B.Sc. in Accounting

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:

Α. Depth Requirements in Accounting (9 courses)

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

CodeCourse TitlePrerequisitesECTS
AFN 311Financial Accounting IIAFN 1116
AFN 312Managerial Accounting and Costing IIAFN 2116
AFN 318Auditing IAFN 1116
AFN 319Taxation IAFN 1116
AFN 411Financial Statement AnalysisAFN 1116
AFN 418Financial Accounting IIIAFN 3116


(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:

CodeCourse TitlePrerequisitesECTS
AFN 410Financial Reporting in the Banking SectorAFN 1116
AFN 414Energy sector Accounting and FinanceAFN 111, AFN 2226
AFN 415Contemporary Accounting IssuesPBA 3466
AFN 417Auditing IIAFN 3186
AFN 419Taxation IIAFN 1116


Β. Breadth Courses in Accountancy (7 courses)

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

CodeCourse TitleECTS
AFN 314Commercial Law6
PBA 346Quantitative Methods II6

Note: 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 semester of the internship students are NOT allowed to enroll in other courses. Exception to enroll in ONE course only may be granted under very strict conditions and only with the consent of the student’s academic advisor.


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).

Course Schedule (3rd and 4th year) 
Third Year
5th Semester6th Semester
AFN 311: Financial Accounting ΙΙAFN 418: Financial Rporting III*
AFN 318: Auditing IAFN 417: Auditing II*
AFN 312: Managerial Accounting and Costing IIBPA 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 **
Fourth Year
7th Semester8th Semester
AFN 319: Taxation I*AFN 419: Taxation II*
AFN 411: Financial Statement AnalysisAFN 416: Business Ethics and Corporate Governance **
BPA 435: Strategic ManagementUp to 3 elective courses**
AFN 410: Financial Reporting in the Banking Sector*

* 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 Semester6th SemesterSummer semester – 3rd year
AFN 311 Financial Accounting ΙΙINTERNSHIPBPA 346 Quantitative Methods ΙΙ or other elective course
AFN 318 Auditing ΙAFN 314 Commercial Law or other elective course
AFN 312 Managerial Accounting and Costing II
2 other elective courses **
7th Semester8th Semester
AFN 319 Taxation ΙAFN 419 Taxation ΙΙ
AFN 411 Financial Statement AnalysisAFN 416 Business Ethics and Corporate Finance
AFN 418 Financial Accounting ΙΙΙAFN 417 Auditing ΙΙ
BPA 435 Strategic Management2 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.


Coordinator of B.Sc. in Accounting: Irene Karamanou