Tag: acca career opportunities in uae

  • Comparing ACCA and CMA: Career Opportunities in the UAE.

    Comparing ACCA and CMA: Career Opportunities in the UAE.

    Introduction: 

    ACCA and CMA are both qualifications in accounting in the UAE; each of these qualifications offers distinctive career prospects and opportunities. ACCA stands for Association of Chartered Certified Accountants, whereas CMA stands for Certified Management Accountant. Aspirants in the UAE accounting sector are usually confused when choosing the academic pathway that will lead them to their professional goals.

    Today, we will compare and discuss the pros, cons, potential salaries, recognition, career prospects, industry demand, and job market value of either of these qualifications. This comparison between ACCA and CMA will be quite a blessing for perplexed aspirants and help them choose the qualification that aligns with their career goals.

    Recognition of ACCA and CMA: 

    ACCA and CMA are both regarded as and rewarded qualifications of the accounting sector; each one of them is globally recognized. The prestigious qualification of ACCA is well-recognized in around 180 countries of the world, whereas CMA is recognized in around 100 countries. The ACCA qualification is considered to be one of the best qualifications in accounting and finance, offering diverse financial roles, especially in auditing and accounting firms. Whereas, CMA is well-known for its roles regarding corporate finances and management accounting only.

    Industry Preferences: 

    ACCA qualified professionals are sought by employers from diverse industries and sectors because of their diverse, comprehensive academic knowledge and skills in almost all areas of accounting and finance. To be specific, these professionals are especially valued in sectors like auditing, public accounting, financial reporting, taxation, etc.

    Whereas, professionals of CMA have relatively more scope in manufacturing industries such as oil and gas, FMCG, MNEs, and large corporations. These professionals are proficient in cost effectiveness and performance management; therefore, manufacturing sectors in the UAE value CMA professionals.

    Career Prospects For ACCA and CMA: 

    ACCA professionals are preferred for numerous professional roles in the accounting and finance sector in the UAE, the main reason behind this is the versatility of the ACCA curriculum. The diverse ACCA career opportunities in the UAE for these professionals include auditor, accountant, tax consultant, compliance and risk manager, financial analyst, and CFO etc. Whereas, CMA career opportunities in the UAE encompass various roles such as financial planner, budget analyst, cost accountant, financial manager, etc.

    CMA and ACCA Salary in the UAE: 

    The salary packages of neither the ACCA nor the CMA professional are predetermined; they vary based on factors like prior experience, job role, employer, skills, and expertise etc. However, an average idea of the potential salary for each professional can be given. ACCA professionals in the UAE are paid a 12,000-25,000 AED salary in a month on average (amount can vary depending on your expertise and professional level). Whereas CMA-certified professionals in the UAE are paid 13,000-28,000 AED a month, mind that all these salaries are average and can vary based on several factors.

    Employer Preferences: ACCA and CMA

    The market demand for either of these professionals depends on how desperately employers seek them. To be precise, employers are the major source of creating demand for any qualification or profession. Accounting firms, Fintech companies, and businesses with a main focus on financial sectors tend to prefer ACCA professionals over other candidates in finance and accounting. The prime example of this is the Big Four firms, namely, KPMG, EY, Deloitte, and PwC; these big employers seek skilled ACCA professionals to manage their finances, auditing, and reporting because of ACCA professionals’ in-depth knowledge and proficiency with international accounting standards and regulations.

    On the other hand, CMA professionals are highly valued in manufacturing or production-based businesses, These professionals are proficient in budgeting, costing, and financial planning. Therefore, corporations like Unilever, ADNOC, PepsiCo, etc value Certified Management accountants (CMA).

    Duration and Cost: 

    The duration and cost of ACCA and CMA are important factors to be considered while choosing the academic pathway. The duration of the ACCA qualification can range between 3-4 years, depending on the academic route, study pace, and passing rate of the student. ACCA qualification in UAE costs something around USD 2000-3000 (the cost might fluctuate depending on the exchange rates and number of exams taken).

    On the contrary, the CMA qualification is expected to be completed within 1-2 years, approximately. The cost of this qualification ranges between USD 1500 to 2500, approximately.

    Which is Better, ACCA or CMA? 

