Do you still not believe that ACCA is the best career option after 12th mainly for commerce students ? You may be hesitant to take the ACCA course because of the myths surrounding ACCA. The corporate world has flourished like never before because of the latest technological advances. Traditional careers are slowly fading and are giving way to new ones. But accountancy does not come under this list; Accountancy keeps on growing day by day. There is a massive demand for globally acclaimed accountants. There have been changes in the finance sector too because of the arrival of the technologies. But it couldn’t replace the importance of accountancy in the finance world. Accountancy will remain constant no matter how hard the world changes.
Accountants are in high demand in all walks of life. Whether multinational companies or small-scale industries, everyone desires a skilled accountant for their firm to carry out all their financial activities. Although accountancy has been there in the industry for quite a long time, it is now undergoing tremendous changes. The arrival of ACCA qualification has taken the accountancy field to an entirely new level. Accountancy has gained global recognition after the introduction of the ACCA course.
If you desire to become a highly regarded finance professional, ACCA is the best course. But something is stopping you from taking up this course. Maybe you might have heard more reasons, not in its favour. Here we will uncover the popular myths related to the ACCA course and give you the reason why you need to consider it as the best career option after 12th Commerce. But before that, let’s get a brief idea about ACCA.
What is ACCA?
ACCA was founded in 1904 to give accountancy global recognition. It is the topmost certification course in the accounting industry. Exciting careers await students completing the ACCA course. Some may climb the career ladder and become a CFO, and some may build their business empire.
During the ACCA course, students undergo rigorous training, grasping the needed theoretical and practical knowledge. They become well-versed in the professional tools and techniques they will use in the real world. Ultimately, they pass out as professional accountants, ready to face all the challenges.
Now let us discuss the popular myths surrounding the ACCA course.
Only professionals with foreign dreams get benefitted from ACCA Certification.
Ironically, this myth is correct as well as wrong. ACCA certification is a globally recognised certification program that has been present in more than 180 countries. An ACCA-qualified accountant can work in part of the world without having to take any exams to prove his qualification. With ACCA certification, he can directly apply to jobs worldwide. There is a considerable demand for ACCA-qualified accountants in countries like UK, USA, Singapore and Australia.
But in India also, ACCA-qualified accountants are equally wanted. Many MNCs and global companies have opened their offices and outlets in India. Biggies like PwC, E&Y, Deloitte and KPMG have set up branches all over the country. These companies prefer ACCA professionals because of their high standard of accounting skills and knowledge. Indian companies like Tata and Godrej also favour hiring ACCA professionals because of their value.
No placement support
It is an entirely wrong belief. The official website of ACCA holds a strong network of certified accountants. You can find job postings for entry-level as well as higher positions from recruiters all over the world. ACCA members can upgrade their skills through different programs available on their websites.
ACCA professionals don’t get paid well
It is yet another wrong assumption. MNCs and other big firms hire ACCA professionals and get paid according to industry standards. Fresher’s starting salary ranges from 3 to 6 lakhs depending upon the company and location. In the initial days, ACCA professionals may not have the same salary as CAs, but with adequate experience, they can earn the same as CAs. Experienced ACCA professionals can earn anywhere between 8 to 15 lakhs. But here also your skills and negotiation skills will decide your salary.
ACCA exams are very tough
You might have heard many stories stating that it is tough to clear ACCA exams. Of course, you will face difficulty clearing the ACCA exam, but it is not a Herculean task that is impossible to achieve. You can easily crack the ACCA exams with proper preparations and hard work. The first four papers have multiple choice questions and are on-demand exams. You can give the exams any time of the year based on your convenience. The rest of the exams have fixed timings in a year. Students can appear for these papers four times a year. You can write a maximum of four exams in one sitting. So it would be best if you prepared accordingly. There are no group papers like in CA in ACCA exams. Any student can easily pass the ACCA exams with proper guidance and advanced study strategy.
Only graduate students can prepare for ACCA.
That is not at all true. Students who have completed their higher secondary education and come from commerce backgrounds can appear for the ACCA exams. But they need to score 65% in Mathematics or Accountancy and English and 50% in all other subjects. Students who don’t fulfil this eligibility criterion can take up a foundation in the accountancy course to qualify for the ACCA exam. If you have the right strategy, you can clear the ACCA exams before graduating.
Limited career option
It is unbelievable. How can people believe that a certification course with global recognition has limited career options? Of course, it is false. The ACCA curriculum is a power package that covers even the minute details of the accounting and finance industry, making you job-ready. ACCA qualification allows you to work in several MNCs and leading accounting firms. The typical job roles assigned for ACCA members are Business Advisor, Risk Manager, Tax Accountant, Management Accountant, Financial Analyst, Funds Manager, Forensic Accountant, Credit Control Manager, Internal Auditor, Treasurer and Chief Financial Officer.
ACCA course is unaffordable
Without even crosschecking, people are coming up with such allegations. The fee structure of ACCA exams is much more affordable than the CA and MBA exams. You don’t have to take loans or get scholarships to prepare for the ACCA. Even if some students find the fees a little high, they can quickly repay them within the first few months of salary after getting placed.
You have to clear 13 papers and have three years of working experience to become an ACCA member. There are three levels of the ACCA curriculum. The first level is Applied Knowledge, which covers Business and Technology, Management Accounting and Financial Accounting. The second level is Applied Skill, which involves Corporate and Business Law, Taxation, Financial Reporting, Performance Management, Financial Management and Audit and Assurance. The third level is the Strategic Professional, which covers strategic Business reporting and Strategic Business Leader. Lastly, you will have four optional subjects like Advanced Financial Management, Advanced Audit and Assurance, Advanced Taxation and Advanced Performance Management, out of which you have to choose two topics.
ACCA is the best accounting course that commerce students can choose after completing their higher secondary education. Their ACCA course is designed by top ACCA professionals and follows the above ACCA curriculum. If looking for the best institute for the ACCA course, look out for Finprov learning, India’s leading accounting training institute. Hold the hands of Finprov and become a globally certified accountant.
For further doubts and clarifications, please download our ebook. Our ebook is crafted by the top professionals of Finprov and will clear all your doubts.