Benefits of ACCA – Is it Worth It?
Accountancy as a career can be a highly rewarding and fulfilling path. Accountants earn above-average salaries, are always in demand, and have many opportunities to progress in their careers and specialties to pursue. Combining this with the right qualifications can further your financial training and solidify your standing as a top accounting professional. One such qualification is ACCA (Association of Chartered Certified Accountants). But what are the benefits of ACCA for you? In this article, we learn about its advantages.
ACCA Overview
The ACCA is a leading global accounting membership body founded in 1904. It offers the ACCA course, a highly respected and internationally recognized designation that equips individuals with cross-sector finance and accounting knowledge, skills, and ethical and professional values to aid organizations and clients in making sound financial decisions.
Benefits of ACCA Certification
With an ACCA designation under your belt, you will be able to:
#1. Work Anywhere in the World
The ACCA qualification’s worldwide reputation for excellence and its rigorous, internationally oriented curriculum ensures that your credentials will hold weight, no matter where you go.
When you join the ranks of ACCA designation holders, you will be in the company of over 247,000 members and 526,000 students in 181 countries, all of whom are part of a global community that offers invaluable networking and career opportunities.
A few examples of countries where the ACCA qualification is recognized and where you can set your sights on work are the UK, Mainland Europe, Australia, New Zealand, China, Canada, India, UAE, the GCC, and many more.
#2. Expand Your Career Options
Given how versatile and comprehensive the ACCA certificate’s syllabus is, by the time you put those three letters next to your name, you will have acquired an enviable skillset, strategic vision, and technical expertise that’s transferable to many industries and roles, not to mention an ethics and values-centric training that employers hold in great esteem.
Aside from standard accounting and finance roles, you can confidently venture into fields like:
- Audit and assurance
- Financial analysis and planning
- Business management and consulting
- Risk management and compliance
- Forensic accounting
- Tax and advisory services
You can secure any of these positions in several business settings, such as corporations, public accounting firms, NGOs, and governmental and private institutions.
The ACCA also has a network of 80 accountancy partnerships and 7,400 approved employers, through which you can find countless internships and employment opportunities that promise continuous career growth, professional development, and financial rewards.
#3. Enhance Your Earning Potential
An ACCA designation puts you in a higher salary bracket than others in your field. As per data from Payscale, the average salary of an ACCA holder in the UAE is AED 98,000 per year. For freshly minted ACCA graduates in roles such as accountant or associate auditor in the UAE, you could expect to make between AED 57,000 and AED 63,000 annually.
However, in higher-level positions like finance managers, senior auditors, and finance directors, earnings can skyrocket to between AED 96,000 and AED 399,959 annually.
Additionally, as a sought-after talent, you will likely be the recipient of benefits and other perks.
#4. Command Respect and Credibility
Because many employers and clients regard the ACCA certification as a benchmark for competence, expertise, and integrity, you will likely find yourself cast in a finance and accounting guru light by your colleagues, peers, and superiors.
You will lend your expertise to high-stakes decisions, provide strategic counsel, and, with time, be entrusted with more autonomous and challenging projects — which paves the way for promotions and leadership roles.
Who Can Pursue the ACCA Qualification?
Unlike other accounting certifications with extensive eligibility requirements, the ACCA qualification is a more accessible option, open to people from all backgrounds.
You can start studying for your ACCA designation if you have:
- Five qualifications from secondary education (two A-Levels and three GCSEs or their equivalents), including mathematics and English.
- A relevant and recognized accounting or finance certification. In this case, you may also be eligible for exemptions from some ACCA exams.
- No formal qualifications whatsoever. Here, you will have to start at the Foundations in Accountancy (FIA) level, where you will learn the fundamentals of financial management and reporting before moving on to studying for the ACCA qualification.
What Does the ACCA Qualification Entail?
To earn your ACCA designation, you must complete three requirements:
1. ACCA Exams
There are 13 exams in total across three levels, each aiming to nurture your knowledge in technical, strategic, and ethical areas. Those include:
| Level 1: Applied Knowledge Exams | Business and Technology (BT) |
| Management Accounting (MA) | |
| Financial Accounting (FA) | |
| Level 2: Applied Skills Exams | Corporate and Business Law (LW) |
| Financial Reporting (FR) | |
| Taxation (TX) | |
| Financial Management (FM) | |
| Performance Management (PM) | |
| Audit and Assurance (AA) | |
| Level 3: Strategic Professional Exams (2 Essentials + 2 Optionals) | Strategic Business Leader (SBL) (Essential) |
| Strategic Business Reporting (SBR) (Essential) | |
| Advanced Financial Management (AFM) (Optional) | |
| Advanced Taxation (ATX) (Optional) | |
| Advanced Performance Management (APM) (Optional) | |
| Advanced Audit and Assurance (AAA) (Optional) |
2. Ethics and Professional Skills Module
You must also complete an online ethics and professional skills module that takes approximately 20 hours. This module uses realistic business simulations to help you build critical skills like leadership, commercial awareness, communication, and ethical decision-making, which employers highly value.
3. Practical Experience Requirement (PER)
Finally, to be a fully qualified ACCA member, you will need to complete a minimum of 36 months of supervised practical experience in finance or accounting-related roles. The PER allows you to apply what you have learned in the real world and gain valuable hands-on experience.
Final Thoughts
Given the broad scope, undeniable benefits, and near-universal recognition of the ACCA qualification, obtaining this designation is an investment that promises a return on investment in spades.
To start your ACCA journey on the right foot, you will need to prepare with accountancy courses that contain comprehensive and engaging materials, invaluable practice tests and exams, timely support from qualified tutors and study group peers, planners, and progress trackers as well as other intuitive online tools — a combination that’s bound to set you up for success.
With such a robust program in your corner (and lots of hard work and discipline on your part), your chances of passing the ACCA exams on your first try and fast-tracking your career growth will increase significantly.
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