What’s ACCA all about?
Ever wondered what is the ACCA qualification is and what are the benefits of obtaining it? If so, then read on…
What is the ACCA qualification?
ACCA (Association of Chartered Certified Accountants) is a global professional accounting organization that offers a widely recognised qualification in accounting and finance. The organisation was founded in 1904 and is headquartered in London, UK.
ACCA is a world-leading body for professional accountants and has more than 227,000 members and 544,000 students in 178 countries worldwide. The qualification is recognised and respected by employers around the world, and ACCA members are highly sought after in the accounting and finance industry.
ACCA offers a comprehensive professional qualification that covers a wide range of accounting and finance skills, including financial accounting, management accounting, taxation, audit and assurance, corporate and business law, and financial management. The qualification is designed to prepare students for a career in accounting and finance, and is recognized as an industry standard for professional accountants.
What do I need to do to qualify as ACCA?
To qualify as an ACCA member, you need to pass a series of exams and meet other requirements. Here is an overview of the exams required to become an ACCA member:
Applied Knowledge exams: These are three exams that cover the fundamental knowledge and skills required in accounting and finance. The exams are Business and Technology (BT), Management Accounting (MA), and Financial Accounting (FA).
Applied Skills exams: These are six exams that build on the knowledge gained in the Applied Knowledge exams and cover more advanced topics in accounting and finance. The exams are Corporate and Business Law (LW), Performance Management (PM), Taxation (TX), Financial Reporting (FR), Audit and Assurance (AA), and Financial Management (FM).
Strategic Professional exams: These are exams that cover the advanced knowledge and skills required for strategic decision-making in accounting and finance.
There are two compulsory exams which are Strategic Business Leader (SBL) and Strategic Business Reporting (SBR).
The SBL exam is designed to test your ability to apply your knowledge and skills to real-life business scenarios, and to demonstrate your strategic leadership and decision-making skills. The SBL exam is case-based, meaning you will be presented with a complex business scenario and asked to analyse it, develop strategic options, and make recommendations. The exam covers topics such as strategic planning, risk management, project management, stakeholder management, and financial analysis.
The SBR exam is designed to test your ability to apply your technical knowledge and skills to the preparation, presentation, and analysis of financial statements for complex and multinational organizations. The exam covers topics such as conceptual and regulatory frameworks for financial reporting, ethical and professional considerations, business combinations and consolidated financial statements, financial instruments, and sustainability reporting. The SBR exam requires a deep understanding of financial reporting standards and regulations, and the ability to critically evaluate and communicate financial information.
There are also two other exams which need to be passed at the strategic level of the ACCA qualification. The ACCA allows students to choose two papers from a choice of four papers at the Strategic Professional level, depending on their career aspirations and interests. These optional papers are known as Strategic Professional Options:
Advanced Financial Management (AFM): This paper covers advanced techniques and theories in financial management, such as investment decisions, risk management, and corporate finance.
Advanced Performance Management (APM): This paper covers advanced techniques and theories in performance management, such as strategy and performance, performance measurement and control, and current developments in corporate reporting.
Advanced Taxation (ATX): This paper covers advanced taxation knowledge and skills, such as strategic tax planning, corporate and indirect tax, and personal taxation.
Advanced Audit and Assurance (AAA): This paper covers advanced audit and assurance concepts and practices, such as audit planning and control, audit evidence, and internal audit.
In addition to passing the exams, you also need to complete the Professional Ethics module, which is an online self-study course that covers ethical principles and their application in the accounting profession. You also need to have relevant practical experience and meet the ACCA’s requirements for work experience and ethics to become a member of the organisation.
What are the benefits of qualifying as ACCA?
Getting fully ACCA qualified offers many benefits for aspiring accounting and finance professionals. Here are some of the main benefits:
Global recognition: The ACCA qualification is widely recognised and respected by employers around the world, and opens up job opportunities both locally and internationally.
Versatile skills: The ACCA qualification covers a wide range of accounting and finance skills, including financial accounting, management accounting, taxation, audit and assurance, corporate and business law, and financial management. This means that ACCA members have versatile skills that can be applied across a range of industries and job roles.
Career progression: The ACCA qualification is designed to prepare students for senior positions in accounting and finance, such as CFO, financial controller, and finance director. ACCA members are highly sought after by employers for these positions, and the qualification can help accelerate career progression.
Professional credibility: The ACCA qualification is a mark of professional credibility and demonstrates a high level of competence and commitment to the accounting and finance profession. This can help build trust with clients and employers.
Continuing professional development (CPD): As an ACCA member, you have access to a range of CPD opportunities to help you stay up-to-date with the latest industry developments and maintain your professional skills and knowledge.
Professional network: The ACCA has a global network of members and students, which provides opportunities for networking, knowledge-sharing, and career development.
Where can I study ACCA?
There are 2 main ways to study ACCA.
- Study with an ACCA-approved learning provider: ACCA has a network of approved learning providers (ALPs) around the world that offer tuition, study materials, and support for the ACCA qualification.
- Self-study: You can also choose to study for the ACCA qualification on your own, using ACCA study materials or other resources. This option requires self-discipline and motivation, as well as a thorough understanding of the exam syllabus and requirements.
Who is the best ACCA accreditation tuition provider?
We’re probably biased but we strongly believe that ExP is the best provider of ACCA training courses!
Ultimately though, it’s important to find a tuition provider that meets your individual needs and learning style.
However, things you should look out for when selecting an ACCA tuition provider include:
Accreditation: Choose an ACCA-approved learning provider (ALP) to ensure that the provider meets the standards set by the ACCA. Platinum is the highest level of accreditation given to a tuition provider by ACCA. If a tuition provider is gold or silver accredited it means they have NOT met the quality criteria set by ACCA for the platinum level (and these quality criteria include pass rates). ExP is Platinum accredited and we constantly exceed the global pass rates for the ACCA exams (at the time of writing 92% of our students that completed their ExP course during the last 12 months passed their exam).
Reputation and reviews: Read reviews from other students to get an idea of their quality of teaching and support. We’re proud of our Excellent Trustpilot reviews.
Obtaining the ACCA qualification requires dedication and perseverance but in summary, here are three reasons why studying for the ACCA qualification can be beneficial:
Global recognition: The ACCA qualification is widely recognized and respected by employers around the world, making it easier to find job opportunities both locally and internationally.
Versatile skills: The ACCA qualification covers a wide range of accounting and finance skills, giving you a solid foundation of knowledge that can be applied across various industries and job roles.
Career progression: The ACCA qualification is designed to prepare you for senior positions in accounting and finance, such as CFO, financial controller, and finance director. Becoming fully ACCA qualified can help accelerate your career progression and open up new opportunities for advancement.