Frequently asked questions
What is ACCA (Association of Chartered Certified Accountants)?
Founded in1904, ACCA is a Global Chartered Professional course. It is one of the world's most forward thinking professional accountancy body with International accounting principles and ethics being the core of its syllabus.
ACCA supports more than 200,000 fully qualified members and around 500,000 students worldwide in over 180 countries. ACCAs are among the world’s best-qualified and most sought-after accountants - and they can work in every sector you can imagine in areas of Finance and Accountancy globally.
Also it is one of the most flexible accountancy courses avaialble at global level, where you can select your field of study at final exams level.
In short, ACCA creates the innovative, strategic-thinking accountants our fast-changing world needs.
For further details visit:
https://www.accaglobal.com/in/en/qualifications/glance.html
Why choose ACCA over Indian CA?
Both ACCA and CA India (ICAI) are reputed professional courses.
However ACCA scores in following areas:
Number of Exams: 13 papers of ACCA compared to 19 papers of ICAI.
Duration: All 13 Papers of ACCA can be passed in 2 to 3 years.
Flexibility: No group structure or group passing in ACCA. You can give one paper at a time. But you have to score minimum 50% in each ACCA paper against minimum 50% for group passing in CA.
Exam pattern: ACCA exam are more practical, application and case study based. You do not have to memorise, but apply the concepts in exam. Each paper time varies between 2 hours to 4 hours. Session CBEs (Computer based) exams are in line with needs of industry.
Pass percentage: Global passrates around 30% to 40% in each paper of ACCA against much lower pass rates of Indian CAs.
Recognition: ACCAs can work in almost all areas of Accountancy and Finance in India. Further, ACCA has a list of more than 7400 approved employers worldwide. Indian CAs who want a globally recognised qualification opt for ACCA.
Exemptions: Upto 9 papers exemption can be obtained in ACCA based upon previous qualification obtained.
Prospects in India: Job openings in Top Audit Firms including Big4, MNCs across India, Big Indian corporates for ACCA students, affiliates and members. Scope of ACCA increases further if you plan to go abroad.
What is the Eligibility for ACCA Professional course?
Minimum entry requirement for ACCA Professional course in India is HSC (12th Std).
You need to score overall 50% in 12th AND must have scored minimum 65% in English AND 65% in Accounts or Maths.
If you do not meet this eligibility criteria, then you will have to start at lower level i.e. ACCA Foundations in Accountancy, which involves passing further 4 papers, before joining ACCA Professional course.
Please email ACCA at
students@accaglobal.com to confirm your eligibility for the Professional course as ACCA scrutinises each application on case to case basis. You need to scan and send your marksheets to ACCA to enable them to provide you proper advice.
Graduates and Post graduates (B.Com, M.Com etc) get direct eligibility as well as some exemptions to ACCA professional course, provided they have scored minimum 50% overall.
More details about at following link:
https://www.accaglobal.com/in/en/qualifications/glance.html
Eligibility Link:
https://www.accaglobal.com/in/en/qualifications/glance/acca/minimum-entrance-requirements.html
What is the scope and career options of ACCA in India?
The Scope of ACCA and Career options is determined by the skill sets it provides to the candidates.
ACCA qualification is a passport to a new world of opportunity. As a global body for professional accountants, ACCA offers you much more. More than just a good reputation, More than worldwide influence and career progress in any organization, ACCA offers you the world! The ACCA is the only truly global accountancy qualification with members in 180 countries and a global program that tracks the needs of industry and employers around the world. The various MOUs by ACCA are useful in international mobility and career progression of its member, e.g. ACCA has MOU with CA ANZ or CPA Canada.
Though ACCA qualification is mainly based on international accounting principles, it also offer adapted papers in financial accounting and auditing, and papers that test local law and tax. So you can feel confident that you have a globally recognized qualification that is relevant locally too.
ACCA offers choice of specialist options papers tailored to career needs of each individual. Students have the opportunity to choose between various papers, which is unique to the ACCA qualification. Students can choose papers in the subject areas in which they are working currently or aspire to work in future.
ACCA is the only accountancy body with a mandatory professional ethics module as part of its exam syllabus. This becomes more important as the profession moves towards strengthened codes of conduct, regulation and legislation - with an increasing focus on professionalism and ethics in accounting.
