What is ACCA? Difference between CA and ACCA || Scopes an Details of ACCA

 

ACCA stands for Association of Chartered Certified Accountants. In simple words, ACCA means international CA (Chartered Accountant) or global CA. The ACCA degree holder can work as a Chartered Accountant in 180 countries. In this course you study about international laws.

ACCA is the global professional accounting body offering the Chartered Certified Accountant qualification. This field is an Association of Chartered Certified Accountants (ACCA) is a UK-based body which extends the global certification in Accountancy.

ACCA are most probably hired by Big 4 like Deloitte, KPMG, EY and PWC, and MNCs. AS in India, FDI (Foreign Direct Investment) increasing day by day due to which demand for ACCA degree holders increasing rapidly.

 If you want to work outside India then ACCA is one of the best courses to purse for a reputed designation. If you live in India and want to know whether the job is available in other 180 countries or not, then you must visit this website www.jobs.accaglobal.com.

 

  ELIGIBILITY CRITERIA

To be eligible to register for ACCA course, students should have completed their 12^th examinations with following percentage:

·         English                          - 65%

·         Accounts                       - 65%

·         Other Subjects              - 50%

You can also register for this course as soon as you cleared your 10^th examinations and start preparation for the same OR do not qualify as per the aforementioned criteria, can still register for the ACCA course via Foundation in Accountancy (FIA) route.

 

COURSE DETAILS

Entire ACCA course consist of three levels:

·         Level 1    -    Knowledge Level

·         Level 2    -    Skills Level

·         Level 3    -    Professional Level

Level:1-

This level consists three exams namely:

1)      Business Accounting

2)      Management Accounting

3)      Financial Accounting

All examinations under this level are 100% MCQ based and there is no negative marking. These examinations are on demand computer based that can be appeared for anytime in the 365 days of the year.

Level:2-

The second level contain six exams namely:

1)      Corporate and Business Law

2)      Performance Management

3)      Taxation

4)      Financial Reporting

5)      Audit and Assurance

6)      Financial Management

Under this level only one exam is 100% based on MCQ pattern (that is Corporate and Business Law) and the rest five exams have mixed type of questions (60% - 70% of the exam based on MCQ pattern and 30% - 40% of the exam is in descriptive form). This level is also computer based. The skills level exams are conducted quarterly (every March, June, September and December).

Level:3-

The third level contain four exams namely:

1)      Strategic Business Leadership

2)      Strategic Business Reporting

Optional (any 2 of the given 4)

3)      Advanced Financial Management

4)      Advanced Performance Management

5)      Advanced Taxation

6)      Advanced Audit and Assurance

Under this level there are six subjects, out of which two subjects are compulsory (Strategic Business Leadership and Strategic Business Reporting) and out of remaining four subjects, students have to choose two subjects according to their interest. So, in this way, there are four exams in this level. The Professional Level exams are paper based. The Professional Level exams should also be conducted in the Computer Based format by 2021.

 

Practical Experience Requirement (PER) 

It takes 2 years to 2.5 years to complete all the exams of the ACCA qualification and 3 years of work experience that is practical experience. And the more the exemptions you get, the less will be the duration of this course. It is mandatory to complete PER as institute wants you to get perfect in practical world as well along with academic knowledge. If you are doing ACCA after becoming Chartered Accountant and you have also done CA Article ship then there is no need to do PER. If you are an Accountancy Teacher and have minimum 2 years’ experience then the same will be considered experience for PER.

You can also do this while doing ACCA and even after ACCA completes. After cleared ACCA exams you are known as ACCA Affiliate whereas after cleared ACCA exams along with PER you are known as ACCA Member.

 

Average Passing Percentage

    Level: 1 = 70% - 85%

    Level: 2 =   50% - 65%

    Level: 3 =   35% - 45%

 

ACCA Important Books

   ACCA Approved Textbooks & Workbooks      =   BPP Learning Media (Author)

   ACCA Approved Guides                                     =   Kaplan Publishing (Author)

   Revision Kits                                                        =    Becker Professional Education (Author)

 

Exemptions

·         On the basis of 10^th and 12^th       : All 13 exams have to be given ( all levels’ exams).

·         On the basis of B.COM                : Get exemptions in first 4 exams.

·         On the basis of BBA                     : Get exemptions in first 3 exams.

·         On the basis of CA degree           : Get exemptions in first 9 exams

Or CA Final or CA Intermediate

Both groups cleared

 

Fees

Overall cost to pursue ACCA around 3.5 lacs to 5 lacs for 13 exams.

Fees divided into following parts:

·         REGISTRATION FEES           :    One time payment.

·         EXAM FEES                           :    Usually 10,000 for every exams.

·         STUDY MATERIALS FEES    :    For purchasing study materials.

·         SUBSCRIPTION FEES           :    This fees has to be paid annually for renewing subscription,

                                                    even if you are a student and even after becoming an ACCA

                                                    Member. 

·         OTHER COST                       :     It includes training fees and other expenditure.      

 

Most of the people are doing ACCA after CA courses also. However, there are several differences between CA and ACCA Courses which are as below:

Basis	CA	ACCA
Exam Pattern	Group System	One paper at a time
Duration	5 Years	2.5 years
Hired by Companies	All type of Companies	Mostly by Big fours and MNC's
Frequency of Attempts	6 Monthly	3 Monthly
Article ship	3 Years within 5 years	3 Years either between or later 2.5 Years
Recognition	India	Global
Exam Structure	-          CA Foundation (4 Papers) -          CA Intermediate (8 Papers) -          CA Final (8 Papers)	-          Knowledge Level (3 Papers) -          Skill Level (6 Papers) -          Professional Level (4 Papers)
Passing Marks	At least 40% in individual subject and 50% in aggregate is required	At least 50% in every paper.

 

Scopes and Importance of being ACCA member:

1.       There will be surety for International Jobs in various fields of Accounting as this course is internationally recognized.

2.       Secure Job Opportunities after completion of Courses.

3.       Deep Knowledge of Management and Marketing strategy.

4.       Few people are engaged so chances of benefits are high.