I have recently become an FSA credential holder, and looking back this has been a very rewarding experience. I enjoyed the preparation and have learnt a lot. There are not many articles in the market talking about how their experience was and if there is anything they should know beforehand, so I hope you will find this useful.

This article is divided into Part I and Part II:

>> Part I: Background and common questions about the exams (this article)

>> Part II: Dive into the exams’ outline and my way of preparation

Please note that most of the information can be found in: FSA Overview - SASB and candidate handbook: https://sasb.org/fsa/fsa-candidate-handbook/ . You should always refer to the official website for the latest updates.

Who is organizing this?

International Financial Reporting Standard (IFRS) Foundation.

Their Standards are developed by two standard-setting boards, the International Accounting Standards Board (IASB) and International Sustainability Standards Board (ISSB). 

What is this Credential about?

According to the candidate handbook, “The FSA Credential assesses professional expertise in the principles and practices of sustainability accounting.” 

In my own words, sustainability accounting involves a) understanding the internal and external factors which can determine a company’s material ESG issues; b) understanding how to measure those factors into a company’s report; c) reporting, analyzing, and comparing performance.

How many exams are involved in the FSA Credential?

There are in total two exams. 

According to the candidate handbook, “The first exam— Level I—focuses on essential principles and practices. The second exam—Level II— focuses on application and analysis”.

How much are the exams?

Information as of May 2023:

>> Level I exam: Non-members: USD 450; Alliance Members: USD 400

>> Level II exam: Non-members: USD 650; Alliance Members: USD 500

Tips: You can check if your company is an alliance member so you can obtain a discount on the registration fee.

How many study hours are needed?

The exam website mentioned, “the average candidate spends 30-50 hours studying for each exam”.

For me, I spent more than 50 hours on both exams’ preparation. The reasons are:

>> English is not my mother language

>> I would like to fully internalize the materials for my learning, rather than doing it for the sake of passing the exams

When are exams available?

You can register for the exam at any time of the year, while the exam windows are open in January-February; May-June; September-October.

Where is the exam venue?

Candidates can choose an on-site exam in one of the exam centers available in your region, or you can choose to have an online exam at your home.

What are the types of exam questions?

Both Level I and II exams are multiple-choice questions only.

>> Level I: 110 multiple choice questions, 2 hours

>> Level II: 55 multiple choice questions associated with 13 cases, 2 hours

What if you pass/fail the exam?

If you pass the exam:

Candidates will receive “FSA Credential Level I” when they have passed the Level I exam, and an “FSA Credential” badge when they have passed the Level II exam, then they can mention they are “FSA Credential Holder”.

Please note that you must pass the Level I exam to register for the Level II exam.

Source: FSA Candidate Handbook

If you fail the exam:

You can pay and re-register. However, a candidate can only sit for each exam three times (i.e. Level I: maximum three times; Level II: maximum three times).

Last but not the least…wishing you all the best in the exam!