ACCA complements the CA course and is not a competition to the CA. In this blog post, we will explore the advantages of combining these two prestigious qualifications and delve into how ACCA can propel your professional growth. Get ready to unlock a world of possibilities as we uncover the power of ACCA after CA..
ACCA stands for the Association of Chartered Certified Accountants. It was founded in 1904 to develop additional capacity in the accounting profession and encourage the adoption of global standards. The organization’s values are aligned to the needs of employers across all sectors and ACCA ensures that it prepares accountants for business.
The academic background of ACCA is highly focused on the fundamental aspects of accounting, reporting and business. Each subject of the professional level (last level) of ACCA has a complete focus on leadership and the strategic approach to the technical subject matter and links business with the requirement of leadership and strategy. Hence, doing ACCA after CA will benefit Indian accountants with extra curriculum knowledge of accounting, auditing, taxation, leadership, and strategy.
The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for to regulate the profession of Chartered Accountancy in India. ICAI functions under the administrative control of the Ministry of Corporate Affairs, Government of India. It is the second-largest professional body of Chartered Accountants in the world, with a strong tradition of service to the Indian economy in public interest..
The affairs of the ICAI are managed by a Council, in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. The Council comprises 40 members of whom 32 are elected by the Chartered Accountants. The remaining eight are nominated by the Central Government, generally representing the Comptroller and Auditor General of India, Securities and Exchange Board of India, Ministry of Corporate Affairs, Ministry of Finance, and other stakeholders.
Pursuing ACCA after CA can significantly enhance the career prospects of Indian CAs. By pursuing the ACCA qualification, CAs can acquire a global perspective on accounting and finance, which increases their employability in MNCs and international organizations. Additionally, ACCA provides a comprehensive understanding of advanced accounting and finance concepts, which can help CAs to diversify their skillset and take on more challenging roles. Pursuing ACCA course can thus broaden the career horizon of Indian CAs.
If you've already completed your CA, pursuing an ACCA course could be an excellent way to enhance your professional skillset. ACCA builds on the knowledge acquired during the CA course and enables you to acquire a more global and well-rounded approach to accounting and finance. With ACCA, you can gain expertise in areas like taxation, corporate and business law, and financial management, making you a valuable asset to any organization.
Unfortunately, the structure of the Indian CA course has an enormous amount of information overload wherein the students are required to remember a lot of concepts, information, tax laws, and other academic information to clear the examination successfully. Such an examination structure enables the student to gain technical skills and the following soft skills:
However, in the current business world there are certain skills which are required by each and every finance professional in the world. The critical point to note is that CA as a course covers various aspects of Accounting, Auditing, Taxation, Law, Costing and Finance there are also certain areas which the program lacks. Some of the important aspects which the Indian CA program lacks and that is where ACCA plays a major role for them to consider after CA are as follows:-
Strategy Development: The CA course as it is focused on the aspects of Accounting, Auditing, Taxation and Law, however it lacks the aspects of understanding of strategy, long term thinking on business and overall development of business. Today a finance professional has to be capable of managing all the aspects of business and look at developing a long term strategic outlook for the organization. However the CA course has no focus on this particular aspect of exposure for CA students both theoretically and practically.
Leadership Management: Leadership skills and understanding of various aspects of a leaders quality is missing in the CA course. It does not cover the requirements of a leadership skill in a professional environment. During the articleship training of CA, the candidates have no exposure to the aspects of leadership that are required and provides a monotonous journey of carrying out mere vouching and verification of books of accounts.
Entrepreneurial Business Thinking: The term business for CA is just to look at it as a growing client, for CA there are certain professional restrictions in terms of carrying out a business due to which the entrepreneurial business spirit is never considered by a CA. It is imperative that for the overall growth of a professional entrepreneurial risk and determination is a definite must and an aspect of management needs to be involved.
For a well-rounded finance professional, pursuing the ACCA course after completing the Indian CA course can be beneficial. While the Indian CA course focuses on Accounting, Auditing & Taxation, the ACCA course covers a wide range of business, accounting, and finance topics, including strategy and leadership. This international course provides a global perspective and helps professionals understand the complexities of modern-day business. By combining the two Courses, finance professionals can enhance their skills and knowledge, making them better equipped to handle the demands of the industry.
For the ACCA after CA there are 4 exams overall out of 13 exams, first 9 exams are exempted for qualified CAs and for CA Inter or CA IPCC Maximun of 6 ACCA paper exemption is possible along with a Bcom degree.
CA final completed attendies has to write only 4 exams in ACCA and these exams are:
Doing ACCA after CA provides Indian Chartered Accountants with an opportunity to enhance their leadership, business, and strategic skills. The course enables them to tap into their entrepreneurial potential with ACCA's support. Obtaining an ACCA qualification complements an Indian CA's existing skill set and adds value to their professional profile. The course structure and exam format are designed to cover all aspects of finance and business, making it a sought-after qualification globally.
Considering all the above aspects of the examination and the structure of the course, obtaining an ACCA qualification is complementary to an Indian Chartered Accountant as it provides additional skill, knowledge, and global opportunities to an Indian CA to get a much better successful career journey in his life.
A qualified CA will have to spend an amount of Rs. 60,000 to 75,000 Fee to acquire ACCA qualification and get the additional recognition for their professional journey.
As an Indian CA, choosing the right ACCA optional papers can be a dilemma. To optimize knowledge and business skills, it's recommended to take up AFM and APM papers. While ATX and AAA may offer limited learning for a CA professional, the compulsory papers add value to their future career. By pursuing ACCA after CA, Indian CAs can unlock better job prospects and higher salaries. It's important to carefully consider the right combination of ACCA papers that align with career goals and aspirations. This can lead to a successful and rewarding professional journey.