ACA Advanced Level: the exams and the 2027 changes

The Advanced Level is the capstone of the ACA. Rather than testing topics in isolation, it replicates real engagements — integrated, case-study-style assessments that test your technical knowledge, professional skills, and ability to make realistic recommendations in complex business and financial scenarios.

The current exams

The Advanced Level currently consists of three exams:

• Corporate Reporting — preparing and analysing complex financial statements, and assurance issues around them.
• Strategic Business Management — applying financial and strategic analysis to business problems.
• Case Study— a single, extended scenario integrating everything you’ve learned, with a focus on judgement and recommendations.

What changes from July 2027

Under the Next Generation ACA, the Advanced Level moves from three exams to two from July 2027:

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

If you’re planning when to sit these exams across the transition, confirm the timing and any transitional rules on icaew.com.

How to approach it

At this level, technique matters as much as knowledge. The exams are long and applied, so the marks come from planning a structured answer, integrating across topics, and demonstrating professional skills — analysis, judgement and clear, justified recommendations.

Practise full questions to time, study model answers for how marks are awarded, and keep your Professional Level technical knowledge current, since the Advanced exams build directly on it.