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How Valuable Will the ACCA Qualification Be in 2024?


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What is ACCA qualification?


If you've always wanted to work in finance, now is the time to get your professional certification in ACCA. The Association of Chartered Certified Accountants (ACCA), founded in the United Kingdom, has a global presence in more than 180 countries. With over 200,000 members and over 600,000 registered students, the ACCA is a premier institution in its profession. In this blog, we will look at the worth of an ACCA certificate in 2024.


ACCA prepares individuals with comprehensive accounting knowledge and strategic professional skills, placing foundations for successful employment in top international corporations. To finish the ACCA curriculum, students must pass three levels. Also, ACCA demands 36 months of relevant work experience to become certified.


Let us see your eligibility for ACCA Qualification, 


If you passed Class 12th with a minimum of 65% in Accountancy, Mathematics, and English, as well as an overall aggregate of 50%, you are qualified to study ACCA. While Class 12 is the minimum eligibility criteria, you can begin the course after earning a higher degree such as B.Com, M.Com, or even CA. In fact, obtaining higher degrees can be advantageous because it may qualify you for ACCA exam exemptions. Depending on your school background, you could earn 4 to 9 exam exemptions.


Passing the ACCA examinations can be difficult without the right preparation, guidance, and strategies. So, why are candidates taking on this challenge? The ACCA qualification has various professional benefits, which we will discuss further below.


How is ACCA qualification an advantage for a professional ? 


Many candidates pursue ACCA to gain professional benefits, which is why even those who have passed the Chartered Accountancy (CA) exams are willing to participate in the ACCA programme. Adding the ACCA certification to their resume raises their professional profile and expands their chances in the worldwide employment market. Employers place a high value on the extensive information and abilities acquired via ACCA, making it an appealing qualification for both aspiring and experienced finance professionals.


What are the Career Opportunities with ACCA ?


Most international corporations, like Deloitte, Accenture, and many others, actively seek ACCA candidates because of their accounting expertise and professional abilities. Being an ACCA member considerably improves your chances of landing top-tier professional opportunities in accounting and finance. The ACCA certificate is highly respected around the world, and employers value the strict education and extensive expertise that ACCA-certified professionals offer to their organisations. As an ACCA member, you may expect a successful and satisfying career with some of the world's best corporations.


What are the job roles after ACCA qualification ?


ACCA members seek employment in a variety of industries, including public practice, financial services, the public sector, and the corporate sector.


ACCA-certified candidates perform diverse roles across various sectors. Examples of roles and responsibilities include:


  • Audit/Assurance trainee

  • Tax consultant

  • Business Advisor

  • Forensic Accountant

  • Financial Analyst

  • Risk Manager

  • Fund Accountant

  • Corporate Financier

  • Finance Manager

  • Internal Auditor

  • Management Accountant

  • Financial Accountant

  • Business Analyst

  • Group Accountant

  • Physical Availability and Global Recognition


One of the most notable aspects of ACCA is its global recognition. The ACCA course is available in over 180 countries and may be completed online, allowing applicants to study from any location in the world. After completing the course, ACCA members can work for famous global corporations including Deloitte, PwC, and Accenture.


ACCA allows you to work with multinational corporations both in your country and abroad. As a result, many individuals take the ACCA course to obtain worldwide exposure and improve their professional prospects and quality of life.


What are the Comparative Advantage on the Employment Industry ?


ACCA-certified applicants routinely have an advantage over those without the certificate. Several aspects of the ACCA programme contribute to the multiple benefits that ACCA community members enjoy.


ACCA vs Other Financial Qualifications


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ACCA is recognised as one of the best options for potential accountants due to its comprehensive instruction in a variety of skill areas. Unlike other financial qualifications that focus on specific fields, such as CFA, which highlights financial analysis, and CIMA, which focuses on management accounting, ACCA provides comprehensive training in a wide range of accounting skills, including taxation, management accounting, financial accounting, and more.


Another aspect that separates ACCA from other financial credentials is its flexibility. The ACCA programme provides flexible learning alternatives and exam schedules, with exams administered four times per year.


Hirers Choice 

Major multinational corporations see ACCA members as ideal candidates for their organisations. These organisations value ACCA candidates' independence due to the globally recognised ACCA course. Companies also respect ACCA candidates for their extensive accounting knowledge and professional abilities, such as leadership, communication, and management, which are critical in the business sector.


Salary and Growth opportunities for an ACCA 

While the ACCA course's global recognition draws many candidates, others pursue it because of the attractive income packages it provides.


Data Analysis on Salary Packages

ACCA-qualified members often earn around 70 more than standard commerce grads. According to Glassdoor, the beginning compensation for ACCA applicants ranges between Rs. 4 lakhs and 14 lakhs per year, and with experience, it can rise to Rs. 50 lakhs or higher.


Employment Path Examples for an ACCA

ACCA candidates can choose from a variety of career options to attain professional success. Here is an example of an ACCA professional path:


  • After becoming an ACCA member and gaining 36 months of relevant work experience, you can start your path as a Proficient.


