What is ACCA | Association of Chartered Certified Accountants

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Meridean Overseas
Meridean Overseas

Updated On 02 February 2024 & Read Time 12 minutes

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ACCA (Association of Chartered Certified Accountants) is a prestigious accounting qualification acknowledged in various countries. Holding this certification designates you as a Chartered Accountant, opening doors to roles like Auditor, Financial Manager, Accountant, Lawyer, and more.

 

Due to the binding role of accountants and the thriving job market, ACCA has extended its reach to over 180 countries. Nowadays, there are over 200,000 ACCA members and around 500,000 ACCA students across these 180 countries.

 

Its global recognition, particularly in the UK, makes the certification highly sought after. International students prefer ACCA universities in UK as they promote swift job prospects after completing their higher studies. Here, in this blog, we will offer detailed insights into the Association of Chartered Certified Accountants (ACCA), its scope, eligibility criteria, fees, and job opportunities after this ACCA course.

 

What is ACCA?

You must be well aware that the economic development of any country depends on its transparency and sound reporting about its finances, as this environment makes people feel confident to invest and attracts international investment opportunities.

 

What is ACCA

 

This cohesive investment-based environment and transparency of the country’s economic progress keep the financial system stable and prevent corruption and resource misuse. To ensure everything is in order, we need skilled accountants trained to handle the financial side of businesses. These accountants play a crucial role in building strong and growing companies that are transparent and accountable.

 

The Association of Chartered Certified Accountants ACCA is the world’s oldest and most credible qualification, starting in the UK way back in 1904. This gold standard for accountants is the quickest way for someone to become an expert in both financial and management accounting – two essential aspects of running a business.

 

ACCA is not just about local recognition; it has a massive global presence, with offices in many countries and over half a million members and students worldwide. Once you finish the qualification, you earn the title of Chartered Certified Accountant, making you a highly qualified and respected professional. So, ACCA is your global passport to a successful accounting career.

 

Also, Read: Study in UK without IELTS

Scope of ACCA in India

Now that you know What is ACCA, let’s take a look at its scope in India. Many ACCA-qualified professionals in India work for Big 4s or MNCs. Indian employers are now recognising the value of ACCA qualifications and actively hiring these professionals. Notable employers in India include Ernst and Young, Deloitte, KPMG, TATA Communications, Embassy Group, and others.

 

Surprisingly, CA and ACCA members' job profiles, designations, and salary packages are increasingly similar. Well, our country is also embracing globalisation by aligning with international financial reporting standards. The introduction of Ind-AS, closely resembling IFRS principles, is a significant step.

 

ACCA's comprehensive coverage of IFRS in its syllabus gives ACCA members in India a competitive advantage. Thus, India has become a hub for outsourcing accounting and financial functions, especially with numerous financial KPOs.

 

ACCA Universities in UK

Now that you know What is ACCA, you should have an eye on a few ACCA universities in UK. Take a look at them below:

 

Who Should Pursue the ACCA Course?

After understanding What is ACCA and its scope, you must ensure whether you should go with this certification or not. So, the ACCA course is an excellent choice for students at different stages:

  • High Schoolers: Flexible learning and student-friendly exams; prepare for accounting roles and beyond for a long-term career.

  • Undergraduates: Fast and cost-effective with exemptions; Opens doors to multinational companies.

  • Professionals: Refreshes concepts for strategic roles, enhancing career prospects.

 

Eligibility Criteria:

  • One must pass 12th standard with 65% in English and Mathematics/Accounts and 50% in other courses.

  • 10th standard pass can join through FIA (Foundation in Accountancy).

 

Exemptions:

An exemption requires a qualification within the last 10 years; only recognised qualifications count, and you get credit points for covering similar topics in exemption requirements. ACCA Course Exemptions

Qualification

Exams to give 

Exemptions

12th standard completion

13

0

Commerce graduate

9

4

M.Com

9

4

CA IPCC (Both groups)

8

5

CA

4

9

Also, Read: Requirements to Study in UK for Indian Students 

ACCA Qualification

Now that you have complete knowledge about who should pursue the ACCA Course, you should have a look at the ACCA qualification. To qualify as an ACCA member, you must do the following:

  • Attempt and clear 13 exams with up to 9 paper exemptions depending upon your previous qualification. 

  • Accumulate 36 months' relevant experience and complete the Ethics and Professional Skills module for membership.

  • The 13 subjects and exams of ACCA are divided into three levels: Applied Knowledge, Applied Skills, and Strategic Professional.

 

Now let’s dive deep into each of the modules of the ACCA course.

 

Modules of ACCA

The ACCA course is divided into three primary modules: Applied Knowledge, Applied Skills, & Strategic Professional. After completing these subjects and modules, you will be completing your ACCA course and get your certificate.