    Both qualifications offer good career prospects for finance and accounting professionals in the UAE, however, every individual has different career goals, so it solely depends on their own preferences and aims. Generally, the professionals who aim to work in audit, accounting firms, or in tax consultancy are advised to choose the ACCA qualification.

    If you are someone who is interested in working in corporate finance, cost control, budgeting, or FP&A, you can go for the CMA qualification. Either of these qualifications offers a promising career for finance professionals in the UAE.

    Conclusion: 

    ACCA and CMA are prestigious qualifications of finance and accounting that offer wide career opportunities in the UAE. Each one of them targets a specific area of accounting, offering proficiency to work in certain sectors. You can check all the opportunities, future prospects, academic obligations, and financial considerations of both ACCA and CMA qualifications and then choose what works out the best with your goals and dreams.

    Frequently Asked Questions (FAQs)

    Q1: How many exams are there in the ACCA qualification?

    Ans: The ACCA qualification consists of thirteen modules, divided into three academic levels (Applied Knowledge, Applied Skills, and Strategic Professional). Each module covers complex areas of finance and accounting, offering comprehensive knowledge.

    Q2: What are the valued skills offered by ACCA that make it stand out?

    Ans: Skills that make the ACCA qualification stand out amongst other accounting qualifications are compliance with local and international regulatory frameworks, following international accounting standards, focus on ethical and professional modules, gaining practical work experience, and emphasis on Continuous professional development, etc.

     

  • ACCA in UAE: A Secret to Standing Out in the Job Market

    ACCA in UAE: A Secret to Standing Out in the Job Market

    Introduction: 

    The qualification of ACCA in UAE offers a syllabus emphasizing in-depth academic knowledge and modern technical skills, attracting more opportunities for ACCA careers in the UAE. Still, the ever-evolving financial sector demands ACCA professionals to have additional advanced skills and qualities of modern finance to stay competent for accounting jobs in the UAE. Employers seek candidates who have additional modern financial skills to manage finances and accounting tasks proficiently.

    Therefore, ACCA aspirants are advised not to rely on academics only, but also try to equip themselves with technical, soft, ethical, and professional skills that will make them stand out in the local and international job market. This guide will assess you regarding the in-demand skills for ACCA professionals in the UAE and help you stand out amongst other candidates.

    In-Demand Skills For Professionals of ACCA in UAE:

    The following are the most in-demand skills sought in ACCA professionals of the UAE; employers highly value and prefer candidates who are well-equipped with modern financial skills, along with strong knowledge and pace.

    1. Digital and Analytical Skills: 

    Digital and data analytical skills are appreciated by finance professionals in the UAE, as the region is becoming popular for its digital advancements. UAE is at the forefront of its development in Fintech startups, automated audit tools, etc. In this scenario, finance professionals who are skilled in Power BI, SQL, Excel modeling, or Python are highly valued and usually get an advantage in the job market. Students who want to learn these skills can take short courses in data analytics skills, which will help them stay competent in the market.

    2. Communication and Interpersonal Skills: 

    Members or Professionals of ACCA in UAE need to have strong and clear communication skills, as this is one of the major skills sought in ACCA professionals. Financial Professionals are not responsible for finances and monetary data only; rather, their duties also include presenting and explaining financial reports to the stakeholders. Without strong communication skills, one cannot deliver these complex reports to investors, cross-functional teams, or stakeholders accurately. A clear and concise explanation is highly needed to ensure informed decisions are made, and it also helps in building trust among all stakeholders.

    3. Strategic and Commercial Awareness: 

    Ditching the traditional responsibilities of financial professionals, the UAE no longer limits its role to number-crunching tasks only. Employers nowadays prefer candidates who have a good understanding of the business environment in the UAE, market trends, strategies, and regulatory compliance. This way, the professionals can impose their financial knowledge following all the mentioned factors so that the business growth is ensured and long-term goals are achieved. Therefore, the aspirants of ACCA in UAE should have a very good understanding of the business market in the region.

    4. Project Management Skills: 

    Project management skill adds value to the work profile of finance professionals as this skill is quite useful in tasks like; cost-saving initiatives, managing audits, and system implementations. Aspirants of ACCA in UAE should have familiarity with project management tools like Agile methods, Trello, and MS projects to stand out amongst other candidates.

