IFRS Certification Course: Should You Apply or Not?
The field of finance is incredibly diverse and has been steadily growing over the years. During the pandemic, you may have noticed a surge in the number of innovative start-ups in India. This has ultimately fueled the growth of the FinTech Industry and the demand for financial experts has increased drastically. As a result of such diversified successes, many professionals from non-finance backgrounds are also beginning to venture into the finance and accounting sector.
If you are also interested in working in this growing industry, but would prefer to have some more knowledge about finance and accounting standards, you can start by taking some short certification courses in finance and accounting to improve your basic understanding of this field.
If you are already working as an accounting or finance professional, you can enhance your resume by adding more industry-relevant certifications such as the Diploma in IFRS.
What is IFRS?
The International Financial Reporting Standards, also known as IFRS, are certain accounting standards, rules and regulations that must be followed by accounting professionals under the IFRS jurisdiction. There are currently 166 jurisdictions profiled by the IFRS including India, Singapore, Hong Kong and the European Union. These International Financial Reporting Standards are issued by the International Accounting Standards Board (IASB). These are different from the Generally Accepted Accounting Principles (GAAP) which are followed by public companies in the U.S.
Why should you do a DipIFR?
If you are serious about pursuing a career in finance and accounting, you should definitely consider taking a course in IFRS such as the Diploma in IFRS. Since this diploma is given by the ACCA Body, you should definitely pursue it from an ACCA Approved Learning Partner. The IFRS certification is a great course to pursue even if you have completed your Chartered Accountancy, MBA in Finance or a Certified Financial Analysts (CFA) course since it helps you implement the concepts that you may have already learned.
What is the Eligibility for Diploma in IFRS?
You are eligible to enrol for a Diploma in IFRS if
- You are a professional Chartered Accountant (CA) or qualified auditor in practice
- Graduation + at least 2 years of relevant work experience in accounting
- You are an ACCA Affiliate
Scope of Diploma in IFRS
Since these reporting standards are recognised globally, most reputed companies prefer hiring employees that are already qualified IFRS professionals. Finance professionals like Financial Analysts, Accountants, Financial Managers and Auditors, are required to be proficient in Indian Accounting Standard (Ind-AS) as well as the IFRS. Some of the most reputed accounting and finance companies in the world are looking to hire professionals that have an IFRS certification in addition to their professional qualifications like CA, CPA or ACCA.
Career Options After Completing the IFRS Course
If you are wondering what kind of job profiles you can expect after this diploma, here are some positions that are suitable after completing the IFRS certification course.
If you are a Chartered Accountant, an ACCA or a Certified Public Accountant, pursuing DipIFRS may be quite helpful in boosting your career. Indian companies are now looking for professionals that are proficient in the International Financial Reporting Standards (IFRS). After completing DipIFRS, you can work as an accountant in public and companies and government bodies, as well as private companies and MNCs. If you are thinking of becoming a US Certified Public Accountant, check out our US CPA course.
Average Salary of an IFRS certified Accountant – INR 7-9 lpa.
Qualifications Required in Addition to DipIFRS – CA, CPA, or ACCA.
2. IFRS Accounting Advisory
If you already have significant experience in the field of accounting and finance and are carrying a strong client portfolio, working as an IFRS expert after DipIFRS might be a good choice for you. Such experts offer transaction and auditory advice to the internal team of a company and review the financial reports and statements of the company to ensure they are in compliance with the IFRS.
Average Salary of an IFRS Expert – INR 9.29 lpa
Qualifications Required in Addition to DipIFRS – Masters Degree, Proficiency in the Generally Accepted Accounting Principles (GAAP or US GAAP).
3. Financial Consultant
If your expertise leans more towards the finance side of finance and accounting, you might want to work as a Financial Consultant of an organisation. A financial consultant is usually hired by consultancy firms or by private companies to look over their financial ecosystem. After getting your IFRS certification, you should be well-acquainted with the basics of financial planning and should have a good understanding of the market and trends.