 

But prior to proceeding further, you must complete the Ethics and Professional Skills Module of 20 hours and gain 36 months of work experience with 9 performance objectives for ACCA membership.

Exam Level

Duration

Passing Marks

Total Marks

Foundations Level

2 hours

50%

100

Applied Knowledge Level

2 hours

50%

100

Applied Skills Level

3 hours

50%

100

Strategic Professional Level

4 hours

50%

100

ACCA Entry Requirements in UK universities

There aren't many requirements for international students to get into ACCA at a UK university. You can easily get admission if you meet the following requirements:

  • Minimum Entrance Requirements: 

ACCA Minimum Qualification

Status Required

Matriculation Certificate / Secondary School Leaving Certificate / All India Secondary School Certificate / India Certificate of Secondary Education – Standard X

Insufficient for registration

10+2 / India School Certificate / Intermediate Certificate / Higher Secondary Certificate / Pre-University Course / Intermediate Public Examination

Sufficient for registration (Passes in 5 subjects, at least 3 in Year XII, incl. English and Math/Accounts, 65% in 2 subjects, over 50% in others)

All India Senior School Certificate/ Senior Secondary School Examination

Sufficient for registration (Passes in 5 subjects incl. English and Math/Accounts, 65% in 2 subjects, over 50% in others)

  • Graduate Entry Route: Any student with a BSc, B.Com, or simply a BA can easily get admission to ACCA. There is no restriction on previous accounting knowledge. A graduate student also gets admission to ACCA in UK university.

 

  • Via FD or CAT: If you have an ACCA Foundation Diploma or CAT certification, you can easily enter ACCA. Graduates of FD and CAT are additionally excluded from the initial three ACCA papers and start their ACCA instruction with F4 papers.

 

Explore, more: What is CAS Letter for UK?

 

ACCA Exam Fees

ACCA students encounter two essential fees: registration fees (one-time payment during application) and subscription fees (annual, maintaining student status). Apart from this, you are also required to pay exam fees for different subjects and other exemption fees (if applicable).

 

Conveniently, fees can be settled online through the myACCA student portal. These financial obligations are integral to the ACCA journey, ensuring your eligibility and continuous affiliation with the professional body.

Type of Fee

Product

Price (£)

Registration and subscription fees

Initial Registration

£30

Re-registration

£30

Annual Subscription 2024

£134

Exemption fees

- Applied Knowledge Exams

£84

- Applied Skills Exams

£111

Exam fees

- Applied Knowledge Exams

Fees set by Computer Based Exam (CBE) centre 

- Applied Skills Exams 

£135

- Ethics and Professional Skills Module

£75

- Strategic Professional (Essentials) Exams

 

- Strategic Business Leader (March 2024 standard entry)

£238

- Strategic Business Reporting (March 2024 standard entry)

£170

- Strategic Professional (Options) Exams

£170

Potential Job Roles After ACCA Qualification

Now that you learnt about eligibility as well as ACCA exam fees, you can explore excellent job opportunities that ACCA course opens up for you. Head over to some of the important roles:

  1. Accountant

  2. Finance Manager

  3. Senior Accountant

  4. Financial Analyst

  5. Management Accountant

  6. Financial Controller

  7. Audit Manager

  8. Finance Business Partner

  9. Financial Accountant

  10. Assistant Accountant

 

ACCA Salaries: India and Worldwide

Along with potential job roles after pursuing the ACCA Course, let’s have a look at some career opportunities and their salaries. Chartered Certified Accountants with ACCA certification earn an average base salary of ₹625k per year. Check out the below table.

Job Title

Range

Average

Accountant

₹183k - ₹710k

₹360,036

Chartered Accountant

₹450k - ₹3m

₹1,125,000

Finance Manager

₹495k - ₹3m

₹1,179,162

Auditor

₹210k - ₹2m

₹583,264

Associate Auditor

₹289k - ₹721k

₹425,000

Financial Analyst

₹250k - ₹2m

₹517,233

Senior Auditor

₹559k - ₹1m

₹701,404

Top companies hiring ACCA professionals include EY (Ernst & Young), State Street Corporation, Deloitte, Accenture, PricewaterhouseCoopers, Grant Thornton Llp, and KPMG International.

 

Also, Read: Student Visa Requirements for the UK

ACCA vs. CIMA

Now that you know everything about prospects after the ACCA Course, you should also look for other qualifications like CIMA. So, let’s get started!

