ACCA FAQs: All Your Questions Answered
In today’s dynamic job market, professional qualifications have become pivotal for career growth. The ACCA qualification is no exception, with its increasing popularity among aspiring professionals worldwide. This blog post aims to provide a detailed overview of the ACCA qualification, shed light on its global recognition, and answer common ACCA FAQs.
What is ACCA?
The Association of Chartered Certified Accountants (ACCA) is a global professional qualification recognized in over 179 countries. It equips individuals with the knowledge and skills required for a cutting-edge career in the business & finance sector. With a strong emphasis on ethics, the ACCA qualification prepares candidates to excel in various sectors. According to ACCA Global, more than 500,000 ACCA-certified professionals work all over the world, including India, the UK, UAE, South Africa, and many more. Every year, more than 30,000 students start their ACCA journey in India.
Table Of Contents
1. ACCA Exemptions Updates
2. Scope of ACCA in India & Abroad
3. Cost of ACCA
4. Difficulty Level of ACCA
5. ACCA vs Other Courses
6. General Most Asked Questions
ACCA Exemptions Update:
1. What is the latest update for ACCA undergrads & grads students in India 2023?
Undergraduates and graduate students enrolled in an accredited BCom program or its variants from a state or central university can get up to 5 exemptions (BT, MA, FA, LW & TX) after submitting their 1st Semester Marksheet.
2. What is the list of courses & universities in India that allow 5 exemptions?
There are around 81 universities that allow up to 5 exemptions. Here’s a detailed list of accredited state or central universities providing up to 5 exemptions you can check whether your university and B.Com program are covered or not.
3. Can we complete ACCA in 2 years?
Some candidates complete the ACCA qualification in around 1.5 – 2 years by receiving many paper exemptions to a maximum of 9 papers based on their prior qualifications. This allows them to skip certain exams and progress faster. However, completion time varies depending on the number of exams to write on the basis of the previous degree & the commitment & discipline of writing exams every quarter.
Example 1: Undergraduate and graduate students in India from accredited state & central universities can now claim up to 5 exemptions in their first year of graduation. Hence they need to only take 8 papers which can be over in a span of just 2 years.
Example 2:CA Inter-qualified students can claim a minimum of 6 exemptions ( this no can get higher on a case-to-case basis) on submission of the appropriate marksheets to ACCA.
To understand your exemptions & to claim them reach out to us – 9320007893/96.
4. What is an ACCA Approved Learning Provider?
The ACCA gives formal recognition to leading learning providers offering quality tuition and support to students taking the ACCA Qualification and/or Foundation Level qualification. We Synthesis Learning are a Platinum ALP (Platinum ALP status for ACCA is the highest level of accreditation for Approved Learning Providers, a testament to their exceptional quality and outstanding pass rates). One can claim heavy discounts & scholarships on exemption fees through us, which otherwise you would have to pay to the ACCA body. Feel free to reach out to us on 9320007893/96 for assistance.
Scope of ACCA in India & Abroad:
1. Can I get a job in the Big 4 after ACCA?
Yes, the ACCA qualification enhances global job prospects, particularly by multinational organizations across the world including the Big 4. ACCA’s global recognition and cutting-edge modern-day curriculum are deeply valued by all Financial Consulting Firms including Deloitte, PwC, EY, and KPMG. However, you must note that getting a job also depends on several other factors such as your academic performance, job readiness, networking skills, etc.
2. Is ACCA growing in India?
ACCA (Association of Chartered Certified Accountants) is indeed experiencing growth in India. With the increasing globalization of businesses and the demand for skilled finance professionals, ACCA’s global recognition and comprehensive syllabus have attracted aspiring accountants and finance professionals in India. The number of ACCA members and students in India has been steadily increasing, indicating the growing popularity and acceptance of ACCA as a preferred qualification. Additionally, ACCA has been actively collaborating with universities and educational institutions in India to expand its reach and provide more opportunities for aspiring professionals in the field of accounting and finance.
3. Is ACCA highly paid?
ACCA (Association of Chartered Certified Accountants) professionals can command competitive salaries due to the global recognition and comprehensive skill set they possess. The earning potential varies based on factors such as experience, job role, industry, and location. ACCA members often secure well-paying positions in accounting, finance, and consulting firms, and their salaries tend to increase with career progression. However, in general, ACCA affiliates have starting salaries between INR 5-7lacs.
4. Is ACCA a stressful job?
ACCA is not a job but a global professional qualification, it stands for the Association of Chartered Certified Accountants. It is a globally recognized professional accounting body that offers the ACCA qualification, which is highly regarded in the field of business and finance. ACCA equips individuals with comprehensive knowledge and skills in areas such as financial accounting, management accounting, taxation, auditing, business & strategy, and more. ACCA members are sought after by employers worldwide and can pursue diverse career opportunities in various sectors, including public practice, industry, and financial services.
