1.Advantages and Disadvantages of having either a CFA, CIMA, ACCA or CAIA(in terms of difficulty level, usefulness, career opportunities, process and duration to obtain the certification)?
The advantages and disadvantages of ACCA have been mentioned below with all the specific points you have mentioned.
The difficulty level for ACCA is quite high after the initial few examinations. However, with the correct approach and right guidance, it can be relatively manageable.
The usefulness can be broken into professional and personal life. If you take it up as a profession and enter the field of finance, ACCA can provide you with a great start to your career. If not, an in depth knowledge of finance and accounting will be useful in all your future endeavours (such as personal finance, financial management, tax, etc.)
Career opportunities are huge if you would like to enter the field of accounting and finance. Being a global qualification, you could secure a job in any of the 180+ countries recognising this. In India, majority of the ACCA members across the country are employed in either the Big 4 or an MNC. However, not all of these countries allow ACCAs to practice as they would have their own Chartered Accounting body. So it would depend on your future plans. Countries such as UK, most countries of the EU, UAE, etc. allow ACCA members to practice.
The process is very simple. You can register online in a matter of minutes, register for your exams online, study for the same by yourself or with tuition providers, and appear for exams. You would need relevant 3 years of experience, and a few modules to complete.
The duration would be approximately 3 years.
2.Is self study suitable for ACCA F level papers?
It is possible to self-study. The primary reasons students do take up some sort of coaching class are:
- Course Structure
You would need a course structure laid out on how to study each exam, with the syllabus as well as timeframe organised as per your needs.
- Subject Concepts
It is important to have complete clarity about the subject concepts. You would need to have the concepts explained which you may have a difficult time with, or are not completely comfortable with.
- Follow up
Even the best of our students require constant badgering to practice ACCA on a regular basis. Last minute practice is generally always met with unsuccessful examination attempts.
- Saves time
You can spend more time practicing and preparing for clearing the exam rather than trying to understand the concepts first, and then practicing.
- Exam techniques
Exam techniques are very important to pass these papers. And they vary paper to paper.
- Check your progress
Classes would help keep a check on your progress with tests and mocks.
To sum it up, you should only take the chance of self-studying if you are confident in clarifying concepts by yourself, as well as your discipline to adhere to a rigid schedule.