Tag: ACCA Careers

  • 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 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 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:

    Q1: Are ACCA courses in the UK easily accessible?

    Answer: 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?

    Answer: 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?

    Answer: 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.

  • ACCA Career in the UAE

    ACCA Career in the UAE

    The Definitive Guide to Starting an ACCA Career in the UAE

    Blog Structure 

    • Introduction 
    • Industry Insight: Market Demand 
    • ACCA Basic Details and Syllabus Overview 
    • Eligibility Criteria 
    • ACCA Duration 
    • Step-wise Process to ACCA Qualification 
    • ACCA Career Opportunities 
    • Best ACCA Jobs in UAE
    • Salary Insights 
    • Tips/Mirchawala Promotion 
    • Conclusion 

    INTRODUCTION

    Are you a finance aspirant and looking for a career guide? Or you are wondering how to secure your future in accounting? This blog is a savior for you.  Explore through this complete guide on starting an ACCA career in the UAE to ensure a lucrative and fulfilling career in accounting, finance, and company management.

    ACCA certification opens a door of opportunities for aspirants: global recognition, flexibility, and a variety of job options across industries.  It helps you gain proficiency in auditing, taxation, and leadership, as well as financial management, and provides you with the tools you need to succeed in today’s progressive world.

    As the finance profession’s code of conduct, regulations, and laws become more stringent, the demand for financial professionals with high levels of competence and ethics is increasingly going high. Hence, ACCA-qualified professionals are becoming more and more important to clients and potential employers.

    Before choosing to enroll in this specific course, it is important to understand the opportunities and options that may arise. Hence, in the next section, we will discuss the importance and latest insights on ACCA. 

    Is ACCA Worth It? Significance and Industry Insights 

    ACCA is one of the most prominent and well-known course in the world. You get access to great ACCA career opportunities all over the world as an ACCA member. Because there is so much freedom, ACCA is not that hard. The course can be finished at your own pace.

    The need for accountants is growing daily. This suggests that opportunities for becoming a chartered accountant, or a global chartered accountant, are also increasing. Data says that the need for certified public accountants has increased by 37%. Several multinational corporations, such as the Big Four consulting firms, employ Chartered Certified Accountants with alluring benefits packages for consulting, finance, and taxation. You can also think of starting your own business after ACCA and offering consulting services.

    If you are still not sure about your decision to choose ACCA, check this article on – Is ACCA worth it? Find the Actual Answer with Key Advantages & Disadvantages 

    Now, you have clarity on the benefits of pursuing a career in ACCA. In the next section, we will cover the fundamentals of ACCA and the syllabus, followed by the ACCA course duration.

    ACCA Basic Details and Syllabus

    ACCA (Association of Chartered Certified Accountants) is the premier organization for professional accountants worldwide. ACCA is the biggest and most well-liked credential that equips you with the leadership, ethical, and technical abilities required to succeed in the financial industry. The aspirants need to qualify for 14 papers, a professional ethics module, and professional objectives spanning three years of work experience to pass the ACCA. The four sections of the 14 exams are as follows:

    • Applied Knowledge
    • Accountant in Business (AB)
    • Management Accounting (MA)
    • Financial Accounting (FA)
    • Applied Skills
    • Corporate and Business Law (LW)
    • Performance Management (PM)
    • Taxation (TX)
    • Financial reporting (FR)
    • Audit and Assurance (AA)
    • Financial Management (FM)

    You may be excluded from some or all of the fundamental papers, depending on your current level of education, and you can begin working on the professional papers right away. 

    • Strategic Professional
    • Strategic Business Reporting (SBR)
    • Strategic Business Leader (SBL)
    • Advanced Financial Management (AFM)
    • Advanced Performance Management (APM)
    • Advanced Taxation (ATX)
    • Advanced Audit and Assurance (AAA)
    • Professional Ethics Module

    To receive the ACCA certification, you must complete the Professional Ethics Module. After finishing papers F1, F2, and F3 in Fundamentals Knowledge, you can take it whenever you like. The module now takes about 20 hours. 

    Requirement for Professional Experience

    You need three years of professional experience to become an ACCA-chartered accountant. During this period, you must accomplish four or more Options performance objectives in addition to nine Essentials. These goals help you apply your technical knowledge by connecting to various topics in the ACCA syllabus. 

    To learn more about practical experience requirements, read this blog: What Is PER In ACCA? How To Complete Your PER?

    ACCA Course Duration

    Many students could get qualified in about three or four years if they study for the ACCA while working. It will take longer if you choose to enroll in full-time classes before fulfilling your professional experience requirement. Before this modification, you had to finish the ACCA certificate within ten years. After completing your first professional-level exam, you have seven years to complete the ACCA. The Fundamentals papers can be finished at any time.

    Any passes you have earned thus far are void, and you will need to retake them to obtain the ACCA qualification if you fail all of your professional papers within seven years.  To help you better grasp the topic, check: ACCA Degree Duration.  Hopefully, now that you are clear on ACCA, how many years to complete? 

    The following information explains eligibility, the step-wise process to obtain ACCA certification, and the best ACCA career options.

