This page is for candidates studying with the Institute of Financial Accountants, including those taking IFA Direct units through an ATHE centre. It offers free practice sets by topic, worked answers to sample questions, a study plan and a summary of delivery, fees, results timing and CPD. Our questions are written by us with AI tools and are not real exam questions.
Numbers in brackets link to the official sources listed under Sources & last verified. Dates that have passed are removed automatically.
| Item | Detail | Source · Verified |
|---|---|---|
| Passing score (IFA Direct) | Pass / Merit / Distinction against unit criteria[1] | Institute of Financial Accountants · Oct 28, 2026 |
| Exam fee (IFA Direct registration fee) | £95 one-off registration fee[2] | Institute of Financial Accountants · Oct 28, 2026 |
| Exam fee (IFA Direct unit) | £320 + VAT per unit[3] | Institute of Financial Accountants · Oct 28, 2026 |
| Renewal | 40 CPD hours per year (20 verifiable) + annual renewal Jan–Dec[4] | Institute of Financial Accountants · Oct 28, 2026 |
| Delivery (IFA Direct) | Online written assignment set by ATHE centre[1] | Institute of Financial Accountants · Oct 28, 2026 |
| Eligibility (IFA Direct study) | 2 A levels + 5 GCSEs (incl. maths & English), or Level 3 accounting[5] | Institute of Financial Accountants · Oct 28, 2026 |
| Eligibility (Membership work experience) | 1 year (Intermediate) / 3 years (Associate, ATA) plus ethics training[6] | Institute of Financial Accountants · Oct 28, 2026 |
| Score release (IFA Direct) | 4–6 weeks after submission[1] | Institute of Financial Accountants · Oct 28, 2026 |
| Testing window (IFA Direct) | Rolling 4–6 week units running continuously[7] | Institute of Financial Accountants · Oct 28, 2026 |
According to Institute of Financial Accountants, “To achieve a pass you must successfully achieve the learning outcomes at the pass standard as set by the assessment criteria for the unit.”[1]
The Institute of Financial Accountants (IFA) is the official body. Its IFA Direct route is assessed by an online written assignment, not a sit-down test. At the end of each unit, the ATHE recognised centre you study with sends you a set piece of written work to complete and submit online.
Grading is Pass, Merit or Distinction against the criteria for each unit. To pass, you must meet the learning outcomes at the pass standard set by those criteria. Final results arrive 4-6 weeks after you submit your final assignment.
Units run continuously over 4-6 week periods. You can study more than one at a time, and you can move straight from one unit to the next without waiting.
For IFA Direct study, the entry requirement is 2 A levels plus 5 GCSEs (including maths and English), or Level 3 accounting. Membership by work experience is a separate route. It asks for 1 year of experience (Intermediate) or 3 years (Associate, ATA), plus ethics training.
Fees: the IFA apply page lists each unit at £320 payable to the centre, with a £95 one-off registration fee payable to the IFA. The main IFA Direct page lists £320 + VAT per unit with a different registration figure of £65. Because the two pages disagree, confirm the current amounts with the IFA and your centre before you pay.
Members must complete 40 hours of CPD per year, of which 20 hours must be verifiable, and renew annually from January to December. Check ifa.org.uk for current rules.
Prepare for the IFA - Institute of Financial Accountants Certification exam with our free practice test modules. Each quiz covers key topics to help you pass on your first try.
These are practice questions written for this site, not questions from the real exam. Each explanation shows why the right answer is right and why the others are wrong.
Question: Which law regulates the handling of personal financial data in the UK?
Answer: D. Data Protection Act 2018
Explanation:
The Data Protection Act 2018 is correct. It sets out how personal data, including personal financial data, may be collected, stored and processed, and it protects individuals' privacy rights in UK law.
The Companies Act 2006 governs company formation, directors' duties and company reporting, not personal data handling. The Finance Act is the annual tax legislation, so it deals with tax rules rather than privacy. GDPR is a tempting answer because it covers the same subject, but the question asks for the UK law, and the Data Protection Act 2018 is the UK statute that works alongside it.
Rule to remember: when a question asks which law regulates a topic, match the topic to the statute's purpose, and watch for options that sound right but belong to a different area.
Question: In cost-volume-profit (CVP) analysis, what is the break-even point?
Answer: C. Point where total costs equal total revenues
Explanation:
Break-even is where total costs equal total revenues, so there is neither profit nor loss. In CVP analysis, this is the activity level at which contribution just covers fixed costs.
"Point where profits are maximized" is wrong because break-even says nothing about maximum profit; profit there is zero. "Point where revenues are highest" is wrong because revenue can keep rising well past break-even. "Point of highest variable cost" is wrong because variable cost only describes cost behaviour and does not mark any balance between costs and income.
Rule to remember: break-even is a comparison of total costs with total revenues. If an option names a maximum or a single cost type, it is describing something else.
Question: A corporation pays a dividend to its domestic corporate shareholder. What is the dividends-received deduction (DRD) percentage if the shareholder owns 25% of the distributing corporation?
Answer: A. 65%
Explanation:
65% is the answer here. The dividends-received deduction depends on how much of the distributing corporation the shareholder owns, and a 25% holding sits in the middle band, which gives 65%.
50% is the rate for a smaller holding, so it understates the deduction at this ownership level. 80% applies to a larger holding, so it overstates it. 100% is wrong because a full deduction is reserved for special cases, not an ordinary 25% holder.
Rule to remember: the deduction rises with the ownership percentage, so work out which band the holding falls into before choosing a rate. This question uses a US-style tax rule, so check whether it is relevant to the units you are studying with your centre.
Start with the official material from the IFA and your ATHE centre, because your assignment is set by the centre and graded against the criteria for each unit. Read the criteria for the unit you are on and list the learning outcomes in your own words.
Then pick the practice set that matches that unit's topic. Ethics and law, financial reporting, taxation, management accounting, auditing, business finance, governance and risk, financial analysis, financial technology and insolvency each have their own set on this page. Work through a set without looking anything up, and mark every question you got wrong or guessed.
For each miss, read the explanation, then find the matching section in your unit materials and write a short note of the rule in your own words. Redo the set a few days later to see whether the notes stuck.
Because the assessment is a written assignment, practise turning each answer into a short written explanation: state the rule, apply it to the facts, and give the conclusion. Our questions are written by us and are not real exam questions, so use them to test understanding, not to predict what will appear.
Since units run continuously, leave time before you submit to re-read your assignment against the criteria.
Through an online written assignment. At the end of each unit, the ATHE recognised centre you study with sends you a set piece of written work to complete and submit online. It is graded Pass, Merit or Distinction against the criteria for that unit.
You receive final results 4-6 weeks after submitting your final assignment, according to the IFA's final assessment page. Results are issued once your final assignment has been submitted, so build that waiting period into your own plans, and check with your centre if you need to know how it fits your deadlines.
The stated entry route is 2 A levels plus 5 GCSEs, including maths and English, or Level 3 accounting. Membership through work experience is a separate route and asks for 1 year (Intermediate) or 3 years (Associate, ATA) plus ethics training.
The IFA lists £320 per unit, with VAT where applicable, paid to the centre. The registration fee is shown as £95 on the apply page and £65 on the main IFA Direct page, so confirm the current amount with the IFA before paying.
Yes. Units run over 4-6 week periods and run continuously, so you can study more than one at once and move straight from one unit to the next without waiting for a start date.
Members must complete 40 hours of CPD in any year, of which 20 hours must be verifiable, unless they are CPD exempt or have agreed a reduction. Membership renews annually from January to December.
How we verify: editorial & fact-checking policy. Report an error: contact us.