Cost of ACCA:
1. What is the cost of doing ACCA in India?
The cost of pursuing ACCA (Association of Chartered Certified Accountants) typically is a sum of several components such as ACCA registration fees, ACCA exam fees, Exemption fees if you avail exemptions, etc. payable to the ACCA Body as well as Coaching and content fees payable to the Coaching Provider. Generally, the total cost can range from approximately INR 2-3.5 lakhs, depending on the no of exams to write, the chosen tuition provider, etc. It is advisable to check with authorized ACCA training providers or their official websites for the most accurate and up-to-date cost information.
Difficulty level of ACCA:
1. Which is the hardest subject in ACCA?
According to global pass rates and general student feedback, Advanced Audit and Assurance (AAA) and Advanced Performance Management (APM) are often regarded as challenging subjects in the ACCA qualification. These papers require a high level of technical expertise and analytical skills. Furthermore, Performance management (PM) is often perceived to be challenging at the Applied Skills level by many students.
2. Is ACCA tough to crack? / Is ACCA very hard?
The Level of difficulty of ACCA varies from individual to individual. Your background when you begin ACCA (undergraduate, graduate, CA Inter, CA, MBA, etc.) adds to your existing knowledge when you start the qualification. Having said that ACCA exams are very flexible, and student-friendly with relatively high pass rates if approached with the right coaching & discipline.
6. Which is the hardest exam in ACCA?
According to pass rates and student feedback, Advanced Audit and Assurance (AAA) and Advanced Performance Management (APM) are often regarded as challenging subjects in the ACCA qualification. These papers require a high level of technical expertise and analytical skills. Furthermore, Performance management (PM) is often perceived to be an obstacle to passing the applied skills level by many students.
8. Can an average student pass ACCA?
Yes, an average student can pass ACCA (Association of Chartered Certified Accountants) with the right mentorship, effective exam preparation techniques & discipline. While ACCA exams can be challenging, they are designed to assess applied knowledge and practical skills. With consistent preparation, practice, and a focused approach, an average student can achieve success in ACCA. It is important to develop a study plan, utilize available resources, seek appropriate guidance, and stay motivated throughout the journey.
9. Is management accounting ACCA hard?
The difficulty level of ACCA MA Paper (Management Accounting) in the Knowledge Level can vary depending on individual strengths and prior knowledge. It requires a solid understanding of cost classification and behavior, budgeting, variance analysis, performance measurement, and strategic management accounting With proper preparation, practice, and understanding of the syllabus, it is possible to succeed. However, dedication, consistent studying, and practice are essential for tackling the challenges presented by the subject.
10. What is the hardest accounting exam?
Determining the hardest accounting exam can be subjective, as it depends on factors such as individual strengths, study methods, and personal experience. However, some of the challenging accounting and finance qualifications include CA, CFA, ACCA, CPA, etc.
11. Which is the hardest module in ACCA?
According to pass rates and student feedback, Advanced Audit and Assurance (AAA) and Advanced Performance Management (APM) are often regarded as challenging subjects in the ACCA qualification. These papers require a high level of technical expertise and analytical skills. Furthermore, Performance management (PM) is often perceived as challenging to pass the Applied Skills Level by many students.
12. Can I pass ACCA with self-study?
ACCA exams are very application-based and online. While one can surely self-study using the ample available resources, the right coach or mentor enables one to understand in detail the exam expectations and plan the preparation accordingly. So there is less room for trial & error and chances of a higher success story. It is crucial to utilize ACCA study materials, practice past papers, seek guidance from online resources, and maintain a consistent study schedule to cover the extensive syllabus and prepare adequately for the exams.
13. Is ACCA easy for average students?
The difficulty of ACCA exams can vary depending on individual aptitude and preparation. While ACCA requires tremendous application and case-based learning, average students can still succeed with proper dedication, effective study strategies, and consistent effort. The key is to maintain a disciplined study routine, seek guidance when needed, and utilize available resources, such as study materials and mock exams. Further, the flexibility of the qualification such as 4 exam windows, one paper at a time, online exams, and focus on application & not only memory, makes it very doable & student-friendly.
14. What is a good score in the ACCA exam?
In ACCA exams, a good score typically refers to achieving a mark above the minimum pass mark for each paper. The pass mark for each paper is set at 50%. However, to excel in ACCA exams and demonstrate strong proficiency, aiming for scores in the range of 70% or higher is considered impressive. Higher scores indicate a deeper understanding of the subject matter.
15. What is the ACCA pass rate?
The pass rate refers to the percentage of candidates who successfully pass a particular examination or assessment. The pass rates for ACCA exams vary for each paper and exam session. On average, the pass rates typically range from 40% to 50% for most papers. However, it’s important to note that pass rates can differ based on the level of difficulty and complexity of the papers.
