The academic program follows the standards of leading universities in Europe and North America. The primary aim of the program is to equip students with the skills, knowledge and expertise in accounting, auditing, tax, finance and commercial law for rational decision making in the constantly changing international economic and business environment.
The Accounting and Finance department has close links with international professional bodies such as the Institute of Chartered Accountants in England and Wales (ICAEW), and the Association of Chartered Certified Accountants (ACCA). This cooperation provides graduates with up to twelve (12) exemptions from the professional examination of the ICAEW and nine (9) exemptions from the professional examination of the ACCA. From September 2020, students who are selected to enroll in a specific program will have the opportunity to obtain the ACCA qualification while studying at the University of Cyprus. To achieve this, students will need to pass four (4) external ACCA exams during the summer months.
Graduates of the Department have repeatedly excelled in these examinations. In the ICAEW examinations in particular, our graduates have won more than 10 global awards in the last five years, (for example, first Worldwide Award - Professional Stage overall, and other first Professional Stage global awards in auditing and tax courses as well as Advanced Stage global awards). We also note, that recent analysis carried out by the ACCA has shown that our graduates exhibit the highest passing rate among graduates of all other Universities.
The degree in Accounting provides excellent training for a successful career in Audit firms, in the fields of accounting, auditing and taxation as well as in banks, semi-government, public and other private organizations. Moreover, Audit firms provide our students with opportunities to apply and extend their knowledge through internship programs. Specifically, since the spring semester of 2018, the Accounting and Finance department launched a five-month internship program with the country’s largest audit firms which takes place in the Spring semester of the students’ third year of studies. During the internship period, students are employed on a full-time basis as accounting trainees, enabling students to combine their academic knowledge with practical application, gaining valuable experience that will enhance their academic knowledge and broaden their career prospects. Students also have the option of a shorter internship program during the summer holidays (summer internship), or even to extend their internship by one more semester typically in the spring semester of their fourth year. Graduates of the accounting program also acquire the relevant qualifications and skills to continue their studies in graduate Master or Ph.D. programs. A number of our graduates elected to continue their studies at leading universities in the United Kingdom and North America.

Students who elect to follow the Accounting specialism of the degree offered by the Department of Accounting and Finance, enhance their knowledge in accounting and related areas in the last two years of their studies as follows:

A. Depth Requirements in Accounting (9 courses)

(i) Nine courses are required in this area, six of which are obligatory. These are:

Course Code Course Title Prerequisites
AFN 311 Financial Accounting II AFN 111
AFN 312 Managerial Accounting and Costing II AFN 211
AFN 318 Auditing I AFN 111
AFN 319 Taxation I AFN 111
AFN 411 Financial Statement Analysis AFN 111
AFN 418 Financial Accounting III AFN 311

(ii) The remaining three courses may be chosen from the accounting depth electives offered at the time of selection. Courses from the Finance specialism are also acceptable, upon approval by the Academic Advisor. At present the department offers the following accounting electives:

Course Code Course Title Prerequisites
AFN 410 Financial Reporting in the Banking Sector AFN 111
AFN 414 Energy sector Accounting and Finance AFN 111
AFN 417 Auditing II AFN 318
AFN 419 Taxation II AFN 111


B. Breadth Courses in Accountancy (7 courses)

(i) Seven courses are required to be taken, two of which are obligatory:

Course Code Course Title
AFN 314 Commercial Law
BPA 346 Quantitative Methods II
(ii) In addition, at least two of the breadth courses should be in Finance.
Optional Thesis: Students with a GPA of 7 or higher may elect to undertake a thesis in lieu of a breadth course and a depth course from the requirements shown above.
Internship: Students who elect to intern during an academic semester based on the department’s approved internship programs, will have to register for the course AFN 313, (6 ECTS), during the internship semester. Students who continue their internship for a second semester should register for AFN 413, (6 ECTS). Each of these internship courses replaces either a depth or a breadth course. During the summer semesters, students participating in internships in approved organizations will have to register for the course AFN113 (3 ECTS), and if they continue to work for an additional summer semester, they should register for AFN213 (3 ECTS). The total maximum number of ECTS that can be replaced by internships is 12.
Recommended course schedule:
The recommended course schedule for accounting students in their 3rd and 4th year of studies, is summarized below. (The suggested course schedule applies only to students who were admitted in 2017 or later. Students admitted earlier are requested to contact their academic advisor for issues relating to their studies).

Third Year 

5th Semester 6th Semester
AFN 311 Financial Accounting ΙΙ AFN 418 Financial Rporting III*
AFN 318 Auditing I AFN 417 Auditing II*
AFN 312 Managerial Accounting and Costing II BPA 346 Quantitative Methods II
AFN 314 Commercial Law^ or up to 2 other elective courses ** AFN 314 Commercial Law^ or up to 2 other elective courses **

 Fouth Year

7th Semester  8th Semester
AFN 319 Taxation I* AFN 419 Taxation II*
AFN 411 Financial Statement Analysis AFN 416 Business Ethics and Corporate Governance **
BPA 435 Strategic Management    
AFN 410 Financial Reporting in the Banking Sector*    
1 elective course **  Up to 3 elective courses**
* Provides exemption for ACA and ACCA exams.
** Other depth courses, breadth courses or free electives.
^ AFN314 (Business Law) is offered in both semesters.
Students who elect to intern in the Spring semester of their third year at one of the audit firms offering internship opportunities to our students will be able to take the courses AFN 417 and AFN 418 in the Fall Semester of their fourth year as shown in the indicative schedule below. We note that under this proposed course schedule, students can complete their degree requirements within four years by taking courses during two summer semesters. Students may choose to extend their studies by one additional semester instead of taking summer courses.
    Summer semester– 2nd year
    2 free electives
5th semester 6th semester Summer semester – 3rd year
AFN 311 Financial Accounting II INTERNSHIP  
AFN 318 Auditing Ι BPA 346 Quantitative Methods ΙΙ or other elective course
AFN 312 Managerial Accounting and Costing II AFN 314 Commercial Law or other elective course
2 other elective courses **  
7th Semester 8th Semester  
AFN 319 Taxation Ι AFN 419 Taxation ΙΙ  
AFN 411 Financial Statement Analysis AFN 416 Business Ethics and Corporate Finance  
AFN 418 Financial Accounting ΙΙΙ AFN 417 Auditing ΙΙ  
BPA 435 Strategic Management 2 other elective courses** or BPA 346  
AFN 410: Financial Reporting in the Banking Sector or 1 other elective course** or AFN 314    

Students who are interested in the internship programs for two semesters are advised to consult with their academic advisor as early as possible so that they can appropriately plan their schedule.

For the List of Exemptions from the Accountancy Bodies please click here

Courses description

Coordinator of B.Sc. in Accounting: Andreas Charitou