To become a chartered accountant (CA), you have to pass three exams, known as the Level 1, Level 2, and Level 3 examinations. These exams have different levels, which are numbered from Level 1 to Level 3. You must pass all the levels of the exams to become a CA. The level of the exams depends on the type of accountancy qualification that you are seeking.
You can choose to prepare for the exam through online courses, study books, or an actual assessment center. In Australia, the AAT qualification is generally taken as a Level 1 qualification, whereas the CIMA certification is taken as a Level 3 qualification.
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The Level 1 exam requires a candidate to demonstrate AAT Exam Centre knowledge in the principles of accounting and finance. To be eligible to sit for the Level 2 exam, a candidate must pass the Level 1 exam. After that, the Level 2 exam focuses on advanced topics in financial accounting.
A candidate must demonstrate a high level of knowledge on this topic to be successful in the exam. The Level 3 exam covers topics in advanced accounting and finance, including taxation.
You will be required to provide a detailed business case, financial statements, and a detailed budget.
The Level 3 exam requires candidates to demonstrate high levels of knowledge and understanding of financial accounting and analysis.
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