Association of Chartered Certified Accountants (ACCA) is a globally recognised qualification in the field of accounting that allows the pursuant to work globally. After earning this qualification, a person can be officially called a professional accountant and an ACCA member which opens several doors in the industry for such individuals. ACCA is recognised as an official accounting body in the UK, USA, Singapore, UAE and 180+ other countries across the globe.
While ACCA opens doors to numerous opportunities for you after completion of all 3 levels, several factors affect how successful you are in your career.
Tips to Help you Plan a Successful Career in ACCA.
- Make a career plan
Once you have decided against pursuing ACCA, you need to make a concrete plan about where you want to be in a few years from now. Mapping out certain career milestones and figuring out what are the steps you need to take to get there is a great way to have a successful career in ACCA.
- Work and study simultaneously
The beauty of pursuing this course is that you can study for the course while gaining some relevant work experience in the field. This work experience, if in the field of finance and accounting, is likely to add to 36 months of work experience required as part of your Practical Experience Requirement (PER).
- Improve your network
Building your network and connecting with experienced professionals and ACCA members is something that can help with your career in ACCA. This can be achieved by attending ACCA events, webinars and alumni events whenever you have the opportunity to.
Skills that Can help you land a good job after ACCA
Just completing the three levels of ACCA is not enough to land a high-paying and highly valuable job in a reputed company. To truly make a successful career in ACCA and get a good job, there are some skills that you may need to develop to be more employable in the eyes of a hiring manager. Here are some skills that companies look for when hiring ACCA professionals.
- Business and strategic decision-making
Accounting and finance professionals are now being largely valued for their commercial and business-related insights. When looking for jobs in this field, it is great to have at least some basic knowledge of business administration and strong decision-making skills when it comes to business and profit-generating strategy.
- Commercial Acuity
To work in the field of accounting and finance, one of the most basic skills that a successful professional should have is the ability to understand the commercial market trends and fiscal behavior. Companies are likely to hire candidates that show a significant understanding of the market and can offer insights on the current market trends and suggest changes to make more profit and earn more revenue.
- Capacity for innovation
Another important skill that can set you apart from the rest of the candidates when applying for a job is the ability to think outside the box. Employers actively look for innovative minds that can come to unique solutions to their problems or make certain processes easier and more cost-efficient. If you think you can come up with some unique and efficient ideas to help your company grow, you can make a successful career in ACCA
- Industry-specific knowledge and regulations
While we talk about all the additional skills that can be developed in an accounting career, it is important to keep in mind the most basic technical requirements of an ACCA accounting professional. To land interviews with leading accounting firms and huge investment companies, you need to have up-to-date knowledge about the latest industry regulations and market trends. It is also important to be well-informed about the accounting standards of your industry and the International Financial Reporting Standards (IFRS). You can also take up additional courses such as the Diploma in IFRS to brush up on your skills. Moreover, you should also be able to derive valuable insights from your observations of such trends and communicate them concisely and effectively.
Best Jobs for ACCA
ACCA creates various opportunities for students to get job opportunities not only in India but across the world. Here are some job options that will be available for you if you decide to make a career in ACCA.
An Auditor is a professional who goes through the financial records of an organization and ensures that they comply with tax laws and the regional accounting principles of their country of operation. They also protect the company from discrepancies and fraud by pointing out the flaws in their accounting methods. After completion of ACCA, you are eligible to work as an in-house auditor for a company as well as for an audit firm.
Average Base Salary: INR 4.93 Lakhs per annum
Qualifications Required: ACCA, US CPA or a state CPA
2. Financial Reporting Analyst
A Financial Reporting Analyst is authorised to gather financial data and look after a company’s financial landscape. They also create budgets and financial reports to document their observations and draw some forecasts and insights from them. These professionals have to follow the Generally Accepted Accounting Principles (GAAP) when creating such financial statements and must thus have a strong understanding of these principles. Professionals who have completed ACCA are qualified to work as Financial Reporting Analysts.
Average Base Salary: INR 7.2 Lakhs per annum
Qualifications Required: ACCA, Bachelor’s degree in Accounting, Finance or Economics
3. Management Consulting
A Management Consultant is a professional who offers solutions and expert advice to businesses to help them improve their performance. After completing ACCA, a professional could start working as a Management Consultant for any business in the accounting and finance industry. You can also work for a firm that exclusively operates as a consulting firm. These may be one of the Big 4 companies like PwC and Deloitte or it could be companies like McKinsey & Company, Boston Consulting Group and Bain & Company.
Average Base Salary: INR 11.94 Lakhs per annum
Qualifications Required: ACCA, Bachelor’s or Master’s degree in Finance, Economics, or Accounting
4. Tax Accountant
An accounting professional or a public accountant who specialises in tax preparation is known as a Tax Accountant. Such professionals are responsible for creating tax return documents for their clients and also helping them plan their financial goals and desired outcomes. Depending on where they are working, they may or may not be required to have a bachelor’s degree in accounting. Larger companies also expect their tax accountants to be licensed CPAs or ACCAs. If you are also interested in pursuing CPA, check out our Certified Public Accountant (CPA) Course.
Average Base Salary: INR 3.64 Lakhs per annum
Qualifications Required: ACCA, US CPA or a state CPA
5. Corporate Treasurer
A Corporate Treasurer analyses the capital reserves of a company and determines whether they can afford certain obligations or not. They also help create financial strategies and policies to help improve the finances of a company and advise the company on the kind of investments that are needed to be made. In case the company doesn’t have enough capital for certain investments, the corporate treasurer helps determine where the funds can be arranged from.
Average Base Salary: INR 9.83 Lakhs per annum
Qualifications Required: ACCA, Certified Treasury Professional (CTP) and Chartered Financial Analyst (CFA)
6. Credit Control Manager
A Credit Control Manager, also sometimes referred to as a Credit Manager, is a professional who looks after the credit collection team of an organisation and manages the incoming capital of the business. Such collection could be from other businesses, also known as commercial collection, or it could be from individual consumers, which is referred to as consumer collection. Credit management is a very important factor in the financial management of a company because it keeps track of where all the capital of the company is.
Average Base Salary: INR 8.91 lpa
Qualifications Required: ACCA, Bachelor’s or Master’s degree in Finance, Economics, or Accounting, or an MBA
The ACCA qualification is recognised in over 180 countries including Canada, Singapore, and Australia. 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.
Is ACCA in demand in India?
With the rapid growth of the finance and accounting sector and ACCAs receiving similar job opportunities to that of an Indian CA, the demand for this course is definitely on a steady rise.
Is ACCA the same as CA?
The Indian Chartered Accountancy qualification is offered by The Institute of Chartered Accountants of India (ICAI) whereas the ACCA qualification is offered by the Association of Chartered Certified Accountants. They are both qualifications for being a professional accountant but may have different rights in different parts of the world.
How long does it take to complete all levels of ACCA?
It can take a student anywhere between 6 months to 3 years to complete ACCA depending on how many papers they take in one sitting and how many exemptions they claim.