6 Best Career Options For ACCA | ACCA career guide 2024
Admin 29 Dec, 2023 Best Career Options For ACCA
ACCA is the world's leading body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability, and ambition around the world who seek a rewarding career in accountancy, finance, and management.
ACCA supports its 178,000 members and 480,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 100 offices and centers and more than 7,110 Approved Employers worldwide, who provide high standards of employee learning and development.
Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity, and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards.
ACCA's core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business.
What does ACCA syllabus cover?
The standard ACCA syllabus covers some of the most important aspects of accounting, financial reporting, auditing, taxation, corporate law, business ethics, and management. In order to clear the examination successfully, candidates must have a clear understanding of each of these topics. They need to work hard and prepare for the examination well so that they can clear it on their first attempt itself.
On passing the ACCA examination with flying colors, candidates are entitled to use the designation ACCA after their name which indicates that they are professionally qualified accountants.
ACCA Pros and Cons
The ACCA is a professional membership body within the accounting industry. This organization provides qualifications for accountants. The ACCA works worldwide and has over 500,000 members. It offers business-related qualifications to students from more than 170+ countries.
Some of the advantages of ACCA course include:
- It is a Globally recognized qualification.
- You can study it at any time and place that suits you.
- You gain practical knowledge.
- You can work as an accountant in any industry or country after qualifying.
- The ACCA qualification will stay relevant as it is continually reviewed to ensure it meets the needs of employers from different industries around the world.
Some of the disadvantages of ACCA course include:
- It is not as well known in certain countries, such as India and China, as other accountancy qualifications are.
- It can be expensive to sit the exams each year and there are also subscription fees to which has to be paid every year.
- There are a lot of papers to pass to gain full membership in the organization, which can be disheartening if you fail some papers, but you have to persevere if you want to qualify and reap all of the benefits that come with passing this course.
ACCA Career Guide 2023 Options after ACCA Certification
ACCA will help you develop your skills and knowledge in financial management, strategic business leadership, audit and risk management, taxation, law, and governance. It will enable you to embark on exciting ACCA career opportunities in areas such as financial management, auditing, taxation, or consultancy.
It is also highly regarded by employers around the world. ACCA certified are leaders in their fields, working across both finance and non-finance roles (in areas such as HR and marketing) in sectors including banking, insurance, and the public sector.
There are plenty of ACCA career opportunities in accounting & finance that you can do as an ACCA. We have highlighted just some of the possible options for you.
Auditor
The auditing profession has seen many changes over recent years, with the emergence of new legislation and developments in technology. Auditors now need to demonstrate strong technical knowledge and understanding of issues such as risk management, corporate governance, and internal controls.
An auditor's role is to provide independent assurance that an organization's financial statements are a 'true and fair' view and free from material misstatement. This involves working closely with clients, assessing their financial reporting practices, and evaluating their internal controls.
Accountant (practice)
Working in accountancy practice provides a broad experience across different industries, companies, and sectors. This variety makes it a popular ACCA career opportunities for many students.
Managerial accountant
This person works within the accounting department of a business or organization. A managerial accountant analyzes financial data and reports this information to upper management. Managerial accountants also make recommendations on how their company can save money.
Financial accountant
The main job is to record financial transactions such as sales, purchases, income, and payments by an individual or organization. Financial accountants keep track of these transactions by examining statements and documentation. They may also prepare statements that show the financial health of their organization.
Budget officer
A budget officer's main responsibility is ensuring that an organization or government agency stays within its budget. Budget officers analyze budgets to determine whether they are reasonable and feasible.
Cost Accountant
A cost accountant is responsible for designing, implementing, and monitoring internal control systems. They are also responsible for the preparation and maintenance of cost accounts, costing sheets, supporting schedules, cost sheets, performance reports, and other financial information as required to support the Company. They will supervise the Cost Accounting Department staff in addition to supporting the General Manager in overseeing all accounting functions.
