“You can’t study ACCA along with your Graduation.”
“Are you sure you want to take ACCA? It’s so hard!”
“ACCA is only meant for students who want to settle abroad”
“ACCA is not recognized in India ”
If you’ve ever voiced your intention of pursuing ACCA (Association of Chartered Certified Accountants), you may have heard one of the statements above. But is there any truth to them? To help you decide on your future without being led astray, we’re debunking the most common ACCA myths. Read on to discover the facts!
Myth #1: ACCA Qualification is not relevant to Indian Market
But the truth is… ACCA is actively connecting with Indian-based business organizations large and small, governments, educational establishments, and opinion formers. It has a dedicated job portal with 7500+ approved employers to help you find internships and job placements. Many MNC’s in India and also the BIG 4 (KPMG, E&Y, Deloitte, PWC) are looking for Qualified ACCA Professionals due to their global and practical skill-sets. ACCA doesn’t restrict you to any particular sector, an affiliate is open to choose opportunities working across Financial Reporting, Auditing, Corporate Finance, Taxation, Treasury, Banking & so on.
To know the immense potential of ACCA in India and vast career opportunities available visit the job portal.
Myth #2: ACCA is an Expensive Qualification
To set the pretext right – spending on any qualification is not an expense, it is an investment. Investing the time and energy to learn something and becoming the best you possibly can at it, will always accumulate dividends in your favor. Now let’s compare the investment of some of the leading financial courses in India for a better idea:
- Chartered Accountancy (CA) – 4 – 4.5 Lakhs
- Master of Business Administration (MBA) – 15-20* Lakhs (Depending on the quality and size of B-School you choose)
- Chartered Financial Analyst (CFA) – 4 – 4.5 Lakhs
- Association of Chartered Certified Accountants (ACCA) – 4.5 – 5 Lakhs
Investment in ACCA is similar to other financial courses; with starting salary packages in the range of 4.5-6 LPA. This means that payback is in 1 year and the returns in terms of career options and growth are infinite.
To know about the total cost of ACCA Qualification watch the below video:
Myth #3: Clearing ACCA is very difficult
Thousands of commerce students in India pursue ACCA along with B. Com, BMS, or BAF after 12th to become the most sought-after business management & finance professionals in 3 years, at an age of 20. Many students also pursue ACCA post-graduation, while pursuing CA, after qualifying as a CA, CMA, MBA etc. They can avail many exemptions available to them basis their last degree
The average global pass rates for ACCA exams are over 50%. This is because the online exams are application based with more focus on concept & understanding and not rot learning & presentation. Further, the flexibility offered by the exams with respect to 4 exam sessions a year & the choice of choosing the no of papers one wants to appear basis preparation, makes the candidate fully focused on the paper he intends to write. This enhances the pass rates.
To know how easy it is to get ACCA Qualification watch the below video:
Myth #4: ACCA can only go for Job, cannot be an Entrepreneur
Who says so? The ACCA course structure is designed to develop complex multifunctional and integrated thinking for dynamic business solutions, making you ready for challenging opportunities. Strategic Decision Making, Financial Strategies, Professional Ethics are covered in the ACCA syllabus including papers on Strategic Business Leader (SBL) and Strategic Business Reporting (SBR) etc. These subjects enhance valuable skills in business management and strategy apart from in-depth knowledge in finance and accounting. ACCA qualification aids you in this visionary & innovative thinking through the global curriculum and case study based simulated exam environment.
Myth #5: It is required to travel abroad for ACCA Exam
ACCA exams can be taken up from any city in India. There are approved exam centers in specific Indian Cities. ACCA now also extends the facility to take up remotely invigilated exams from the comfort of your homes. Hence certainly does not have to travel abroad for appearing for ACCA exams.
To know everything about ACCA exams
Myth #6: Doing ACCA after CA does not have much value
ACCA definitely gives you an upper hand after the completion of CA as it gives you access to the world of career opportunities at Senior Positions Globally. ACCA aims to empower you with relevant analytical financial techniques and innovative thinking required for strategic and leadership positions across functions globally. It trains you to meet the changing expectations of best large employers globally.
Further here are the advantages specifically for you:
- Fast Track Route: Appear for only last 4 papers alongside job and qualify in 6 months
- Better Job Opportunities (India & abroad) at high start Salary
- Flexible Exams every quarter with High Avg. Pass % between 45-50%
- Global Recognition with network of Partnerships and Connections
- Futuristic Global Business Leadership skills to meet Employers’ changing expectations
Here are the top 5 reasons why you should enrol for ACCA after CA
Myth #7: ACCA can be pursued only after Graduation
You can pursue ACCA at any stage of a commerce career; after 10th, after 12th, after Graduation and during or after other professional qualifications like CA too. There’s One route for Everyone. Whenever you wish to start your ACCA, you are allowed to skip the subjects in which you already have a qualification or credit. The table below will give you a clear picture about the exemptions –
|After B.Com Graduation||4||9|
|After CA Intermediate||6||7|
|After CA Finals||9||4|
And there you have it — the 7 major ACCA myths which may be stopping you from having a successful career. Now that we’ve smoothly busted them, you can confidently pursue this wonderful qualification and be on your way to becoming an ACCA! All the best.