A Brief Introduction About the Course
Those aspiring for a dream job in the field of accounting outside India should consider enrolling in the Association of Chartered Certified Accountants (ACCA) course. This globally recognised qualification is designed to equip individuals with the necessary skills and knowledge to succeed in the ever-evolving world of finance.
ACCA stands for Association of Chartered Certified Accountants, a globally recognised professional accounting organisation. It is a certification awarded by the Association of Chartered Certified Accountants in the UK, a worldwide organisation for professional accountants. ACCA is a global accounting organisation with over 200,000 members and 600,000 students spread across 180 countries.
ACCA is a widely recognised qualification for developing essential accounting infrastructure necessary for business growth, regardless of size or industry. This course offers training in financial and management aspects of business, as well as global employment opportunities for qualified professionals.
Career Scope as Association of Chartered Certified Accountants (ACCA)
Earning the ACCA qualification opens up a wide range of career opportunities for individuals in the field of accounting and finance. As an ACCA member, you have the opportunity to work in a range of roles including Financial Controller, Tax Specialist, Auditor, Corporate Treasurer, Credit Controller, Financial Accountant, Financial Manager, or to establish your own accounting firm.
The ACCA qualification’s global recognition enables career opportunities in various countries and industries. Additionally, ACCA members are in high demand by employers for their skills in financial management, auditing, taxation, and business strategy.
India has moved closer to globalisation by adopting Ind-AS standards that align with IFRS principles. ACCA includes a broad coverage of IFRS in its syllabus, providing ACCA members in India with a competitive advantage. Moreover, India is a top outsourcing hub for accounting and finance due to its many financial KPOs, and employers often hire ACCA-qualified professionals for these roles.
Role & Responsibilities of the Association of Chartered Certified Accountants (ACCA)
The Association of Chartered Certified Accountants (ACCA) plays a crucial role in setting and maintaining high standards in the accounting profession. As a globally recognised professional accounting body, ACCA is responsible for ensuring that its members meet the necessary qualifications and follow ethical guidelines.
Some of the main responsibilities of ACCA professionals include:
- Maintaining and analysing company financial records, preparing financial statements (balance sheet, income statement, cash flow statement), and assisting with budgeting, forecasting, and financial reporting.
- Assessing the efficiency of a company’s internal controls and risk management practices. Perform internal audits to identify and address potential risks and suggest enhancements to internal control protocols.
- Assist Senior Auditors in planning, conducting, and finalising audits, including performing test procedures to assess internal controls and compliance, as well as preparing necessary audit papers and documentation.
- Supervising accounting personnel to ensure compliance with accounting regulations and preparing financial reports for both internal and external parties.
- Tax preparation and compliance services for corporate and individual clients. Staying informed on tax laws and regulations. Calculate tax liabilities and offer tax strategy advice to clients.
Employment Scope Career Options for the Association of Chartered Certified Accountants (ACCA)
ACCA professionals have enormous job opportunities in various sectors such as accounting firms, financial institutions, multinational corporations, government agencies, and non-profit organisations.
With the global recognition of the ACCA qualification, professionals have ample career opportunities across different countries and industries.
Some of the top companies that hire ACCA professionals include Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), Accenture, KPMG, Credit Suisse, Barclays, HSBC, Tech Mahindra, UrbanPro, Grant Thornton, etc.
Career scope for the Association of Chartered Certified Accountants (ACCA) in Govt & the PSU sector
The ACCA qualification is recognised globally and highly valued in the government and public sector for its comprehensive training in financial management, auditing, and taxation. ACCA professionals have opportunities for careers in government departments, PSUs, and regulatory bodies like RBI, SEBI, IRDAI, etc.
Government bodies require ACCA professionals to ensure financial transparency, regulatory compliance, and efficient financial management. ACCA professionals can work in roles such as Financial Analyst, Budget Analyst, Internal Auditor, or Finance Manager in government organisations and PSUs.
Salary Range
The salary for ACCA professionals varies depending on factors such as experience, industry, location, and specific job responsibilities.
On average, entry-level ACCA professionals can expect to earn around 5 to 10 lacs per annum in India based on company and designation. Senior-level ACCA professionals with several years of experience can earn upwards of 15 lacs per year. Similarly, candidates who crack the interview and get hired by top companies like Deloitte, PwC, Morgan Stanley, EY, etc. can get a high package without any prior experience.
Also, the salary potential for ACCA professionals may be higher in foreign countries compared to India, providing opportunities for significantly increased earnings.
Countries where ACCAs have signing authority
Members of the ACCA have signing authority worldwide. You can sign audit reports and practice on your own in various countries like
- Australia
- Germany
- Turkey
- Singapore
- The United Kingdom
- Canada
- Switzerland
- New Zealand
- Hong Kong
- United States
- China
- UAE
- Zimbabwe, etc
Association of Chartered Certified Accountants (ACCA) Course Levels
The ACCA qualification course consists of three levels that students must complete to become a fully certified member. These levels are:
Applied Knowledge Level
This is the first level of the ACCA qualification and focuses on building a strong foundation in accounting principles and financial management. The exams at this level provide students with a thorough introduction to finance and help develop important skills in accounting.
Applied Skills Level
The second level of the ACCA qualification is the Skills Level, where students delve deeper into advanced accounting skills. The exams help to enhance current knowledge and skills, equipping future strategic professional accountants with practical finance skills necessary in any sector or industry.
Strategic Professional Level
The final level plays a crucial role in the ACCA course. The Strategic Professional exams provide students with advanced skills for potential leadership roles in the future. They use technical, ethical, and professional skills to create a strategic vision. Students can specialise in areas that align with their career goals.
