The Association of Chartered Certified Accountants (ACCA) is a professional course offered by U.k. based body, formed in 1904. Applicable across the world in 180 countries with 2,00,000 members and 4,86,000 students. There is a wide scope as it is globally recognized education. To build your career as an Accountant or in finance ACCA is the best choice. The best part which makes it appealing is its flexibility. You can start pursuing the course right after 10+2. In other words, ACCA Eligibility is 10+2 or Senior Secondary Standard. It is quite challenging due to global recognition but easy when compared to CPA (US-based professional body). The cost of doing ACCA or ACCA Fees is around 3 lakhs and offers an average package of approximately 7 lakh per annum. The success rate of ACCA exams is around 37% to as high as 65%. as compared to CA which is 3%- 4%. There are three levels in ACCA Fundamental Knowledge, Fundamental Skills, and Professional.
Fundamental Knowledge
There are three papers at the following level, Accountant in business (F1), Management Accounting (F2), and Financial Accounting (F3). On completion of this level exam, students get basic knowledge and ideas for the professional level exams and students are awarded ACCA Diploma in Accounting and Business.
Fundamental Skills
There are six papers at the following level, Corporate and Business Law (F4), Performance Management (F5), Taxation (F6), Financial Reporting (F7), Audit and Assurance (F8), and Financial Management (F9). After completion of this level, students are awarded the Advanced Diploma in Accounting and Business.
Professional Level
This is the last level and consists of six papers out of which one has to appear in four. In the following level, two papers are essential Strategic Business Leader (SBL) and Strategic Business Reporting (SQR) and provide choice to appear in the other two papers out of four Advanced Financial Management (AFM), 0Advanced Performance Management (APM), Advanced Taxation (AT), and Audit and Assurance (AAA). On completion awarded with Strategic Professional Certificate.
ACCA Eligibility and Duration
The minimum eligibility requirement is 10+2, should be passed in five subjects including English and Mathematics/ Accounts, 65% in at least two subjects, and over 50% in all other subjects. Even the students pursuing graduation or any professional course get exemption in some papers. For example, a commerce graduate has to appear in 9 exams out of 13, CA has to appear in only 4 exams.
The Duration of the ACCA course is around 2 – 3 years or depends on the student due to the flexibility.
ACCA Profile
After completion of the course, one can start their career as an Accountant, Forensic Accountant, Internal Auditor, Management Accountant, Business Advisor, Credit Control Manager, Group Accountant, Risk Manager, Treasurer, Funds Manager, Financial Analyst, and Insolvency Practitioner.