Are you confused about ACCA because someone told you that “You can’t study ACCA without an accounting background” or “ACCA is tough to qualify” and so on and so forth?
Then, we assume you are searching for truths and facts. You will have a clear idea about ACCA whether you should do it or not once you have completed reading this article.
In the words ahead, we will bust many popular myths around ACCA so that you take an informed decision to pursue ACCA and build a world-class career.
As you might know, ACCA (Association of Chartered Certified Accountants) is a globally recognised accounting qualification. Once you have ACCA certification you will have massive global job opportunities but unfortunately, if you believe in those myths which others say, you will miss out in building an amazing career. So it’s important that you debunk those ACCA myths yourself and move towards your dreams confidently.
Let’s explore the myths to be debunked!
Myth 1 : You Can Only Become An Accountant With ACCA
Since it’s an accounting qualification, you would naturally think after completing ACCA, you will be stuck at an Accountant role without any further growth.
While the truth is, ACCA equips you with transferable skills which can be useful in any other industry. So when you have an ACCA qualification you will have the choice to pursue any career of your choice.
When you start off even with an Accountant role, because of the extensive financial knowledge you got from ACCA, you will be easily climbing the corporate ladder to become a Chief Financial Officer.
ACCA includes modules which give you deeper understanding of a business as well, this will help you become an entrepreneur if you are passionate about the same.
Fact : You can choose any profession you want after ACCA.
Myth 2 : Your ACCA Qualification Won’t Be Relevant In India
This is a popular myth that other accounting qualifications like CA are more relevant in the Indian context while ACCA has only opportunities abroad.
But this is far from the truth. ACCA has more than 7,300 approved employers as their partners in its dedicated job portal where you can find internships and job opportunities. There are many MNCs based in India and the global giants like Big 4 Accounting Firms – PwC, E&Y, KPMG & Deloitte provides better opportunities for ACCA professionals compared to other traditional accounting qualifications.
Since ACCA provides a well rounded skill set which is needed for the employers, more and more companies will be looking for ACCA qualified professionals in the coming years. Apart from that ACCA as a company itself has been actively connecting with MNCs, governments and educational entities to build its relevance in India.
Fact : ACCA Is Very Much Relevant In India As It Has Been Globally.
Myth 3 : You Will Find That ACCA Is An Expensive Qualification
Most people compare the cost to study ACCA with CA. It’s more like comparing apples and oranges. Because CA is only relevant in India and takes a considerable amount of time to become a qualified CA while ACCA provides global opportunities and can build a career faster compared to most accounting qualifications.
Let’s analyse the cost involved to study various programs in India for ease of comparison.
CA – Cost Upto 4 Lakhs.
MBA – Cost Upto 15 Lakhs.
ACCA – Cost Upto 4.5 Lakhs.
The cost of ACCA is normal compared to other financial programs. More than that, in case you see the cost to study ACCA as an investment in yourself. Then the whole perspective of being expensive shifts. In that case the “Return on Your Investment” in the first year after ACCA itself will make “Profit”. Because the average starting CTC for a brand new ACCA Professional is around 6 Lakhs Per Annum. After that every year the amount you draw as salary is pure “Profit”.
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Fact : ACCA is Not Expensive Compared to Other Programs and Its Outcome
Myth 4 : You Can’t Study ACCA If You Don’t Have An Accounting Background
Because of this misconception that you can’t do ACCA without an accounting background you must have decided not to follow the lucrative ACCA based career.
The truth is that even if you don’t have an accounting background, you can still pursue ACCA, provided you complete the foundation-level qualification offered by ACCA. The foundation-level qualification is called Certified Accounting Technician which enables you to have enough knowledge on financial and management accounting.
After the Certified Accounting Technician program you can confidently progress towards doing ACCA and in turn build the career of your dreams.
More than this, many companies are not looking into your’ education background but looking into your ACCA qualification and how skilled you are in the domain. Companies like Deloitte which is one among the “Big 4” decided not to go through the candidate’s details about their university and such to avoid bias while recruiting.
Fact : You Can Do ACCA Regardless of Your Accounting Background.
Myth 5 : You Need To Be Good At Maths to Qualify ACCA
It’s true that as an ACCA professional, you need to know the basic maths like any 10th grade student would know. And you need to be numerate and have an understanding for figures.
This doesn’t mean you need to be really good at maths and no need to be passionate about maths to qualify ACCA. Apart from this, accounting firms and MNCs use the latest accounting softwares to analyse and report big numerical data that means you need only understand the financial statement side based on the data but no need to actually process those math data.
Fact : You Need Only Basic Maths to Do ACCA, Not an Expert Level Maths Required.
Myth 6 : You Will Find ACCA Really Tough to Qualify
Millions of commerce students and non-commerce students (after foundation level program) study ACCA along with their degree program. If it was hard to qualify, students would have chosen to study one at a time, but that is not the case.
- Pass in 13 ACCA papers.
- Finish the Ethics module.
- Paper 1 to Paper 4 are computer-based, objective exams, on-demand which can be attended throughout the year.
- For Paper 5 to Paper 13, there are 4 exam options each year in March, June, September & December.
- Have relevant 3 years of work experience anytime before or after or even during the ACCA program.
This kind of flexibility is not available with any other accounting qualification not only in India but also in other parts of the world.
Fact : ACCA is Not Tough to Qualify
Myth 7 : Your ACCA Based Profession Will Be Replaced by Automation
As the emergence of Airtiitial Intelligence and Robotics and its faster progress has been impacting in many industries, it’s natural to assume that Automation will replace accountants and financial professionals. And there are articles in mainstream media which affirms the same.
But the reality is, automations will not replace the job roles rather it will remove certain redundant processes from an ACCA professional. That means just like computers enhanced the work of an accountant, AI and Robotics will liberate them from boring stuff, so that they can focus on cognitive centric operations and proactive thinking based strategies which cannot be replaced by AI in the near future as these traits are uniquely human.
Fact : Your ACCA Profession Won’t Be Replaced by Automation But It will Be Made Better
Myth 8 : You Need To Travel Abroad for ACCA Exam
ACCA does provide opportunities abroad, that doesn’t mean, you need to write exams outside India .
ACCA do have learning partners and certified exam centers across 179+ countries including India for all ACCA students. That means you don’t have to travel abroad but inside the country to attend the ACCA exams. Recently, due to the pandemic situation ACCA is even providing Remote Session Exams via online which you can attend from your home.
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Fact : ACCA Exam Can Be Attended in Your Own Native Country
Now that you have debunked 8 popular myths around ACCA, you can confidently move towards your ACCA dreams. Even you can help your friends to remove their misconceptions by sharing this article with them.
Go ahead and start studying ACCA without thinking twice, you will thank yourself in the future that you did.
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Hope this article has added value to dust off confusion and drive home clarity!