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ICAEW Certificate in Finance, Accounting & Business (ICAEW CFAB)

ICAEW CFAB is an internationally recognised certificate that teaches essential knowledge and practical skills in business, finance and accounting. The qualification comprises 6 modules, benchmarked at Level 4, and provides an initial grounding in all key areas of accounting. The course is delivered by experts from the USW School of Law, Accounting and Finance.

Who is this for?

  • Current firms of ICAEW Chartered Accountants whose students would be expected to progress onto years 2 and 3 of the ICAEW qualification.
  • Individuals who want to obtain CFAB as a ‘standalone’ qualification – e.g. managers in organisations who are required to use financial skills on a regular basis.
  • Individuals who just want a short course in accounting and do not require a qualification.


The six modules in the CFAB qualification cover the following areas:

Accounting: This module introduces students to the preparation of ‘accounts’ or ‘financial statements’ – the periodic financial reports that organisations have to produce to report their profit/loss, assets and liabilities. It covers the maintenance of financial records, adjustments to accounting records and financial statements, and the preparation of financial statements.

Assurance: This module introduces students to the area of audit and assurance; independent checking of and reporting on financial information produced by others. It covers the concept, process and need for assurance, internal controls, and the gathering of evidence on an assurance engagement.

Business, Technology and Finance: This module introduces students to the way businesses are run and financed. It covers business objectives and functions, the role of finance and the accountancy profession, governance, sustainability, corporate responsibility, the external environment and technology. This module is mainly studied via e-learning.

Law: This module introduces students to corporate and business law. It covers the impact of civil and criminal law on business and professional services, company law, bankruptcy law, and impact of law in the professional context. This module is mainly studied via e-learning.

Management Information: This module introduces students to the key area of management accounting; the production and interpretation of information required to manage the resources of an organisation. It covers costing and pricing, budgeting and forecasting, performance management, management information and management decision making.

Principles of Tax: This module introduces students to key, basic notions of tax. It covers objectives and types of tax, administration, income tax, national insurance contributions, capital gains tax, chargeable gains for companies, corporate tax and VAT.

All modules include professional ethics.


Each module is assessed via one Computer Based Test, sat externally. You can choose to complete only the modules that are relevant to your role or to give you a general understanding of a specific area. However, to gain the ICAEW Certificate in Finance, Accounting and Business you must have completed all six modules.

Delivery Method

Three blocks of two modules, 3.5 days per module, paired as follows:

Block 1 – Assurance (AS) and Accounting (FA). Students would be “practice/workplace ready” after studying this block.

Block 2 – Principles of Taxation (POT) and Law (LA)

Block 3 – Management Information (MI) and Business, Technology and Finance (BF)

Delivery is through a combination of classroom, online learning and classroom revision sessions. Delivery is subject to sufficient student demand.

Tuition Cost

£550 standard fee per module (£440 discounted fee for accounting practice customers).

Tuition fees include the cost of ICAEW study materials but exclude any fees payable directly to the ICAEW professional body. For the latest information on student fees payable to ICAEW (including student membership and exam entry fees), visit: about-icaew-cfab/register-as-a-cfab-student


These six modules are also the same six modules as the first level of the ACA qualification. So, you could study for ICAEW CFAB as part of your journey towards the ACA.

If you obtain CFAB you can, under certain conditions, achieve the ‘Business & Finance Professional’ designation, allowing you designatory letters after your name.

For more information and to book a place, please contact us on 01443 482482 or email [email protected].

I’m really glad I chose USW Commercial Services so wanted to let you know and also thank you for providing me with the tools for a completely new career

Project Manager, NHS Strategic Health Authority, South of England

I can definitely recommend the course and USW Commercial Services Ltd

Claire James, Training Officer, Memory Lane Cakes

Good level of discussion throughout. Nice and informal, relaxed debate generated by the tutor

Delegate, FA Wales