Over the last few years, there has been a massive surge in the number of ACCA aspirants in the country. This is because of the increase in demand for accounting professionals with globally recognised qualifications. The Association of Chartered Certified Accountants (ACCA) is a global organisation that offers the certification to be a professional accountant. With an ACCA degree, you will be able to work for reputed multinational companies such as the Big 4, which are actively hiring fresh Association of Certified Chartered Accountants affiliates and members in positions equivalent to a Public Accountant or a Chartered Accountant.
Future of ACCA
Over the past decade, the world has seen a surge in the number of companies emerging in the accounting and finance sector. Moreover, several reputed companies are increasing their reach and operating from multiple countries across the globe. With the industrial landscape growing at such an immense rate, there is also an increase in the demand for professionals with globally recognised qualifications. Thus, qualifications like ACCA or US CPA are gaining popularity among students.
Scope of ACCA
1. Countries that have a high demand for ACCA
The biggest benefit of becoming an ACCA Affiliate or Member is that you can work as an accounting professional, not only in India but in over 180 countries across the world. ACCA is a largely connected accounting body with partnerships with numerous accounting bodies and universities and is currently associated with over 7,000 Approved Employers that provide amazing opportunities for ACCAs. Some of the most popular countries that Indian ACCAs often work in are the UK, Australia, Singapore, Germany and many other countries in the European Union.
2. Companies that Hire ACCAs
Reputed companies from various countries such as the UK, Hong Kong, Singapore, etc, are also operating from India. Such companies need to hire people who are qualified to work internationally and are well-versed with global accounting standards such as the US GAAP and the IFRS. In many companies and countries, the ACCA qualification is considered to be equivalent to India’s Chartered Accountancy Qualification which is offered by the Institute of Chartered Accountants of India (ICAI). Some of the most popular companies that are extensively hiring ACCAs are listed below.
- Grant Thornton
- Credit Suisse
3. Average Salary of ACCA
Over the past few years, the ACCA qualification has gained a lot of importance in India and other countries. In India, the ACCA qualification is equivalent to the Indian CA certification. If you are thinking about pursuing this course but would like to know more about the career prospects and potential salary packages first before making any concrete decision, here are some insights on the salary packages that can be expected after ACCA.
- The average salary of a partially qualified ACCA or a trainee accountant in India can range anywhere from INR 3 lpa to INR 4 lpa. The average salary of a fully qualified ACCA or an ACCA Member can range anywhere between INR 6 to INR 8 lpa.
Eligibility for ACCA
The eligibility criteria for ACCA is relatively simple.
- 10 + 2 Examination with 65% in Maths/Accounts and English and a minimum of 50% in other subjects.
- If you have cleared 10th grade, you are also eligible for the ACCA exam via the FIA route
- To be an ACCA Member, you need to fulfil the Professional Experience Requirement (PER) which includes 36 months (3 years) of work experience, Performance Objectives and the Ethics Module.
ACCA Exam Structure
The ACCA exam consists of 13 papers of three different levels i.e. Knowledge Level, Skill Level and Professional Level.
- Knowledge Level (3 papers)
The Knowledge level exams can be given online, and on-demand throughout the year.
- Skill Level (6 papers)
The Skill level exams are computer-based and can be given up to 4 times a year.
- Professional Level (4 papers)
The Professional level exams are computer-based and can be given up to 4 times a year.
One of the biggest advantages of pursuing ACCA is that if you are a graduate, a CA or even an inter-CA, you can be exempted from giving certain examinations. There are four cases in which you can claim exemptions. They are stated as follows.
- Graduates – If you are a graduate in the field of commerce, you may be able to claim exceptions for anywhere between one to four papers.
- Inter-CA Pursuant – Inter-CA students that have given their IPCC exams and cleared specific papers are eligible for 5 exemptions from ACCA, whereas those who have completed B.Com with IPCC claim up to 6 exemptions.
- Final CA Cleared – Students who have completed their Chartered Accountancy course are eligible for exemptions from 9 papers i.e. the Knowledge and Skill level exams. You can also claim these exemptions if you have not completed Final CA but have cleared certain papers.
- Other Qualifications – Students with US CPA are eligible to get 8 exemptions in ACCA. CMA qualified students with at least 5 years of relevant work experience will be eligible for 9 exemptions. US CPA students are eligible to work in numerous countries as public accountants because of their MRA with those countries. If you are interested in pursuing US CPA or would like to know more about the course, be sure to check out our US CPA Course.
Job Opportunities After ACCA
As we have already mentioned before, the ACCA qualification allows you to work in similar job profiles and companies as an Indian CA. An Indian ACCA can find job opportunities in the following field after completing their ACCA and becoming an Affiliate or a Member.
- Accounting Advisory
- Risk Advisory
- Statutory Audit
- Financial Reporting
- Mergers and Acquisitions
Perks of being an ACCA Member vs being an ACCA Affiliate
|ACCA Affiliate||ACCA Member|
|An ACCA Affiliate is someone who has completed all the 13 papers of ACCA but is yet to fulfil their work experience requirements.||An ACCA member is a person who has cleared all the levels of ACCA and has also fulfilled the PER.|
|Such professionals are not authorised to use ACCA as a suffix in their title. If done so, there may be disciplinary action taken by the board.||These professionals are authorised to use the ACCA suffix in their names.|
|An ACCA Affiliate is required to pay GBP 129 per year to be a part of the ACCA body.||An ACCA member is required to pay GBP 258 per year to be a member of ACCA.|
|An ACCA Affiliate will usually be hired at similar positions as a public accountant, an inter-CA or a CA.||An ACCA member may be offered similar profiles as an ACCA Affiliate, but ACCA Members will be placed much higher in the hierarchy.|
|As an ACCA Affiliate, you do not get the additional privileges that are offered to ACCA members||As an ACCA member, you have access to several resources and networking opportunities offered by the ACCA such as ACCA Connect, ACCA Member networking events, Job Portal for members, etc.|
In the coming years, the demand for ACCA among other international qualifications is going to increase remarkably because of the growing number of MNCs in India. If you’ve made the decision to become a global CA and are contemplating your next move, we can help you take a step forward. Check out our Association of Chartered Certified Accountants (ACCA) course to learn more.
What is Continuous Professional Development?
Continuous Professional Development (CPD) is a huge requirement for being an ACCA Member. The accounting body requires members to be constantly improving their skills and keeping up with the evolving markets. Members are required to record their CPD on an annual basis.
Do we have to pay for exemptions claimed in ACCA?
Yes. For each paper that you claim an exemption for, the ACCA body requires you to pay a fee. You may be eligible for waivers if you are studying with a Platinum Approved Learning Partner such as Zell Education.
What courses can you do after ACCA?
After completing ACCA, students ideally go for courses such as CFA, US CPA, or MBA. If you have picked up ACCA after your 12th grade, you can also get your B.Sc in Applied Accounting from Oxford Brookes University after submitting a research paper.