What is ACCA?

ACCA - Association of Chartered Certified Accountants (Full qualification)

What is ACCA? As the title gives away, ACCA stands for the Association of Chartered Certified Accountants. It originates in the UK, and is today considered by many as the world’s premier international accountancy body . Its qualification offers the possibility of a rewarding career in accountancy, finance, and management. The qualification is internationally recognized and is given importance in many other countries as equivalent to the local requirements. The qualification viewed as “US equivalent” is called the CPA. CIMA is also an accountancy qualification, but focused more on management accounting.

In the year 1904, the London Association of Accountants was formed by merely eight people with the intention of providing open access to the accountancy profession. Over the years, ACCA went through a number of mergers and amalgamations. Finally in the year 1984, it was granted a Royal Charter of Incorporation in the United Kingdom. As a final point, the Association of Chartered Certified Accountants (ACCA) came to be used. ACCA is now one of the largest and fastest-growing global accountancy bodies with 147,000 members and 424,000 students in 170 countries. (2010 figures)

ACCA members can go into a wide range of positions and industries, for example:

• Assurance and Attest Services
• Financial Accounting
• Management Consulting and Performance Management
• Information Technology (especially as applied to accounting and auditing)
• Corporate Finance (Merger & Acquisition, initial public offerings, share and debt issuing)
• Financial Planning
• Financial Analysis
• Venture Capital
• Forensic Accounting (preventing, detecting, and investigating financial frauds)
• Tax Preparation and Planning
• Estate Planning
• Corporate Governance
• Income Tax

Area of focus:

There is a strong focus on professionalism and ethics in the ACCA qualification. It is also a main part of the practical experience you must complete to qualify. The qualification is of course closely related to the needs of the accountant in the modern business world, and all of the technical and conceptual knowledge that comes with that. It also prepares members for work in almost any sector of the economy. What is ACCA? It’s an accountancy qualification, as well as a highly-regarded professional qualification in its own right, respected across many industries and for different job positions.

The qualification is designed to provide the accounting knowledge, skills and professional values which will deliver finance professionals who are capable of building successful careers across almost all sectors, whether they are working in the public or private sectors, practicing in accounting firms, or pursuing a career in business. Many aspects of business management are also covered by this examination too. From the purely technical – such as bookkeeping and cost accounting- to the more theoretical aspects such as motivational theory and theories of risk, it covers a lot.

What is ACCA? The qualification is very well recognized all over the globe. This allows international mobility in your career. With complete flexibility in your career choice you can work in any business sector from the public or corporate sectors to financial services or public practice.

 

The Levels:

In order to become a qualified chartered certified accountant and use the designatory letters “ACCA” after your name you need to complete:

- 14 exams (exemption can be claimed in nine exams).

The papers are split into two parts, the Fundamental level (9 examinations) and the Professional level (5 examinations).

- Three-years’ relevant practical experience requirements

- A Professional Ethics module.

 

The Fundamentals level is divided into two modules – Knowledge and Skills. The Knowledge module (F1-F3) introduces students to the core areas of financial and management accounting. This provides the platform from which the other technical accountancy areas will be studied in greater detail in the Skills module. The Skills module (F4-F9) contains six subjects which comprehensively cover the main technical areas that any accountant – regardless of their future career aspirations – are expected to have mastered. What is ACCA?  accounting law, performance management, taxation, financial reporting, auditing,  financial management, and more.

On successful completion of all nine papers, you will have deemed to have passed the Fundamental Level and can then proceed on to the Professional Level of the ACCA Qualification.

