK system of taxation, the different types of tax in the UK and recognise the ethical issues arising in the course of performing tax work;
  • identify the obligations the UK system of taxation imposes on taxpayers and the implications of non-compliance;
  • calculate the amount of income tax owed by or owed to individuals and the amount of national insurance payable;
  • calculate the amount of capital gains tax payable by individuals and the chargeable gains subject to corporation tax;
  • calculate the amount of corporation tax payable by companies; and
  • calculate the amount of VAT owed by or owed to businesses.

Method of assessment

The Principles of Taxation module is assessed by a 1.5 hour computer-based exam. 20% of the marks are allocated from two scenario-based questions. These will each cover a single syllabus area: income tax and NIC, and corporation tax. The remaining 80% of the marks are from 40 multiple choice, multi-part multiple choice, multiple response or numeric entry questions.

Visit the ICAEW website for full syllabus details.

Business, Technology and Finance

Module aimTo provide students with an understanding of how businesses operate and how accounting and finance functions help businesses to achieve their objectives.

On completion of this module, students will be able to:

  • identify the general objectives of businesses and the functions and tasks that businesses perform in order to meet their objectives;
  • specify the nature, characteristics, advantages and disadvantages of different forms of business and organisational structure;
  • identify the purpose of financial information produced by businesses, specify how accounting and finance functions support business operations, and identify sources and methods of financing for businesses and individuals;
  • specify the role of the accountancy profession and why the work of the profession is important;
  • identify the role that governance plays in the management of a business and specify how a business can promote corporate governance, sustainability, corporate responsibility and an ethical culture; and
  • specify the impact on a business of the economic environment in which it operates.

Method of assessment

The Business, Technology and Finance module is assessed by a 1.5 hour computer-based exam. The exam consists of 50 questions worth two marks each, covering the areas of the syllabus in accordance with the weightings set out in the specification grid. The questions are presented in the form of multiple choice, or multiple response.

Visit the ICAEW website for full syllabus details.

Management Information

Module aimTo enable students to prepare essential financial information for the management of a business.

On completion of this module, students will be able to:

  • establish the costs associated with the production of products and provision of services and use them to determine prices;
  • select appropriate budgeting approaches and methods and prepare budgets;
  • identify key features of effective performance management systems, select appropriate performance measures and calculate differences between actual performance and standards or budgets; and
  • identify and calculate relevant data for use in management decision making.

Method of assessment

The Management Information module is assessed by a 1.5 hour computer-based exam. 20% of the marks are allocated in one scenario-based question. This will be drawn from syllabus areas 1 (costing and pricing) or 3 (performance management). The specific topics that may be examined from syllabus area 1 are: allocation, apportionment and absorption of overheads; activity based costing; absorption v marginal costing profits/losses; reconciling absorption and marginal costing profits/losses; mark-up and margin (learning outcomes 1b, c and e). The specific topic that may be examined from syllabus area 3 is: calculation of variances (learning outcome 3 e ). The remaining 80% of the marks are from 32 multiple choice, multi-part multiple choice or multiple response questions.

Visit the ICAEW website for full syllabus details.

Law

Module aimTo provide students with an understanding of the principles of English law.

On completion of this module, students will be able to:

  • explain the nature of contractual agreements, the agency relationship and the consequences of negligence;
  • understand the legal implications of incorporation, including the roles of shareholders and directors, and the main implications of insolvency law;
  • identify instances of criminal behaviour that may be encountered by professional accountants; and
  • identify other key areas in which the law affects the role and work of the professional accountant.

Method of assessment

The Law module is assessed by a 1.5 hour computer-based exam. The exam consists of 50 questions worth two marks each, covering the areas of the syllabus in accordance with the weightings set out in the specification grid. The questions are presented in the form of multiple choice or multi-part multiple choice.

Visit the ICAEW website for full syllabus details.

Integrated Courses

Our face-to-face classroom based tuition courses provide students with the knowledge to help them pass their ICAEW Certificate Level exams. We run short comprehensive integrated courses scheduled over 3 – 7 days depending upon the subject. The courses cover the core syllabus providing structure and clear objectives to enable students to build the necessary subject knowledge required to secure a pass.Question practice in the form of quizzes helps to consolidate knowledge and understand the core learning outcomes.

The following course material is provided:

  • ICAEW study manual and question bank (invoiced separately)
  • Course notes
  • Electronic question bank

Students can attend on a residential or non-residential basis. Self service breakfast and lunch are provided to all students attending our courses at no extra charge.

Reed Business School is a VUE Pearson exam centre. Students have the option of taking their e-assessment at the Business School or at a local VUE Pearson exam centre if more convenient. E-assessment exams are scheduled after a short period after the course has finished to allow for consolidation of knowledge and question practice. Each course is scheduled in a modular approach so can be taken 1 at a time.

2018 Course dates

Course fees

Enrolment form

Full details of our course brochure can be viewed under the ‘download’ section on the right of the page.

Residential Options

For students who wish to stay overnight, we offer highly competitive rates on a full board basis – providing students with a study-bedroom and all meals on site. Students don’t have to spend any time travelling to and from courses and can focus solely on their learning.Our accommodation rates compare very favourably to hotel costs enabling us to maximise the value of investment on professional development. The rooms come as either a shared room, a single room or our recently refurbished premium en-suite rooms.

Students staying on site also provides opportunities to network with like minded people, often developing into informal study groups that support and help one another. Taking advantage of the residential facilities is an efficient use of time and money by utilising time for private study and avoiding the distractions and demands of commuting and day to day chores.

The premium rooms come with en-suite as standard and with a range of single, double or king-sized beds. We advise booking early to avoid disappointment as en-suite rooms are limited.

Residential fees start from £48/night on a full board basis. Accommodation can be booked when enrolling on the course.

View details on our residential facilities.

Pearson Exam Centre

Reed Business School is a ‘closed’ VUE Pearson exam centre. The ICAEW Certificate Level E-Assessments can be booked and taken at the Business School.If attending our Certificate Level courses, students have the option to book their e-assessment with us. Dates are detailed on our course planner and can be booked by completing our ICAEW enrolment form.

We do also offer some alternative open exam dates. Please download our computer based exam (CBE) dates for details. To book, please complete and return a booking form to us. Please note places are subject to availability.

Please note, you will need to have registered with ICAEW before you can sit an e-assessment. Please refer to the ICAEW website for registration details.

 

2018 Course dates

Course fees

Enrolment form

CBE dates 

CBE booking form

For details on pass rates, full course brochure and a manual enrolment form, please see ‘downloads’ on right of page.

Pass Rates

Reed Business School is an approved Learning provider with ICAEWWe are the only accountancy tuition provider who openly publishes all exam results, providing a transparent and detailed breakdown of results achieved by students attending our ICAEW courses.

Details of our pass rates and prize winners can be viewed on this page



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Students often find a different approach to their previous studies helps them secure a pass at their next attempt. We offer a combination of revision courses and dedicated retake courses with one to one reviews and practice questions marked by your tutor.

ICAEW: The ACA qualification

Builds on ICAEW CFAB and through a combination of traditional exams and work experience builds a well-rounded chartered finance professional and equips them with the skills needed to run a finance department and business, or advise clients at a senior level in public practice.

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Key Facts

Key Facts
ICAEW

+ 92.5% Pass rate

+ Quality, personalized, tuition

+ National Prizewinners

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92.5 % Pass Rate*

**Average Pass rate from Certificate Level Courses, Cumulative pass rates between 1st January and 31st May 2016 for first time attempt.

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