To boost one's career in today's competitive business environment, one needs to maintain a competitive advantage over one's contemporaries, and for that the ACCA (Association of Chartered Certified Accountants) course is important. This is particularly true when seeking employment in more senior-level roles. Jobs in accounting, tax consulting, and auditing, amongst others, are experiencing significant growth even though the level of competition is intensifying.
Candidates interested in making their debut in these professions frequently look for ways to boost their earning potential by increasing their understanding of the subject before making their debut.
The ACCA course is one example of such a road, and it is a path that is taken by a significant number of individuals since it is recognized, respected, and valued worldwide. In the following posts, we will cover everything pertinent to ACCA that you are required to be aware of.
What is ACCA?
Are you wondering, What is ACCA?
Association of Chartered Certified Accountants (ACCA), refers to a worldwide organization composed of highly accomplished individuals in finance and accounting.
ACCA is recognized in over 180 countries, making it one of the most internationally respected accounting qualifications. It’s particularly valued in Europe, Asia, the Middle East, and Africa.
Employers are eager to hire professionals with an ACCA qualification since the certificate indicates the holder is well-versed in ethics, commercial acumen, & financial understanding – each of which is a valuable attribute for any firm. Professionals who have this qualification are in great demand. As a result of the fact that it is acknowledged not only by the United States but also by the European Union and the United Nations, this certificate will assist you wherever you go.
To join their ranks, you must demonstrate that you have an in-depth knowledge of the accounting industry through a series of written examinations. The 14 papers cover various subjects, ranging from more general topics such as corporate ethics and the law to more specialized topics such as financial reporting and auditing reporting. They can be divided into four primary categories: knowledge, abilities, necessities, and options.
Benefits of Pursuing ACCA In India
Why should you consider earning an ACCA certificate? There are many benefits to achieving a world-recognised credential.
- Allows you to qualify as a Chartered Certified Accountant, use the designatory initials ACCA after your name, and work in any part of finance or management in any company.
- Increased opportunities for finding work directly result from demonstrating competence in every aspect of commercial life.
- Demonstrates to a prospective employer that you are equipped with the knowledge and abilities required to advance to more senior management roles.
- A greater position not just in the eyes of your employer but also of your customers
- It is the largest and most rapidly expanding global professional accountancy organisation globally, with more than 320,000 members and learners in 170 countries.
- Having one such qualification is proof that perhaps the holder retains skills and knowledge in a growing market by employers in the business world, banking, record keeping, consulting, and other professions such as taxation and law. Obtaining such a qualification indicates that the holder has achieved such a qualification.
- Candidates obtain specialized knowledge in finance and accounting and develop vital organisational management and strategy abilities. Candidates gain both of these benefits.
- The qualification doesn't solely focus on theoretical concepts, unlike universities, and instead prepares graduates to apply their knowledge in real-world settings.
- The qualification is based on internationally recognized accounting and auditing standards and is IFAC-compatible.
Exceptions For Other Finance Courses If You Complete ACCA
ACCA offers a wide range of exemptions in other professional accounting bodies and academic degrees globally. These exemptions help reduce the time and effort needed to earn additional qualifications, making ACCA a flexible and globally recognized credential in the field of finance and accounting.
CIMA (Chartered Institute of Management Accountants)
Exemptions: ACCA members can be exempt from up to 11 exams, covering most of the CIMA qualification. Strategic Level exams still need to be completed for full CIMA membership.
CPA (Certified Public Accountant - USA)
Exemptions: While there are no direct exam exemptions, ACCA members may find the CPA easier to complete due to the overlap in content.
ICAEW (Institute of Chartered Accountants in England and Wales)
Exemptions: ACCA members can get exemptions from up to 12 out of 15 exams for ICAEW’s ACA qualification, depending on their level of completion.
CFA (Chartered Financial Analyst)
Exemptions: No formal exam exemptions for CFA. However, ACCA members with a strong foundation in financial reporting and analysis often find it easier to study for the CFA exams, particularly Level 1.
CPA (Canada)
Exemptions: ACCA members can be exempt from some CPA exams in Canada, particularly at the foundational level, depending on mutual agreements between CPA Canada and ACCA.
ICAI (The Institute of Chartered Accountants of India)
Exemptions: There are no direct exemptions for ACCA members. However, there are similarities in content, and some subjects might be easier for ACCA members to study for in the Indian CA exams.
CIPFA (Chartered Institute of Public Finance and Accountancy)
Exemptions: ACCA members can get exemptions from 7 of the 12 exams required to qualify as a CIPFA member.
