What is ACCA Course: Subjects / Fees / Duration & Eligibility
ACCA, the globally recognised Institute of Chartered Certified Accountants, has 200,000+ members and 600,000+ students in 181 countries. It is a prestigious qualification for a successful accounting career abroad.
Why Study ACCA? Benefits of Doing ACCA
Studying ACCA (Association of Chartered Certified Accountants) offers numerous benefits and opportunities for aspiring professionals in accounting and finance.
Here are some reasons why studying ACCA is advantageous:
Global Recognition: ACCA is a globally recognised qualification, pursued by over 5,44,000 students in 181 countries, making it a “Global Chartered Certified Accountant..”
Dual Degrees: ACCA offers the opportunity to graduate with two degrees by clearing 13 papers, providing flexibility to complete the qualification alongside graduation.
Broad Job Prospects: ACCA opens doors to diverse roles in India and abroad, including corporate financial reporting, taxation, risk management, and more.
Exam Flexibility: ACCA exams are online, application-based, and offer flexibility in exam scheduling, allowing students to focus on one paper at a time.
High Pass Rates: ACCA boasts relatively high pass rates, around 50%, indicating a reasonable probability of completing the qualification with proper guidance and coaching.
ACCA Eligibility
ACCA has established specific eligibility criteria for the 2023 exams on its official website. Candidates should thoroughly review these criteria before applying.
ACCA after 12th
As per the eligibility requirements set by ACCA, individuals must have attained a minimum age of 18 years and successfully finished their higher secondary education with a combined score of 65% in Mathematics/Accounting and English and a minimum aggregate score of 50% in all other subjects.
ACCA after Graduation
Commerce students pursuing degrees like B.Com, BBA, and BMS can appear for ACCA exams.
Similarly, graduates with BA/B.Sc. Degrees from recognised universities can pursue the ACCA course, provided they complete the ACCA Foundation diploma as a preliminary requirement.
ACCA after 10th
ACCA exam consists of 3 levels but for those students who wish to pursue ACCA after 10th, they have and added level known as Foundation in Accountancy.
This is specifically designed for individuals after Class 10th and those without a background in accountancy. For those following non-FIA routes in ACCA, there are three levels: Knowledge Level, Skill Level, and Professional Level. To earn ACCA certification, candidates need to successfully complete 13 exams spread across these levels.
Foundations in Accountancy:
• ACCA Diploma in Financial and Management Accounting (RQF Level 2)
• ACCA Diploma in Financial and Management Accounting (RQF Level 3)
• ACCA Diploma in Accounting and Business (RQF Level 4)
• Certified Accounting Technician (CAT)
ACCA after Indian Accountancy
Indian Accountants can obtain up to 9 exemptions from ACCA’s 13 papers, moving them directly to the professional level with just 4 papers to clear. This shortcut not only saves time but also provides a strong qualification. Also, CA IPCC Students (Foundation and Intermediate) get an exemption from appearing in 5 ACCA papers.
Your CA experience plus ACCA’s global learning create a well-rounded finance pro. Plus, your CA internship after IPCC group 1 counts as real-world experience for ACCA. CA is known for its tough pass rate, while ACCA’s is easier at 40-50%.
Age Criteria : Minimum Limit
Candidates must be at least 16 to enrol in the ACCA Foundation diploma course.
ACCA Course Duration
The ACCA course duration spans a period of 2 to 3 years, allowing individuals to embark on their professional journey after completing their degree.
ACCA Levels and Exams
The ACCA exam structure consists of two primary levels — the Fundamental and Professional levels.
Fundamental Level
The Fundamental level is divided into two modules, Knowledge and Skills, covering nine subjects. This level provides students with a solid foundation in financial and management accounting.
