Did you know the Salary for ACCA in UK and US: A Statistical Analysis

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Did you know the Salary for ACCA in UK and US: A Statistical Analysis

Introduction of ACCA Course:

ACCA expanded as the Association of Chartered Certified Accountants was formed in 1904. It is a globally recognized professional accountancy body that offers the “Chartered Certified Accountant” qualification (also known as the ACCA certification). It is a fast-growing international accountancy organization having more than 2,00,000 members and more than 500,000 students, with a presence in over 180 countries.

It is no surprise that the salary for ACCA in UK and US is also soaring. With the ever-rising demand for the ACCA designation, the remuneration paid to an ACCA-certified professional is also quite high, especially in the UK and US.

The ACCA is one of the most sought-after professional qualifications in accounting and finance. As a globally recognized course and its updated/Industry-relevant content, ACCA is a great way to build a career in Accounts and finance as a beginner. However, the ACCA course is developed keeping everyone in mind. ACCA qualification is great for students and experienced professionals interested in Accounts.

By pursuing the ACCA course, you can access the global job market. As an ACCA-certified accounting professional, you can get many high-paying and well-respected job opportunities worldwide. If you want to work as finance or accounting professional in foreign countries, then a certification like the ACCA is a must-have.

Coupled with all the above, its incredibly flexible examination scheme makes it more desirable and attractive for students.

ACCA Course Details, Eligibility, and Exams

The ACCA designation has quite a Flexible course. The students can join the course right after passing their 12th examination or after completing their formal education. 

Let’s dig deeper into the ACCA course details.

Eligibility for ACCA

To pursue the ACCA course, a candidate must fulfill these eligibility criteria:-

  1. 10+2 with a minimum of 65% marks is required in Accounts or Mathematics, and English Must have scored at least 50% score in all other subjects in the 12th-grade exams.
  2. Also, graduation in the relevant field (B.Com, BBA, BMS, etc.) from a recognized college/university is required to acquire the ACCA certification.

The students who have cleared the 10th can enroll in the ACCA course through Foundation in Accountancy (FIA) program.

Salary For Acca In Uk And Us

Exam Structure

To become an ACCA-certified accounting professional, the candidates must clear up to 13 exams (however, ACCA may provide exemptions for up to 9 exams depending upon the candidate’s previous qualification). The candidate may also deal with the Ethics and Professional Skills module.

The 13 papers of the ACCA examination are divided into three levels:-

  1. Applied Knowledge level
  2. Applied Skill level
  3. Strategic Professional level

1. Applied Knowledge Level: The knowledge level covers three exams, and candidates who pass all of these are awarded the ACCA Diploma in Accounting and Business. The Knowledge Level exams are on-demand, so you can take them any time in the 365 days of the year.

  • Business and Technology (BT)
  • Management Accounting (MA)
  • Financial Accounting (FA)

2. Applied Skills Level: The Skills level includes six exams, which include – 

  • Corporate and Business Law (LW)
  • Performance Management (PM)
  • Taxation (TX)
  • Financial Reporting (FR)
  • Audit and Assurance (AA)
  • Financial Management (FM)

The Skill Level exams are conducted every March, June, September, and December. Candidates are awarded the Advanced Diploma in Accounting and Business after completing the above-mentioned exams. 

3. Strategic Professional Level: Candidates have to prepare for 4 papers out of 6; these papers are divided into two modules – Essentials and optional.

Essentials:

  • Strategic Business Leader(SBL)
  • Strategic Business Reporting(SBR)

Optional: (Any 2)

  • Advanced Financial Management (AFM)
  • Advanced Performance Management (APM)
  • Advanced Taxation (ATX)
  • Advanced Audit and Assurance (AAA)

Similar to the skill level, the Professional Level exams are also conducted every March, June, September, and December.

Salary for ACCA in UK and US

Salary for ACCA in UK and US is relatively high compared to those in India. 

However, the exact salary for ACCA in UK and US is highly dependent on their total years of relevant experience and their current designation in a company. Obviously, if you have spent more time in an industry, the salary you can demand will be that much higher.

Here is the table representing the average salary for ACCA in UK and US:-

United Kingdom (UK) United States (US)
Fresher or entry-level GBP 39,100  USD $44,000
Mid Level GBP 52,500 USD $87,000
Senior Level GBP 68,200 USD $101,000

Important Note:- In the United Kingdom, the Association of Chartered Certified Accountants (ACCA) is a recognized accounting body, and you can freely pursue a career in accountancy with no restrictions from work. But the same is not true in the United States. In the US, ACCA is not recognized, and as an ACCA-qualified accountant, you can practice Public Accountancy in any state of the United States. Thus, the US may not be the right place to start your ACCA career as a fresher.

