Do you want to make an international career in finance and accounting?
Pursuing the Association of Chartered Certified Accountants course will help you achieve this goal.
Abbreviated as ACCA, the association is UK-based and globally recognised in 181 countries. With a global community of 247,000 members and almost 526,000 future members, the ACCA course aims to develop professionals with forward-thinking abilities and skills in business and finance.
Let’s explore various aspects of the ACCA course in detail.
Eligibility for the Association of Chartered Certified Accountants course
The eligibility criteria for the ACCA course are as follows:
- 10th standard pass out
- 12th standard pass out from any stream
- Graduation from any recognised university
- Postgraduate
- CA Intermediate
- CMA, CA (with experience of 5+ years)
Meeting specific eligibility criteria can help get exemptions from ACCA exam papers at different levels. We will discuss these ACCA exemptions in one of the following sections of this blog.
Levels of the Association of Chartered Certified Accountants course certification
To achieve the ACCA certification and kickstart your international accounting and finance career, you must clear the three levels of ACCA exams. After clearing the exams, you must pass the Ethics and Professional Skills module, followed by practical working experience. After completing this journey, you will earn your coveted ACCA membership.
Here are the three levels of the ACCA exams:
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Applied Knowledge Level
Students at the Applied Knowledge level get an introduction to the finance world. The level also hones and develops the techniques and understanding of accounting. The papers at the Applied Knowledge level include:
- Business and Technology (BT)
- Financial Accounting (FA)
- Management Accounting (MA)
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Applied Skills Level
With the basic knowledge and skills acquired at the Applied Knowledge level, the Applied Skills level helps develop practical and solid finance skills. The papers at this level prepare students for the accounting and finance industry to a great extent. The six papers at this level are:
- Financial Reporting (FR)
- Financial Management (FM)
- Corporate and Business Law (LW)
- Taxation (TX)
- Audit and Assurance (AA)
- Performance Management (PM)
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Strategic Professional Level
The name of this level is self-explanatory as it prepares candidates for leadership positions in various organisations. At this level, candidates receive the perfect amalgamation of professional, technical and ethical skills for developing strategic vision.
This level has two segments: 2 essential papers and 2 papers from 4 available choices.
Mandatory papers
- Strategic Business Reporting (SBR)
- Strategic Business Leader (SBL)
Elective papers (any 2 from the list of 4)
- Advanced Taxation (ATX)
- Advanced Performance Management (APM)
- Advanced Finacial Management (AFM)
- Advanced Audit and Assurance (AAA)
Ethics and Professional Skills Module
Another step towards achieving the ACCA membership is clearing the Ethics and Professional Skills module. This module develops all the skills needed to succeed in the international finance and accounting industry.
This module, in addition to exposing students to real-life business situations, covers several advanced professional and ethical skills. With these skills, candidates become highly credible in their workplace and are a favourite choice with recruiters globally.
Practical Experience
To be eligible to become an ACCA member, you must have adequate experience, be confident, and be an expert in the subject matter.
- A minimum of 36 months of relevant work experience is mandatory.
- You also have to achieve 9 performance objectives.
- An experienced supervisor supervises, sanctions and approves your relevant work experience and performance objectives. You can now implement your knowledge in different areas of the finance and accounting industry.
Exemptions in the ACCA course
As mentioned, candidates are eligible for ACCA exam paper exemptions when they meet specific criteria or have existing qualifications.
The exemptions apply to the Foundation-level examinations, Applied Knowledge examinations (3 papers) and Applied Skills examinations (6 papers). There are no exemptions at the Strategic Professional Level.
Here is a list of exemptions in the Association of Chartered Certified Accountants course.
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Minimum time for completing the ACCA qualification
ACCA has four exam sessions every year. In each session, you can appear for a maximum of four examinations and eight distinct exams every calendar year.
If you clear all the examinations on the first go, you can clear the ACCA exams in 2 years.
However, to qualify as an ACCA member, you will require 36 months (3 years) of practical experience. Upon completing this tenure, you will be a qualified and certified accountant.
Overall, completing the ACCA qualification requires a minimum of 3 years.
Conclusion
The Association of Chartered Certified Accountants course is highly in demand among professionals looking to boost their finance and accounting careers in the international arena. This professional course prepares candidates by honing their skills in accounting and finance, business, management, and administration.
Aspiring accounting and finance professionals can enrol in an Association of Chartered Certified Accountants course near them right away!
Frequently Asked Questions
- What is the duration of the Association of Chartered Certified Accountants course?
The ACCA qualification takes approximately 2-3 years to complete. To become an ACCA member, the candidate must have 36 months of relevant working experience.
- Which exam is more difficult – ACCA or CA?
The preparation time for CA examinations is quite exhaustive. Also, the number of papers in CA is much more than in ACCA. Moreover, the passing percentage of ACCA is higher than that of CA. Completing ACCA also needs hard work and time, but the pass rates are higher.
- Do ACCA-certified professionals find a job in the Big 4?
Yes, candidates with an ACCA certification can find jobs in the Big 4 (Deloitte, EY, KPMG, and PWC). There are also job opportunities at Morgan & Stanley, JP Morgan Chase, Moody’s, S&P, and various MNCs and financial institutions.
