In recent years, the ACCA qualification has become increasingly significant in India and other countries. In India, ACCA is recognized as the global equivalent of the Indian CA certification. Students considering pursuing ACCA might still have questions about its scope both in India and internationally. If you are seeking more information about the career prospects and salary expectations for ACCA professionals in India and abroad, here are some valuable insights.
Average Salaries of ACCA Members in India by Job Profile
In India, an ACCA member’s remuneration is mostly determined by their total years of relevant experience and present classification within an organisation. The average annual income for a Chartered Accountant in India is around INR 8.07 lakhs. Let’s look at the predicted salary for professionals who have completed ACCA.
Average Salaries of ACCA Chartered Accountants by Experience Level
Another important aspect influencing an ACCA member’s average income is their level of relevant sector experience. Naturally, the longer you have worked in a field, the greater your income might be. Here are the average incomes you may expect as an ACCA member, based on your professional stage when acquiring the qualification:
- Entry Level: INR 7.05 lakhs per annum
- Mid Senior Level: INR 11.17 lakhs per annum
- Senior Level: INR 19 lakhs per annum
Please keep in mind that all compensation estimates are current as of 2022 and may vary in future years. They may also differ depending on other credentials and the size of the organisation you work for.
ACCA Salary for Freshers
In India, a professional who has recently completed their ACCA may be hired in a position similar to that of an Indian chartered accountant. Companies such as BDO, Grant Thornton, J.P. Morgan, and Morgan Stanley are actively seeking ACCA freshers for a variety of accounting and finance positions. ACCA provides significant career advancement, regardless of whether you are hired by a prominent company or not.
As a new ACCA Affiliate, you can expect a starting salary of around INR 4 to 6 lakhs per year. This is likely to increase as you gain more experience and demonstrate your skills at work. If you start working as a fresher after becoming an ACCA member, your starting salary can range between INR 6 and 8 lakhs per year.
ACCA Salaried With Job Roles
- Accountant: Range: ₹172k – ₹729k, Average: ₹348,171
- Chartered Accountant: Range: ₹364k – ₹2m, Average: ₹985,808
- Finance Manager: Range: ₹197k – ₹2m, Average: ₹967,750
- Auditor: Range: ₹300k – ₹2m, Average: ₹625,710
- Associate Auditor: Range: ₹252k – ₹839k, Average: ₹398,739
ACCA Salaries and Scope Outside India
One of the key advantages of pursuing ACCA is the opportunity it offers to work in several countries beyond India. ACCA is recognized in numerous countries worldwide, allowing ACCA professionals to seek accounting positions not only in India but also in countries such as the United Kingdom, Ireland, Singapore, UAE, and Canada. However, for those aiming to work in the USA, pursuing the US CPA qualification might be more suitable than ACCA. You can explore our blog on the US CPA course for further details.
Here are the expected ACCA salaries in these countries.
1. United Kingdom
In the United Kingdom, the Association of Chartered Certified Accountants (ACCA) is a recognized authority with legal recognition as an auditing body. It also holds membership with the Consultative Committee of Accountancy Bodies (CCAB). A Chartered Accountant with an ACCA qualification in the UK has the authority to sign off on accounts and pursue a career in accountancy without any restrictions. Many universities in the UK also recognize ACCA as equivalent to a Bachelor’s degree in accounting, making ACCA members eligible for a master’s degree or enrollment in an advanced study program. Here are the average base salaries that an ACCA can expect to earn in the United Kingdom.
- Entry Level – GBP 39,100
- Mid Senior Level – GBP 52,500
- Senior Level – GBP 68,200
2. Ireland and other parts of Europe
In addition to the United Kingdom, an ACCA qualification makes you eligible to work as an accounting professional or Chartered Accountant in other parts of Europe, such as Ireland. In Ireland, the level eight qualification of ACCA is considered equivalent to postgraduate diplomas and master’s degrees, as recognized by The Quality and Qualifications Board Ireland. Here are the average salaries you can expect in Ireland after obtaining an ACCA qualification:
- Entry Level: EUR 20,400
- Mid Senior Level: EUR 28,100
- Senior Level: EUR 40,100
3. UAE
In the UAE, ACCA is partnered with the Accountants and Auditors Association (AAA), the national accounting body. The United Arab Emirates Chartered Accountant Qualification (UAECA), the official Chartered Accountant qualification in the UAE, requires students to complete ACCA as a basic requirement. Here are the expected salaries for ACCA-qualified Chartered Accountants in the UAE:
- Entry Level – AED 4000 – AED 7000 per month
- Mid Senior Level – AED 10,000 per month
- Senior Level – AED 20,000 per month
4. Switzerland
Switzerland, like other European countries, follows the Mutual Recognition Directive and recognises ACCA as a valid accounting qualification. Given that Switzerland adheres to the International Financial Reporting Standards (IFRS), an ACCA qualification can significantly improve your chances of landing an accounting job there. There are additional exams you can take to become a Swiss Certified Public Accountant. Here are the average salaries earned by accountants in Switzerland.
