As we all know that FIA is about to replace CAT qualification completely and the move over will complete by the end of August for existing CAT students i.e. all current CAT students will be transferred to new suit of qualifications – Foundations in Accountancy (FIA).
Since January 1, 2011 the registration under CAT qualification has been closed and now those students who do not qualify for direct ACCA entry or want to do entry level certification first will be registered under FIA instead of CAT. Therefore, if you are registered by/after January 01, 2011 then you are registered under FIA.
Now the ones who are registered under FIA in first place (the ones registered by/after January 01, 2011) will see TT5, TT6 and TT7 in their accounts.
Before we understand these subjects let’s understand the scenario itself and it will surely clear up all the doubts.
Under CAT qualification, students had the option to sit in CBE style exams only for first four papers i.e. T1 through T4. But under new scheme (FIA), students can give first 7 papers under CBE based exams.
Now the problem is FIA exams will take place in first week of December 2011 and not before. So ACCA has arranged interim arrangements and TT5 TT6 and TT7 are basically transitional subjects and are NOT the same as FIA’s FAB, FFA and FMA. These are basically current ACCA F1, F3 and F2 respectively. If this is still not clear then read on.
Now for FIA students, from February until November 2011, the syllabi of FIA subjects will be considered equivalent to the respective subjects charted as follows and also linked to the relevant syllabi:
FAU = None
FFM = None
FTX = None
The thing to understand why there is no transitional arrangement or syllabus for the last papers is that as FIA students are registered after December 2010 therefore they are not eligible to sit in paper based exams by June 2011. And as by December 2011 everything will be shifted to FIA so by that time their own syllabi will be effective thus no need to worry about interim arrangements for these subjects for June 2011 session.
Lastly, as you understood that current syllabus of CAT and ACCA is being employed for FIA subjects therefore you can use the corresponding books to prepare FIA subjects. For example for TT5 you can use the book of ACCA F1 according to current syllabus.
In other words December 2010 books of all the above mentioned subjects are good until November 2011.
For me the most important thing is how this transition will affect existing students of CAT qualification as this is really important and large number of existing CAT qualification is confused about whether they will be sitting in transitional papers or normal papers i.e. whether one will sit for TT5, TT6, TT7 or T5 T6 and T7 as the syllabi of transitional papers and normal papers are different.
AS we know new FIA students are surely going to sit first 7 papers (which are also equivalents of T1-T7) as computer based exams CBE.
Now as under CAT qualification you are given only first 4 papers to be sit under computer based exam, and not T5, T6 and T7, this would have been unfair if existing CAT students were allowed to sit for just paper based exam (also complete subjective kind of paper) and new FIA students to be allowed CBE. To cater this problem, existing CAT students who had/have planned to give T5, T6 and/or T7 paper(s) in June 2011 they will have the option to sit either for paper based exam or computer based exam. This is a special concession given to existing CAT students just for June 2011 session.
- If you are sitting for PAPER BASED EXAM then normal T5 T6 and T7 syllabi will be applicable to you
- If you wish to sit CBE type exam (instead of paper based) then you will be giving TT5, TT6 and TT7 which are equivalent to existing F1, F3 and F2 respectively.