The versatility of the ACCA qualification gives you the power and freedom to choose your own career path in accountancy, business and finance. It gives you the transferable skills you need, so that in the long-term you can apply for finance roles in any sector, in any business, anywhere in the world. It comprehensively covers the technical and management skills, accountants are expected to master. ACCA qualification exams are not just about theory – the exams are based on practical case studies.
ACCA's flexible approach equals freedom. The ACCA qualification has flexible entry requirements, and offers flexible study options, enabling studies to be planned around business needs. The qualification isn't tied into a particular training contract and exemptions for a relevant degree mean fewer exams to sit. The breadth of the ACCA Qualification makes it the perfect platform to launch any business career, and you will have the opportunity to acquire technical skills that employers are now demanding to steer the business through volatile times, without pigeon-holing yourself for the future.
Do ACCA members have signing authority in India?
As an ACCA, you do not have signing authority in India, and hence can not sign audit reports and practice audit by setting up your own firm in India. This signing authority is restricted only to CA India, not even granted to ICWA / CMA or CS. However, There is no restriction to work in any Audit firm including Big4, Accountancy and Finance field in MNCs and other companies in India.
There are ACCAs working in audit firms in India (including the Big 4) who can work as part of the audit team. The partner signing the audit report must be a member of the ICAI.
But as a ACCA member, you will have signing authority in most other countries outside India including UK, EU, Canada, Australia, New zealand, Middle east, SIngapore etc.
What is the duration of competing ACCA course?
On an average, it takes between 2 to 3 years to complete the ACCA qualification.
ACCA gives a maximum of 10 years from first registration date, to pass all 13 papers.
What are the subjects or papers in ACCA course (course structure)?
ACCA updates its syllabus on periodic basis. Only one syllabus stucture is applicable at a particular point of time. ACCA recently updated the syllabus for Sept 2018 exams onwards.
The ACCA exams are divided into THREE levels; Applied Knowledge, Applied Skills and Strategic Professional.
Applied Knowledge level:
- Accountant in Business (Previously F1)
- Management Accounting (Previously F2)
- Financial Accounting (Previously F3)
Applied Skills level:
- Corporate and Business Law (Previously F4)
- Performance Management (Previously F5)
- Taxation (Previously F6)
- Financial Reporting (Previously F7)
- Audit and Assurance (Previously F8)
- Financial Management (Previously F9)
OPTIONAL - BSc Hons in Applied Accountancy degree from Oxford Brookes University UK on submission of Research report.
MANDATORY - Ethics and Professional Skills Module to be completed before moving to Strategic Professional level.
Strategic Professional level:
Essentials
- Strategic Business Reporting SBR (Previously P2)
- Strategic Business Leader SBL (Previously P1 and P3)
Options (two to be completed)
- Advanced Financial Management (Previously P4)
- Advanced Performance Management (Previously P5)
- Advanced Taxation (Previously P6)
- Advanced Audit and Assurance (Previously P7)
OPTIONAL - MSc in Professional Accountancy from University of London UK
(Source: ACCA Global Website)
How many papers can be given in one exam attempt?
You can appear for maximum 4 papers per exam attempt every three months, and a total of 8 papers can be attempted and passed each year.
How often are the ACCA exams conducted?
First 4 papers of ACCA (Applied Knowledge level and Law papers) are on-demand computer based exams. These exams can be attempted at any time of the year.
ACCA Paper 5 onwards (Applied Skills and Strategic Professional level) exams are conducted 4 times a year, in first week of March, June, September, December.
Paper 5 to 9 are session CBE computer based exams. Paper based exams also available at some centres in India.
Strategic Professional level (Final level) exams are at present paper based.
All exams are conducted at designated centres of ACCA throughout India at pre-determined times.
What is PER or articleship or internship or experience requirement of ACCA?
There is a mandatory practical experience requirement (PER) of 3 years to become full member of ACCA. This can be pursued before, during or after completing the ACCA exam.
For a student is working in India, he or she would need to have the work experience certified by an ACCA or an Indian CA (ICAI member) or by IFAC recognised professional like ICWA, CMA, CPA USA.
