What is Acca:
ACCA represents the Association of Certified Chartered Accountants. ACCA Course is one of the most demandable courses in India. ACCA’s headquarter is in London and works through over 100 offices. This course Institute includes aspects of Chartered Accountancy like Accounting, Taxation, Auditing, Business Finance, and Financial reporting.
About the ACCA course in more detail:
It is a globally recognized and updated course that offers a “Chartered Certified Accountant” qualification. The ACCA qualification is fully recognized all over the globe. ACCA has more than 2,00,000 members and 6,00,000 plus students from all over 180 plus countries.
Most importantly,, many people questioned what is ACCA? It is one of the most prestigious certifications that helps you to build a successful career not only in India but also abroad.
In India CA and ACCA both are given the same value, so are financed with the same salary by the top companies like Deloitte, TCS, BDO, etc. The ACCA qualified candidates are considered the best professional accounting qualified in the world.
I hope my explanation of what is ACCA is helpful for you.
Now let’s go for the scope of ACCA
Scope in ACCA:
● There has been tremendous growth in the scope of ACCA in the last few years. A job-ready market is available once the ACCA course is completed. Best companies in the world such as KPMG, Grant Thornton, BDO, PWC and many more are ready to hire ACCA certified candidates.
● ACCA delivers entry to jobs in every sector from banking to manufacturing.
● IT companies like IBM, Accenture, Oracle, Barclays, etc also hire ACCA students for their companies.
● Job role profiles available for ACCA qualified students are corporate finance, audit and insurance, internal audit, taxation, investment advisor, etc.
● Study options after the course completion in India and abroad are:
1. CFA USA stands for Chartered Financial Analyst, it is a post-graduation professional certification.There is a huge difference between what is Acca and CFA.
2. Financial Risk Management, popularly known as FRM(US), is the top-rated certification in risk management. This certification is highly demanding in banking sectors and firms. The professionals have the knowledge and capacity to predict, accustom and react to the critical risk issues in a firm.
3. The toughest exam in the world is IFoA which stands for Institute and Faculty of Actuaries. This body is devoted to training, practising and budding actuaries based all over the world.
ACCA Eligibility Criteria:
● The candidate must be of 18 years and the minimum qualification should be 10 + 2 in the commerce stream.
● Students from B.Com, BBA, M.Com, and MBA(Finance) can apply for the ACCA course.
● The candidate must score 65% in accounts or English and mathematics and overall 50% in other subjects in grade 12 exams.
● Interested students can continue their ACCA course with their graduation or post-graduation.
● ACCA provide exemptions to commerce graduates, M.Com, Inter CA and CA qualified candidates.For example- Commerce graduate can give nine papers(BT,MA,FA,LW), MCom- also nine papers (BT,MA,FA,LW), CAIPPC(Both)- eight papers (BT,MA,FA,TX,AA) and CA only four papers(BT-FM, nine Subjects).
● CA final students will get additional relief if they secure forty and above in their exams.
Students may have information about what is Acca. But they lack the knowledge in detail.
● A student with at least thirty-six months of job experience can complete the course in two to three years whereas a student with no job experience can complete the examination in three years, following a job for three years.
● The course duration of ACCA depends on the level of the education, like, commerce graduate duration will be two to three years and IPCC and CA will be one year but eligibility criteria are the same in all colleges.
● Students have the option to select weekdays and weekend classes so that they can complete their degrees or continue jobs side by side.
● Weekend classes Students can complete their ACCA course in three to five years.
● The ACCA course has a total of thirteen examinations that a student must clear. The thirteen exams are divided into three levels: knowledge, skill and professional.
● The first level (knowledge) can appear at any time of the year. Whereas, the skill and professional level exams are organised in March, June, September and December.
● The passing score of the ACCA exam is 50%. So if a student secures more than 50 per cent in any paper, then they are eligible to pass that paper.
The detailed syllabus of ACCA
1. Knowledge Level
● Accountant in Business(AB)
● Management Accounting(MA)
● Financial Accounting(FA)
2. Skill Level
● Corporate and Business Law(LW)
● Performance Management(PM)
● Financial Reporting(FR)
● Audit and Assurance(AA)
● Financial Management(FM)
3. Professional Level
● Strategic Business Reporting(SBR)
● Strategic Business Leader(SBL)
● Advance Financial Management(AFM)
● Advanced Performance Management(APM)
● Advanced Taxation(ATX)
● Advanced Audit and Assurance(AAA)
Ethics and Professional Module
The candidate will learn the ethical and professional skills necessary in real-time work culture.After completing all the exams, the candidate must have 36 months of experience so that they can learn the real work situations.