The Professional level is divided into two modules – Essentials (P1-P3) and Options (P4-P7). Both modules have been set at an intellectual level equivalent to that expected of a student taking a Masters degree. The focus of the syllabus at this level is to build upon the technical skills already acquired, and explore more advanced professional skills, techniques, and values that are required and used by the expert accountant acting in an advisory or consultancy role at a senior level. All students must complete the three papers in the Essentials module. The Options module contains four papers. These are directly underpinned and supported by their equivalent within the Skills module in the Fundamentals level. These exams assess the more advanced and sophisticated techniques that a professional needs in order to specialize in specific areas at work or to follow as a career pathway in an advisory or consultancy role. Students select two out of four Option papers and are advised to choose the options that relate to their chosen or anticipated field of work

What is ACCA? Details of the syllabus for ACCA qualification can be viewed by clicking the following link:

http://www.pwc.com/cz/en/business-academy/acca/acca-syllabus.pdf

 

…and the Time:

All students have a time limit of ten years to complete their examinations from registration. However, the average time in which students will be expected to qualify is three to four years. How much study time is required depends upon individual needs, abilities and learning styles. However, you should be prepared to devote around 15 hours per week over the 6 months before each exam. What is ACCA? The ACCA qualification is of a high standard (it is equivalent to completing a full University degree course). Therefore studying for the exams does require a lot of hard work, and success is impossible without a real commitment to continuous home study. However the examinations are well within the ability of most intelligent students.

 

Exam Fee detail:

The annual subscription fee is due and payable on 1 January each year you wish to remain an active student.

 

Exam Level	Exam Entry Period	June 2012 Exam Fee (Per Exam)	December 2012 Exam Fee (Per Exam)
Knowledge (F1, F2 and F3)	EarlyStandardLate	$55$64$192	$60$69$200
Skills (F4, F5, F6, F7, F8 and F9)	EarlyStandardLate	$69$80$208	$75$86$217
Professional (P1, P2 and P3) and any two from P4,P5,P6 and P7	EarlyStandardLate	$81$94$222	$88$101$231

 

Kaplan Publishing offers study materials for all levels of the ACCA qualification., so that you can solve that problem of “What is ACCA?” You can take the help of Kaplan’s Complete Learning Solutions ($108). It provides all the official ACCA study materials you need to pass. You can also study at a tuition provider, by distance learning or even self-study. And you can also choose full time or part time, depending on how much time you have available. If you decide to go with face-to-face learning, ACCA has a network of over 440 tuition providers around the world. Some of them are part of ACCA‘s Approved Learning Partner program. Furthermore, to prepare yourself for the examination the bare minimum but absolutely sufficient need is BPP study text for each paper, which is supplied by ACCA. BPP study materials are subject to quality assurance by ACCA. It includes exclusive examiner review of study texts and exam question kits.  The books span the whole syllabus. However, these must all be purchased and paid for independently of examination costs.

 

What is ACCA? ACCA operates over 400 examination centers in more than 170 countries at each examination session. Special facilities can be arranged for disabled students, and where appropriate – for example in remote areas or where religion places restrictions on attendance at regular examination centers – ACCA will consider requests to set up alternative examination centers. If you are taking the exams at a special centre, you will be required to pay any additional local invigilation and accommodation fees.

 

Career prospects after ACCA:

Once you have completed your exams, three years’ practical experience and the Professional Ethics module you will become an ACCA member and be able to use the ‘ACCA‘ letters after your name. Once you become the member you will gain much more flexibility in your career choice – you can work in any business sector from the financial services and public practice to the public and corporate sectors. Also, you be part of a global professional body with a reputation for driving global standards of professionalism, ethics, integrity and accountability. The annual subscription fee is due and payable on 1 January each year. Annual membership fee for member is $197.

ACCA members are also required to undertake relevant Continuing Professional Development, CPD to ensure that they maintain and develop the knowledge and skills needed to succeed in today’s dynamic and demanding business environment. All ACCA members who are active in the workplace are required to complete CPD on an annual basis.

With ACCA qualification your accounting knowledge, skills as well as professional values are enhanced. With it you can build successful career as a finance professional in any sector. ACCA members can expect their salary to increase strongly during their career and earn significantly more than the national average. 61% of ACCA members surveyed enjoyed a salary increase in the preceding 12 months. ACCA qualified persons develop a personally fulfilling and financially rewarding career. Many receive salary increases regardless of tough economic climate. Salaries remain attractive in all locations, dispelling old myths and misconceptions about some local pay levels. ACCA Qualification guarantees a dynamic career with global reach.