16. Which ACCA paper has the lowest pass rate?
The subjects with the lowest pass rates are typically observed in the Advanced Performance Management (APM) and Advanced Audit and Assurance (AAA) papers, where the global pass rates commonly range between 30% and 35%.
ACCA vs Other Courses:
1. Is ACCA equal to MBA?
ACCA and MBA are distinct courses with different focus & rigour. ACCA is a global professional qualification that is particularly relevant for individuals pursuing careers in business and finance & can be taken up alongside graduation. On the other hand, an MBA is a master’s degree post-graduation, that offers a broader business education, encompassing various disciplines such as finance, marketing, operations, strategy, and leadership.
2. Is ACCA tough or CFA?
ACCA and CFA are both challenging professional qualifications, but their difficulty levels can vary based on individual strengths and interests. ACCA covers a wide range of accounting and finance topics, while CFA focuses specifically on investment management and financial analysis. The pass rates in general for both qualifications range between 35%-45%.
3. Is ACCA tough or CPA?
Comparing the difficulty of ACCA and CPA is subjective, as it depends on individual strengths and backgrounds. ACCA is a globally recognized qualification covering a broad range of accounting and finance topics and focuses on International reporting standards. CPA, primarily associated with the United States, focuses on US accounting principles. Both require significant dedication and preparation.
4. Is ACCA and CA equal?
ACCA and CA are professional accountancy qualifications.
The CA qualification is awarded by the Institute of Chartered Accountants of India and prepares candidates for roles in Accounting Advisory, Auditing, Indian Taxation & Compliances, Corporate Finance, Investment Banking, Entrepreneurship and so on. Chartered Accountants enjoy exciting job opportunities in India.
The ACCA Qualification is awarded by the Association of Chartered Certified Accountants, a global professional accountancy body headquartered in the UK.
The ACCA Qualification equips candidates with various accounting, finance, and business skills that are applicable in roles such as Accounting Advisory, Auditing Consulting, Corporate Finance, ESG, Strategy, and so on. ACCA Members enjoy exciting job opportunities in India and globally.
(It’s vital to note however that ACCA members cannot undertake Statutory audit and other regulated activities in India reserved by prevailing legislation, including The Chartered Accountants Act, 1949)
5. Is ACCA lower than CA?
ACCA & CA are equally dynamic qualifications. ACCA is a global business & finance qualification while CA is an Indian qualification. ACCA members have immense job opportunities worldwide (India & abroad) while Indian CAs have great opportunities in India. In today’s time a lot of Indian Chartered Accountants aspire to take up ACCA post their CA qualification given the 9 paper exemptions available. This combination of CA + ACCA gives a very solid start to one’s career.
5. Which is tougher ACCA or MBA?
ACCA is a global professional qualification whilst MBA is a master’s degree. ACCA is Global CA & highly relevant for individuals pursuing careers in business, accounting, and finance. ACCA can be taken up after various levels ( post Class 10, 12, Graduation, CA Inter, CA Final, CMA, MBA, etc.) On the other hand, an MBA is a postgraduate degree that offers a broader business education, encompassing various disciplines such as finance, marketing, operations, strategy, and leadership.
6. Is ACCA tougher than CS?
Comparing ACCA and CS is not a direct comparison, as they encompass different areas of expertise. ACCA primarily focuses on accounting, auditing, and finance, whereas CS revolves around corporate law and governance. It is crucial to determine one’s interest area and make an informed decision based on individual preferences.
7. Is ACCA tougher than CMA?
ACCA and CMA India pose their respective challenges and difficulty levels. Notably, CMA has a pass percentage of around 20%, while ACCA ranges between 30% and 45%. Additionally, ACCA’s global recognition and comprehensive syllabus make it comparatively more demanding, while CMA India emphasizes cost and management accounting within the country.
8. Is ACCA easy compared to CA?
ACCA and CA are equally challenging qualifications in their own ways. However, ACCA exams stand out for their flexibility & application. Students can attempt one online paper at a time 4 exam sittings a year. This flexibility enables one to study step by step & hence the pass rates of ACCA are over 3 – 4 times the CA qualification.
General Most Asked Questions:
1. What are the 3 levels of ACCA?
The ACCA (Association of Chartered Certified Accountants) qualification consists of three levels.
Applied Knowledge: The first level builds fundamental knowledge of papers such as Business and Technology, Financial Accounting and Management Accounting. This level has 3 papers.
Applied Skills: The second level builds on the knowledge gained and covers advanced applications across Accounting, Financial Mgt, Performance Mgt, Taxation, Audit etc. This level has 6 papers.
