So you’re thinking about becoming an ACCA but not sure what it’s all about or what doors it could open? No need to stress. We get it. Pursuing any kind of professional certification comes with a ton of questions, especially when it comes to return on investment.
In this guide, we’ll walk you through everything ACCA step-by-step – from what those four little letters stand for to what opportunities having those four little letters after your name can lead to. Consider us your ACCA encyclopedia with all the nitty gritty details on exams, modules, costs, job prospects, and more. Get ready to get answers to all common questions related to studying ACCA to become a pro.
What Is ACCA and Why Pursue It?
The Association of Chartered Certified Accountants or ACCA is a globally recognized professional accounting organisation. Becoming an ACCA member opens up many career opportunities in finance and accounting.
ACCA offers a flexible qualification program to become a chartered certified accountant. You can study full-time or part-time, online or in-person at an ACCA-approved learning provider. The ACCA qualification includes 13 exams and a professional ethics module.
Once you’ve passed all modules and met the experience requirements, you can apply to become an ACCA member.
There are several benefits to pursuing the ACCA qualification:
• It is a globally recognized accounting certification that provides career mobility across borders. ACCA members can find job opportunities in many countries.
• The skills and knowledge acquired are highly relevant across all areas of finance and accounting. ACCA covers financial reporting, audit and assurance, business analysis, corporate governance, and more.
• ACCA offers a flexible learning path. You can study at your own pace, choosing from full-time, part-time or distance learning options.
• ACCA membership opens up career advancement opportunities with higher salaries. According to recent surveys, ACCA members earn significantly higher salaries compared to non-members.
• ACCA provides an opportunity to build a lifelong career in finance and accounting. Membership offers continuous professional development programs to keep your skills and knowledge up to date.
• ACCA is an inclusive global community. Members come from all backgrounds, ages and life experiences from over 170 countries.
Whether you’re looking to switch careers, gain specialized accounting knowledge, or take your existing finance career to the next level, the ACCA qualification is a proven path to career success.
Is ACCA Worth It?
So you’re interested in becoming an accountant, but you’re wondering if pursuing the ACCA qualification is worth the time, money and effort. The short answer is yes, the ACCA can be an extremely valuable professional credential. Here are some of the main benefits of becoming an ACCA member:
1. Increased Job Opportunities
As an ACCA member, you’ll have a wider range of career opportunities and job prospects across a variety of industries. ACCA members are in high demand, so you’ll have an edge over candidates without a professional accounting designation.
2. Higher Salary Potential
According to recent surveys, ACCA members earn 60-100% more on average compared to non-members. The ACCA credential demonstrates your advanced knowledge and skills, which many employers are willing to pay a premium for.
3. Develop Technical Skills
The ACCA curriculum covers a wide range of accounting, finance and business topics. Studying for the ACCA exams will strengthen your technical abilities in areas like financial reporting, audit and assurance, business analysis, and governance and ethics.
4. Build a Strong Network
As an ACCA member, you’ll join a global community of over 700,000 members and students around the world. This network provides many opportunities for career growth through mentorship, collaboration and the exchange of ideas. You’ll connect with other finance professionals and open up more career doors.
5. Enhance Your Credibility
The ACCA qualification demonstrates your dedication to the accounting field and shows employers you have the knowledge and skills to excel in a finance role. This can open up more advanced job opportunities as you progress in your career.
If you’re looking to maximize your career potential as an accountant, the ACCA is worth considering.
Common Questions About Studying ACCA: An FAQ
Have you been thinking about pursuing the ACCA qualification but have some questions lingering in the back of your mind? We’ve got you covered. Here are some of the most common questions about the ACCA program
Do I need a degree to start ACCA?
No, you do not need a university degree to enrol in the ACCA qualification. ACCA is open to anyone, whether you have a bachelor’s degree or not.
How long does it take to become ACCA-qualified?
Becoming an ACCA member typically takes 3 to 5 years. The duration depends on factors like how many exams you can sit for in an exam session and how much practical experience you can obtain. ACCA offers 4 exam sessions each year, so if you pass all your exams on the first attempt, you can complete the program within 2 to 3 years.
How much do ACCA accountants earn?
Salaries for ACCA accountants vary significantly based on location, experience, job role, and employer. On average, newly qualified ACCA accountants earn 5 lakhs to 8 lakhs per year in India and can go from $50,000 to $70,000 per year abroad. Manager and director-level roles typically command even higher salaries.
Can I fit study around work/other commitments?
Yes, the ACCA course offers flexibility for study around work with day release or evening options.
What assessments/exams are there in the ACCA course?
The ACCA course comprises 13 exams, with a mix of 100% exam-based assessments and papers assessed through a combination of coursework and exams.
What qualification will I gain upon completing the ACCA course?
Upon completion, you will become a Chartered Certified Accountant, a member of ACCA, and can use ACCA letters after your name.
How much does the ACCA course cost?
The cost can depend from one institution to another. But typically an entire ACCA journey can cost between 4-5 lakhs.
Can I study ACCA full-time or part-time?
All ACCA papers are studied on a part-time basis, with a recommended maximum of 2 papers at a time.
Will I have an interview for the ACCA course?
No, interviews are not held for the ACCA course, but you must be a student member of ACCA.
What is the structure of the ACCA course, and can I study papers in any order?
Papers must be taken in modular order, and grouped into Applied Knowledge, Applied Skills, and Strategic Professional modules. Papers within each module can be attempted in any order.
Conclusion
So there you have it – everything you could want to know about ACCA but was too afraid to ask packed neatly into one article. We covered all the common questions about ACCA from what ACCA even is to what opportunities it opens up to how you can get qualified.
Hopefully, you now feel empowered with the knowledge to decide if it’s the right path for you. And if you still have any lingering questions or doubts, don’t hesitate to reach out to SOE Global, a leading ACCA institution.