CPA Australia
Exemptions: ACCA members can get exemptions for 6 out of 12 exams, and only need to complete the CPA Program's strategic modules.
CGMA (Chartered Global Management Accountant)
Exemptions: As ACCA and CIMA have an agreement through the CGMA designation, ACCA members may receive exemptions from CIMA exams, especially in management accounting subjects, which can lead to obtaining the CGMA designation.
ACCA vs CFA vs CA For Indian Students
ACCA (Association of Chartered Certified Accountants)
ACCA is a globally recognized qualification, especially in the UK, Europe, the Middle East, and Asia.
It is ideal for students aiming for international careers in finance, auditing, and accounting.
Typically takes around 3-4 years to complete.13 exams (with some exemptions based on prior qualifications).
Less recognized within India compared to CA and CFA.
CFA (Chartered Financial Analyst)
CFA is considered the gold standard in investment management and finance, recognized globally, particularly in the investment banking, portfolio management, and financial analysis sectors.
Takes around 2.5 to 4 years (depending on how quickly you pass the three levels).Requires 4 years of relevant work experience to get the charter.
Not as diverse as ACCA or CA; mainly focused on finance, so not suited for accounting/audit roles.
CA (Chartered Accountant)
CA (offered by ICAI - Institute of Chartered Accountants of India) is the most recognized and prestigious accounting qualification in India.
Highly regarded for roles in accounting, auditing, taxation, and financial management in India.
Typically takes 4-5 years to complete, depending on how quickly you pass the exams (CPT, IPCC, and Final).
Less recognized internationally (except in countries with mutual recognition agreements).
| Criteria | ACCA | CFA | CA |
|---|---|---|---|
| Recognition | Global (especially UK, Europe) | Global (finance/investment) | Best in India (high local demand) |
| Duration | 3-4 years | 2.5-4 years | 4-5 years |
| Cost | INR 2-3 lakhs | INR 3-4 lakhs | INR 1-2 lakhs |
| Job Opportunities | Accountant, Auditor, Consultant | Portfolio Manager, Analyst | Auditor, Tax Consultant, CFO |
| Best For | Global careers in finance | Finance and investment roles | Indian accounting, audit, and finance |
Scope of ACCA in India
When it comes to the market for available jobs in India, there is just one comment. If you are the greatest in your profession, the jobs will follow you, but if you are just average, the race will be finished when it's your turn. Last but not least, if you belong to a group of people who perform below average, it will be quite challenging to locate and get employment. Similar to CIMA, even ACCA has amazing scope in India due to accounting standards it follows.
Here is the scope of ACCA in India.
Expertise in a Rare Field of Education
The ACCA members are subject to the same guiding concept. Your strong academic background, solid success in the ACCA course tests and solid work experience guarantee you have at least two or three employment offers to await your final decision. The precise figure is determined, in part, by your skill level.
Career Opportunities with ACCA
Grabbing career possibilities in India and beyond can be accomplished in several ways. One of these ways is by enlisting the assistance of a consulting or referral organisation to help connect you with reputable businesses that have openings. One further method is to write separate letters of application to each company that you are interested in working for on your own.
In addition, members of ACCA in India have not yet reached this particular level of professional qualifications and expertise. Both jobs and responsibilities will be the same as they were in CA. You will not automatically have an advantage over other CA candidates simply because you have passed an ACCA course certification exam. You must be skilled in the tasks you are responsible for.
Becoming Financial Analyst
Financial analysts are experts in the finance industry who research and analyse financial data about businesses and the general micro and macroeconomic situations to assist companies in making their financial and business choices, particularly those connected to investments. This is a catch-all classification, and individual financial analysts typically have distinct job titles, tasks, and responsibilities depending on the specific expertise and field in which they have chosen to specialise.
Multiple Job Offers
It opens ideal work chances. If you have an ACCA accreditation, you may receive job offers & applications from large multinational corporations in the country like Deloitte, KPMG, PwC, and EY referred to as "the Big Four." It is beneficial to one's chances of finding work in another country.
Scopes Abroad
Your chances of being hired for a job in a foreign country, such as the United States or Singapore, will improve if you have the ACCA certification because it is recognised worldwide. It provides you with an advantage over other applicants competing with you for the same employment – ACCA opens up new job classifications. With an ACCA qualification, you'll have access to a new set of professional options in specialised fields such as taxation, consultancy, auditing, and advisory work.
