Many students in India think of pursuing the ACCA course after CA in order to boost their careers. Let’s understand whether this is a good idea or not.
The Chartered Accountancy course offered by the Institute Of Chartered Accountants Of India is one of the most prestigious professional qualifications in India. It leads to the Chartered Accountant designation and thousands of students study for this qualification every year, aiming for a coveted career in accounting and finance.
However, while the Chartered Accountancy qualification is widely recognized in India, it may not get you the required value if you decide to go abroad in the future. I know about many students who have had to pursue other courses in some countries like USA,UK, Middle East, Singapore and Canada, simply because the companies there would not give value to the Indian Chartered Accountancy qualification.
So if you have plans to work in another country, you will need to get a qualification that is widely recognized globally. The ACCA qualification can be an excellent choice for you, as it will give you the necessary global mobility and acceptance that you need.
As per the latest statistics issued by the Association Of Chartered Certified Accountants, the ACCA qualification is accepted in 178 countries across the world, and at present, there are 1,88,000 qualified ACCAs across the world. It is indeed a very popular qualification and is highly in demand among the students as well as the employers in these countries.
Benefits Of ACCA
By completing the ACCA course after CA, you can get access to:
- A globally recognized qualification
As already mentioned, pursuing the ACCA course after completion of the CA provides excellent practical and career benefits to anyone who is looking for a global career. Many companies abroad actively look for qualified candidates who can work in their finance departments in responsible roles.
- Exposure to international standards
The Indian Chartered Accountancy course focuses more on the Indian standards and business laws. However, foreign companies look for knowledge of global standards and practices in the candidates that they recruit. The ACCA course can equip you with this knowledge and provide the global exposure that you will need.
Process Of Registration
You can register for the ACCA course at any time during the year. The enrollment is done online and the process is quite straightforward. You can visit the ACCA website, upload your documents and fill up an application form. Once your registration is confirmed by ACCA, you will receive a mail with all the necessary details. You can start studying for the examination thereafter.
The detailed process of registration is available on the ACCA website here.
Exemptions Available For CAs
There are 14 papers in total in the course that the candidates are required to pass. However, once you become a qualified Chartered Accountant, you can get exemptions in several papers of the ACCA course. If you have completed the course after May 2003, then you are entitled to exemptions in 9 out of the 14 papers contained in the examinations. These are:
- F1 – accountant in business
- F2 – management accounting
- F3 – financial accounting
- F4 – corporate and business law
- F5 – performance management
- F6 – taxation
- F7 – financial reporting
- F8 – audit and assurance
- F9 – financial management
These are all the papers that are contained in the Foundation Level of the examination and you will only have to clear 5 papers in the Professional Level.
Even if you are yet to pass the final examinations of Chartered Accountancy, you can get certain exemptions, as long as you have passed the IPCC level. In that case, you can get exemptions in 5 out of the 9 papers contained in the Foundation Level. These are:
- F1 accountant in business
- F2 management accounting
- F3 financial accounting
- F6 taxation
- F8 audit and assurance
You can get the details of the exemptions available in the exemption section of the website.
The availability of computer-based testing for ACCA has brought the examinations within the reach of thousands of students who appear for it every year. The exams are now held 400 centers across more than 170 countries, ensuring that there is at least one examination center in every major country, including India. This is a major benefit for the candidates since they do not have to travel to another country to appear for the examinations.
The examinations are held in four windows across the year, in the months of March, June, September and December. Since these are computer based, students can take one module at a time. The candidates can plan out their examination appearance schedule so that they have adequate time for preparation in their hands. The availability of these for windows goes a long way in reducing the exam pressure and tension for the candidates and allows them to clear the papers in a relaxed manner.
So is doing the ACCA course after CA a good idea?
If you want to get a globally recognized qualification apart from the powerful CA qualification that you already have, then go ahead and pursue the ACCA course after CA. Its world class curriculum and the exemptions that you will get in a large number of papers as mentioned above will ensure that the path to becoming an ACCA can become really smooth for you.
If you are planning to stay in India and have no plans to move abroad, then doing the ACCA course after CA will be of little value to you. The CA certification will be enough in such a case.