INTRODUCTION:
The ACCA qualification has seen great hype in the Asian financial sectors, which includes Nepal as well. There are various reasons why this qualification has become an absolute favorite academic pathway for finance aspirants and employers. ACCA is a globally recognized qualification and, therefore, has a huge audience and community.
Know that ACCA is not the only qualification that can offer a successful career in finance; there are other accounting qualifications in Nepal as well. Now, you might be thinking, what makes it stand out amongst other accounting qualifications? How come ACCA outshines other qualifications both academically and professionally? Your queries are valid; as a student who wants to follow the best academic path, you have every right to know about ACCA as well as other accounting qualifications in Nepal so that you can make a choice that best aligns with your career goals.
To get clarity on this matter and find answers to all your questions, read the virtual guidebook ahead.
OVERVIEW OF ACCOUNTING QUALIFICATIONS IN NEPAL:
The most in-trend and popular accounting qualifications in Nepal for the modern financial sectors are: ACCA (Association of Chartered Certified Accountants), CPA (Certified Public Accountant), CMA (Certified Management Accountant), and CA (Chartered Accountant). All these accounting qualifications in Nepal are widely known; still, multiple factors set them apart. Aspirants of accounting and finance usually choose one of these academic pathways, whichever suits their academic and professional goals the best. The current popular academic pathway for accounting aspirants is ACCA; not just them, but employers also value ACCA professionals in the job market.
COMPARISON BETWEEN ACCA AND OTHER ACCOUNTING QUALIFICATIONS IN NEPAL:
Now let’s dive further into this topic by comparing each accounting qualification with ACCA to understand how each one of them differs from one another.
ACCA AND CA IN NEPAL:
ACCA: ACCA is a UK-based accounting qualification well-known in more than 180 countries around the world, making the qualification globally acknowledged. The prime focus areas of this qualification are IFRS, international finance, and accounting. The duration to complete ACCA is between 3-4 years. It is a very flexible qualification that offers four exam sessions every year. The expected cost of this qualification can be around NPR 6-10 lakhs. The difficulty level can be either moderate or high, and lastly, the demand for this qualification is moderately growing in Nepal.
CA (Nepal): It is a Nepal-based qualification; unlike ACCA in Nepal, it is not globally acknowledged but is mainly known in Nepal as well as SAFA nations. The key focus areas of this qualification are Nepal-specific taxation, regulations, and laws. The duration of completing CA in Nepal can range between 4-6 years, generally. CA exams are biannual, which means these exams take place twice a year in June and December. The financial obligations of CA can cost around NPR 3-6 lakhs, and the job market is also expected to grow.
ACCA VS CPA IN NEPAL:
ACCA: The qualification of ACCA in Nepal highly focuses on areas such as tax compliance, audit, ethics, and financial reporting. The Global career scope is very high, and the relevance of ACCA in Nepal’s job market can be considered moderate to high; large corporations and MNEs are actively seeking such skilled professionals. There is no academic requirement for a prior degree to start your journey to ACCA in Nepal. The qualification includes 13 modules divided into three academic levels and other requirements. Professionals can work in diverse roles, including financial analyst, auditor, tax consultant, accountant, etc.
CPA: US-based qualification with prime focus areas: auditing (GAAP) and public accounting. The scope is higher in the US and Canada, but its relevance in Nepal’s job market is low to moderate. To start this qualification, one should at least have a bachelor’s degree. Academically, the aspirant is required to achieve success in four exams, and the job roles professionals can take over after doing the CPA are auditor and tax consultant (US firms).
CAREER OPPORTUNITIES IN NEPAL:
After learning about the key differences between ACCA and other accounting qualifications in Nepal, let’s explore the career opportunities each one of them offers.
ACCA: The career prospects for ACCA professionals are diverse, and work opportunities are enhanced because of the global recognition. Multinational organizations, large corporations, and Big Four accounting firms are some examples of employers who actively seek skilled ACCA professionals in Nepal’s job market. The diverse career prospects of this qualification allow professionals to take over various accounting and finance roles such as auditor, financial analyst, financial manager, CFO, risk manager, tax consultant, etc.
CA: A CA in Nepal can take over professional roles in auditing, compliance, CFO, and taxation. The top employers for CA professionals in Nepal are banks, the government sector, and auditing firms.
CPA: The top employers for CPA are generally US-based outsourcing firms or BPOs, offering them roles like financial controller and audit manager.
CONCLUSION:
All the above-discussed accounting qualifications in Nepal offer distinctive career and academic pathways. The importance of each qualification depends on the relevance of that academic path to your academic goal. ACCA in Nepal is ideal for those who want to expand their career globally, prefer flexible study and career options, and seek diverse modern academic knowledge. On the other hand, CA in Nepal is ideal for aspirants who want to build their career locally, are interested in Nepali law and tax, and prefer working in banking, auditing, or government sectors. Lastly, if you are invested in building your career with the US-based credentials CPA qualification is ideal for you, but make sure you already have a prior degree to start your CPA journey.
FREQUENTLY ASKED QUESTIONS:
Q1: Which is the best choice among all the accounting qualifications in Nepal?
A: Looking at all the essential factors such as global mobility, cost-effectiveness, versatility, and ease of entry, the top choice in selecting the best accounting qualification is ACCA.
Q2: What are the fundamental requirements of the ACCA qualification?
A: The basic academic requirements of the ACCA qualification are as follows:
- Clearing 13 modules
- completing EPSM
- Gaining work experience
