SME financial accountants diploma - level 4

The IFA level 4 diploma for SME financial accountants provides a highly vocational first step to qualifying as a professional financial accountant.

Mode of study: Self-study using bespoke e-books, study materials and past exam papers. As a general guide this qualification takes 600 hours of study.

Exams: The Level 4 diploma includes four mandatory examined units:

• (4FA) SME financial accounting (international standards).
• (4CW) SME cash and working capital.
• (4VP) Creating value and measuring performance for SMEs.
• (4TX) Tax for SMEs.

The four units are assessed by exam. Each exam is three hours long and is made up of short and long answer questions. Exam questions include:

• computations;
• preparation and interpretation of financial information; and
• organisational and people aspects of working in accounting and finance.

The exams sittings are in June and December.

This is a highly vocational first-step qualification for financial accountants and managers. The course focuses on developing essential understanding and skills, provides awareness of the accountancy and tax regulatory environment, the operational requirements for the accounting and finance function, and what is expected of a professional accountant at work.

(4FA) SME financial accounting (international standards) – learning outcomes overview

1. Understand the purpose of financial accounting.
2. Identify and rectify errors made before and during the preparation of financial statements. 
3. Understand the effect that the ownership of an organisation has upon the nature of the financial statements that are produced.

(4CW) SME cash and working capital – learning outcomes overview

1. Be able to advise on the different financing options available to SMEs and SMPs.
2. Understand how SMEs and SMPs can manage cash balances and key components of their working capital.
3. Understand the needs for effective budgetary control and the need for budgets in an SME and SMP environment.
4. Be able to prepare budgets for an SME and SMP and report on variances.

(4VP) Creating value and measuring performance for SMEs – learning outcomes overview

1. Understand the techniques required to measure performance and assess the financial position of an SME.
2. Be able to use a range of cost accounting techniques effectively to achieve competitive advantage for an SME.
3. Be able to apply relevant pricing strategies to achieve competitive advantage for an SME.
4. Be able to explain successful employee management techniques as a method of improving quality.
5. Understand the different methods that an SME can use to appraise the financial viability of an investment.

(4TX) Tax for SMEs – learning outcomes overview

1. Be able to prepare income tax and national insurance computations for individuals and SMEs.
2. Be able to prepare corporation tax computations for SMEs.
3. Prepare chargeable gains computations for individuals and SMEs.
4. Prepare VAT computations for individuals and SMEs.
   
   

Fees

• Student membership fee (1 year) £120.00
  Student renewal fee – payable annually £75.00
• Exam entry fee per unit £60.00
• Exemption fee per unit awarded by the IFA £60.00*
• Credit (unit) certificate £34.00
• Ethics assessment £46.00
• Level 4 online learning materials £75.00 excl VAT
• Ethics learning material £15.00 excl VAT
  
  

*You will be informed of any exemptions you are entitled to based upon your application

The diploma is suitable for those who aspire to or already support accountants or finance managers in an SME or work in an accounting practice that supports SME clients.

You can study for the diploma flexibly, either full time or part time.

To study the IFA Level 4 Diploma for SME financial accountants you need:

• Two A levels and three GCSEs in five separate subjects including maths and English – these are standard entry requirements for UK university study with two years' work experience in a bookkeeping or accountancy role.

OR

• Level 3 bookkeeping or accountancy qualification.

Successful completion of the IFA level 4 diploma for SME financial accountants enables you to study either:

• IFA level 5 SME financial managers diploma; or
• IFA level 5 SME finance and business managers diploma.
  
  

Successful completion of the IFA level 4 diploma for SME financial accountants and professional ethics assessment makes you eligible to apply for IFA Financial Accountant Executive status.