“What’s the Scope of ACCA in India?"
“ACCA has limited scope for jobs in India.”
“Why do ACCA when accountancy degree is better?”
“If ACCA is not recognized in India, then what is the point of it?"
As a certified Chartered Accountant and ACCA degree holder, I have come across many such misconceptions from individuals who are considering making their career in finance. When I started teaching accountancy a few years ago, these questions have only intensified, coming from worried parents and concerned students. I wanted to clear up some of the prevalent doubts about the ACCA, which I believe is an underrated accountancy course that can add a lot of value to a finance career.
Firstly, ACCA (Association of Chartered Certified Accountants) was established in 1904 in the UK and offers the ACCA or Chartered Certified Accountant qualification. ACCA is also one of the oldest and most renowned accountancy courses in the world, recognized by 170+ countries with more than 7000 approved employers globally. As an international qualification, it opens up possibilities of living and working in different parts of the world as well as working with multinational companies based in India.
An ACCA qualification equips you with well-rounded finance skills with practical application in other industries, such as Accounting Advisory (IFRS), Risk Advisory, Mergers & Acquisitions, Valuations, Internal Audit, Assurance, International Taxation, Transfer Pricing, Forensic Auditing, Financial Reporting etc. I have also come across professionals such as lawyers and business owners who take up ACCA to add to their as the financial knowledge in their field of work. This is because ACCA is application-based, which means you have to learn concepts and then apply them to real-life scenario.
Scope for ACCA in India
There is a lack of awareness in India about ACCA and in part, that is because Indian firms do not recognize ACCA. Companies founded and based in India follow ICAI, the well-established Institute of Chartered Accountants of India.
In India, ACCA is recognized by most multinational companies (MNCs) operating in India, including the companies known as the Big Four (KPMG, Ernst & Young (EY), Deloitte and PricewaterhouseCoopers (PwC)), the four largest professional services networks in the world. This means that ACCA opens up plenty of career opportunities, both in multinational companies in India, as well as internationally. It is quickly becoming one of the more sought-after courses, due to the lack of qualified ACCA professionals globally, and it also opens up a host of career opportunities such a management consultant, financial planner, and so on.
Ease and flexibility: Is the ACCA easy? How difficult or hard is to pass?
Compared to some of the other accountancy courses, ACCA a relatively easier course. While the CA and CFA courses notoriously have a 3-4% pass percentage, the average for ACCA is as high as 30-40%. Known for its flexibility, with ACCA you can choose between part-time or full-time study. It is perfect for those who are planning to work and study simultaneously, as you can choose how many subjects to take at a time. Unlike with for CA (where exams are structured in groups and you would have to give around four papers at a time), with ACCA the exams can be attempted as per your convenience.
To become ACCA certified, you need to:
When considering whether the ACCA could benefit your career in finance, what it comes down to is your personal career goals. If your goal is ultimately to rise to the level of CFO of a company, you need not look further than the ACCA. Get in touch with us to learn more about the qualification and register for ACCA today.