November 10, 2018
Finance offers many very profitable career options in India. One of them is that of a Chartered Accountant (CA). Other lucrative choices with regards to this job profiles are Strategic Accounts, Financial Advisor, Accounting, Evaluation and Management Auditing. Since being a CA would not be accepted outside India, one can pursue other courses after graduation, such as ACCA, CFA and CPA amongst others.
What is referred to as ACCA (Association of Chartered Certified Accountant)?
The Association of the Chartered Certified Accountants (ACCA) is the global professional accounting body that gives out the Chartered Certified Accountant qualification. It is an internationally acclaimed exam. In recent years, its recognition has risen tremendously among Indian students. Since ACCA certificationin India is still fairly new, students are now put in the tight spot of whether to choose it or not.
ACCA course details
What’s unique about the ACCA courses is that a student does not have to a Chartered Accountant (CA) to register. In fact, one can start directly after 10 +2 to qualify for ACCA eligibility. The exam is tremendously challenging, and as the professional standards are quite high,you need to be serious about pursuing a career in that sector. The pass rate for ACCA is approximately 50% which is comparatively greater as opposed to the Indian CA pass rate at 4-5%.
The ACCA Syllabus comprises three levels: knowledge, skills and professional.
Completing ACCA levels from F1-F3 along with a Foundation in Professional ethics module helps you with obtaining a Diploma in Accounting & Business. These courses encompass Business Accounting, Management and Financial Accounting. Boosting your fundamental knowledge will assist you for more advanced subjects in the professional level exams.
The subjects in the levels F4-F9 are more geared toward enhancing the skills in Financial Accounting, Audit and Taxation. After completing these 9 subjects along with the Professional ethics module, you will receive an Advanced Diploma in Accounting & Business.
The Professional Essentials (P1-P3) moves to advanced levels of Corporate Governance and Financial Analysis. Also, there is an elective division in the Professional level (P4-P7) which comprises specializations in Audit & Taxation, Financial Management and Performance Management. A student can choose two out of these four. The certification received at this stage is Professional Level Certificate and ACCA Affiliate Status. With 36 months of relevant work experience prior to, during or after courses, together with the completion of these 14 papers, will be grounds for qualifying for ACCA membership.
ACCA scope in India
What is the scope for ACCA in India? Most of the ACCA qualified professionals in the country are placed with the Big 4s or MNCs. Employers in India are now knowledgeable of ACCA qualification and are hiring people on the basis of that. With the existence of several financial KPOs in India, the country has become a big outsourcing centre for accounting and financial profiles and ACCA qualified professionals get a preference.
India has come one step closer towards globalization by establishing IND-AS on rules and regulations similar to IFRS. ACCA encompasses IFRS extensively in its curriculum which would certainly benefit the ACCA members in India.
Once you obtain your ACCA certificate, you become a sought-after employee in the finance sector. Some of the high-paying jobs that an ACCA-certified individual would be qualified for would be corporate financial reporting, audit & assurance, international taxation, legal governance, risk & control, management accountancy, corporate finance, merger & acquisitions, financial/ business analyst and credit control.
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