INTRODUCTION:
ACCA, a well-known and highly regarded qualification in the financial world, is not applauded by employers but by students as well. What makes it so special? What are the factors that not only attract employers but also draw the attention of the students? This blog will answer all these queries and more; it is an in-depth guide discussing both ACCA advantages and ACCA disadvantages in Singapore.
However, the advantages of this qualification are various, covering up the cons it might have, but for students who are looking forward to beginning their career with this qualification, it is essential to know the goods and bads of ACCA in Singapore before stepping into it. Without wasting any more time, let’s dive into the ACCA advantages and ACCA disadvantages in Singapore so that you can decide if you may or may not enroll in this global qualification.
ACCA ADVANTAGES IN SINGAPORE:
The ACCA advantages in Singapore are numerous, as this qualification is all about ensuring academic and professional benefits for the aspirants, some of which are discussed below:
1: GLOBAL RECOGNITION AND LOCAL CREDIBILITY:
The ACCA qualification is well-acknowledged in more than 180 countries around the world, with constant growth in demand, as it has a strong local presence in the finance and accounting industries. These factors serve as one of the biggest advantages for ACCA aspirants as they lead to enhanced work opportunities. Employers demand professionals with global financial qualifications to manage their organization’s huge finances; amongst such employers are the big corporations, MNEs, and the Big Four accounting firms.
2: COMPREHENSIVE SKILL SET:
The ACCA qualification is comprehensive and well-focused on practical and technical skills rather than just relying on theoretical competencies. The well-structured, diverse curriculum of ACCA covers numerous essential areas such as taxation, performance management, audit, business strategy, etc. Not only this, the qualification also greatly emphasizes developing ethical skills by providing ethics and professionalism training.
These things polish aspirants for the practical financial world and are highly valued by employers seeking skilled individuals who have great technical, professional, and analytical skills. The comprehensive skill development offered can be counted as one of the highly-applauded ACCA advantages in Singapore.
3: FLEXIBILITY AND AFFORDABILITY:
In a world where flexible options in terms of academics & professionalism are sought-after, and where the biggest concern for students is the financial obligations attached to it. The flexibility and affordability ACCA offers are nothing but pure bliss for aspirants; the qualification is cost-effective and offers much better ROI than other accounting qualifications. Alongside, the academic flexibility it offers is truly commendable; it encourages students to manage work and study together and lets them gain the needed experience to survive in the modern financial world.
Other than that, unlike many qualifications, ACCA has inclusive entry requirements; it welcomes candidates from different academic backgrounds by offering multiple study routes that cater to a wide audience. Not to forget the exam flexibility offered by ACCA in Singapore, the qualification offers a manageable exam structure in which aspirants can focus on one paper at a time and appear in four exam sittings throughout the year. These flexible options and affordability top the list of ACCA advantages in Singapore.
4: PROFESSIONAL DEVELOPMENT AND NETWORKING:
Amongst the ACCA advantages in Singapore, professional development and networking opportunities are also included. ACCA is not only focusing on temporary benefits but is also offering lifelong support through CPD activities.
Completing these annual activities is a requirement for each ACCA member to keep their membership status active; these activities ensure ACCA members are continuously learning something new and stay updated with industry trends. Whereas the local and global networking opportunities offered by ACCA are beneficial for professional enhancements and better career opportunities.
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ACCA DISADVANTAGES IN SINGAPORE:
Amongst so many ACCA advantages in Singapore, there are certain challenges as well; these are discussed below.
1: COMPLEX & EXAM-CENTRIC:
The ACCA qualification is completely based on exams to testify to your academic learning, rather than using projects or presentations for the purpose. The modules and exam format are quite challenging; the difficulty level is high, and the exams are quite lengthy. Therefore, aspirants count it amongst the ACCA disadvantages in Singapore as it requires students to have strong discipline and practice to ace ACCA exams.
2: LIMITED FOCUS ON SOFT SKILLS TRAINING:
Currently, the ACCA curriculum doesn’t include any presentations or projects that might affect their interpersonal skills. However, this gap is somewhat covered through the EPSM modules, in which ACCA focuses on polishing the professional skills of students so that they are well-spoken and trained to work professionally in the financial sector.
3: COMPETITIVE JOB MARKET:
The ACCA students face the challenge of availing great job roles despite so many opportunities, as the job market for finance professionals is quite competitive. To stand out amongst the crowd, aspirants need to work harder and have all the required skills, experiences, etc.
CONCLUSION:
Like any other qualification, the ACCA qualification also has its pros and cons; students can analyze what this qualification offers to finally come to a decision. By the advantages and ACCA disadvantages in Singapore, it’s clear that the advantages are more and can cover up for the challenges that come along. If an individual is well-focused and follows the steps to efficiently complete ACCA in Singapore, they are most likely to overcome all the challenges.
FREQUENTLY ASKED QUESTIONS:
Q1: Is a degree required to begin my ACCA academic journey in Singapore?
Answer: No, ACCA doesn’t require you to have a degree to begin your academic journey; it is a flexible qualification that welcomes anyone with minimum education, as well (high school graduates or even those who are unable to meet the minimum requirements through the FIA route.
Q2: Are ACCA exams very difficult to pass?
Answer: Yes, the ACCA exams are one of the most challenging papers of accounting; modules from the Applied knowledge level have a passing rate of 70-80%, Applied skills level modules have a passing rate of 45-55%, and passing rates for the Strategic Professional level modules are 30-45%.
