Chartered Accountants Program Entrance Exam
An alternative to completing an Institute accredited conversion course is to pass the Program Entrance Exam. To be eligible to sit the exam you must meet all of the following conditions:
- Have an Institute accredited sponsoring employer (an organisation that has met the Institute’s requirement to have employees in work experience mentored by a Chartered Accountant)
- Hold an Australian or comparable overseas degree in a non-accounting discipline
- Have undertaken accounting-related work experience and some on-the-job training
- Have a genuine interest in pursuing a career in the Chartered Accounting profession.
The exam is designed to provide you with an opportunity to demonstrate that you have the required level of knowledge of the required knowledge areas, which are pre-requisite requirements for the Chartered Accountants Program.
It is a closed book exam consisting of nine exam papers. Each exam paper corresponds with one or more of the required knowledge areas and contains 20 multiple choice questions. You must achieve a mark of 50% or higher to pass.
If you pass all nine exam papers, you will meet the entry requirements for the Chartered Accountants Program.
If you are unsuccessful, the Institute will provide details of the gaps in your knowledge. You can then:
- Complete the required Institute accredited conversion course(s) identified in your gap report. Upon passing, you will be eligible to enrol in the Chartered Accountants Program. There is no need to re-sit the entrance exam
- Or, develop a training plan with your employer, using your gap report. The Institute does not provide training to fill identified knowledge gaps, this is the responsibility of the applicant and their employer.
You will need to wait a minimum of six months before re-sitting the exam. You only need to re-sit the paper(s) that you have not passed.
The number of attempts for each exam paper is limited to two (this includes your first attempt). If you are unsuccessful a second time, you will need to complete an Institute accredited conversion course for the subject(s).
- Four or more exam subject papers: $664
- Less than four exam subject papers: $387.
Pricing for re-sitting the exam is the same as above. Fees are in Australian dollars. Entrance exam fees are GST exempt.
The entrance exam covers the following:
- Financial accounting
- Current legal and financial reporting standards in Australia
- Organisation and recording of financial information
- Preparation of financial reports
- Contemporary developments in financial reporting in Australia and overseas
- Analysis and interpretation of financial statements.
- Management accounting
- Development of management accounting
- Product and service costing
- Control and performance evaluation
- Strategic management accounting.
- Essentials of financial management in organisations
- Application of financial mathematical techniques
- Application of the principles of financial management
- Risk management
- Current issues in financial management in Australia and internationally.
- Nature and purpose of auditing, including the regulatory and professional requirements of auditors
- Application of professional standards within the auditing process
- Current auditing practice issues in a computer-based environment
- Current research issues in auditing.
- Commercial and corporations law
- The legal system in Australia
- Principles of the law of contracts
- Legal regulation of commercial entities.
- Taxation law
- Determination and administration of Australian taxation
- Special types of taxation
- Legal and ethical issues of taxation in Australia and internationally.
- Accounting information systems
- Explain the role and purpose of business information systems
- Describe the role of accounting information systems
- Describe information control concepts as they relate to accounting information
- Use of accounting systems to capture and manage information.
- Identify and explain economic systems and the concept of resource allocation
- Identify and explain the role of individuals and businesses in markets
- Discuss the implementation and impact of economic policy
- Recognise regulatory and political environments and how they impact on business.
- Quantitative methods
- Explain the role of statistical analysis for decision making
- Identify and apply commonly used techniques for data collection and analysis
- Review statistical data
- Interpret results of data analysis.
Entrance Exam dates for 2014:
17 February 2014 (Enrolment forms due 24 January. Results released 4 April 2014)
13 October 2014 (Enrolment forms due 19 September. Results released 28 November 2014)
Download an enrolment form.
Article last updated 21 October 2013