What is ACCA ?
ACCA (Association of Chartered Certified Accountants) is a globally recognized professional accounting body that provides qualifications and certifications for individuals aspiring to become professional accountants or financial professionals. Here’s an introduction to ACCA:
What characteristics or pictures come to mind when you consider a job in accounting or finance? Accounting may have formerly been connected with difficult, paper-based keeping records. However, the finance and accounting sectors have seen substantial transformations, moving away from conventional manual procedures and towards technology-based alternatives.
To have a successful career in accounting today, you should consider choosing a dynamic educational path that matches the changing nature of the accounting sector. One such professional certification course is the Association of Chartered Certified Accountants (ACCA) programme, which prepares applicants to current market standards and keeps them up to date on industry developments and improvements. ACCA online courses are another feasible way in becoming a certified
What is ACCA Eligibility ?
To be eligible for the ACCA (Association of Chartered Certified Accountants) professional accounting course, candidates must meet the following criteria:
- Minimum Education Requirement: The minimum educational requirement to directly enroll in the ACCA professional accounting course is to have passed Class 12th or equivalent with at least 50% marks.
- Subject-specific Criteria: In addition to the overall 50% marks requirement, the candidate must have scored at least 65% in the combination of three subjects: Accounts, English, and Mathematics.
- Alternative Pathway – ACCA Foundation Diploma: If the candidate does not meet the above direct entry criteria, they can pursue and complete the Foundation in ACCA Diploma program first. The Foundation in ACCA Diploma provides a pathway for candidates to build the necessary background knowledge and skills to then transition into the ACCA professional accounting qualification.
- Work Experience: While not mandatory, relevant work experience in accounting or finance can be beneficial and may help with exemptions from certain ACCA modules.
- English Proficiency: Proficiency in the English language is essential, as the ACCA course materials and exams are conducted in English. This requirement can be met through academic qualifications or by passing an approved English language test.
What is ACCA Exemptions ?
ACCA Offers Exemptions for Higher Qualifications: The ACCA program provides exemptions, which means you don’t have to take certain exams if you already have specific educational qualifications. This can save you time and effort in completing the ACCA course.
Exemptions for Different Backgrounds:
- If you have just finished your Class 12th exams, you do not directly qualify for ACCA exemptions. Instead, you would need to take the Foundation in Accountancy (FIA) route first.
- However, if you have a Commerce Graduate (B.Com) degree, you can get up to 5 ACCA exam exemptions.
- If you have completed the CA IPCC (Intermediate) program, you can get exemptions from 5 ACCA exams.
- Even if you are a fully qualified Chartered Accountant (CA), you can still pursue the ACCA course and get exemptions from 9 ACCA exams.
Benefits of Exemptions: Obtaining exemptions is beneficial because it allows you to save time and effort in completing the ACCA qualification. The more exemptions you can get, the faster you can progress through the ACCA program.
So, if you have a higher educational background, such as a Commerce degree or CA qualification, you should explore the ACCA exemption opportunities before enrolling in the ACCA course. This can help you streamline your path to becoming an ACCA-certified professional.
To finish the ACCA course, you must take and pass 13 tests divided into three levels. The ACCA levels are:
- Foundation level
- Applied skill level
- Professional level
After knowing the levels of ACCA let us now know about each level in brief:
- Foundation level: ACCA Foundation level is the first step in ACCA course where it gives you a brief introduction on Accounting and Finance. In order to clear foundation level you have to pass 3 papers to move forward with the next level which is Applied skill level.
- Applied skill level: ACCA Applied skill level is the second step in ACCA course where it gives a comprehensive view on strategic skills and accounting skills. These skills consist of modules that are learnt at foundation level.
- Professional level: The last level is the most important one in the ACCA course. It combines an expanded set of strategic talents with the professional skills required in the accounting business.
In addition to the academic modules, you must complete about 36 months of work experience in the relevant field. This work experience can be completed either during the course or after finishing all of the levels. You can only claim the ACCA certification after passing all of the levels and gaining job experience.