    Eligibility Criteria for ACCA 

    Candidates must fulfill the eligibility requirements listed below to pursue the ACCA qualification. 

    • Educational Requirements: Candidates usually need three GCSEs (or comparable qualifications) in five disciplines, including English and mathematics, and at least two A-levels. ACCA does, however, provide exemptions for specific credentials, such as accounting degrees or similar degrees, which may exempt various ACCA exams.
    • English Proficiency: ACCA exams are administered in English; thus, unless they have finished their schooling in the language, candidates must show that they are proficient in it using accredited assessments such as the TOEFL or IELTS.
    • Age Requirement: ACCA is open to people at all stages of their professions because there is no minimum or maximum age requirement to enroll.
    • ACCA registration: After fulfilling the requirements for eligibility, applicants can sign up as ACCA students and start the process of becoming qualified.
    • Exemptions: You might qualify for exemptions from some ACCA exams based on your previous educational background. 

    ACCA qualification

    The ACCA (Association of Chartered Certified Accountants) credential is ideal for students who have a strong interest in accounting and finance. The internationally recognized ACCA degree in finance and accounting equips you for work in the audit, accounting, and finance industries. However, becoming an ACCA professional is not a simple process. It calls for commitment, diligence, and a love of the subject. Here is the step-wise process to obtain the ACCA certification:

    Step 1: Understanding the Fundamentals.

    Knowing the basics of the ACCA qualification is crucial before you start your journey. The Applied Knowledge tests are the first of three levels in the ACCA qualification, which leads to the Strategic Professional exams. Employers worldwide favor ACCA experts due to the qualification’s international recognition.

    Step 2: Sign up for an ACCA course.

    Enrolling in an ACCA program is the next stage in your ACCA journey. Get a comprehensive overview of the ACCA courses offered by the Mirchawala.

    Step 3: Focus on Studying 

    It takes a great deal of commitment and effort to study for the ACCA tests. The difficult, practically oriented tests need a thorough comprehension of accounting ideas and principles. As a result, you will have to invest time in reading and understanding the study guides, practicing test questions, and attending webinars or workshops. There are many tools to support you, including study groups, online discussion boards, and ACCA YouTube channel. 

    Step 4: Get Work Experience 

    The ACCA requires you to obtain practical experience (PER) in pertinent accounting and finance in addition to completing the tests. Before you may join ACCA, you must finish 36 months of supervised experience. The ACCA qualification requires practical experience since it enables you to put the concepts and principles into practice you have learned.

    Step 5: Obtain ACCA Membership

    It’s time to apply for ACCA membership after you’ve completed all the requisite coursework and accumulated the required amount of real-world experience. Numerous advantages are available to you as a member, such as career assistance, networking opportunities, and tools for ongoing professional growth. 

    This was the five-step guide for starting an ACCA career in the UAE and any other regions. Now, let’s explore the best career options after the ACCA course. 

    Best ACCA Career Options: What Jobs Can You Do After ACCA?

    Globally, the ACCA credential is accepted and acknowledged. Your career will soar when you become a chartered accountant. Here are a few significant career opportunities:

    • Finance Accountant 

    As a financial accountant, your duties will include monitoring budgets, making sure regulations are followed, and creating financial statements. Senior roles like Chief Financial Officer (CFO) or Financial Controller may follow from this function.

    • The Internal or External auditor

    An auditor guarantees the accuracy of financial accounts and the efficacy of internal controls. With prospects to advance to positions like manager or partner in an accounting firm, you can specialize as an internal or external auditor.

    • Accountant for Management

    Forecasting, budgeting, and assisting with strategic decision-making are the main responsibilities of management accountants. This position is essential for boosting company performance and offers prospects for advancement into positions like director or finance manager.

    Explore more ACCA job options in the UAE: 10 Best Jobs in Dubai for ACCA Qualified Professionals.

    ACCA Salary in the UAE: Expected Pay

    An ACCA professional’s pay might vary greatly depending on several criteria, including work function, industry, location, and experience. However, because of their experience and widespread recognition, ACCA experts earn competitive wages. 

    For instance, entry-level ACCA practitioners in the UAE can anticipate making between AED 120,000 and AED 150,000 annually. In contrast, ACCA members with years of experience may make between AED 180,000 and AED 240,000 or more depending on their seniority and area of expertise. 

    Bottom Line 

    Starting an ACCA career is not a piece of cake, but you can transform your prospects in the global market by earning the ACCA certificate if you set your goals, put in the necessary effort, and acquire the required tools. The ACCA qualification is the key to the future, whether you are a recent graduate just beginning your career or an experienced professional hoping to advance in your field. 

    Begin your ACCA adventure now. Mirchawala’s Hub of Accountancy is there to help empower you and educate you through the journey. To know more about our courses and support, contact us NOW! 

  • ACCA Jobs Salary Expectations in Maldives

    ACCA Jobs Salary Expectations in Maldives

    Overview:

    ACCA jobs salary expectations are always higher why? Accountants are responsible for managing the organization’s operations and performing detailed reports on how well the organization is doing. In every sector, where accountants are needed, this responsibility will grow in coming times. 

