You may be familiar with the phrase ACCA from hearing or reading about it. However, have you ever thought about what it comprises and how it relates to students pursuing their studies in the Commerce stream? 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 ACCA 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 recognised, respected, and valued worldwide. In the following posts, we will cover everything pertinent to ACCA that you require to be aware of.
Here we will discuss everything like what is ACCA courses, ACCA course fees, and the scope of ACCA courses in India.
What is ACCA?
Are you wondering What is ACCA? The phrase "Association of Chartered Certified Accountants" (ACCA) refers to a worldwide organization composed of highly accomplished individuals working in finance and accounting. The membership of the group currently stands at more than half a million people, including students from 170 different countries, and its expansion is only anticipated to continue.
Employers are eager to hire professionals with an ACCA qualification since the certificate indicates 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 are required to 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 Acquiring an ACCA Certificate
- 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 specialised 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 recognised accounting and auditing standards and IFAC compatible.
Scope of ACCA in India in 2022
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.
Better Career Opportunity
Grabbing career possibilities in India 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.
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.
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
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.
- The annual salary can range anywhere from INR 4 lac p.a. to INR 15 lac p.a. for the most part. It might go much higher based on the candidate's skills, the organisation's expectations, the competition level, and other factors.
You can inquire with us about the ACCA salary in India if you are interested in receiving some professional advice on the matter.
Eligibility Requirements ACCA Course in India
- 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.
- The exams they take 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.
Knowledge Levels for ACCA in India
- When it comes to the ACCA curriculum, there are a total of four different knowledge levels.
- These levels comprise the skills level, the professional level, the Ethics level, the specialised qualifications, and the professional experience levels.
- The combination of Management Accounting, Financial Accounting, & Business and Technology constitutes the Applied Knowledge level.
- When this ACCA course is finished, the ACCA diploma is awarded to the RFQ level 4 of Business and Technology.
- Achieving a passing grade in Financial Accounting and finishing the Foundations in the professional course is necessary. These requirements must be met.
Best Platforms to Study ACCA in India 2022
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.
The educational institute Zell, which goes by the name Zell, is one of India's more well-known training institutes. The institute offers education and training that is organised and systematic, and it does so in conjunction with specialists from all over the world. They have a solid presence not only in India but also in Singapore, Canada, the United Kingdom, and Dubai in addition to India.
Superprof is among the top online platforms where you can easily find ACCA courses from the most reputed institute online. You can also get in touch with the teachers and experts to learn without hassle. You will have endless options to pursue your ACCA course with online classes here, and the platform guarantees the authenticity of the teachers and courses.
They have an accomplished faculty with more than 20 years of knowledge who teach the students well. They offer instruction that is more focused on the development of skills. The total amount of time spent in class is greater than one thousand hours, during which students are instructed to prepare properly for written and oral examinations and job interviews. Because of technological advancements, the online lessons currently being taught include question-and-answer sessions both online and via the messaging app WhatsApp. They provide in-depth presentations as well as comprehensive reading material. It is comprehensive and includes every conceivable point of interest.
The platform that connects tutors and students