    5. Adaptability and Cultural Intelligence: 

    UAE is known for having people of diverse cultures and beliefs, therefore, employers usually seek individuals who have cultural intelligence and adaptability to collaborate across different teams and sectors. Especially, Large corporations and Multinational organizations seek professionals who are quick to adapt to change, are flexible, and understand cultural and regional aspects. Therefore, Aspirants of ACCA in UAE who aim to work with big organizations and MNEs should equip themselves with the mentioned skills.

    6. Knowledge of Local Laws and Regulations: 

    The qualification of ACCA in UAE itself puts great pressure on regulatory compliance, students should understand its importance in the job market and professional world. Knowing or understanding the international accounting standards and regulatory compliances just ain’t enough, finance professionals should be fluent in applying them and following the legal framework. If you are a candidate with a wealth of knowledge of corporate tax, UAE VAT, and labor laws, you might get a competitive edge depending on the clarity of your understanding and skills.

    7. Networking and Relationship Building:

    The aspirants of ACCA in UAE are advised and encouraged to avail of global networking opportunities, as good professional relations can lead to more exposure and career opportunities. Along with knowledge and skills, this qualification also requires strong connections, a good reputation, and strong connections that can lead to referrals and career growth. Aspirants can network through the networking platforms offered by ACCA Global, online forums, local and international study groups, ACCA events, webinars, seminars, and much more.

    Conclusion: 

    To stay competitive in the job market as a professional of ACCA in UAE, just good academic performance is not enough; employers in today’s world expect more from finance professionals. Finance professionals are the backbone of the strong financial sector of any organization, contributing to business growth and profitability. Therefore, they are expected to have advanced modern technical, soft, analytical, ethical, and professional skills; the more skills, the more chances of a successful career.

    Some of the major skills that make professionals of ACCA in UAE stand out amongst other candidates in the local and international job markets are: communication skills, good professional network, familiarity with regulatory framework, project management skills, adaptability, strategic business awareness, data analytical skills, etc.

    Frequently Asked Questions (FAQs)

    Q1: Enlist the in-demand ACCA job opportunities in the UAE.

    Ans: Professionals of ACCA in UAE can work under several roles across diverse industries; these roles include: financial analyst, financial reporter, management accountant, financial manager, CFO, tax consultant, advisor, auditor, etc.

    Q2: What makes ACCA special in the UAE job market?

    Ans: The qualification of ACCA in UAE job market is considered very valuable due to its global recognition, flexibility, practical focus, international standards, regulatory compliance, etc. Employers seek professionals with all these qualities to efficiently manage their firm’s financial sectors and produce progressive results.

     

  • Comparing ACCA Career Opportunities in the UAE and UK

    Comparing ACCA Career Opportunities in the UAE and UK

    Background: 

    The ACCA qualification is well-known worldwide, specifically in countries like the UK and the UAE. The hype of the ACCA qualification is increasing. It has become popular not only amongst the aspirants of accounting but also among the employers. This trend of ACCA courses in the UAE and the UK is forecasted to increase in the coming years, creating more ACCA career opportunities for professionals. 

    In today’s blog, we are going to discuss the scope of ACCA in the UK and UAE by comparing the potential salaries, tax implications, career progression, and ACCA career opportunities in both regions.

    Potential Salaries: 

    ACCA professionals are highly valued in the local as well as international job market, and employers sought-after skillful ACCA professionals for their organization’s financial management. The increased ACCA career opportunities and demand for ACCA members amongst employers result in competitive salary packages. However, the potential salaries offered in the UK and UAE are discussed below.

    1. ACCA Salaries in the UK: 

    The salary of each ACCA professional in the UK differs from one another depending on certain factors, such as candidates’ expertise, technical skill set, specialized certifications (if any), etc. If you have all the above-mentioned skills and expertise, you will become competent in the job market, attracting more ACCA career opportunities. However, usually, the average salary for ACCA-qualified professionals in the UK is around £35,000-£55,000 annually. Whereas, professionals in senior managerial level roles are offered around £70,000-£120,000+ yearly.