  • As you get more experience after qualifying, you will be able to manage a team on your own. At this point, you will have specialised in your subject and will be considered an Expert.


  • With significant expertise in the Expert role, you will be prepared to climb to the position of Leader. Leaders are often those that are ready to begin their business path. 


Is pursuing ACCA qualification difficult?


While ACCA is not as difficult as accounting courses such as CA, the pass rate for ACCA exams normally fluctuates between 40% and 50%.


ACCA qualification learning experience

ACCA offers a flexible learning experience that meets working professionals, making it possible to pursue the course while still employed or while pursuing other degrees such as M.Com or CA.


Versatile Study Techniques

To accommodate a variety of learning styles, ACCA provides multiple study modes. You can take regular offline classes or online classes, which are perfect for working professionals and students who need to balance other responsibilities. The online alternative allows you to concentrate on the training without jeopardising your other responsibilities.


Resources 

Enrolling with a reputed mentor, such as iProledge, can provide you with invaluable assistance and direction as you continue your ACCA studies. ACCA provides approved study modules and guides to assist you prepare for tests. In addition, iProledge provides a variety of tools including study materials, reference books, and experienced professors who teach using real-life case studies. You will also have access to question banks and practice test papers to help you track your progress. iProledge advisors provide crucial comments following sample examinations to help you prepare for the exam.


How to Balance Work and Study ?


Working professionals who want to advance their careers through ACCA must learn the art of balancing job and education. The ACCA's multiple study modes and exam schedules help you achieve this balance, but success also rests on your ability to handle both goals effectively.


Effective time management Strategies


Balancing work and study is crucial for future success. Effective time management, clear goals, prioritising tasks, and a structured schedule are key. Avoid multitasking, minimise distractions, take breaks, and stay organised. Seek support and regularly review your priorities to maintain balance.


  •  Enhance productivity by optimising your approach to tasks.

  •  Prioritise tasks to meet deadlines and achieve incremental goals.

  •  Identify and eliminate time-wasting activities.

  •  Minimise time lost in inefficient meetings and unnecessary phone calls.

  •  Manage workload efficiently to complete tasks promptly.

  •  Utilise technology, like digital reminders, to stay on track and meet deadlines.


Why ACCA ?


ACCA is an excellent course for both recent Class 12 graduates and working professionals in relevant sectors, as proven by numerous success stories. Discover more inspiring stories on the ACCA Global website.


The Costs and Return on Investment (ROI) of an ACCA Qualification


While the expense of pursuing ACCA may appear expensive at first, it is critical to examine the return on investment (ROI) associated with finishing the course. Many ACCA applicants get rich jobs and progress their careers, typically earning substantially more than they paid for the course.


What would be the cost to complete ACCA qualification ?


When considering pursuing ACCA, it is critical to understand the fees associated with attaining the qualification. The initial registration charge is Rs. 7,625, and the annual subscription fee is Rs. 11,000, which must be renewed every year.


Exam fees: 

Following ACCA registration, you will be required to pay exam fees for each level. The exam fees vary for different ACCA levels: 


ACCA Knowledge Level – Rs. 8243

ACCA Skills Level – Rs. 10,734

ACCA Professional Level – Rs. 13,054


You may be eligible for ACCA test exemptions based on your educational qualifications. However, you will be required to pay exemption fees based on the exemptions you seek.


Study Materials 


The ACCA hub normally gives registered candidates access to free study resources and modules. However, additional fees may be required for reference materials, question banks, practice test papers, and coaching to help you prepare well for the exam.


What do students get from ACCA Qualification ?


Long-Term Financial Benefits: ACCA-certified professionals often begin with a compensation package ranging from 4 to 14 lakhs per year. With experience and skill improvement, this package tends to rise. The choice of organisation and industry has a considerable impact on pay growth. According to Payscale, major organisations such as Cipla give experienced ACCA professionals salaries of up to 38 lakhs per annum.


Non-monetary returns: While many people choose ACCA for the long-term financial benefits, the course also offers a better lifestyle, job growth chances, and exposure to global practices. Furthermore, the ethical and professional abilities acquired through ACCA are useful not only in business but also personal life.


Conclusion:


“Study now be proud later”

In conclusion, ACCA provides comprehensive accounting knowledge and professional skills, making graduates highly desired globally. Despite the initial costs, the qualification offers a significant return on investment in the form of profitable wage packages and prospects for advancement. ACCA also provides non-monetary benefits such as a better lifestyle and worldwide exposure, making it a significant asset for both recent graduates and working professionals in finance.


FAQ’s 


What are the eligibility criteria for pursuing ACCA?

To pursue ACCA, you need a minimum of 65% in Class 12th in Accountancy, Mathematics, and English, with an overall aggregate of 50%. Higher degrees like B.Com, M.Com, or CA also qualify you for ACCA, and may even earn you exemptions from certain exams.

What are the career opportunities after completing the ACCA qualification?

How does ACCA compare to other financial qualifications like CFA and CIMA?

What is the pass rate for ACCA exams and how difficult is the qualification?

What are the costs associated with completing the ACCA qualification and what is the return on investment?



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