Strategic Professional: At this level, students focus on developing strategic thinking and leadership skills. This level has 2 compulsory & 2 optional papers.
2. What is F1 F2 F3 F4 in ACCA?
F1, F2, and F3 are Applied knowledge level papers & F4 is a Skills Level Paper in the ACCA (Association of Chartered Certified Accountants) qualification
F1 – Business & Technology: Covers the fundamentals of modern-day business & technology.
F2 – Management Accounting: Focuses on costing methods, budgeting, and performance measurement to support effective decision-making.
F3 – Financial Accounting: Covers the principles and practices of financial accounting, including preparation and interpretation of financial statements.
F4 – Corporate and Business Law: Introduces legal framework and regulations relevant to business and corporate environments.
3. Is ACCA a financial accounting course?
ACCA encompasses various areas of accounting and finance with Financial Accounting being a major focus area. Students pursuing ACCA gain in-depth knowledge of financial reporting, international accounting standards, financial statements analysis, and related topics. Additionally, ACCA trains professionals with skills in management accounting, taxation, auditing, financial management, business strategy & leadership etc. enabling them to excel in diverse roles within the accounting and finance fraternity.
4. What is the fastest time to complete ACCA?
The speed at which an individual completes the ACCA qualification can vary based on factors such as prior qualifications (Undergrad, Grad, CA Inter, CA, CMA, MBA etc.), exemptions availed, & individual commitment. ACCA provides flexibility with its quarterly exam schedule. The time duration can range from 6 months to 3 years depending on your last degree. If you are an undergraduate or graduate in B.Com or B.Com specializations from an accredited state or central university. Then you can complete the ACCA course in just 2 years instead of the typical 3. You can get up to 5 exemptions according to the recent update.
5. What is the highest position in ACCA?
After completing ACCA, the highest position one can achieve depends on several factors including experience, expertise & opportunities. ACCA Members are in several top management roles including CEO, CFO, Financial Controller, Finance Director, Audit Partner & several board-level positions. However, reaching these positions requires more than just the ACCA qualification & is greatly influenced by individual capabilities and market dynamics.
6. What is the 9-paper exemption in ACCA?
The 9-paper exemption in ACCA refers to a situation where a candidate is granted exemption from appearing in nine specific papers of the ACCA qualification. This exemption is typically given to individuals who have completed a relevant degree or qualification that is recognized by ACCA as meeting the requirements for exemption. In India, it is generally granted to fully qualified CA and CMA with more than 5 years of Work Experience.
7. Does 12th marks matter in ACCA?
The criteria to be eligible to take ACCA exams differ from nation to nation. In India, to qualify for ACCA exams, students must have a minimum of 65% marks in at least two subjects, which typically include English, Mathematics, and Accounts. Additionally, they must have obtained a minimum of 50% marks in all other subjects. These criteria ensure that candidates have a strong foundation in the key subjects required for ACCA and meet the minimum academic standards set by the Indian qualification authorities. For more information click here
8. How many times can you fail ACCA?
There is no specific limit on the number of times a candidate can attempt ACCA exams. Candidates are allowed to retake exams as many times as needed until they pass. With persistence and continued effort, candidates have the opportunity to pass ACCA exams, even if they have experienced previous failures.
9. Can we complete ACCA in 1.5 years?
Some candidates complete the ACCA qualification in around 1.5 years by receiving exemptions for up to 9 papers based on their prior qualifications. This allows them to skip certain exams and progress faster. However, completion time varies depending on the number of exams to write basis previous degree & off course the commitment & discipline of writing exams every quarter.
10. Can you sit 2 ACCA exams at once?
Yes, it is allowed for candidates to sit for multiple ACCA exams in a single exam session. ACCA permits students to attempt up to four exams per session. However, it is worth noting that most students opt to sit for only one exam per attempt to enhance their chances of success. Focusing on a single subject allows for more concentrated and dedicated study, increasing the probability of passing that particular exam. Ultimately, the decision to take multiple exams in one session depends on the candidate’s confidence, preparation, and ability to manage the workload effectively.
11. How can I get an ACCA diploma in accounting and business?
To obtain the ACCA Diploma in Accounting and Business, candidates must successfully pass all three knowledge level papers: F1 (Business & Technology), F2 (Management Accounting), and F3 (Financial Accounting). Additionally, candidates need to complete the Ethics and Professional Skills module (EPSM). Those aiming for the Advanced Diploma in Accounting and Business must also complete the applied skills level exams in addition to the aforementioned requirements.
12. Is there a Master’s in ACCA?
ACCA body does not offer a master’s qualification. It provides a professional qualification. ACCA students and affiliates can explore the ‘international masters study option’ program for further academic opportunities. ACCA has partnered with universities across the globe to provide their students and affiliates an opportunity to pursue a master’s degree.