As part of my ongoing series with First Intuition, we have been exploring the upcoming changes across professional qualifications - including CIMA, ACCA, and AAT. The latest to unveil a major update is the ICAEW, with its Next Generation ACA syllabus which launched September 2025.

This overhaul represents one of the most significant updates in recent years, designed to make the ACA “future-fit” - reflecting changes in business, technology, and sustainability while maintaining the rigour employers expect.

Key Timelines and Overview

• September 2025: Dual running of the current ACA and the new Next Generation ACA begins.
• March 2026: Professional Level changes take effect, with the old syllabus examined until September 2026.
• July 2027: Advanced Level transitions to the new structure, reducing from three exams to two.

The Next Gen ACA will feature 14 modules (down from 15), still spread across three levels - Certificate, Professional, and Advanced.

Certificate Level

The Certificate Level retains six exams and remains largely unchanged on the surface. However, there are two key updates:

• The Business Technology and Finance (BTF) paper will be replaced with a new Sustainability and Ethics exam, embedding responsible business principles at the earliest stage of learning.
• The Management Information (MI) exam becomes Business Insight and Performance (BIP), incorporating relevant content from BTF.

These changes strengthen the focus on business fundamentals and aim to improve early-stage attainment for new students.

Professional Level

The Professional Level continues with six exams, but several undergo major reform:

• Financial Accounting and Reporting (FAR) and Audit and Assurance will merge, creating two new hybrid exams that test both reporting and audit skills together.
• The UK GAAP variant of FAR will be removed but retained within the new Specialised Learning and Development platform for those pursuing focused technical expertise.
• The Business Planning suite (Taxation, Insurance, and Banking) will be replaced by a new Fundamental Case Study (FCS) — a written, applied exam drawing on skills developed at Certificate Level.

This approach encourages earlier practical application and allows students to tailor their development through specialist modules outside the core syllabus.

Advanced Level

From July 2027, the Advanced Level will move from three exams to two, with a single set of advance information per sitting.

• The Corporate Reporting exam will be replaced by the new Technical Case Study.
• Strategic Business Management and the Case Study will merge into a single Strategic Case Study, bringing strategic thinking and applied analysis into one integrated assessment.

Additional Exemptions for AAT Apprentices

There’s also positive news for employers supporting AAT apprentices. Under the new structure, students who complete an AAT Level 4 apprenticeship will now receive an additional exemption - they will be exempt from the Fundamental Case Study (FCS) at the Professional Level of the ACA.

It’s important to note that this exemption only applies to those completing AAT Level 4 as part of an apprenticeship. Students completing AAT Level 4 outside of the apprenticeship route will not receive this benefit. This change provides a real incentive for employers making use of the AAT Level 3 and Level 4 apprenticeship pathways, offering a smoother transition for apprentices progressing into chartered training.

What Industry Employers Need to Know

For industry employers considering offering ACA training, the first step is to become an ICAEW Approved Employer. This can be done directly with the Institute and is a straightforward process.

A common misconception is that an employer must have an ACA-qualified accountant within the business to sign off the ICAEW Practical Experience Requirements (PER). In fact, this isn’t the case - ACCA or CIMA-qualified accountants can also act as signatories for the ICAEW PER, removing a key barrier for many employers.

This opens the door for more finance teams across industry to support ACA training, helping businesses develop well-rounded professionals equipped with both technical and commercial expertise.

Summary

These changes position the ICAEW to keep pace with rapid developments in technology and the evolving demands of the finance profession. The reduction in exams also follows a growing trend across the other qualifications, reflecting a move towards more streamlined, skills-focused learning.