INTRODUCTION:
ACCA (Association of Chartered Certified Accountants), a prestigious qualification in the Accounting and finance sector has observed a significant rise in demand in the Zimbabwean region over time. However, along with the increased hype of this qualification and its demand in the job market students also face certain challenges of ACCA in Zimbabwe. While this qualification might be a bit challenging it proves to be fruitful for aspirants in their professional journey. Today, in this blog we will share all the challenges of ACCA in Zimbabwe and their solutions.
FINANCIAL CONSTRAINTS:
Problem:
Amongst all the challenges of ACCA in Zimbabwe, the most commonly identified problem is the financial considerations of this qualification. In a country like Zimbabwe which faces economic instability the cost of higher qualification is a burden for students. The qualification requires the aspirants to not only pay the registration and exam fees but they are also charged per course tuition fee from the institute they choose for preparation for ACCA. The economic condition and fluctuating exchange rates contribute to increasing the challenges of ACCA in Zimbabwe as the Fee of ACCA global is charged in British pounds, hence the exchange rate between Zimbabwean dollar and British pound makes the qualification expensive for Zimbabwean aspirants.
Solution:
Solution of challenges of ACCA in Zimbabwe is that ACCA Global and other tuition providers of offer multiple discounts such as early bird discounts, etc., students are advised to keep track of these discounts and scholarships offered by employers, and big accounting firms, NGO’s and avail of these opportunities to lessen their financial burden.
ECONOMIC INSTABILITY:
Problem:
One of the common challenges of ACCA in Zimbabwe is Economic instability of the region in the past years has resulted in hyperinflation, making it difficult for locals to afford basic services such as education. For families struggling with this inflation to make ends meet it is a luxury to think about qualifications like ACCA. The economic condition also plays a role in the increased unemployment rate, as the job opportunities get fewer.
Solution:
ACCA offers a global career to its professionals, aspirants of ACCA can have a bright career internationally with the help of this qualification. This qualification enables them to get jobs internationally in more economically stable and growing countries of the world. The financial sector of Zimbabwe is also thriving to become stronger, which opens a gateway to opportunities within the region for students who prefer staying in Zimbabwe only.
LIMITED ACCESS TO STUDY RESOURCES:
Problem:
Challenges of ACCA in Zimbabwe include the problem faced by students living in rural areas, they face several issues based on their location one of which is limited access to study resources. These students fail to have access to libraries or reliable study materials which can result in poor performance in exams.
Solution:
As the world nowadays revolves around technology, everything is getting digitalized from classrooms to books and lectures. On the other hand, the global recognition of the qualification makes it more accessible. There are numerous online ACCA-approved institutes offering online courses, reliable study materials, and mock exams. This facilitates the aspirants in rural areas to shine bright, despite their location restrictions.
CULTURAL AND SOCIETAL EXPECTATIONS:
Problem:
Not many locals of Zimbabwe are well aware of ACCA qualification and its demand in the international job market. Lack of education and recognition amongst the locals is one of the biggest challenges of ACCA in Zimbabwe. The society promotes and pressurizes youth to choose traditional career paths, this affects the mindsets of aspirants who are capable enough to ace the ACCA exams.
Solution:
Students willing to start their career in the finance and accounting sector with the help of ACCA qualification should first have a good understanding of the qualification so that they are capable enough to educate their parents about this qualification. These challenges of ACCA in Zimbabwe could be faced with the help of Accounting and financial firms and the government sector; they could also emphasize educating locals about the importance of ACCA qualification. This will help them have good financial professions working in their finance sector eventually making it stronger resulting in economic growth.
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TIME MANAGEMENT:
Problem:
Challenges of ACCA in Zimbabwe also include students finding it difficult to manage time effectively for studies. As students of Zimbabwe are usually trying to balance work with studies, in this situation going for such a complex qualification might seem challenging. Resulting in a disbalanced schedule, broken work commitments, or overlooking studies.
Solution:
ACCA qualification is quite flexible when it comes to time, study pace, and study modes, it allows students to go for part-time studying or online learning which enables them to study as per their preferred schedule enabling them to balance their work and study together. Apart from that, ACCA students can attempt their exams as per their study pace, the qualification doesn’t allow them to attempt a number of exams in one sitting.
CONCLUSION:
Challenges of ACCA in Zimbabwe include financial constraints, economic instability, time management, cultural and societal expectations, access to study resources, limited networking opportunities, etc. However, these challenges of ACCA in Zimbabwe are quite a few but they can be overcome if you are determined enough. ACCA qualification might seem complex and difficult but with resilience, efficient understanding of the qualification, availing support and scholarship opportunities, and effective time management you can easily overcome all the challenges of ACCA in Zimbabwe. Do not let any challenge dull your spark to become a successful professional in the accounting sector.
FREQUENTLY ASKED QUESTIONS:
Q1: Can I study ACCA part-time in Zimbabwe?
Answer: Yes, studying ACCA as a part-time student in Zimbabwe is a common and feasible practice for aspirants. One of the commonly faced challenges of ACCA in Zimbabwe is working students’ time management.
Q2: What is the duration of the ACCA qualification in Zimbabwe?
Answer: The duration of the completion of ACCA qualification in Zimbabwe solely depends on each student’s study pace and hard work. However, normally the qualification might take around 3-4 years to complete.
Q3: How do I gain practical experience for ACCA in Zimbabwe?
Answer: Along with exams assessing your theoretical skills and academic knowledge, this qualification also equips you with practical experience. This experience could be in the form of part-time, full-time, or internships with ACCA-acknowledged employers. Aspirants are allowed to work under several roles such as financial analyst, financial reporter, auditor, tax consultant, etc.
