The ILFM offers exemptions to students who have studied relevant qualifications prior to starting the ILFM's qualifications. This means that you may not have to take all of the exams at the ILFM Diploma or Associate Level. We want you to start your studies at the right level.*
You can check your Exemptions below, and contact us for further information:
The exemption fee is £93 (per exemption). You will be issued with an Exemption Certificate.
Qualifications considered for exemption (From 16th January 2016, policy cannot be back dated):
1) ILFM Diploma D1: Bookkeeping for Legal Finance Professionals Certificate:
- ACCA F3/Financial Accounting and above (Association of Chartered Certified Accountants)
- CIMA (Chartered Institute of Management Accountants)
- AAT (Association of Accounting Technicians) Level 2 and above.
- ICAS (The Institute of Chartered Accountants of Scotland)
- Some relevant university degrees in Accounting or Finance
- ICAEW
NB. There are no exemptions for the Diploma Level D2: Legal Finance Compliance & Accounts Rules Certificate
2) ILFM Associate – AA: Accounting for Legal Finance Professionals Certificate and AFM: Financial Management Certificate
- ACCA F7/Financial Reporting and above
- CIMA
- ICAEW
- AAT Level 4
- ICAS
- Some relevant university degrees in Accounting or Finance
NB. There are no exemptions for Associate Level ALPM: Legal Practice Management Certificate or Associate ATAX: Tax for Legal Finance Professionals.
* Contact the ILFM Office for full details, terms and conditions.
Exemptions we have gained with other qualification providers that recognise your ILFM Qualifications and may exempt you from certain levels or exams.
*Please note: There are restrictions on how many exemptions are allowed within the AAT accounting qualifications and exemptions are only available for up to 50% of the units that make up an AAT qualification.
Students must pay an exemption fee for each unit that they receive an exemption from.
Diploma Level
If the student has completed the following ILFM qualification they will be exempt from the following AQ2016 unit below:
Qualification achieved | Exemptions from: Advanced Diploma in Accounting |
ILFM Certificate in Bookkeeping for Legal Finance Professionals (Diploma level) | Advanced Bookkeeping |
Qualification achieved | Exemptions from: Advanced Diploma in Accounting |
ILFM Certificate in Accounting and Financial Management (Associate level) | Advanced Bookkeeping |
Qualification achieved | Exemptions from: Professional Diploma in Accounting |
ILFM Certificate in Accounting and Financial Management (Associate level) | Financial Statements of Limited Companies |
External Auditing |
Further information about the AAT qualifications and the syllabus can be found on the AAT’s website. https://www.aat.org.uk/find-a-course
Description: Must have completed the Diploma plus all three additional exams to become an Associate Member: Accounting, Financial Management and Legal Practice Management
Subjects
| Subject name | Subject level | Module(s) required for Exemption |
|---|---|---|
| BA1 Fundamentals of Business Economics | Certificate BA | Core |
| BA2 Fundamentals of Management Accounting | Certificate BA | Core |
| BA3 Fundamentals of Financial Accounting | Certificate BA | Core |
| BA4 Fundamentals of Ethics, Corporate Governance and Business Law | Certificate BA | Core |
Details of the exemptions awarded to the ILFM can be found at: https://www.cimaglobal.com/Starting-CIMA/Starting-CIMA/Exemptions/Exemption-Search/Institute-of-Legal-Finance--Management-ILFM-12315/?qualification=1-N9V08X
Richard Hill, a past ILFM Chair continued onto CIMA after completing the ILFM Diploma and Associate levels.
ILFM members who gained the Diploma, Associate Accounting and Financial Management qualifications between January 2014 through to December 2018 will be eligible for the following exemptions:
| ACCA Qualifications | ILFM Qualifications eligible for exemption |
| F2 / Management Accounting | requires the ILFM Accounting and Financial Management to be completed between January 2014 to December 2018 |
| F3 / Financial Accounting | requires the ILFM Diploma, Accounting and Financial Management to be completed between the period of January 2014 to December 2018 |
As part of the accreditation process the ILFM syllabus has been mapped to the ACCA syllabus to ensure there is approximately 80% comparable syllabus coverage and comparable examination methods.
Further information about the ACCA qualifications and the syllabus can be found at ACCA’s website www.accaglobal.com
Other Accounting bodies
The ILFM are currently working with other accounting bodies to obtain accreditation for exemptions from other qualifications.