Knowledge Module:
This module focuses on three subjects:
- Management Accounting
- Financial Accounting
- Business & Technology
Skills Module:
The Skills module delves deeper into technical knowledge and practical skills required in the financial industry. It includes the following six subjects:
- Performance Management
- Taxation
- Financial Reporting
- Audit and Assurance
- Financial Management
- Corporate and Business Law
Professional Level
The Professional level is an advanced level with significant weightage, similar to a Master’s degree. It is for individuals aspiring to work in organisations’ senior advisory or consultancy positions.
The Professional level also consists of two modules:
Essentials Module:
- Strategic Business Reporting
- Strategic Business Analysis
Options Module:
Students can choose two subjects from the following options:
- Advanced Financial Management
- Advanced Taxation
- Advanced Performance Management
- Advanced Audit and Assurance
Ethics and Professional Skills
In addition to the above modules, the Ethics and Professional Skills module is essential to becoming an ACCA-certified professional. This module focuses on developing professional skills such as communication, leadership, and commercial awareness.
The assessment is done through a 15-hour review session instead of an examination.
ACCA Salary in India
The salary range for ACCA professionals in India varies across different sectors as outlined below:
- Accounting sector: ₹15-18 LPA
- Taxation sector: ₹12-15 LPA
- Financial reporting sector: ₹12-15 LPA
For freshers, the average salary for ACCA professionals in India is ₹6.25 LPA – Source – Payscale. Note that these figures represent the average salary and can vary depending on company size, experience, and location.
ACCA Career Scope
It is crucial to grasp the ACCA exam pattern and structure before starting your certification journey. Subsequently, thorough research and preparation based on the exam syllabus are essential.
A plethora of job opportunities awaits upon successful completion of ACCA certification. Some of these are
1) Financial Accountant
- Responsible for recording, summarising, and interpreting commercial transactions.
- Evaluates financial information using statements and balance sheets
- Prepares financial reports for external entities such as tax authorities, creditors, and investors
- Salary: ₹4.6 LPA
2) Credit Controller
- Manages company debt and credit operations
- Builds and maintains strong customer relationships for effective credit management
- Responsibilities include debt management, credit evaluation, customer credit ranking, and customer status reporting.
- Salary: ₹4.2 LPA
3) Financial Controller
- The chief manager oversees the accounting department of an organisation.
- Ensures accurate financial record-keeping and compliance with legal requirements
- Involvement in budgeting processes, compliance, and financial data evaluations
- Salary: ₹19.8 LPA
4) Corporate Treasurer
- Responsible for securing organisational capital and formulating financial policies.
- Manages expansion funds, advises on investment opportunities, and mitigates financial risks.
- Focuses on capital markets, liquidity management, corporate financial management, risk management, and treasury operations
5) Tax Specialist
- Found in accounting or professional services companies.
- Provides advice on national and international tax laws and assists with personal and professional tax matters.
- Assists organisations in meeting their tax obligations.
- Salary: ₹5.8 LPA
Conclusion
The ACCA certification is highly esteemed worldwide and is one of the most reputable accounting qualifications. With global recognition, the ACCA qualification opens doors for exciting ACCA jobs and opportunities across diverse sectors in India and abroad.
The flexible exam structure allows you to integrate the certification journey into your lifestyle while pursuing your graduation.
Upon completing the ACCA qualification, you can enter the professional workforce and secure positions in top-notch organisations offering competitive starting salaries. Certified professionals can even secure coveted roles like CFO or CEO with experience.
Check out The WallStreet School’s ACCA Coaching Programme to learn more.
FAQs
- Is ACCA popular in India?
The ACCA qualification holds global recognition, enabling ACCA members to seek employment opportunities overseas. Similarly, ACCA members can apply for positions within prominent multinational companies (MNCs) in India.
- Is it hard to pass the ACCA?
Compared to other professional finance and accountancy courses like CA and CFA, the ACCA exam is generally more approachable and less challenging overall.
- What is the duration of the ACCA course?
Getting an ACCA membership and qualifying as a professional accountant involves a minimum commitment of three years. It includes clearing all the exams within two years and acquiring three additional years of practical experience.
