The finance and accounting industry go hand-in-hand. Some finance courses and subjects act as stepping stones to accounting courses. To be a globally recognised Accountant, you must know the best of both worlds. One of the best examples is the combination of an MBA in Finance and an ACCA course.
Projections by the U.S. Bureau of Labor Statistics show that employment opportunities for global Accountants and Auditors will see a surge in the coming years. There is a projection of 6% growth from 2021 to 2031.
Although the figures look promising, becoming an Accountant is an extensive and exhaustive process. Getting a global certification like ACCA is a challenge in itself. However, an MBA in Finance can make things slightly easy for you. Furthermore, there are ACCA exemptions for MBA Finance in India, making the journey smoother for MBA Finance graduates.
Read on to learn more about the exemptions for MBA in ACCA.
Check out our blog: 7 Reasons to do an ACCA course: Why do ACCA?
What is ACCA ?
The Association of Chartered Certified Accountants (ACCA) is an international organisation for professional Accountants. Whether you aspire to make a career in finance or are a seasoned professional, the ACCA certification will immensely benefit you.
With this certification, you can scale up your career by developing strategic leadership attributes. With prestigious job roles, you will also draw a lucrative salary package.
Take a look at our blog Steps to become an ACCA – Career prospects, Eligibility, Salary to learn more about the ACCA course.
The ACCA Qualification
ACCA is the leading accountancy qualification globally. The qualification provides students necessary skills, values and knowledge for successful careers in the accounting industry.
Students having two A Levels and three GCSEs in five different subjects, including mathematics and English, are eligible to pursue the ACCA qualification. This is the Master’s level of the course, completing which you become an ACCA member.
Achieving the ACCA Qualification
To achieve the ACCA qualification, you must:
- Based on prior qualifications and experience, complete a maximum of 13 examinations.
- Provide proof of three years of practical work experience in a relevant finance/accounting role.
- Complete the Professional Skills and Ethics module.
Understanding ACCA Exemptions
ACCA exemptions imply that you will only need to take some ACCA Foundations or Qualifications examinations and skip the rest. This is because you already have some qualifications or degrees for which you have earned the exemption. Earning exemptions helps you progress in the course and stay ahead of your peers.
ACCA has a rigorous process for granting exemptions to students, ensuring that your prior learning is in sync with the knowledge and skills required for the ACCA qualification.
Go through our blog ACCA Exemptions: Paper Exemption Info (2022) for exemption details.
ACCA Exemptions for MBA Finance in India
You must take all your ACCA exams from the beginning if you do not have any prior schooling in finance or accounting. Having a finance degree opens up chances of qualifying for ACCA exemptions. With exemptions, you need not appear for specific exams. You will start your certification from the level you have reached in your finance or accounting degree.
It takes approximately three years to complete the ACCA certification. With exemptions, this time reduces significantly. If you have an MBA in Finance, you can get ACCA exemptions.
Exemptions for MBA in ACCA depend upon the knowledge, skills, and degree you have earned. Generally, with an MBA in Finance, you can skip F1 through F9 in the Knowledge and Skills module. These are the foundation papers of the certification, and you can skip them all with an MBA in Finance. You can claim up to 9 exemptions in ACCA.
Even if you have an MBA in Finance, you have to take P123 and two optional papers from P4-7. Therefore, it is evident that with an MBA degree in hand, you need to appear and write just five papers to complete your ACCA certification course. This reduces the workload significantly, and you can complete the certification quickly.
Learn more about the ACCA papers and how you can clear them with exemptions in our blog: What are the 13 ACCA papers? and Exemption.
How a Combination of ACCA and MBA in Finance Works Wonders
Along with MBA exemptions for ACCA members, there is much more to pursuing the ACCA qualification after an MBA in Finance.
The combination of ACCA and MBA in Finance is perfect. While ACCA teaches the depths of ethics and global accounting standards, an MBA in Finance focuses on the fundamentals of business administration and covers various financial aspects. A combination of the courses fosters leadership qualities and business administration and management knowledge.
An MBA in Finance is a master’s degree programme which is strongly business-oriented. The programme teaches the tactics for understanding the finance market while imparting the core business management concepts. On the other hand, the ACCA emphasises accounting fundamentals, including taxation, accounting standards, audit procedures, and so on.
If you are planning to do both ACCA and MBA in Finance, it is recommended that you complete your MBA first and then start ACCA. Apart from getting MBA exemptions, pursuing ACCA later will make your journey smoother. You will already be familiar with the terminologies of accounting and finance. As a result, the difficulty level will be slightly less for clearing your ACCA.
To fare well in the global accounting and finance industry, certain certifications are of great help. ACCA is one of them, along with an MBA in Finance. You might be eligible for exemptions for MBA in ACCA. ACCA Global has criteria for exemptions, which vary from country to country. Check the exemptions for your country if you intend to do an ACCA certification after an MBA in Finance.
Zell Education offers ACCA certification courses both in the classroom and online mode. With an 80% pass rate and 100% placement assistance, you can become an internationally-recognised CA with this world-class ACCA certification. You can practice accounting in India and any part of the world.
Visit Zell Education for further details.
1. Is there any exemption for MBA students in ACCA?
Yes, there are exemptions for MBA in ACCA. An MBA in Finance qualifies candidates for a maximum of nine exemptions in ACCA examinations.
2. Can an MBA graduate do ACCA?
Yes, an MBA graduate can pursue ACCA. Graduates with an MBA in Finance can qualify for at most nine exemptions in the ACCA examinations.
3. Is it worth doing ACCA after MBA?
It is a great idea to do ACCA after an MBA, particularly MBA in Finance. This is because the subjects and topics taught in MBA are similar to ACCA. Also, you can get exemptions in ACCA after your MBA.
4. How many papers of ACCA are exemptions after accounting and finance?
After accounting and finance, you might get exemptions in almost four to nine papers in ACCA.