ACCA, AAT, ACA, CIMA, CIPFA.
If you’re looking at that alphabet soup, wishing someone would make things easier for you, then you’ve arrived at the right place.
As far as accounting qualifications go, this list represents the best there is, but not all have the same benefits for you as an individual. So, in this article we’ll examine one option - ACCA. If this interests you, then stick around.
The ACCA qualification is not just an accounting qualification, it’s the gateway to limitless opportunity. Accountancy and finance professionals around the word have eagerly pursued ACCA membership for its prestige, the fact that its globally recognised and provides access to a higher salary.
ACCA graduates are sought after by the business sector for their professional skills and the job market in the UK favours those who have invested in ACCA certification.
Sounding pretty good so far? Let’s get you settled into this even further by looking at how, becoming an ACCA member can secure your future as a certified accountant.
1. Association of Chartered Certified Accountants
Membership with the world’s leading professional body for accountants is no small thing. Let’s face it - you’re about to make a decision that will affect the rest of your life, so you want to partner with an organisation you can trust.
ACCA has a large international network including members, employers, academics, tuition providers and opinion formers in various sectors. This is available to all students so they can increase the sphere of their professional life.
Having 219,000 members and 517,000 students must say something about the benefits of ACCA to the accounting profession.
By the way ACCA has agreements with several impressive global accountancy bodies such as:
- The Certified General Accountants Association of Canada
- The Hong Kong Institute of Certified Public Accountants
- The Malaysian Institute of Certified Public Accountants
So if you want to fly the nest, these agreements give you the opportunity to enjoy the same benefits from ACCA as you get here at home.
2. Professional opportunities
ACCA members are given the flexibility of working in any sector and industry. From corporate sectors to the public sector you can be sure that no door will be closed to this qualification. ACCA is widely recognised and respected and this provides you with quite a lot of leverage.
Employers across the globe seek out ACCA students because they are assured of the highest professional standards and ethics. Since studying ACCA guarantees employers that you can practice important skills the minute you walk through the doors, they’ll be happy to welcome you.
The qualification is applicable to more than 100 job roles - that’s pretty diverse as far as professional bodies go. This opens doors for you to enter into accountancy portfolios without limit. You could be busy your whole life with the skills you gain from your ACCA journey.
3. Salary prospects
A quick scout around indeed.com will tell you that chartered certified accountants earn anywhere between £37,000 and £45,000 a year. However, that figure differs greatly depending on the location and the job title. This is also based on a number of years working experience.
Beginners can earn anywhere from £18,000. A senior tax manager can earn £60,000 in London and £49,000 in Leeds and so it goes. It’s safe to say that the level of your qualification will greatly determine your salary.
Global salaries differ greatly depending on the demand for skilled accountants in the country.
4. Flexible study
-Method of study
ACCA students choose how they want to learn and when. With a choice of online, face-to-face tuition, full-time or part-time courses, this is really makes ACCA a solid option for working professionals and full-time students alike.
-ACCA qualification levels
The different qualification levels are another bonus. This means that you can obtain a certificate, diploma and advanced diploma as you go. This of course holds some appeal because human motivation is increased by something tangible. This also means that the knowledge you gain can be put to good use before it expires.
You’re looking at three to four years on average to complete the ACCA qualification. This is dependant on the numbers of exams you’re prepared to write each year.
The truth is that it will be taking up most of your time during those years as you prepare for the exam sessions BUT you will have invested your resources wisely because there is an immediate return on investment - especially if you already have extensive experience - then ACCA will greatly enrich your career prospects.
Take for example someone working as a finance manager for a medium sized company. This person has worked there for 10 years without promotion because he/she has no membership of a professional body. Within 3 years that same person has become a Financial Director in a large corporate because they become an ACCA member. We would say that’s time well spent.
5. Difficulty of ACCA
The entire ACCA qualification has about a 50% pass rate. That’s about on par with other certifications. The factors that influence this pass rate vary greatly from student to student and with a good tuition provider, that is willing to support you every step of the way, you can confidently expect to finish.
As discussed previously, the benefit of ACCA is that you can complete the qualification by level. This means that one or two exams don’t make or break the whole qualification.
6. Work experience that counts
To finally become an ACCA member you need a minimum of three years of practical experience (PERS). What’s good about ACCA is that previous work experience counts towards PERS.
This takes a real load off your shoulders because most finance professionals come to ACCA with working experience and have the confidence of knowing that it didnt all go to waste.
7. Longevity of the qualification
ACCA Global are constantly reviewing the latest trends around the world and keeping an eye on industries and how they develop their accountancy practices. Their vast education network gives them the edge when it comes to innovation but not only that, they have 170 countries on board looking for the expertise and quality that ACCA provides.
This professional body is not going anywhere in the future. In fact they are gearing up to provide technology based education at every turn and strengthening their ties globally with other professional bodies.
The scope of the ACCA qualification to affect your future is enormous. It opens up a whole world of possibility when it comes to where you can work, what role you can fulfill, how much you can get paid and whether your qualification will be respected.
No one wants to pour out their time, effort, and money into a qualification that ends up meaning less than yesterday’s news. But that’s not going to happen if you go with ACCA.
We are so confident of this fact that we’ve poured our own resources into providing ACCA tuition that will get you where you want to be.
VIVA is an award-winning online accountancy tuition provider and an ACCA Silver Learning Partner, with nearly 1,000,000 lecture views to date and a 4.9 out of 5 student rating on Trustpilot. We know what it takes to get students through their qualifications fast, and cost-effectively. Explore our ACCA courses here!