Average salary of a Financial Consultant – INR 6.73 lpa
Qualifications Required in Addition to DipIFRS – Bachelors in Finance, Accounts or Economics, Certified Financial Planner (CFP) or Chartered Financial Analyst (CFA).
4. Accounting and Finance Tutor
In addition to working in the corporate sector after completing your DipIFRS, you can also consider getting into the education sector. As more and more students are looking to pursue an IFRS certification or similar courses in accounting and finance, the demand for educators that are experts in this field is also increasing simultaneously. If you have incredible communication skills and a passion for teaching, a career as an IFRS or Finance Tutor might be right for you.
Average salary of an Accounting and Finance Tutor – INR 5.8 lpa
Qualifications Required in Addition to DipIFRS – Bachelors or Masters in Finance, Accounts or Economics.
Top 5 platforms offering IFRS
If you are convinced that pursuing a Diploma in IFRS is the right move for your career, it is time to look for the right coaching for you. These are some of the most reputed platforms that offer training for a Diploma in IFRS.
Zell Education is a Platinum Approved Learning Partner of ACCA’s Diploma in IFRS certification. The course is taught exclusively by DipIFRS qualified faculty with the help of specially curated course material and a state of the art learning management software called Nimbus. They also offer waivers on the registration fees.
Mode of Teaching – Online
Course Duration – 3 months
Total Fees – INR 24,000 + tax
All About IFRS Course
Program Highlights of IFRS Certification Course :
- Platinum Approved Learning Partner.
- Exclusive DipIFRS-Qualified Faculty.
- 75% Passing Rate.
- Fee Waiver by Zell.
- Largest Dip IFRS Institute in Western India.
- 100% Placement Assistance.
- Regular Mocks and Test Series.
- No Cost EMI Options Available.
2. PwC Academy
PwC is one of the Big 4 Accounting firms in India. They also have their own learning and education service called PwC’s Academy which offers a wide variety of training courses including one for ACCA’s Diploma in IFRS. This course is taught offline in Gurugram, Bengaluru and Mumbai.
Mode of Teaching – Offline
Course Duration – 75 hours
Total Fees – INR 42,500
3. Manipal ProLearn
The Advanced Certificate in IFRS course is offered by Manipal ProLearn. After successful completion of the course, the student will receive a joint certificate from EY and Manipal University. This course is offered offline in Bangalore as well as online through instructor-led live lectures and webinars.
Mode of Teaching – Online
Course Duration – 200+ hours
Total Fees – INR 25,700
4. IMS Proschool
IMS Proschool offers online as well as offline training for Diploma in IFRS. the offline training centres are located in Mumbai, Navi Mumbai, Thane, Pune, Delhi, Gurgaon, Bangalore, Hyderabad, Chennai & Kochi. This IFRS Certification Course is offered in association with NSE Academy such that the student will receive a joint certification from NSE Academy, NSDC and IMS Proschool at the end of the course.
Mode of Teaching – Online
Course Duration – 55+ hours
Total Fees – INR 25,000
The International Financial Reporting Standards (IFRS) are important benchmarks in the field of accounting. Do you think this might be the right fit for you? If you are looking to enhance your knowledge about the IFRS, check out our Diploma in International Financial Reporting Standards (IFRS). This certification is issued by the Association of Chartered Certified Accountants (ACCA).
Which Association offers the Diploma in IFRS?
The Diploma in IFRS is a qualification offered by the Association of Certified Chartered Accountants (ACCA) to students upon fulfilling the eligibility criteria and successfully passing the examination.
What are the fees to be paid to the ACCA for Diploma in IFRS?
Candidates will be required to pay a one-time registration fee of GBP 89 and the examination fee of GBP 123.
When are the exams for Diploma in IFRS conducted?
The exams for Diploma in IFRS are conducted every year in the months of June and December.