Exemption information for ACCA students ACCA offers exemptions according to a set of qualifications which are as follows:
- On the completion of class 12th you will have to write all the 13 papers and won’t have any exemption benefit
- If you are an Commerce graduate you will have to write 9 papers and you get the exemptions of 4 papers which are BT, MA, FA and LW
- In case you have completed your Mcom that is post graduation you have to write only 9 papers benefiting with 4 papers exemptions which are BT, MA, FA, LW
- If you have cleared CA IPCC (Both Groups) then you will be writing 8 papers with the exemptions of 5 papers which are BT, MA, FA, TX, AA.
- Incase if you have cleared CA then you will have to write 4 papers benefiting 9 papers exemptions which are BT to FM
Along with that following are the few points to be remembered :
- Passed at least 5 subjects, including English and either Mathematics or Accounts.
- Scored at least 65% in a minimum of 2 of these subjects.
- Scored over 50% in the remaining subjects.
Additional Exemptions for CA Final Candidates: If you have already completed the CA (Chartered Accountant) Final examination, you may be eligible for additional exemptions from the ACCA course.
- To qualify for these exemptions, you must have scored at least 40 marks in the relevant subjects of your CA Final exam.
- These additional exemptions can help you progress through the ACCA course more quickly, as you won’t have to take exams for the subjects you’ve already covered in your CA studies.
In summary, the ACCA eligibility criteria focus on your past academic performance, particularly in subjects like English, Mathematics, and Accounts. If you have a CA Final qualification, you may be able to get extra exemptions, which can make the ACCA course more efficient for you.
What is ACCA Subjects ?
The ACCA (Association of Chartered Certified Accountants) course is a comprehensive programme that covers all aspects of chartered accounting, including accounting, financial reporting, auditing, taxation, business finance, and financial management. To obtain the famous ACCA qualification, students must take 13 tests separated into three levels: Knowledge, Skills, and Professional.
While the ACCA curriculum includes 15 subjects in total, students must complete all subjects in the first two levels, Knowledge and Skills.
However, at the Professional Level, they are free to choose subjects based on their area of specialisation. The structure of the ACCA tests is intended to provide applicants considerable flexibility.
The Knowledge Level tests are given on-demand, allowing applicants to take them at any time during the year. As a result, the Skills and
Professional Level exams are held four times every year: in March, June, September, and December.
Talking about the qualification pathway
ACCA Knowledge Level Paper:
Duration: 6 months
Papers: BT, MA, FA
And students who have completed their 12th have to take all the exams without any exemptions whereas, Commerce and Master graduates do get a exemptions from these subjects:
- Accountant in Business (AB)
- Management Accounting (MA)
- Financial Accounting (FA)
Acca Skills Level Paper:
Duration: 12 months
Papers: Any 3 out of 6 (Law, Taxation, Financial Reporting, etc.)
CA IPCC candidates get exemptions from the above-level exams and 2 subjects from this level.
- Corporate and Business Law (LW)
- Performance Management (PM)
- Taxation (TX)
- Financial Reporting (FR)
- Audit and Assurance (AA)
- Financial Management (FM)
ACCA Professional Level Paper:
Duration: 6 months
Papers: Strategic Business Leader, Strategic Business Reporting
For CA candidates they avail the benefit of writing only the last level exam to get the ACCA certification and membership
Compulsion
- Strategic Business Reporting (SBR)
- Strategic Business Leader (SBL)
Optional (2 of 4)
- Advanced Financial Management (AFM)
- Advanced Performance Management (APM)
- Advanced Taxation (ATX)
- Advanced Audit and Assurance (AAA)
What is ACCA Exam Details ?
The ACCA exams are held four times a year, allowing candidates the flexibility to choose their exam dates in March, June, September, or December.
Each level of the ACCA exam has a different pattern, but there are some common elements to be aware of:
- Each exam consists of two sections: Section A and Section B.
- Section A contains objective-type questions, while Section B includes long-answer questions.
- Each exam paper is worth 100 marks.
- To pass, you must score at least 50%.
- There are no negative marks for incorrect answers.
