ACCA (Association of Chartered Certified Accountants) is one of the largest global professional accountants. It is a combination of Accountancy, Finance & Management. This provides a solid foundation in core accounting principles. It is more inclined towards tax, statutory audit, assurance, and other technical aspects of accounting. ACCA provides a business relevant, first-choice qualification to those who seek a rewarding career in accountancy, finance, and management.
What does ACCA stand for?
ACCA stands for Association of Chartered Certified Accountants supporting 2,19,000 members and 5,27,000 students in 181 countries since 1904. As a globally recognized course, members of the institute will be able to diversify their roles which makes them more industry-relevant.
Benefits of qualifying ACCA after CA
Multiple Exemptions: An Indian Chartered Accountant can get up to 9 exemptions out of 13 papers of ACCA (from F1 to F9). One can directly start their qualification at the professional level become an ACCA by only passing the 4 papers.
Global Recognition: Qualifying ACCA after CA helps the candidates by opening new doors of opportunities for them.
As a member of ACCA, one is eligible to work on various profiles in multinational firms. ACCA is recognized in 183 countries worldwide as compared to CA which is only acknowledged in India. Henceforth, qualifying ACCA can gradually expand their career options.
Flexibility: ACCA course is quite flexible when it comes to exemptions and work experience. As a qualified Chartered Accountant, one already gets exemptions from 9 papers in ACCA. Not only that, their articles after the IPCC group 1 also count as the Practical Experience Requirement (PER) for ACCA.
Furthermore, there is no grouping, no aggregation in ACCA exams which means one only needs to reappear for those papers that are not cleared.
Exams: ACCA exams are held 4 times a year. That gives a person sufficient time to prepare as per their convenience thus there is a higher chance of passing. Also, the passing percentage of ACCA averages around 60 percent which is considerably high in comparison to CA.
Global Opportunities: After qualifying for the ACCA, one gets the knowledge of International accounting laws and standards that are required by the firms on a global level. ACCA qualified candidates are highly preferred in accounting roles, forensic accounting, business valuation, tax and treasury management, and many more.
What can students seeking ACCA do?
1.Receive a diploma/advanced diploma in Accounting & Business and proceed on to get an ACCA Member rank.
2. Gain a B.S. (Hons) degree in Applied Accounting granted through Oxford Brookes University.
3. Obtain an M.Sc in Professional Accountancy conferred by the University of London.
Here is a list of ACCA course
With skills of knowledge level, the courses one can avail are:
(Completion of levels from F1-F3 along with the Foundation in Professional Ethics module helps an individual to earn a Diploma in Accounting & Business).
With skill level knowledge, one can avail:
Corporate and Business Law
Audit and Assurance
(Completion of 9 subjects (including 3 in the Knowledge Level) along with the Ethics & Professional Skills module, can earn you an Advanced Diploma in Accounting & Business).
With professional-level knowledge, one can avail the essentials like Strategic Business Leader (SBL), Strategic Business Reporting (SBR). Then there are options of any 2 of the following 4: P4-Advanced Financial Management (AFM), P5-Advanced Performance Management (APM), P6-Advanced Taxation (ATX), P7-Advanced Audit and Assurance (AAA).
Salary of a CA after ACCA in India
The beginning salary for an ACCA course member in India can be in the scope of INR 3 Lakh to 4.5 Lakh per annum. This can happen even though work expertise is nil. Once an individual becomes an ACCA member the payroll jumps over INR 7 Lakh yearly. The ACCA salary in India has shifted on the level of CA’s salary in various positions. It is because of the identity of skill sets in both qualifications.