ACCA Admission :
Indian institutions select their candidates on the bases of their merit or entrance exams conducted by the universities.
First: The student needs to fill out and submit the application to the university, both online and offline are excepted.
Second: Upload all the necessary documents needed for the verifications in the admission process.
Third: Different colleges charge different application fees, so the students need to pay that fee as soon as they get the application number.
Fourth: Based on the institution’s eligibility criteria, students will be shortlisted. These selected students will be called for the next level i.e group discussions and personal interviews.
Lastly: After the interviews, they will know about the knowledge and background of the candidates, and finally they will select the best students among them.
Entrance Exam Based:
Some of the top entrance exams are CUET, SET, SUAT
First: Fill out and submit application forms to the selected institutions.
Second: Upload all the necessary documents needed for the verifications in the admission process.
Third: Payment of the application fee to the college.
Fourth: Register for the entrance exam and appear for the exam on the given date.
Final: Shortlisted candidates will get a call for group discussions and personal interviews. Moreover, document verification will be done.
Fees for ACCA course:
The Application fees must be paid at the start of each semester and it’s different for each level.
The ACCA course fee ranges from a different institution to institution. The average fee ranges from 28,000 to 2,65,000 for the professional level. Most institutions provide an easy loan or EMI option.
Job scopes and career choices in ACCA
As you know what is Acca? Now you can understand the job opportunities in this field.
● An ACCA-certified candidate with training can reach the top position like a chief financial officer(CFO).
● Starting salary of an ACCA-certified fresher is 3.5 – 4.5 lakhs. It goes higher to 12 lakhs as experience increases.
● More than 20 job profiles are available once you complete the course, so you can select the profile as per their preference. Like-
1. Audit partner- Responsible for signing off audit reports created after the audit process.
2. Account Executive- Responsible for advertisement, marketing and finance based on client’s aims and products.
3. Financial Accountant: Look after the accounts and payments, deal with the finance and tax.
4. Chief Financial Officer: Reliable for all the financial actions of the company.
5. Accounting Manager: Build and execute a system for analyzing, checking and recording financial information.
6. Finance officer: Implements accounting activities such as bank reconciliations, accounts payable and received.
7. Business Analyst: Evaluate any business model, process, documents etc.
ACCA Vs CA
Considering the different sides of both the courses, here are the conclusion-
- Articleship: ACCA curriculum is flexible with articleship rather than CA. One can pursue an articleship before finishing the course but in CA students don’t get that freedom. One needs to clear the second level to practice articleship.
- Salary: Starting salary of a CA in India is 8 lakhs whereas ACCA starts from 4 to 5 lakhs. Few companies pay the same salary to CA and ACCA people.
- Duration: ACCA course is short, within 3 years with articleship can be completed and for CA, it is 5 years. So if you want to get employed in a short time, ACCA is the best option.
- Course fees: CA can be completed within 1 lakh and ACCA costs between 2-3 lakhs.
- Accreditation: What is ACCA?It is a globally recognized curriculum. A certified candidate can apply in more than 180 countries. On the other hand, CA is specialised in India.
- Toughness: The CA exam is tougher to pass than the ACCA exam.
From here you got the difference between what is ACCA and CA.
The demand for ACCA in the world is growing at a fast pace, as a result, ACCA-qualified candidates are in huge demand in every industry. Top companies like TATA, HSBC, Standard Chartered, Deloitte, EY, PWC, KPMG, Accenture, Barclay’s, and others are hiring ACCA-certified members.
The salary packages and designation an ACCA holder gets are the same as an Indian CAs. ACCAs can be employed in more than 180 countries all around the globe, especially in the United Kingdom, Malaysia, Australia, Singapore, Dubai, Canada, Germany, and many others. ACCA membership status will be globally recognized in any accountancy firm.
ACCA is one of the best choices for commerce stream students despite other popular courses in commerce. Students can pursue the ACCA course parallelly with their graduation or any other degree. Moreover, it offers a flexible examination pattern that attracts more students to pursue this course. The ACCA course will help you to build your career in accountancy and finance.
I hope you get ample of knowledge regarding what is ACCA and how can you enter this field.
Frequently Asked Questions
ACC is a worldwide platform for accountancy. So the ACCA certificate is accepted in more than 180 countries. whereas CA is followed in India and Nepal.
Only 40% of students pass the ACCA exam globally.
Yes, you can complete it in 2 years. The minimum duration is one year and the maximum is 3 years. It depends on the ability of the candidate.
Some of the books are
● ACCA-approved guide by Kaplan publish
● ACCA textbook baby BPP learning
Currently, ACCA follows four types of questions .MCQs, number entry, multiple responses, and matching.