    2. ACCA Salaries in the UAE:

    Just like in the UK, the salary package offered to ACCA professionals in the UAE depends on their experience, technical skills, and specialization. More skills lead to more ACCA career opportunities, which result in high potential salaries and senior roles. The average salary offered to ACCA-qualified professionals in the UAE is generally around AED 180,000- AED 300,000 per year. Whereas, the skillful ACCA professional in a senior role can earn something around AED 400,000 or more annually. The salary package can vary depending on a candidate’s prior professional experience. Another major benefit for ACCA professionals in the UAE is that their income is tax-free, which means they get to keep all that they earn.

    ACCA Career Opportunities and Market Demand:

    Before starting your ACCA professional journey in any country, it is quite important to know about the ACCA career opportunities the region offers. If the market demand for ACCA professionals is higher in a region, it automatically indicates that the region has great ACCA career opportunities for professionals. However, if the market demand is low, it means the ACCA career opportunities are fewer in the country.

    1. ACCA Career Opportunities in the UK: 

    In the UK, the ACCA career opportunities are higher in certain industries and sectors; such as, the demand for financial services is broader in sectors like banking, audit firms, fintech, and the public sector. Other than that, the UK job market offers many structured entry-level roles for fresh graduates, trainees, and ACCA affiliates. The UK’s work culture offers a well-structured career progression and is best for entry-level roles.

    2. ACCA Career Opportunities in the UAE: 

    The UAE offers many ACCA career opportunities, especially for experienced professionals and senior roles. The region is the hub of multinational organizations, real estate, oil & gas, and banking sectors, therefore, these employers seek skilled ACCA professionals to take over senior financial roles and stabilize their company’s financial management. The job market of the UAE is quite competitive, and candidates with Gulf experience are preferred in some cases.

    Work-Life Balance and Lifestyle:

    1. UK:

    The job market and work culture of the UK offer a relaxed environment for employees; they are offered paid annual leave, job security, and employee protections. Other benefits depend on the employer and a candidate’s job title.

    2. UAE:

    The work culture of the UAE is considered a bit tougher compared to the UK because of longer working hours in some sectors. However, the living standard in the region is quite high, but some cities like Dubai and Abu Dhabi are quite expensive.

    Career Growth and Recognition: 

    Alongside ACCA career opportunities, another major factor to be considered is career advancement opportunities in the region. Professionals look for ACCA career opportunities that offer career progression in the future. The ACCA qualification is well-recognized in both the UK as well as UAE, both regions acknowledge and value ACCA professionals because they comply with local and international regulatory frameworks.

    Both regions offer great ACCA career opportunities and career progression. However, the UAE is more focused on providing candidates with global exposure. The UK strengthens a candidate’s regulatory exposure because of the high emphasis on laws and regulations in the region.

    Cost of Living: 

    1. UAE:

    The cost of living in the UAE is high as the region offers a high lifestyle, and expenses of living in the city are on the higher side; these expenses include housing, schooling, and healthcare. However, income tax is not deducted from a candidate’s salary in the UAE.

    2. UK:

    As compared to the UAE, the cost of living in the UK is lower as the healthcare and social security in the UK lighten the cost burden and make it a bit economical. Not to forget, the rate of income tax in the region is high, which deducts a good amount from a candidate’s salary.

    Frequently Asked Questions (FAQs)

    Q1: Are ACCA courses in the UK easily accessible?

    Ans: Yes, the ACCA Courses in UK are easily accessible online because of the qualification’s global recognition. Many international ACCA-approved institutes offer their services through online learning platforms in the UK. Along with ACCA courses in the UK, these institutes also offer other benefits like reliable study material, pre-recorded video lectures, practice exams, expert tutor guidance, and personalized study plans.

    Q2: Which industries in the UAE and the UK offer more ACCA career opportunities?

    Ans: In the UAE, the industries that offer more ACCA career opportunities are the banking sector, real estate, hospitality, and oil & gas industries. Whereas, industries with high ACCA career opportunities are Public accounting firms, government sectors, healthcare, and manufacturing.

    Q3: Which ACCA courses in the UAE help aspirants accelerate their professional journey?

    Ans: To accelerate your professional journey, some ACCA Courses in UAE are quite helpful; these courses are from the Advanced level of ACCA (the Strategic Professional level). These ACCA courses include Strategic Business Leadership, Advanced Audit and Assurance, etc.

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