The ACCA exams are generally considered less challenging than CA exams, but they still require diligent preparation. The difficulty increases with each level, making the Skill Level more challenging than the Foundation Level. Proper guidance and preparation are crucial to passing the exams smoothly.
In addition to ACCA learning skills, the following skills are essential for the ACCA course and a future accounting career:
- Mathematics skills
- Accounting skills
- Analytical skills and critical thinking
- Decision-making skills
- Professional ethics
- Creativity
- Global mindset
- Communication skills
Why to pursue ACCA ?
One of the major questions that many people ponder is why they should pursue the ACCA qualification when there are numerous other accounting and finance courses available. The ACCA (Association of Chartered Certified Accountants) stands out due to its global recognition and respect within the industry. It provides a comprehensive curriculum that covers all aspects of accounting, finance, and business, ensuring that graduates are well-equipped with the knowledge and skills required in the modern financial world. Furthermore, the flexibility of the ACCA exams, held four times a year, allows candidates to tailor their study schedules to their personal and professional commitments. This adaptability makes it an attractive option for those who need to balance work, study, and other responsibilities. Additionally, ACCA professionals are highly sought after by employers around the world, given the rigorous training and ethical standards upheld by the qualification. Pursuing ACCA can open doors to a wide range of career opportunities, both in terms of job roles and geographical locations, making it a versatile and valuable investment in one’s future.
ACCA has more value than a CA :
Several years ago, the Chartered Accountancy (CA) certificate was India’s most respected accounting course. However, many candidates now choose ACCA, and some pursue both qualifications. This movement is primarily due to the difference in difficulty levels; the ACCA passing rate is over 40%, but the CA passing rate is only 4%. This sharp contrast makes ACCA more approachable and encouraging to the future accountants.
- Recognised Globally: What makes ACCA so unique that even CA aspirants pursue it? One of the primary reasons is its global reputation. ACCA is accessible in over 180 countries globally, giving graduates the chance to work for multinational corporations in their home country or obtain international experience by working abroad. This global reach greatly improves the job chances and opportunities for ACCA-qualified individuals.
- Career exposure : In addition to worldwide exposure, career growth is an important motivation to pursue ACCA. Multinational corporations frequently favour applicants with professional degrees such as ACCA due to their competence in strategic skills and advanced training in professional communication and leadership. This makes ACCA graduates highly sought after by major firms around the world, considerably increasing their job possibilities.
- Salary : It is clear that obtaining ACCA can result in a big rise in earnings potential. According to Ambition Box, ACCA professionals with a few years of expertise can expect to earn around Rs. 12 lakhs per year. This figure tends to climb consistently with more expertise, making ACCA a profitable career path.
Who should Pursue ACCA :
Having the right eligibility to pursue the ACCA course is one thing, but understanding who the course is specifically designed for is equally important.
- Educational Qualifications : If you meet the minimum educational requirements for the course, you are invited to join. You can start immediately after completing Class 12th, after graduation, or even after finishing your CA programme.
- Work Experience: The ACCA course requires completion of 36 months of work experience alongside the learning modules. If you already have experience in accounting and finance, pursuing ACCA can be a valuable step for career advancement.
- Job opportunities: ACCA jobs are versatile and effective. The accounting industry provides abundant job opportunities globally for ACCA members. ACCA candidates are highly sought after due to their dynamic training and up-to-date skills. Here are some of the most popular job opportunities available after completing the ACCA course:
1. Management Accountant
2. Credit Controller
3. Tax Specialist
4. Forensic Accountant
5. Auditor
6. Financial Accountant
7. Finance Manager
8. Corporate Treasurer
9. Chief Financial Officer
Scope of ACCA in India
In India, pursuing the ACCA course opens up excellent career opportunities, particularly in multinational companies operating within the country. Over the past few years, the scope of ACCA in India has significantly expanded. Successful ACCA graduates with professional skills find employment in top companies like PwC, Deloitte, KPMG, EY, Grant Thornton, and BDO.
These companies offer various job profiles such as Accounting Advisory, Risk Advisory, Statutory Audit, Internal Audit, Forensic Auditing, Mergers & Acquisitions, Valuations, and more. The salary for ACCA professionals in India typically ranges from ₹5 to 8 lakhs per annum, comparable to that of Chartered Accountants (CAs) in similar roles.