    Moreover, economic turbulence also needs finance professionals to develop a flourishing economy. ACCA(Association of Certified Chartered Accountants) qualifications equip students with all the skills they need to excel in the job market. But, apart from that it will also give them well-paid jobs that are enough to sustain them. Let’s look into the ACCA in Maldives job salary expectations. 

    ACCA Careers Options after Becoming a Certified Accountant

    A variety of professional paths are offered once students complete their education for ACCA which include ACCA careers as:

    Financial Accountants

    Ensures accurate financial reporting and adherence to international standards.

    Management Accountants

    Responsible for budgeting, forecasting, and making strategic decisions.

    Auditors

    Examine financial documents to verify correctness and avoid fraud.

    • Tax consultant

    Advises firms on tax strategy and compliance.

    Financial Analysts

    Financial data to inform investment decisions and corporate plans.

    The Chief Financial Officer (CFO)

    Provides strategic financial leadership to corporations.

    These positions demonstrate the diversity and advancement opportunities accessible to ACCA professionals in Maldives.

    ACCA Job Salary Expectations in Maldives 

    Expecting salaries for the ACCA jobs market in Maldives depends upon different circumstances, for instance, what company hires you, in which locality you are, and what your experience and skills regarding that job.

    Entry-Level Salaries

    New ACCA graduates typically get a salary between MYR 10,000 and MYR 18,000 initially per month. These positions are frequently found in audit firms, junior accounting positions, or financial support functions. While the compensation may appear low by global standards, it provides a solid basis for the average salary for ACCA professionals in the Maldives and shows professional advancement in the Maldivian employment market.

    Mid-Level Positions

    With three to five years of experience, the ACCA jobs salary can be  MVR 20,000 to MVR 40,000 per month. Professionals of this level frequently work as accountants, financial analysts, or audit associates for reputable firms, banks, or large resorts. The Maldivian tourist sector, which accounts for a sizable component of the economy, offers lucrative prospects for financial specialists to handle resort finances and large-scale operations.

    Senior-Level Roles

    Senior ACCA-qualified individuals with more than 5 years of experience can expect to earn between MVR 50,000 and MVR 100,000 per month. High-level professionals such as finance managers, financial controllers, and chief financial officers (CFOs) are in demand in both the public and commercial sectors. These roles include additional responsibilities such as strategy planning, regulatory compliance, and stakeholder management.

    Industry-Specific Factors

    Given the huge financial stakes and multinational collaborations, the Maldivian tourism business pays some of the highest incomes for ACCA professionals. Similarly, positions in global enterprises or international organizations may pay a greater ACCA jobs salary and provide better benefits than those in local firms.

    Factors that are involved in Salary Fluctuation and Growth

    In every career domain salary can vary and fluctuate depending upon the individual. However, individual personalized skills, efforts of professional development, and curiosity of learning something new place a high impact on their salary package. A good salary package also demonstrates how much a person is useful to the company as an employee. Here, are some factors that escalate salary 

    Mirchawala's Hub of Accountancy CALL TO ACTION

    Work Ethics and Competence

    Showing abilities related to excellent  working such as critical thinking, attention to detail, understanding government and non-government businesses, and ability to analyze data in depth to determine the ACCA jobs salary

    Experience

    Newcomers in the accounting industry receive modest salaries. However, professionals with experience who expand their skills with time and polish them according to up-to-date trends get more lucrative pay.

    Accounting Skills 

    The ability to apply accounting knowledge to solve real-world problems also affects the salary range of an individual. Accounting skills also need some knowledge of capital markets, both international and domestic, and financial instruments.

    Continuous Professional Development 

    Continuous professional development(CDP) includes certifications and learning some new skills related to the job. This will not increase your ACCA jobs salary but enhance your job prospects for you in the future. 

    Final Thoughts 

    ACCA jobs salary can vary according to experience from newcomers to experience in the accounting field. Students who are studying ACCA aim to grow their professional skills related to accounting with time. Moreover, people who are already in their jobs also target to learn and grow in their profession. All these factors combined do not give just mere hopes instead it will step ahead to your bright career. 

    Frequently Asked Questions(FAQs)

    How can ACCA graduates increase their ACCA jobs opportunities in Maldives?

    Graduates can increase their employability by earning relevant experience, obtaining extra credentials, and remaining current with industry trends.

    Is ACCA recognized in the Maldives?

    Yes, ACCA is well-known in the Maldives, with many firms recognizing its international reputation and thorough curriculum.

    Which industries in Maldives have a strong demand for accountants?

    Tourism, fishing, finance, and government are all key industries that require qualified accountants.

    What are the career chances for ACCA professionals in the Maldives?

    ACCA experts can rise to top positions such as Financial Controller, and CFO, or even create their consulting firms by exploiting their knowledge and networks.

    What is the average ACCA salary for finance professionals in Maldives?

    Entry-level ACCA practitioners typically earn between MVR 10,000 and MVR 20,000 per month. Experienced accountants can earn more than MVR 50,000, depending on their specialization and employment.

     

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