Philipp Stiefel on VBA Compilation
Is VBA compiled or not compiled? Yes.
The truth is there is no simple answer to the question of whether VBA is compiled or not. To some extent, the answer depends on your specific definition of "compiled." I've been meaning to write an article on this topic for awhile now. It's been on my to-do list for eight months. I swear I will get to it one day.
In the meantime, Access MVP Philipp Stiefel just published a great article on the topic:
The /decompile switch for Microsoft Access
Background information on VBA code compilation and the /decompile switch.
It's well worth the three-minute read.