- Entry Level: CHF 67,400
- Mid Senior Level: CHF 117,000
- Senior Level: CHF 155,000+
5. Hong Kong
The ACCA qualification is well-known in Hong Kong, with numerous lucrative job opportunities for accounting professionals. ACCA members, whether they have accounting or non-accounting degrees, are frequently eligible to become Chartered Accountants through the Hong Kong Institute of Certified Public Accountants (HKICPA). The following are the expected salaries for ACCA-qualified professionals in Hong Kong.
- Entry Level – HKD 17,400
- Mid Senior Level – HKD 22,800
- Senior Level – USD 31,900
6. Canada
While the ACCA qualification is not officially recognised as a Chartered Accountant qualification in Canada, it can still help you gain employment in the finance and accounting fields. Furthermore, the ACCA qualification is equivalent to a three-year degree in Canada, allowing you to apply for a master’s degree using your ACCA credentials. It can also help you improve your Express Entry profile for permanent residency in Canada. Here are the possible salaries for obtaining an ACCA qualification in Canada.
- Entry Level – CAD 62,300
- Mid Senior Level – CAD 82,500
- Senior Level – CAD 110,000
7. Australia
CPA Australia and the Institute of Public Accountants both recognise ACCA-qualified professionals in Australia. International ACCA members can also gain membership in the Institute of Public Accountants by passing exams in Australian Tax and Law. Here are the average salaries for chartered accountants in Australia.
- Entry Level – AUD 50,800
- Mid Senior Level – AUD 64,200
- Senior Level – AUD 84,600
Conclusion
The statistics mentioned above demonstrate that the ACCA qualification can lead to a lucrative career in India and other countries. Recognized in over 180 countries, including Canada, Singapore, and Australia, ACCA offers a pathway to becoming a global Chartered Accountant. If you’re ready to pursue this prestigious designation and are considering your next steps, explore iProledge’s ACCA course to take a significant stride forward in your career.
FAQS
Is ACCA recognized in India?
Yes, ACCA is recognized in India as the global equivalent of the Indian CA certification. It is accepted by various companies and organizations in India, including BDO, Grant Thornton, J.P. Morgan, and Morgan Stanley, which actively seek ACCA professionals for accounting and finance positions.
What is the average salary for ACCA professionals in India?
The average annual income for a Chartered Accountant in India is around INR 8.07 lakhs. For ACCA professionals, the salary varies based on experience and job profile, ranging from INR 7.05 lakhs per annum for entry-level positions to INR 19 lakhs per annum for senior-level positions.
What are the career prospects for ACCA professionals in countries outside India?
ACCA is recognized in over 180 countries, offering professionals the opportunity to work internationally. Countries like the UK, Ireland, UAE, Switzerland, Hong Kong, Canada, and Australia recognize ACCA qualifications, providing a pathway to lucrative careers in accounting and finance.
What are the educational equivalencies of ACCA in the UK and Ireland?
In the UK, ACCA is recognized as equivalent to a Bachelor’s degree in accounting by many universities, making ACCA members eligible for master’s degree programs. In Ireland, the level eight qualification of ACCA is considered equivalent to postgraduate diplomas and master’s degrees, as recognized by The Quality and Qualifications Board Ireland.
How does ACCA compare to the US CPA qualification for those aiming to work in the USA?
While ACCA offers opportunities to work in various countries, including the USA, those aiming to work in the USA might find pursuing the US CPA qualification more suitable. The US CPA qualification is specifically tailored for accounting practices in the USA and may be more recognized by employers in the country.