Diverse Field
You will have more opportunities to find work in marketing. The ACCA will inherently provide you with a strong knowledge of advertising and campaign methods, which will open doors for you to work in those fields.
A Career in Finance, an Evergreen Field
If you're interested in a career in finance, earning an ACCA certification is your passport to bigger and better job prospects, as well as lots of room for career advancement.
ACCA India has seen a significant surge in career possibilities in the past few years. There has been a significant increase in the number of work opportunities available to ACCA professionals due to the growth of an increasing number of MNCs and big firms.
In a similar vein, the demand for the certification exam has expanded in the sector due to an increase in the number of students who are becoming knowledgeable about ACCA and its advantages.
ACCA Salary in India [2024]
It is anticipated that India will quickly grow into one of the most important markets in the world for ACCA in light of this surge of new customers. India's economy is expanding and becoming more integrated into global markets as a result. Consequently, even multinational corporations and more established firms operating on a global scale are increasingly looking to India to recruit qualified accountants and seasoned financial specialists.
The ACCA pay in India is significantly comparable to that of a CA professional. An individual who possesses an ACCA qualification has the potential to earn a salary of up to INR 8 lac on an annual basis, on average.
| Experience Level | Job Role | Average Salary (INR per annum) |
|---|---|---|
| Fresher (0-2 years) | Junior Accountant | 3 - 5 lakhs |
| Finance Executive | 3.5 - 6 lakhs | |
| Audit Associate | 4 - 6 lakhs | |
| Mid-Level (2-5 years) | Senior Accountant | 6 - 8 lakhs |
| Financial Analyst | 6 - 9 lakhs | |
| Internal Auditor | 6.5 - 9 lakhs | |
| Senior Level (5-10 years) | Finance Manager | 10 - 15 lakhs |
| Senior Auditor | 9 - 12 lakhs | |
| Tax Consultant | 8 - 12 lakhs | |
| Top Level (10+ years) | Chief Financial Officer (CFO) | 25 - 40 lakhs |
| Financial Controller | 18 - 25 lakhs | |
| Head of Finance | 20 - 30 lakhs |
Salaries vary depending on the company size, location (metros like Mumbai, Delhi, and Bangalore typically offer higher salaries), and industry (finance, consulting, or MNCs tend to offer higher pay).
ACCA professionals with global exposure or experience in multinational firms can often command even higher salaries.
ACCA Course Eligibility
There are a few ways to earn ACCA eligibility. If you do not already have background knowledge in finance, you can complete the FIA (Foundations in Accountancy) programme, also offered by ACCA. Otherwise, you may be able to jump into a higher level of the ACCA certification programme if you already possess the knowledge required to be in that level.
The program is open to anyone who completes the FIA course or who already has the knowledge required to join the ACCA course.
ACCA Exams
The exams are based on three levels: the first level tests applicants' professional skills, the second level tests applicants' applied skills, and the third level tests applicants' strategic professional competence.
The exams are offered quarterly at hundreds of locations around the world. Certain exams are available on the computer, but you’ll need to arrange with ACCA to see if your exam qualifies.
Becoming an ACCA Member
The individual who wishes to become a member of the ACCA must pass all 13 tests on their first try to be eligible for the ACCA course in India.
They must have a minimum of 36 months of work experience in the field, which applies both before and throughout the completion of the program. Candidates must complete their Ethics and Professional skills curriculum before graduation.
Knowledge Levels for ACCA in India
When it comes to the ACCA curriculum, there are a total of four different knowledge levels.
ACCA covers a wide range of subjects, including financial accounting, management accounting, taxation, auditing, business law, and financial management.It emphasizes both global financial standards and business ethics, particularly focusing on International Financial Reporting Standards (IFRS).
These levels comprise the skills level, the professional level, the Ethics level, the specialised qualifications, and the professional experience levels.
- Global Mobility: Recognized in over 100 countries, it provides opportunities to work internationally.
- Diverse Skillset: Covers a wide range of finance and business topics, making it versatile for various career paths.
- Ethics Focus: Strong emphasis on ethical practices and professionalism in the finance world.
Achieving a passing grade in Financial Accounting and finishing the Foundations in the professional course is necessary. These requirements must be met.
Even though percentages are very different, the ACCA course is much less difficult than the CA exam. ACCA Aspirants must study additional topics and show that they are suitable for the position to pass the exam. As a result, looking for the ACCA training program that the greatest college in India offers is a fantastic notion.
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So, are you set to pursue ACCA in 2024?
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