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 £90 (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 Legal Bookkeeping Certificate:
- ACCA F3 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 Diploma Level Legal Professionals and the Accounts Rules Certificate (LPAR)
2) ILFM Associate – Accounting Certificate and Financial Management Certificate
- ACCA F7 and above
- CIMA
- ICAEW
- AAT Level 4
- ICAS
- Some relevant university degrees in Accounting or Finance
NB. There are no exemptions for Associate Level Legal Practice Management Certificate.
* 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.
Diploma Level
The ILFM Certificate in Legal Bookkeeping (Diploma level) = one unit exemption from AAT Level 3 Advanced Certificate in Bookkeeping and/or AAT Level 3 Advanced Diploma. Unit exempt from is ‘Advanced Bookkeeping’.
Associate Level
ILFM Certificate in Accounting & Financial Management (Associate Level) = one unit exemption from AAT Advanced Certificate in Bookkeeping and/or AAT Level 3 Advanced Diploma. Unit they would be exempt from is ‘Advanced Bookkeeping’.
Also the following AAT unit exemptions from Level 4 Professional Diploma:
‘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 gain 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.