The experience for ACCA membership can be obtained in any areas of Accountancy and Finance as listed in ACCA's PER. It can be obtained in a company (preferably MNCs) or in an audit firm. There is no restriction that experience has to be in audit firm, like in Indian CA course.
More details of PER can be found at below official link of ACCA:
https://www.accaglobal.com/in/en/student/practical-experience/performance-objectives.html
What are the pass rates of ACCA exams?
ACCA Global pass rates for individual papers generally range between 30% to 40%.
You need to score minimum 50% in each paper, to get a permanant pass in that paper.
What are the exemptions available for other courses or degrees?
ACCA provides exemptions in particular papers based on your other qualifications obtained.
12th (HSC) or CA Foundation / CPT - No exemptions. Have to appear for all 13 papers of ACCA Professional course.
BCom / BBA / BAF / BBI / BMS / MCOM– First 4 papers (Applied Knowledge and Law) exempt.
CA IPCC / Inter / PCC - 6 papers exempt (Applied knowledge level, Law, Tax, Audit).
Fully qualified CA India or ICWA member – First 9 papers (Applied Knowledge and Skills level) exempt.
CS – Paper 4 Law is exempt.
The above is just an indicative list, the exemptions will be granted at sole discretion of ACCA after scrutinising individual applications submitted.
ACCA Exemption calculator:
https://www.accaglobal.com/in/en/help/exemptions-calculator.html
What is the overall budget requirement for completing ACCA course?
In India, Generally it would cost around Indian Rs. 4 to 5 lakhs to complete the whole ACCA course over the 2 to 3 year period of the course. This budget includes ACCA registration, Exam fees, Annual subscriptions, Coaching fees at Vaidya Tutorials and cost of books and additional material as may be recommended by tutors.
You do not have to spend this whole budget upfront, it will be on paper by paper basis, as you progress through the ACCA course.
You will be in position to recover this cost in around six months to one year of practical experience in India. If you work abroad, the recovery will naturally be much faster.
What is Salary structure for ACCA students in India
Part qualified ACCA student in India can earn around Rs. 3.5 lakhs to 5 lakhs per annum, during the course of his articleship.
A fully qualified ACCA member (Passed all papers + 3 years practical / articleship experience) can earn around 6 lakhs per annum in India.
The salary increases substantially with experience and many job openings are available in India, even for CFO / Director Finance level.
The salary paid will differ from individual to individual. It will be dependent upon multiple factors:
1) How many papers of ACCA you have passed.
2) Whether you have any prior experience in accounting and finance.
3) Your communication and negotiation skills.
4) How you performed in Interviews.
5) How good you are at work.
Generally, ACCA students, affiliates and members receive salary in line with or better than Industry average for Finance professions. Salary can vary according to company policy and location in India.
What if I am not eligible for ACCA Professional Course?
ACCA can be started at any level and at any time of your career.
If you do not meet the minimum eligibility requirements of ACCA Professional course, you can start at the Foundations in Accountancy level, where you will have to pass additional 4 papers below the 13 papers of ACCA professional course.
More details can be found at below official link of ACCA:
https://www.accaglobal.com/in/en/qualifications/glance/foundation-level/course-details.html
Is Vaidya Tutorials, Approved Tution provider or Approved Learning Partner?
Vaidya Tutorials is a sole proprietorship business. As a Fellow member of ACCA (ACCA member in good standing for more than 5 years) and a Triple Chartered Professional into full time coaching business, I aim to ensure that you receive the best quality comprehensive coaching for each paper of ACCA. It is being reflected in above average pass rates at Vaidya Tutorials versus global average. Also the reviews given by past students is testimony to the quality and success of teaching.
As per communication with ACCA, at present ACCA does not provide Approved Learning Partner (ALP) status to sole proprietor businesses. The Silver, Gold and Platinum ALP status is only provided to companies or corporates globally. In such a situation, at present Vaidya Tutorials cannot become an Approved Learning Partner.
ACCA Job Profiles or Careers
Use ACCA Careers to find that perfect job that will enable you to progress towards qualification and further your career. For more details about various job profiles for ACCAs, please visit:
https://jobs.accaglobal.com/
Source: ACCA Global Careers portal
