What is ACCA? A Complete Guide to Global Accounting Qualification

Are you considering a career in accounting or finance and wondering what is ACCA? It is an internationally recognised certification that may lead you to a thriving and fulfilling professional path. ACCA prepares you for various positions in the finance field with its thorough curriculum and emphasis on technical skills and ethical principles. 

But how long does it take to qualify, and what kind of salary can you expect with an ACCA certification? These are common questions that many aspiring accountants have. In this blog, we will delve into the details of the ACCA qualification, including who should pursue it and the steps to gain certification. Let's delve in and explore what is ACCA is and how it can change your career path. 

Table of Contents 

1) What is ACCA? 

2) Who Should Pursue ACCA Certification? 

3) How to Gain the ACCA Certification? 

4) How Long Does it Take to Qualify? 

5) What is an ACCA Salary? 

6) Conclusion 

What is ACCA? 

ACCA full form is the Association of Chartered Certified Accountants, a global professional organisation that offers the "Chartered Certified Accountant" qualification. This in-demand certification provides professionals with opportunities to work in diverse finance and accounting positions worldwide. Acknowledged in about 180 countries, the certification focuses on technical expertise and ethical principles. 

The ACCA curriculum covers a wide range of subjects, including accounting, auditing, taxation, financial management, corporate law, and business ethics. In addition to finance, it equips individuals with essential skills in Leadership, strategic thinking, and professional ethics. As a result, this complete certification prepares accountants for global opportunities. 

Who Should Pursue ACCA Certification? 

The ACCA certification is ideal for a variety of individuals, particularly those who: 

a) Aspiring Accountants and Finance Professionals: 

Those seeking to establish a career in accounting, finance, or auditing can take advantage of the strong foundation offered by the ACCA qualification. 

b) Global Career Seekers: 

Those aiming for international job opportunities will find ACCA valuable, as it is recognised in over 180 countries.  

c) Commerce Students: 

Students with a background in commerce, finance, or accounting will find that the ACCA curriculum aligns well with their previous studies.  

d) Professionals Seeking Advancement: 

Existing finance or accounting professionals who wish to enhance their careers can acquire essential skills and credentials through ACCA for senior roles.  

e) Career Transitioners: 

Those who are thinking about transitioning into accounting and finance can develop a thorough grasp of the industry by obtaining the ACCA qualification. 

f) Entrepreneurs and Business Owners: 

Business owners can take advantage of ACCA's emphasis on financial management and accounting principles, which helps them effectively handle their finances. 

How to Gain the ACCA Certification? 

The ACCA certification process consists of a structured pathway divided into different levels and exams. There are various stages that you must clear to become fully qualified: 

1) Foundation 

Beginning at the Foundation Level is necessary if you lack experience in accounting or finance. This phase involves fundamental requirements that address the basics of financial and managerial accounting, along with crucial business skills. 

The Foundation exams are: 

1) ACCA Diploma in Financial and Management Accounting (RQF Level 2) 

a) FA1 Recording Financial Transactions 

b)  MA1 Management Information 

2. ACCA Diploma in Financial and Management Accounting (RQF Level 3) 

a) FA2 Maintaining Financial Records 

b) MA2 Managing Costs and Finance 

3) ACCA Diploma in Accounting and Business (RQF Level 4) 

a) FBT Business and Technology 

b) FFA Financial Accounting 

c) FMA Management Accounting 

4) Certified Accounting Technician (CAT) Qualification 

To complete the qualification, you must finish two out of the three specialist options awards. 

a) FAU Foundations in Audit 

b) FTX Foundations in Taxation 

c) FFM Foundations in Financial Management 

2) Applied Knowledge Exams 

The Applied Knowledge stage focuses on developing your core knowledge of finance and accounting. At this stage, you’ll start to understand essential concepts that are foundational to any accounting profession. 

The three core papers at this level are: 

a) Business and Technology (BT) 

b) Management Accounting (MA) 

c) Financial Accounting (FA) 

These papers aim to give students a grasp of the general landscape of accounting practices, management techniques, and financial reporting. 

3) Applied Skills Exams 

Once you finish the Applied Knowledge exams, you will progress to the Applied Skills phase. This phase explores more intricate topics in accounting and finance, preparing you for your career with subjects like law, tax, and performance management. 

The exams at this stage are: 

a) Corporate and Business Law (LW) 

b)  Performance Management (PM) 

c) Taxation (TX) 

d) Financial Reporting (FR) 

e)  Audit and Assurance (AA) 

f) Financial Management (FM) 

These subjects are designed to develop your ability to understand and apply the principles of financial management, audit practices, and performance monitoring. 

4) ACCA Ethical & Professional Skills 

One key feature of the ACCA qualification is its emphasis on ethics. 

Before moving to the final step, you must complete the Ethics and Professional Skills Module (EPSM). 

a) The course of study is crucial as it teaches students to act ethically and professionally in complex, high-stakes financial situations. 

b) The course of study covers topics like honesty, expertise, and the significance of ethical choices in the business world. 

5) Strategic Professional 

The last stage of ACCA is the Strategic Professional level, which aims to provide students with enhanced skills in strategy, Leadership, and professional judgement. It is split into two sections: Essentials and Optional. 

1) Essential 

The Essentials papers are mandatory for all students and are aimed at developing your strategic thinking and management capabilities. 

The two compulsory exams are: 

a) Strategic Business Leader (SBL) 

b) Strategic Business Reporting (SBR) 

The SBL exam emphasises Leadership, governance, and strategy, whereas SBR covers intricate financial reporting practices, preparing students for higher-level positions. 

2) Optional 

In the Optional stage, you have the choice to select two out of four specific exams to customise your ACCA certification based on your career goals. 

The available options are: 

a) Advanced Financial Management (AFM) 

b) Advanced Performance Management (APM) 

c) Advanced Taxation (ATX) 

d) Advanced Audit and Assurance (AAA) 

These options allow you to concentrate on particular fields that align with your career goals, including taxation, auditing, and financial management. 

How Long Does It Take to Qualify? 

Here are the factors that determine how long it takes to qualify for the ACCA certification: 

1) Typical Duration 

a) It typically takes 3 to 4 years to complete the ACCA certificate, which includes tests, the Ethics and Professional Skills module, and three years of practical job experience. 

2) Prior Education and Experience 

a) The time may vary depending on the student’s prior qualifications or work experience.  

b)Students with a relevant background may be eligible for exemptions, reducing the time needed to qualify. 

3) Self-Paced Progress 

a) ACCA offers flexibility, allowing students to progress at their own pace. This makes it adaptable for those balancing work, studies, or other commitments. 

4) Practical Experience Requirement 

a) In addition to passing exams, students must complete three years of practical work experience, which can be gained concurrently with their studies. 

What is an ACCA Salary? 

Here are the salary expectations for ACCA qualified professionals: 

                                                                                                                      Source: Glassdoor 

Conclusion 

Through this blog, now you know What is ACCA? It’s your pathway to success. The ACCA qualification is a respected certification that provides necessary skills in accounting, finance, and Leadership. Whether you’re starting out or advancing your career, ACCA can significantly elevate your professional journey.