Why do you need ACCA, once you are CA?”
“You can’t study ACCA along with your Graduation.”
“Are you sure you want to take ACCA? It’s so hard!”
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 myths about ACCA. 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 organisations large and small, governments, educational establishments, and opinion formers. It has a dedicated job portal with 7300+ 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 (IFRS), M & A, Audit & Assurance, International Taxation, Business Analyst.
To know the immense potential of ACCA in India and vast career opportunities available, visit: https://synthesislearning.com/acca-lp/
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 favour. Now let’s compare the investment of some of the leading financial courses in India for a better idea:
- Chartered Accountancy (CA) – 3.5 – 4 Lakhs
- Master of Business Administration (MBA) – 10-15* Lakhs (Depending on the quality and size of B-School you choose)
- Chartered Financial Analyst (CFA) – 3.5 – 4 Lakhs
- Association of Chartered Certified Accountants (ACCA) – 4 – 4.5 Lakhs
Investment in ACCA is similar to other financial courses; with starting salary packages in the range of 4.5-6 LPA. Which means that payback is in 1 year and the returns in terms of career options and growth are infinite.
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. To answer your question on difficulty, here are two cents –
ACCA Structure and Plan: To Become ACCA you must:
- Pass exams in 13 ACCA papers in 3 levels
- Complete an Ethics module, and,
- Gain 3 years of relevant work experience. (before, during, or after participation the ACCA Course)
ACCA Exam flexibility & Pass %:
- The 1st 4 papers i.e. Paper 1 to Paper 4 are computer-based, objective exams, on-demand and can be taken throughout the year.
- From the 5th paper onwards, there are 4 exam windows each year in March, June, September, and December. Exams consist of a mixture of multiple-choice objective and subjective questions.
A good strategy would be to register with a reputed ACCA learning partner because usually, they have tie-ups with top companies for placements and that will help you get into the corporate world for internship and thereby clear your ACCA practical experience requirement.
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
There are several ACCA learning partners across India with certified exam centres for all their students. We at Synthesis Learning are one of ACCA’s leading Approved Gold Learning Partners; having authorized Computer Based Examination (CBE) centres for our students to take up all mock test and appear for their exams. To know more please visit: synthesislearning.com
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
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 CA Intermediate||6||7|
|After CA Finals||9||4|
And there you have it — the 7 major myths about ACCA 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 become an ACCA! All the best.