All 13 ACCA Papers Explained: Syllabus, Pass Rates & Study Order (2026)
A complete overview of all 13 ACCA papers — what each one covers, the latest pass rates, and the recommended order to sit them.
The ACCA Qualification consists of 13 papers split across three levels. You must pass all of them (or hold recognised exemptions) to become a fully qualified ACCA member. This guide gives you a clear overview of every paper — what it covers, how it's examined, and what pass rate to expect — so you can plan your journey with confidence.
Applied Knowledge Level (3 Papers)
These are the foundation papers. All three are computer-based and available on demand throughout the year — you don't need to wait for a quarterly sitting. Pass mark is 50% for all ACCA papers.
BT — Business and Technology
Introduces business organisations, management, governance, ethics and the role of the accountant. The broadest paper in terms of topic range, covering everything from Porter's Five Forces to motivation theory. Pass rate: 87% (December 2025) — the highest in the qualification.
MA — Management Accounting
Covers costing methods (absorption, marginal, activity-based), budgeting, variance analysis and performance measurement. Heavily numerical. Pass rate: 64% (December 2025).
FA — Financial Accounting
Introduces double-entry bookkeeping, preparation of financial statements for sole traders and companies, and basic interpretation. The foundation for FR at Applied Skills level. Pass rate: 68% (December 2025).
Applied Skills Level (6 Papers)
These papers are more technical and scenario-based. Most are available in the four quarterly sittings (March, June, September, December). The step up from Applied Knowledge is significant.
LW — Corporate and Business Law
Covers the English (or global/regional) legal system, contract law, employment law, company law and insolvency. Available in multiple jurisdiction variants. Fully objective test questions — no written answers. Pass rate: 82% (December 2025).
PM — Performance Management
Builds on MA with advanced costing, decision-making techniques, budgetary control and performance measurement frameworks. Mix of calculation and written questions. Pass rate: 40% (December 2025) — one of the hardest Applied Skills papers.
TX — Taxation
Covers UK income tax, corporation tax, VAT, capital gains tax and national insurance (UK variant). Country-specific variants available. Pass rate: 55% (December 2025).
FR — Financial Reporting
Covers IFRS accounting standards in depth — preparation and analysis of group financial statements, consolidations, and complex transactions. Builds directly on FA. Pass rate: 51% (December 2025).
AA — Audit and Assurance
Covers the audit process from planning and risk assessment through to evidence, internal controls and reporting. Includes both objective questions and substantial written scenario answers. Pass rate: 46% (December 2025).
FM — Financial Management
Covers investment appraisal, cost of capital, capital structure, working capital management and risk management. Largely numerical with some written elements. Pass rate: 48% (December 2025).
Strategic Professional Level (4 Papers)
The final level. Two papers are compulsory; you choose two from four optional papers. These are the most demanding papers in the qualification — longer exams, complex scenarios, and a significant professional skills component.
SBL — Strategic Business Leader (Compulsory)
A four-hour case study exam that integrates knowledge from across the qualification. Tests strategic analysis, leadership, governance and professional skills in a realistic organisational scenario. Pass rate: 50% (December 2025).
SBR — Strategic Business Reporting (Compulsory)
Advanced financial reporting — complex IFRS application, group reporting, analysis and interpretation of financial statements. Builds heavily on FR. Pass rate: 48% (December 2025).
Optional Papers — Choose 2 from 4
- AFM (Advanced Financial Management) — advanced investment, risk and treasury management. Pass rate: 45%
- APM (Advanced Performance Management) — strategic performance measurement and management control systems. Pass rate: 41%
- ATX (Advanced Taxation) — complex UK tax planning and advisory scenarios. Pass rate: 50%
- AAA (Advanced Audit and Assurance) — complex audit scenarios, quality management and ethical issues. Pass rate: 38% — the lowest pass rate in the qualification.
Most students choose their options based on career direction: AFM for corporate finance roles, APM for management accounting, ATX for tax, AAA for audit and assurance careers.
Recommended Study Order
ACCA doesn't mandate a fixed sequence, but this order works well for most students:
- BT → MA → FA (complete Applied Knowledge first, on demand)
- LW (early in Applied Skills — high pass rate, builds confidence)
- FR and AA together (significant content overlap)
- PM, TX, FM (in any order, based on your strengths)
- SBL and SBR together (Strategic Professional essentials)
- Your 2 chosen optional papers
Pass Rates at a Glance (December 2025)
| Paper | Level | Pass Rate |
|---|---|---|
| BT | Applied Knowledge | 87% |
| FA | Applied Knowledge | 68% |
| MA | Applied Knowledge | 64% |
| LW | Applied Skills | 82% |
| TX | Applied Skills | 55% |
| FR | Applied Skills | 51% |
| FM | Applied Skills | 48% |
| AA | Applied Skills | 46% |
| PM | Applied Skills | 40% |
| SBL | Strategic Professional | 50% |
| SBR | Strategic Professional | 48% |
| AFM | Strategic Professional | 45% |
| ATX | Strategic Professional | 50% |
| APM | Strategic Professional | 41% |
| AAA | Strategic Professional | 38% |
Source: ACCA December 2025 exam results announcement.
Frequently Asked Questions
Do I have to sit all 13 ACCA papers?
Not necessarily. ACCA grants exemptions from Applied Knowledge and Applied Skills papers to holders of relevant degrees and qualifications. You can claim up to 9 exemptions, meaning some students begin at Applied Skills level or even Strategic Professional. You cannot be exempted from Strategic Professional papers.
Which ACCA paper is hardest?
By pass rate, AAA (Advanced Audit and Assurance) at 38% is the hardest. At Applied Skills level, PM (40%) and AA (46%) are consistently the most challenging. BT (87%) and LW (82%) are the most accessible.
How many ACCA papers can I sit at once?
ACCA allows up to 4 papers per quarterly sitting, but most working professionals sit 2–3. For Applied Knowledge papers (BT, MA, FA), you can sit as many as you like since they're on demand and not tied to sittings.
Explore Learnsignal's ACCA courses to get expert tuition for any of the 13 papers — from Applied Knowledge right through to Strategic Professional.
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Learnsignal Education Team
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