Course Duration
The ACCA qualification course typically takes around 2 to 3 years to complete, depending on the individual’s pace of study and commitment. It also depends on your level of education.
The following table gives you the approximate time required to complete the ACCA course.
Education Level | Approximate time required to complete ACCA course |
Completed HSC or 12th | 3 years |
Graduate | 2 to 2.5 years |
CA Inter Both Groups | 2 years |
B. Com + CA Inter 1 Group | 1 year |
CA Final | 1 year |
Steps to Register for the Association of Chartered Certified Accountants (ACCA) Course
To become an ACCA student, you need to visit the official website (https://www.accaglobal.com/in/en.html), register online, and upload all required documents at any time during the year.
Essentials for registration:
- Identification proof such as a passport, birth certificate, or driving license.
- Translations of documents in languages other than English must be certified by a licensed translator who is qualified and authorised to provide translation services.
- Documentation proving that the minimum entry requirements have been satisfied.
- For applicants under the age of 16, or under 18 and residing in Kenya or Malaysia, a signed parental consent form is required to be uploaded.
In addition, supporting documents for ACCA registration include signed and stamped educational qualification documents, including certificates for 10th grade, 12th grade, BCom, and CA award certificates or completion certificates.
Eligibility Criteria and Exemptions
To register for the ACCA course, candidates must meet the following eligibility criteria:
- Students must be 18 years or older,
- The minimum qualification required for eligibility to enrol in the ACCA course is completion of 10+2,
- Students need to have obtained at least a 65% grade in Accounts/Mathematics and English, and
- Students must have a minimum score of 50% in all other subjects to qualify for the course.
Exemptions
One key aspect of ACCA is the allowance for exemptions. Having existing qualifications or training may exempt you from certain exams required for obtaining the ACCA qualification.
An exemption is granted upon receipt of the relevant qualification within a specified time frame. Qualifications should be no more than ten years old.
Students who enrol in the ACCA course immediately after completing Class 12 must participate in all ACCA exams. There are no exemptions for undergraduate candidates.
The ACCA exemptions are listed below:
- BCom or MCom Graduates: Students who hold a BCom or MCom degree will not be required to take the ACCA Knowledge level exams including Business & Technology (BT), Financial Accounting (FA), and Financial Accounting (FA). Additionally, they will also be exempted from taking the Corporate and Business Law Exam for the Skill Level Exam. So, in all they need to give 9 papers and 4 are exempted.
- Cleared Chartered Accountancy (CA): Students who have successfully completed the Chartered Accountancy (CA) exam will receive exemptions for 9 out of the 13 required papers. Both skill level and knowledge level will be completely exempt. Students are required to take only four exams at the Professional Level.
- Cleared CA IPCC: Students who have passed CA IPCC will need to take 8 exams in ACCA. Exemption will only be granted for 5 exams: Business & Technology, Management Accounting, Financial Accounting, Taxation, Audit and Assurance.
Subjects and Syllabus
The ACCA syllabus includes 13 exams spread across the 3-course levels. The ACCA subjects for each level are listed in detail below.
ACCA Subjects: Applied Knowledge Level
Business and Technology (BT) | Management Accounting (MA) |
Financial Accounting (FA) |
|
ACCA Subjects: Applied Skills Level
Corporate and Business Law (LW) | Financial Reporting (FR) |
Financial Management (FM) | Performance Management (PM) |
Audit and Assurance (AA) | Taxation (TX) |
ACCA Subjects: Strategic Professional Level
Compulsory Subjects | Optional Subjects (Any 2 out of 4) |
Strategic Business Leadership (SBL) | Advanced Financial Management (AFM) |
Strategic Business Reporting (SBR) | Advanced Taxation (ATX) |
| Advanced Audit and Assurance (AAA) |
| Advanced Performance Management (APM) |
Exam Pattern and Details
The ACCA Exam is held four times a year during March, June, September, and December sessions.
The exam patterns for modules at each level vary. However, there are some key elements to keep in mind when learning about ACCA exam details.
- There are two sections in each exam – Section A and Section B.
- Section A consists of objective-type questions and Section B contains long pattern questions.
- Each module in the exam papers is allocated 100 marks and a minimum score of 50% is required to pass the exam
- There is no negative marking for wrong answers.
Students have the option to schedule and take their exams as per their choice for the first level, ie. Knowledge level. This exam is for 2 hours.
The other 2 level exams are conducted once every quarter in March, June, September, and December. The duration of this exam is 3 hours.
Fees for the Association of Chartered Certified Accountants (ACCA) Course
Various factors contribute to the cost of obtaining an ACCA certification. The average ACCA course fee is approximately INR 170000. The fee structure is in GBP, so the exchange rate of the Rupee is a factor to consider.
The cost of the entire course may vary from Rs. 3 to 5 lacs based on the exemptions being taken and other variables. The total cost of the course includes the registration fees, annual subscription fees, exemption fees, study materials, exam fees, and any additional costs such as tuition fees or training courses.
Conclusion
Pursuing the Association of Chartered Certified Accountants (ACCA) qualification can open up numerous opportunities for individuals looking to establish a successful career in accounting and finance. With a globally recognised certification and the potential to earn competitive salaries, ACCA professionals are in high demand across various industries and countries.
The three levels of the ACCA course provide a comprehensive education in accounting principles, financial management, and strategic leadership skills. With a flexible course duration, eligibility criteria, and exemptions available to students, the ACCA qualification is accessible to a wide range of individuals at different stages of their education and careers.