Job Roles with Salaries of ACCA

Salary for ACCA in UK and US is also quite dependent on your job position in a company. The more important your job role, the higher your salary for ACCA in UK and US. 

In India, a fresher with the ACCA qualification usually gets hired in a similar position as an Indian Chartered Accountant or CA. Companies like Grant Thornton, BDO, J. P. Morgan, Morgan Stanley, and other big names actively hire many ACCA freshers in various accounting and finance positions. However, if you work hard enough, you will easily be able to experience immense growth in your career. Here is the list of average salaries and salary ranges for various Job profiles in India.

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Salary for ACCA in UK and US for various Job Roles

Job Title Range (Annual) Average (Annual)
Accountant ₹172k – ₹729k ₹348,171
Chartered Accountant ₹364k – ₹20 lakh ₹985,808
Finance Manager ₹197k – ₹20 lakh ₹967,750
Auditor ₹300k – ₹20 lakh ₹625,710
Associate Auditor ₹252k – ₹839k ₹398,739

Scope & Salaries of ACCA – Overseas

The best feature of the ACCA qualification is that it opens opportunities for candidates to work in several other countries in addition to the UK, the US, and India. After understanding the salary for ACCA in UK and US, now let’s see it for other countries.

With an ACCA certification in hand, you can grab a high-paying job nearly anywhere around the globe.

Here is the list of the Salary for ACCA in UK and US, and other countries.

Fresher or entry-level Mid Level Senior Level
Ireland EUR 20,400  EUR 28,100  EUR 40,100
UAE AED 7000 /pm AED 10,000 /pm AED 20,000 /pm
Switzerland CHF 67400 CHF 117000 CHF 155000 +
Canada CAD 62,300 CAD 82,500 CAD 110,000
Australia AUD 50,800  AUD 64,200 AUD 84,600

FAQs

1.  Can ACCA students work in the USA?

When writing this article, the ACCA is currently not recognized as an official accounting body in the USA. Thus, as an ACCA-certified accounting professional, you can not work as an official public accountant in any of the states of the United States. You will need a CPA license to practice public accountancy in the United States, which is issued at the state level.

However, you can still work in other domains under other companies, such as consulting and advisory, apart from the audit.

2.  Is ACCA or CPA better in the USA?

Both the ACCA and CPA are quite prestigious qualifications in the field of accounting and finance and are well respected in the global accounting community. However, many consider US CPA to be more valuable than ACCA, especially in the USA, as the entry barrier for CPA is higher and the fact that the ACCA is not recognized in the United States. The entry requirement for a US CPA is equivalent to a master’s degree with stringent work experience that needs to be showcased.

However, outside the United States, both certifications have nearly the same footing in the job market.

3. Who earns more, CMA USA or ACCA?

 As a fresher, the ACCA-certified accounting professional will be able to draw a better salary than a USA CMA-certified individual. On average, a fresher with CMA certification can earn up to 4 lakh to 5 lakh per annum, while the same for an individual with ACCA qualification hovers around 6 lakh to 8 lakh per annum.

However, if you can grab both certifications, you will be able to get a very high position and can expect a salary of up to 10 to 15 lakh rupees per annum.

4. Can ACCA become CPA USA?

There is no reciprocal agreement that entitles someone who has ACCA qualifications to qualify for licensed CPA status automatically. So, there is no quick route for ACCA members to obtain the US CPA. If you want to acquire the US CPA certification after the ACCA qualification, then you need to sit for the CPA exam and pass the four-part exam. However, your previous preparation for the ACCA exams will help you a lot in clearing the uniform CPA exam. You can get certified and get a satisfactory job in the US or UK Moreover, the salary for ACCA in UK and US is considerably good.

5.  Is ACCA Recognized in the US?

Yes! ACCA is recognized in the United States. It is true that an ACCA-qualified accounting professional is not permitted to work as a public accountant in any of the states of the USA. However, as an ACCA-certified professional, you can still work in other domains under other companies, such as financial consulting.

Conclusion

ACCA qualification, being one of the most respected and globally recognized certifications in accountancy, can open up the gates to many new high-paying job opportunities. Employers from all around the world are looking for ACCA-certified accounting professionals to join their companies.

The high salary for ACCA in UK and US has pursued many individuals to join the ACCA course in India. However, most do not know how to prepare for the ACCA exams correctly. That’s where NSA (or NorthStar Academy) comes to your rescue. We at NSA help as many students as possible achieve their desired finance certification. Our well-organized way of covering the entire syllabus with frequent doubt sessions, live classes, and mock exams assists our students in preparing efficiently.

Contact us from here for any assistance required.

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