Tag: acca course 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.

     

  • From ACCA to CFO: The UAE Career Roadmap

    From ACCA to CFO: The UAE Career Roadmap

    Are you looking to make a career as a chief financial officer? If you have the necessary credentials, it’s a fantastic career move.

    CFO is one profession that stands out in the ever-changing field of corporate governance as the financial steward, carefully negotiating the financial terrain to ensure a business’s prosperity and long-term viability. Although it is difficult and may seem overwhelming to begin, it is possible, and here is where the ACCA certification comes in.  Since ACCA is one of the most reputable accounting associations in the world, earning an ACCA certification in the UAE can help you advance in your career.

    You will have an advantage over other applicants if you have ACCA because employers will see your dedication to the position, your proficiency in all facets of financial management, and your ability to lead with credibility. Your experience and knowledge will also allow you to earn more money if you have that additional qualification.

    The purpose of this blog is to give readers a thorough understanding of the UAE Career roadmap from ACCA to CFO. 

    From ACCA to CFO: Five Easy Steps to Become a CFO

    Do you want to pursue a prosperous career in finance by becoming a CFO? Cross your journey from ACCA to CFO with these five simple steps: 

    1. Keep going after your further education.

    If you want to become a CFO, you need to keep taking pertinent professional courses that broaden your skill set and teach you how to create superior strategies. In addition to providing you with a worldwide perspective, international professional courses like ACCA offer you numerous opportunities for hands-on study.

    “The ACCA course in the UAE teaches you world-class finance knowledge and leadership strategies, helping you stand out and climb faster from accounting jobs to top CFO roles.”

    1. Embrace the leadership opportunities 

    Many individuals will report directly to you as a CFO, and you will be in charge of significant activities. Being a CFO involves more than just making wise choices and possessing a wealth of financial information; it also entails using these abilities in the appropriate situation. Setting and assisting teams in achieving goals is a must for becoming a CFO.

    1. Continue refining your analytical abilities.

    To analyze all of the data and reports that are sent to them and identify even the smallest mistakes, a CFO is expected to possess the sharpest technical skills. You must become proficient in technical skills including financial management, analysis, compliance, and budgeting to accomplish this. Additionally, you must keep abreast of mergers, expenses, and financial reporting.

    1. Focus on networking 

    As you move to become a CFO, having strong communication skills and consistently connecting with business leaders is crucial. Networking can be quite beneficial for partnerships and learning about the evolving trends in the industry. Consider attending seminars, workshops, and industry conventions, and become a member of professional associations like ACCA. Make connections with experts on LinkedIn and participate in pertinent industry conversations.

    1. Keep abreast of technological developments

    As technology develops, it simplifies several laborious tasks. You will have a lot of duties and reports to manage as a CFO. By being proficient in the newest technical developments and effectively managing data, you can make your business run smoothly.

    These were the five simple steps on how to become a CFO with ACCA. 

    Advantages of CFO and Future Growth Trends

    Over the last few years, CFOs have witnessed a 16% increase and this growth rate is expected to stay consistent through 2028. This positive trend suggests that there is a strong demand for CFOs and financial managers, which will provide you with plenty of opportunities for career growth and financial gain. To stay competitive and improve your prospects, think about obtaining advanced qualifications like an MBA, finance degree, or CPA certification. These credentials demonstrate a higher level of expertise and are highly valued by employers. 

    Choosing an ACCA career in the UAE helps you gain top-tier finance skills and leadership abilities, making you a standout candidate for CFO roles in fast-growing sectors like banking, tech, and energy.

    As a CFO, your impact goes beyond overseeing the business’s financial operations. You are essential to team leadership, financial supervision, and strategic planning. Your choices can greatly impact the business’s success and expansion. This degree of influence not only improves your reputation in the workplace but also provides access to more lucrative opportunities and career advancement.

    Frequently Asked Questions (FAQs)

    Q: How much time does it take to become a CFO?

    Ans: To become a CFO, it takes around 10-15 years. You need to have a bachelor’s degree, a master’s degree, or a professional accounting certification (such as a CMA) plus around ten years of work experience to become a CFO. 

    Q: What kind of degree is required to work as a CFO?

    Ans: You must have a degree in accounting or a closely related discipline to work as a CFO. While some people pursue a higher degree after earning a business degree, it is advised to gain knowledge and expertise in accounting and finance. 

    Q: Is it tough to be a CFO?

    Ans: CFO is the highest-ranking (and highest-paid) finance position in a company, a CFO can have a wide range of responsibilities, including making strategic decisions that affect every employee. Although it can be stressful, the job can also be very lucrative and rewarding, so if you have the drive, it’s well worth the effort.

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