Planning to move from AAT to ACCA? Here is Your Handy Guide

Planning to move from AAT to ACCA? Here is Your Handy Guide

Is your AAT certification about to expire? It is high time to transition from AAT to ACCA. Go through the complete guide to know what the key factors are to consider when moving from AAT to ACCA. What are the risks associated with it? 

Before we move on to the above, let’s quickly understand ACCA and AAT and the major differences between them. 

ACCA and AAT: What are the Major Differences?

AAT is a lower-tier qualification that makes you ready for roles in accounting firms or other organizations that are more junior. You can immediately put the many abilities you learn throughout AAT into practice.

With the ACCA, you can obtain full professional status as a Chartered Certified Accountant, making it a more professional accounting qualification.

Both are excellent credentials to possess; the choice you make on which to pursue, or whether to pursue both, will primarily depend on your career goals.

How to Get the ACCA and AAT Certifications?

Your initial step into accounting is the AAT, and all you need to start the course with is a positive attitude. You can learn the fundamentals of accounting, including costing, double-entry bookkeeping, and computerized accounting, with the Level 2 Certificate in Accounting.

Since you can enter the foundation level of ACCA without any prior experience or qualifications, it’s also an excellent place to start. All you need is to be open to learning.

You must have at least two A levels and three GCSEs to begin the Applied Knowledge level. 

Compared to AAT, the ACCA’s Applied Knowledge and Applied Skills levels begin at a higher level. It covers a wide range of subjects in great detail, with particular emphasis on corporate and business law, financial accounting, and performance management.

How to Move From AAT to ACCA?

You can pursue ACCA and become a chartered certified accountant after completing AAT Level 4. Although ACCA is thought to be a far more difficult qualification to obtain, the benefits are well worth the work.

Once AAT qualifies, you will also be eligible for exemptions from the ACCA exam. You do not need to appear for the Applied Knowledge level, which covers Financial Accounting (FA), Management Accounting (MA), and Business and Technology (BT) exams.

You do not need to take ACCA’s Management Accounting (MA) course if you have already taken and passed AAT’s Management Accounting: Budgeting and Management Accounting: Decision and Control.

You do not need to take ACCA’s Financial Accounting (FA) course if you have completed and passed AAT’s Financial Statements of Limited Companies and Accounting Systems and Controls exams.

Key Points to Keep in Mind When Moving from AAT to ACCA

When switching from AAT to ACCA, there are a few points to consider. 

ACCA places more emphasis on a broad understanding of business, strategic thinking, and decision-making than AAT does on technical abilities and practical knowledge. You get to explore a wider range of accounting and financial topics. 

Make sure you understand the purpose of your ACCA studies; having both short- and long-term goals will help you stay motivated. Additionally, create a study schedule that divides the course into digestible sections.

Make use of every study resource. Utilize as much of the provided stuff as you can.

Stay informed about any changes. Over time, the accounting and finance industries change. Keep up with the most recent laws, guidelines, and business developments. As a result, make sure you’re studying the most recent content, as ACCA may revise its syllabus to reflect these changes.

Given the difficulty of some of the topics in ACCA, it makes sense that you will require assistance from outside sources, such as a peer, instructor, or online study group. You can ask for support.

How Challenging are the ACCA Exams?

The ACCA exam is challenging and gets harder as you progress through the course. When you begin ACCA after being AAT-qualified, you are exempt from the first three DXAMS. The first ACCA exam’s standard is established at the level of a UK bachelor’s degree. 

Don’t worry, though; having earned your ATT certificate will give you a solid foundation upon which to build as you pursue your ACCA certification.

Career Opportunities after Transitioning from AAT to ACCA 

Moving from AAT to ACCA can lead to considerably higher-level jobs. Here are a few positions with the general UK wage, for instance:

Financial Accountant: Cash flow statements and balance sheets are tools used by financial accountants to analyze financial data. As part of this position, you would also be in charge of creating the organization’s financial statements for investors, creditors, shareholders, and regulatory and tax authorities. Developing company plans to boost sales and profits might also be asked of you.

Auditor: An auditor is responsible for examining and verifying the accuracy of an organization’s financial and operational records and statements. They work for big businesses, so you might be employed by some of the best corporations on the planet.

Management Accountant: It would be your duty as a management accountant to identify, quantify, evaluate, and convey an organization’s financial data. You would be analyzing vital organizational data and information that helps management make crucial business decisions. Management accountants offer information analysis for the internal management of an organization to help measure performance and the tactics used, despite the function appearing identical to that of financial accountants.

Financial Crime Risk Analyst: When it comes to financial crime risk, control, and compliance, financial crime risk analysts offer professional guidance and assistance. In this position, your duties would include upholding the company’s strong ethical standards, ethical business practices, and the integrity of the goods and services you provide to clients. There are a ton of jobs you could do, so this isn’t an entire list. With enough experience, you could even become a chief financial officer and make well over £100,000 a year.

Should I pursue ACCA after AAT?

ACCA comes up with amazing work opportunities and earning potential. So getting an ACCA certification can help you a lot in your career. Again, this is your decision. Your free time will be heavily used in ACCA, so you’ll need to decide if you can truly dedicate yourself to it.

You also need to have three years of work experience, which is also required. You should also consider the exact direction you wish to take your career and income. ACCA is the best option if you desire a high salary and plenty of opportunities. Once qualified and with a few years of experience, you can be looking at a salary of over £100,000 per year. You should budget about £35,000 for AAT.

Want to know more about AAT and ACCA? 

Feel free to check out our ACCA course to learn more about the qualification, its requirements, and how it could benefit you. If you need or have any inquiries