OVERVIEW:

ACCA (Association of Chartered Certified Accountants) is a very prestigious and well-rewarded certificate of accounting and finance, recognized worldwide. The qualification of ACCA plays a significant role in the accounting and finance sector, it is highly valued and offers various career opportunities within the industry. The syllabus of ACCA qualification not only shapes students’ knowledge academically but also prepares them with technical and ethical skills to start their professional journey efficiently. Employers usually seek accounting professionals having ACCA qualifications. Read the full blog to know more about the importance of ACCA in the accounting and Finance sectors.

GLOBAL RECOGNITION AND CREDIBILITY:

ACCA is a globally acknowledged qualification for accounting and finance aspirants, it has members from over 180 countries around the world. The qualification of ACCA is in accordance with the global standards of accounting and finance. Apart from that, ACCA qualification provides its members with the credibility to work under numerous financial roles (from foundational to advanced managerial roles). Global recognition also allows professionals to have career mobility across borders. This is one of the most essential points which sets ACCA apart from other accounting qualifications. 

COMPREHENSIVE SKILLSET:

ACCA qualification starts from fundamental knowledge to advanced knowledge about accounting and finance. The comprehensive and well-structured syllabus of ACCA covers different aspects of the financial world, preparing their students to thrive in their professional journey. It covers a wide range of courses such as financial management, Management accounting, auditing, taxation, financial reporting, etc. The qualification also teaches how to incorporate or follow global financial standards and regulations in their work.

ETHICS AND INTEGRITY:

Another important reason why ACCA is considered prestigious amongst other accounting and finance qualifications is the emphasis of the qualification on professional ethics. Along with academic and technical skills, ACCA also emphasizes ethical and professional considerations. ACCA professionals are trained to showcase transparency and integrity in their financial reporting. This practice builds trust and accountability amongst stakeholders towards the financial systems. ACCA qualification includes an ethical and professional module, it is a very important part of the qualification and candidates can not become fully qualified ACCA members without completing this module. 

CONTINUOUS PROFESSIONAL DEVELOPMENT:

Continuous professional development (CPD) is just another benefit ACCA gives to its members, unlike other accounting and finance qualifications. ACCA encourages its members for lifelong learning and professional development. Through CPD it ensures that ACCA members stay updated with the current changes in regulation and global accounting and finance standards, industry trends, etc. This updated knowledge about all the changes helps professionals to stay ahead in their work, adapt to the changes, and make progress in their professional journey. 

CAREER ADVANCEMENT: 

Qualification of ACCA online and physically plays a significant role in the accounting and finance sectors, as it doesn’t restrict the professionals to work under a specific role. Rather, the qualification opens the door to various accounting and finance roles such as financial reporting, tax consultant, auditor, management accountant, etc in both public and private sectors. Other than this, ACCA offers a very progressive career, which means that professionals can thrive forward in their career towards higher management roles such as CFO, with required experience and skillsets. Hence, for aspirants in the accounting and finance sector looking for a progressive career, ACCA is the right choice. For further information read this article by clicking this.

SUPPORTING ECONOMIC GROWTH:

ACCA professionals with the right skill set, knowledge, and determination can benefit the economy and be a part of the economic growth of the world. ACCA professionals help businesses manage their finances more efficiently contributing to economic growth. Apart from that, they can also ensure that the organization complies with tax laws, better decision-making process based on financial considerations, etc. These factors can contribute to maximizing business growth and profitability which will eventually lead to a stronger economy or economic growth. 

IMPORTANCE OF ACCA IN ACCOUNTING AND FINANCE SECTOR: AN OVERVIEW:

Numerous factors make ACCA stand out amongst the other accounting and finance qualifications. Some of the factors contributing to the idea are as follows:

• Global recognition
• Credibility, Transparency or accountability
• Employer demand
• Networking opportunities
• Diverse roles and career flexibility
• Continuous development program

CONCLUSION:

ACCA qualification shapes the accounting and finance sector by producing professionals with technical skillsets, academic knowledge, compliance with global standards, and ethically & professionally responsible individuals. ACCA professionals can take over various roles from financial reporting to strategic planning. ACCA plays a vital role in the accounting and finance sector because of its structured and comprehensive education, global recognition and credibility, ethics and integrity, continuous professional development program, progressive career, and the role it plays in supporting economic growth. 

FREQUENTLY ASKED QUESTIONS:

Q1: What does ACCA do for professionals?

ACCA provides a well-structured and comprehensive accounting and finance-related education to its candidates. It equips them with in-depth academic knowledge, technical skillsets, compliance with global accounting standards, and ethical considerations. These skills and knowledge help them start the professional journey in accounting and finance without any hindrances. 

Q2: What makes ACCA different from other accounting qualifications?

The factors that contribute to making ACCA stand out from other accounting qualifications are its global recognition, networking, and career opportunities, flexibility both in academics and professional matters, etc.

Q3: What career opportunities does ACCA open up?

ACCA offers various career opportunities locally as well as globally, from small startups to large MNEs. ACCA professionals can work under diverse roles such as auditor, tax consultant, CFO, internal auditor management accountant, etc. 

Q4: How long does it take to complete ACCA qualification?

The qualification of ACCA typically takes around 3-4 years to complete. However, the time of completion can differ from individual to individual depending on factors like study pace, number of exemptions availed, passing ratio, etc.