ACCA is Tough Expensive and Other Common Myths about ACCA: “Debunked”
ACCA is tough to qualify.
Are you sure you want to enrol in ACCA? It’s quite challenging.
“ACCA is exclusively intended for students who want to relocate abroad.”
“The ACCA course is quite expensive.”
You may have heard one of the phrases above if you’ve ever thought of pursuing ACCA (Association of Chartered Certified Accountants) certification. But do they have any basis in reality? We’re busting the most prevalent ACCA myths to help you in making decisions about your future without being misled. Find out the details by reading on!
Myth 1: The ACCA programme is highly expensive
Fact: To clear up the confusion, investing in any qualification is an investment rather than an expense. The time and effort you put into learning something new and mastering it will always pay off in the long run. To have a better picture, let’s compare the investment of a few of the top financial courses:
- INR 3.5–4 lakhs for Chartered Accountancy (CA)
- INR 10–15 lakhs for a Master of Business Administration (MBA).
- CFA certification costs between Rs. 3.5 lakh and Rs. 4 lakh.
- Association of Chartered Certified Accountants (ACCA) 4–4.5 lakhs rupees
With starting pay packages of INR 5–6 lakhs annually, investment in ACCA is comparable to that of other financial courses. It implies that the payback period is less than a year and that there are enormous benefits in terms of career opportunities and progress.
Myth 2: ACCA is Tough and Difficult to Qualify
Fact: Being an ACCA professional requires that you pass 13 ACCA papers at 3 levels of examinations. Three years of relevant work experience and completing an ethics and professional module are required.
The first four exams are computer-based, on-demand, objective tests that can be taken at any time of the year. There are 4 test windows per year, in March, June, September, and December, starting with the fifth paper. There are both objective and subjective questions on exams. The examinations, in my opinion, are quite flexible and let you tailor the exam schedule to suit your needs. Exam pass rates are likewise extremely high. Additionally, the idea of aggregate marks or groups does not exist. Therefore, failing one paper won’t affect the outcomes of the other papers if you attempt them. Overall, it needs the right amount of effort to qualify but saying ACCA is tough is a myth.
Myth 3: ACCA doesn’t offer any assistance with job placement
Fact: You can search 7300+ recognised employers on the ACCA’s dedicated career platform to locate internships and job placements. Thousands of positions are advertised on jobs.accaglobal.com, where they can be viewed by nation, job role, and industry. These careers cover a wide range of positions, such as bookkeepers, business analysts, financial and management accountants, tax consultants, forensic accountants, treasurers, and business partners in the finance sector, among others.
Myth 4: ACCA is only for job seekers in accounting
Fact: Actually, the ACCA certification opens up account positions in India for qualified ACCAs. The eleven ACCA job roles are listed below. You can apply for Financial Accountant, Management Accountant, Corporate Treasure, Assistant Accountant, Financial Controller, Finance Manager, Forensic Accountant, Chief Financial Officer, Auditor, and more if you have an ACCA qualification.
Myth 5: Family businesses shouldn’t use ACCA
Fact: With the knowledge you gain from the course, you can start your own firm or apply for a job after earning your ACCA qualification. Anyone interested in pursuing a degree with a specialisation in accountancy and finance should take the ACCA exam. Additionally, the fundamentals of accounting and finance are present in every firm.
Myth 6: ACCA is only used by corporations
Fact: It is a prevalent misconception that ACCA is only valuable for individuals interested in corporate careers and not family-run enterprises or their own start-ups. But the truth is that ACCA is a globally recognised business qualification for both professionals and business owners. The ACCA syllabus includes papers on Strategic Business Leadership (SBL), Strategic Business Reporting (SBR), Advanced Performance Management (APM), and other topics related to strategic decision-making, financial strategies, and professional ethics. Along with a comprehensive understanding of finance and accounting, these topics also develop important corporate management and strategic skills.
Myth 7: A regular student cannot enrol in ACCA
Fact: There is no average or thoughtful person who cannot pass the ACCA exam. It’s simply the desire or the passion to go towards your goal without being seriously hindered. Any candidate, whether a bright or ordinary student, can pursue ACCA if they are interested in establishing their future in the Accounting & Finance profession, working with the Big 4s, or working outside of the country.
These were the top myths about ACCA. Another popular myth is, it takes too much time to pursue ACCA apart from ACCA is tough. Although obtaining the ACCA qualification does demand a sizable time commitment, students have the option of doing the course at their own pace and finishing it over a longer period of time. Additionally, a lot of students decide to pursue their ACCA while working, which makes managing the time commitment easier.
ACCA is one of the top professional programmes available to students with a flair for finance and accounting. The course provides them with intense instruction and skill development to help them compete in the employment market. After completing the programme, the student becomes a certified and skilled global accountant who is prepared to find a place in the market. Although these are myths- ACCA is tough or expensive even if they are true, it is still beneficial to go for it because of its numerous advantages.
We hope that this guide helps you know all the popular misconceptions or myths from ACCA is tough to ACCA takes time and more. If you are all set to begin your professional journey with ACCA, contact us at …..or visit Mirchawala for expert guidance.