Qualification

ACCA

CIMA

Organising Body

Association of Chartered Certified Accountants (ACCA)

Chartered Institute of Management Accountants (CIMA)

Recognition & Acceptance

Recognised globally with 300 Approved Learning Partners worldwide

Global acceptance

Exam Pattern

Operational, Management, Strategic, Professional

Applied Knowledge, Applied Skills, Professional Skills

Course Duration

Three years

Three years

Course Complexity/ Pass Percentage

Hard/30% to 40%

Moderate/50% to 60%

Program Fees

Registration – £30; Applied Skills (£129 per exam), Professional Skills Exam (£71 per exam), Strategic Professional (£227 per exam), Strategic Business Reporting (£162 per exam). Total: £1500 to £2000

Registration – £85; Management Accountants Gateway – £85; CIMA Professional Registration – £425; Operational Level Exam – £120 (test) and £205 (case study) per exam; Management Level Exam – £140 (test) and £210 (case study) per exam; Strategic Level Exam – £195 (test) and £299 (case study) per exam. Total: £2500 to £3000

No. of Papers

13

16

Study Focus

Accounting, Auditing, and Taxation

Business Strategy and Management Accounting

Skills Gained

Technical knowledge of accounting and financial concepts

Strategic Decision-making and Business Management

Job Prospects

Financial Consultant, Internal Auditor, Taxation Manager, Finance Manager, Accountant, Management Consultant, Forensic Analyst, Project Manager, Finance Controller

N/A

Average Salary

6 to 8 LPA

5 to 8 LPA

Who Should Do It?

Those who like numbers wish to carve out a career in Accounting, Auditing, or Taxation and aspire to set up their own consulting practice and work independently.

Those who nurture an interest in business strategy and management wish to carve out a career in Management Accounting and aspire to rise to top leadership positions within the organisation

How to get a UK visa on the basis of ACCA?

Getting a UK student visa for the ACCA Course is straightforward, with no special rules. You will find it quite easier to enter ACCA universities in UK as there are no unique admission requirements for ACCA Global.

 

While IELTS is typically required, it can be waived with an English proficiency certificate from a previous English-language institution. Follow these steps for a UK student visa (Tier 4 visa), keeping in mind that visa applications should be handled carefully:

 

Confirmation of Acceptance for Studies (CAS):

  • Provided by the University, granting 40 points.

 

Financial Proof:

  • Show proof of funding for tuition and living expenses for an additional 10 points.

  • Liquid funds equivalent to year 1 tuition plus maintenance funds are required.

  • Funds can be from the student's or parents' savings account or an educational loan sanction letter.

  • The funds must be at least 28 days old.

 

Visa Application:

  • Make an appointment at the VFS.

 

Visa Interview:

  • Compulsory for all students at the visa application centre.


Following these steps, you will be granted a UK student visa if all goes well. Note that this information is for general understanding, and caution should be exercised in handling visa applications.

 

Conclusion

To conclude, ACCA is a prestigious qualification that is globally recognised, offers a competitive advantage, and is a passport to a successful career. It caters to high schoolers, undergraduates, and professionals with flexible eligibility. The ACCA course structure spans three levels, emphasising technical and professional skills. Job prospects are lucrative, and the blog covers visa processes and top ACCA universities in UK.

 

We hope this blog helped you learn What is ACCA. However, if you want to study ACCA in the UK and have doubts, contact our expert counsellors at Meridean Overseas Education Consultants (MOEC). You can also take free online counselling through our website. Our expert counsellors will provide you with the best support and guidance you need for admission and visa. For more information or any queries, contact application02@meridean.org or 1800-1230-00011.

 

FAQs

Q. Is ACCA challenging?

Ans. ACCA is considered manageable compared to other finance courses like CA and CFA. While more demanding than school exams, it offers a reasonable level of difficulty familiar to most students.

 

Q. Is ACCA equivalent to a degree?

Ans. ACCA doesn't confer a traditional degree. However, its fundamental level imparts knowledge and skills akin to a bachelor's degree. The professional level is regarded as equivalent to a master's degree. Thus, ACCA is a professional certification rather than a standard degree.

 

Q. What is the duration of the ACCA course?

Ans. The ACCA course typically takes three years to complete. Students progress through three levels: Applied Knowledge, Applied Skills, and Strategic Professional. This structured timeline allows for comprehensive learning and skill development.

 

Q. Are there any specific eligibility criteria for ACCA?

Ans. To enrol in an ACCA course, one needs a minimum of 65% in English and Mathematics/Accounts in the 12th standard. Alternatively, those with a 10th standard pass can join through the Foundation in Accountancy program. Exemptions may apply based on prior qualifications.

 

Q. What job opportunities are available after ACCA?

Ans. ACCA opens doors to diverse career paths, including roles such as Accountant, Finance Manager, Auditor, and more. With global recognition, ACCA-qualified professionals find opportunities in reputed firms like EY, Deloitte, and PwC, making it a lucrative qualification. 

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