ACCA career opportunities in management accounting firms
Nowadays, there are many job opportunities after ACCA in management accounting firms. Management accountants work for a variety of companies, including large multinationals.
They also help start-up businesses and smaller companies. The main remit of a management accountant is to provide financial information that helps other managers within the company make good business decisions.
Management accountants will often use the data that they have collected to build models that predict how changes in different areas of the business will impact profitability, cash flow, and inventories. They may also be involved in setting budgets, monitoring performance against those budgets, and setting targets for managers, staff, and business units.
Management accountants will often be asked to play a role in decision-making within a company because of their deep understanding of financial issues and their knowledge of how various changes within the company might impact its future performance.
However, their role is not just about providing financial information, it may also involve working with colleagues within the organization to identify new strategic opportunities or ways to improve efficiency or competitiveness within the business.
Salary of ACCA certified
The salary of ACCA professionals will also depend on their job profile. You can expect to earn a starting salary of around 40L every year if you are working as an audit associate in a well-known firm. The average salary for ACCA members is around 50L per year, this figure will be higher if you have experience in this field.
If you have at least 10 years of experience in this field then you can expect to earn a salary of around 70L per annum in countries like the UK and the USA. In India, the average salary of an ACCA member is just 1 lakh rupees per month however this figure may vary depending on the experience & knowledge.
Factors affecting ACCA Salary Levels
ACCA Salary levels depend on various factors including:
- The size of an organization:
- Nature of business:
- Job profile:
- Job location:
ACCA careers are rewarding and the salaries are attractive. ACCA salary ranges vary depending on the job position of an individual. ACCA salary levels vary according to the employer and industry, but there is a general range that one can expect to earn. According to the latest Salary Guide, 'ACCA qualified finance professionals in the UK earn 25% more than non-qualified accountants.'
ACCA career option is one of the most preferred by young students who have a keen interest in accounting and finance. The salary package offered by ACCA jobs is among the best in the world. There are many benefits of doing ACCA, from which getting a high-paying job is one of them.
FAQ's
1. What jobs can I get with an ACCA qualification?
Once you get the ACCA qualification, you will be able to work in various fields. You may think that you can only work as an accountant, but there are many other professions where your skills and knowledge will be appreciated. Here are some of the popular jobs that you can get after completing your ACCA course:
- Finance Manager
- Audit manager
- Tax supervisor
- Consultant, etc
2. What should I pursue after ACCA?
You have to ask yourself, what is your reason for having an ACCA? Are you looking for a job that will give you good pay and future prospects? Or do you want to venture into business and make the most out of your years of experience in your specific field?
If it's the former, then it is definitely better if you stay on course and work towards becoming a CPA. This will not only give you better employment opportunities, but it will also help boost your career as well. By becoming a CPA from NorthStar Academy, you will be able to take on greater responsibilities as a finance professional and make better decisions that will help drive profits and improve the performance of your company. You will also be able to work with other professionals who have the same degree or certification as you.
3. Can ACCA become CFO?
Yes, an ACCA can become a CFO. The CFO of a company is the Chief Financial Officer, who is responsible for preparing and maintaining the financial records of the company. An ACCA qualification will only help in this position because it is the most widely respected accounting qualification worldwide.
The ACCA syllabus covers financial accounting, management accounting, and auditing, which are all skills that are essential for a CFO.
An ACCA qualification can also allow you to become a Chief Accounting Officer, who is responsible for overseeing the work of accountants within the company.Conclusion
NorthStar Academy is one of the leading ACCA training providers in India. We have a very strong track record in producing successful ACCA students. You can also be one of them! Study with the most experienced and successful ACCA course provider. The ACCA qualification is recognized by many employers, professional bodies and regulators across the world. You will benefit from our experience in teaching the ACCA qualification. We have hundreds of successful students and are one of the top tuition providers across the globe. If you have any doubts, feel free to reach us out here or contact our expert counselors today! +918147470707