Roles and areas where ACCA professionals can excel in India include Accounting and Reporting, Financial Accounting, Business Valuation, Tax Consulting, and Treasury & Cash Management. Companies like TATA, Deloitte, and many others in India offer ACCA professionals salary packages similar to those of CAs, based on their skills, experience, and performance in interviews.
Additionally, apart from corporate positions, ACCA graduates can also consider joining coaching centers in India as faculty members. Many ACCA candidates opt to start a new career as ACCA learning partners with reputable institutes after retiring from their primary jobs, further demonstrating the versatility and long-term viability of the ACCA qualification in India.
Oversea exposure for ACCA
ACCA graduates are in demand worldwide, with opportunities in over 180 countries. Among students studying in India, popular destinations for ACCA professionals include the UK, Canada, Australia, Singapore, and Dubai. In most of these countries, ACCAs have the authority to sign off on financial documents.
Salary of ACCA in and out INDIA
ACCA candidates in India and around the world can expect to earn a competitive salary right from the start of their careers. Here is an overview of the ACCA salary in India and worldwide.
- India: Rs. 7 lacs – 19 lacs
- UK: GBP 39,000 – 68,200
- Hong Kong: KHD 17,4000 – 31, 900
- UAE: AED 60,000 – 2,40,000
Countries that have ACCA Signing Authority?
While ACCA is available globally, ACCA candidates do not have signing authority in all countries. Here is a list of popular countries where ACCA members have signing authority:
- United Kingdom and Ireland
- European Economic Area, Switzerland, and the European Union
- Turkey
- United States
- Canada
- Australia
- CA ANZ Strategic Alliance
- New Zealand
- Caribbean
- Sout6h and Central America
- Kenya
- Namibia
- South Africa
- Zimbabwe
- China
- HongKong
- India
- Macau
- Malaysia
- Nepal
- Pakistan
- Singapore
- Taiwan
- United Arab Emirates
ACCA course fees
To begin your ACCA journey, the first step is to register for the course, which requires an initial fee of Rs. 7,625. Additionally, you must pay an annual subscription fee of Rs. 10,000, which is payable every year until you complete the course.
The fee structure for the ACCA includes:
- Initial registration fee: £30, a one-time fee paid when registering with ACCA.
- Re-registration fee: £30, for students who fail to pay fees when due and need to be reinstated.
- Annual subscription fee for 2024: £134, payable each year to maintain student status.
- Exemption fees:
- Applied Knowledge Exams: £84 per exemption awarded.
- Applied Skills Exams: £111 per exemption awarded.
Additional charges may apply based on individual circumstances. It is advisable to consult a professional guide or coaching center for specific details on ACCA course fees and other charges.
ACCA subscription
Subscription charges may vary depending on your status. If you are an affiliate, meaning you have passed the ACCA exams and the ethics module but haven’t completed your mandatory work experience, you must pay an annual fee of £135. You can maintain ACCA affiliate status for up to three years. After this period, if you wish to extend your affiliate status, you will be required to pay an annual fee of £270.
ACCA Membership
After completing all your papers, the ethics module, and mandatory work experience, you can apply for full-time membership for £270.
Conclusion:
“Study now, be proud later”
SuccessEdge Academy is known for its teaching expertise and best ACCA courses in bangalore.
If you’re looking for ACCA coaching in Bangalore, you’ll find numerous options for ACCA coaching classes and coaching centres offering comprehensive courses to prepare you for the ACCA exams. These classes cover the entire ACCA syllabus, including the Knowledge, Skill, and Professional level papers. You can also find ACCA online classes and coaching, which are convenient if you prefer to study from home. The ACCA course details include information on ACCA exams, exemptions, eligibility criteria, registration fees, and course costs. Completing the ACCA course opens up a wide range of job opportunities, making it a worthwhile investment in your career. So, if you’re searching for ACCA online coaching near you, explore the options available in Bangalore to kickstart your ACCA journey.