Why ACCA and is ACCA Worth It?
In this article we give you all the information you need to make a measured decision about whether the ACCA qualification is the right path for you.
If you have career aspirations in finance and are speculating which qualification is best for you, consider joining other like-minded professionals worldwide—professionals who have acquired highly esteemed skills that set them apart from the crowd.
Whether your ambition is to become a globally recognised chartered accountant or the CEO of a major enterprise, ACCA is the right fit for you.
Let’s First Understand What ACCA Is
Founded over a century ago in London, ACCA (Association of Chartered Certified Accountants) is a membership body that has opened up the global job market for over 200 000 successful accounting professionals in over 170 countries, including but not limited to the UK, New Zealand and Australia.
Five Reasons to Consider ACCA
#1 The World Becomes Your Oyster
The ACCA certification is the golden ticket to international opportunities for accountants looking to broaden their career prospects.
As mentioned earlier, this qualification is recognised in over 170 countries. 179 countries, to be exact.
Regions and countries that recognise ACCA include Mainland Europe, China, Hong Kong, the United Arab Emirates, the UK, Ireland, Australia, New Zealand, the Caribbean, Canada, South Africa and many more.
Unfortunately, ACCA is not as well recognised in the United States. They have their own national certification required to practice public accounting, such as the US CPA and CMA or a specialty qualification, such as ABFA.
In addition, ACCA is a highly flexible qualification that opens the door to a wide variety of career paths, such as:
- Taxation Specialist
- Foreign investments
- Management Accountant
- Financial Management
- Finance Director
- Chief Financial Officer
- Fund Accountant
- Forensic Accountant, and much more.
#2 Stand Out
In this fast changing world, a chartered accountant that is ACCA qualified stands out to many employers as being ahead of the game.
It indicates to potential employers that these accountants are committed to professional development in their careers and can work at an expert level.
The ACCA exam technique equips students with technical skills and practical experience, making them highly adaptable across public and private sectors, adding maximum value to the business they work for.
#3 Have a Solid Support Structure Everywhere You Go
ACCA recognises the importance of continued support in this ever-evolving field of finance and accounting.
This is achieved through Continued Professional Development (CPD), ensuring its strong professional network of members can remain updated with the latest knowledge and skills in the industry.
As part of a global community, you will also have access to a network of peers ready to support one another through the highs and lows of the business world, wherever you are.
#4 Chartered Certified Accountants Earn MORE
One may think, “Well, can I ask for a higher salary with my ACCA qualification?”
According to totaljobs.com, it’s possible to start on a salary of £25,000 in London immediately after you earn your ACCA certification. Gradually, your pay scale can increase from £26,000 to £52,500. And when you earn significant experience on the job, your average ACCA salary at the middle level ranges from £40,000 to £100,000. 
For a more in-depth look at ACCA-qualified salaries, read: An ACCA Qualified Salary - What To Expect.
Of course, your earning potential depends on a variety of factors, including your level of experience, your industry, and your location. However, in general, an ACCA qualification can significantly increase your earning potential and open up new career opportunities.
#5 Study With an Approved ACCA Tuition at Your Own Pace
Most students are concerned that taking on the ACCA exams will be extremely demanding and challenging to complete, especially when they work long hours and still try to maintain something resembling a social life.
The good news is that this course is available online and flexible to suit students' busy schedules.
To make this easier, ACCA has a network of approved learning partners to help students along their journey toward a promising career in finance.
Here at VIVA we offer online ACCA video lectures covering the entire syllabus, live sessions with expert tutors, downloadable course notes and much more. Our lessons also include integrated exam-style questions, scenarios and solutions.
So How Do You Obtain an ACCA Membership?
To be an ACCA member, the following will be required.
- Pass all your ACCA exams.
- Have 36 months of relevant work experience
- Complete the Ethics and Professional Skills module
Let’s dive deeper into these requirements.
Three Main Components of ACCA
#1 ACCA Exams
The first stage of obtaining this certificate depends much on qualifications and experience already attained.
Aspiring financial professionals at the foundation level with limited experience must complete a maximum of 13 papers. In contrast, students that have already completed degrees in finance may only be required to complete as little as four papers.
The first nine papers are considered the equivalent of an ACCA degree. After that, the last four papers are regarded as the strategic professional level equivalent to a master's degree.
Related: The Best Order to Do Your ACCA Exams In
#2 Professional training
Once you start your ACCA exams and get to the point of building experience, it is crucial that you start working any job that allows you to work in the finance sector.
Take note that if you have worked in accounts or finance before your exams, this can count towards your practical training as long as someone can supervise your work.
#3 Ethics and Professional Skills Module
This module is designed to test your decision making skills and behavior in real world business scenarios. The module consists of 10 units, 3 of which are assessment and support units.
The ACCA exam module is not included in your ACCA study contract and must be paid separately at a fee of £82. This module will take about 15 hours to complete. (2)
Is ACCA Right For You?
Okay, time for some honest self-evaluation.
Obtaining an ACCA qualification is a significant undertaking that requires a considerable amount of time and effort. It typically takes several years to complete, and students often have to make sacrifices to accommodate their studies.
This can include working long hours and sacrificing their social lives to meet their study requirements. Therefore, it's important to consider whether you're prepared to commit to the program and make the necessary sacrifices before enrolling.
Another important factor to consider is that the ACCA is hard work. While the earlier papers have a pass rate in the 70s and 80s, the later pass rates can drop to the 20s and 30s.
That being said, passing the exams is by no means impossible. But you must be focused and determined not to give up easily. And as you progress through your studies, your circumstances could change multiple times, so be flexible and determined to stick with it regardless.
So is ACCA Worth it?
It is clear that the advantages of ACCA membership clearly outweigh the disadvantages associated with the effort required to complete it.
If you are trying to make a well informed decision on which career path to choose, whether that be becoming an accounting professional or chartered accountant, or merely want to broaden your employment opportunities to accounting firms across the globe, enrolling in an ACCA course will always be of benefit to you.
Are you looking for an ACCA tuition provider that guarantees you will pass faster, at a price that makes sense? Join our mailing list for free here for Early Bird course discounts and your free ACCA Subject by Subject Pass Guide.