ACCA, UK

The ACCA Qualification gives you the most up-to-date skills to become a finance professional.

To become fully qualified, an individual is required as follows – 

Why ACCA, UK?

ACCA, headquartered in the UK, is renowned worldwide for its commitment to excellence. Its rigorous qualifications are widely acknowledged and respected across the globe. By joining ACCA, UK, you become part of a diverse community with over 219,000 members and 527,000 students across 179 countries.

• Well recognized in Big 4s such as Ernst & Young (EY), KPMG, Deloitte, and Price Waterhouse Cooper (PWC).
• ACCA, UK, is also well recognized in many other multinational companies. 
• Due to IFRS implementation, a massive demand exists for such a global accounting professional.

ACCA acknowledges the standards of employee training and advancement by employers via our Approved Employer Programme.

How does the ACCA Qualification work?

ACCA, UK has three levels, and details are mentioned as follows : 

Applied Knowledge Level Exam

The Applied Knowledge exams offer students a comprehensive initiation into finance, fostering fundamental comprehension and skills in accounting. These examinations encompass:

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

On-demand & computer-based 

Award: ACCA Diploma in Accounting and Business

Applied Skills Level Exam

The Applied Skills exams enhance and expand upon existing knowledge and comprehension, and practical financial skills essential for aspiring strategic professional accountants across all sectors and industries. These examinations include:

• Corporate and Business Law (LW) – Objective type just like BT, FA, and MA
• Taxation (TX)
• Financial Reporting (FR)
• Performance Management (PM)
• Financial Management (FM)
• Audit and Assurance (AA)
• Strategic Professional

Award: ACCA Advanced Diploma in Accounting and Business

Strategic Professional exams

The Strategic Professional exams prepare students for leadership roles by providing strategic foresight through technical expertise, ethical considerations, and professional aptitude customized to individual strengths. Students can also specialize in areas aligning with their career aspirations. To complete this stage, students must undertake both Essentials exams and select two Options. These examinations comprise:

Essentials

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

Options

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

Award: ACCA Affiliate

Ethics and Professional Skills Module

Students are required to complete our Ethics and Professional Skills module, which develops in students the complete range of skills that employers told us they need. 

All students must complete the relevant ethics module as part of their chosen qualification path.

Practical Experience Requirement

Being a confident, inspiring, and trusted professional comes with experience, so to qualify as an ACCA member, you must complete a minimum of 36 months of relevant work experience and achieve nine performance objectives.

Students can complete the ACCA Qualification in at least three years.

Award: ACCA Membership

About the Syllabus

Business and Technology (BT)

ACCA exam on Business and Technology aims to build an understanding of the modern business environment and the functioning of accounts and finance. The syllabus comprises as follows – 

• Organizational structure, leadership, and management in business
• Business Environmental factors
• Accounting in business, Accounting functions
• Accounting and Finance control processes in a business
• Managing a business, its resources, and finances
• Building efficient teams and business functions

Management Accounting (MA)

ACCA paper on Management Accounting is more of a quantitative-focused subject that makes you learn management decision-making processes, prepare various financial reports for a business, and analyze quantitative information. 

• Concept of cost and management accounting
• Types of costs, behavior, and goal
• Fundamentals of business mathematics, spreadsheets
• Cost Accounting Techniques, Calculations
• Costing, Budgeting, Planning and Analysis
• Management Techniques for making decisions

Financial Accounting (MA)

The ACCA paper on Financial Accounting starts from the basics of accounting, such as double-entry accounting, financial statements, laws of financial accounting, profit and loss, balance sheet, cash flow, principles of accounting etc. 

• Principles of financial accounting
• Double-entry accounting methods use
• Financial reporting basics
• Journal, Ledger, Trial balance preparation
• Economic data and preparation of financial statements
• Analysing Income, Cash flow statement, and balance sheet

Corporate and Business Law (LW)

ACCA paper on Corporate and Business Law develops your understanding of the legal system with context to the business world. Various terminologies and concepts of law from the angle of accounting and finance will be learned. 

• The overall structure of the legal system,
• Laws related to business, companies, and financial affairs
• Establishment and structure of business organizations
• Capital, business finance, and regulation of companies
• Acts of Company Law, application of laws in business
• Acts of Business Law, application of laws in business

Performance Management (PM)

It includes quantitative and qualitative data and uses financial information to plan, make business decisions, and evaluate performance.  

Cost accounting principles and different methods

• Use financial data for Decision-making, business forecasting and planning
• Business Maths and Statistics, application to analyze
• Standard Costing, variance analysis, and other statistical tools
• Performance evaluation and management for business
• Combining Quantitative and Qualitative data for business performance

Taxation (TX)

The ACCA paper on taxation aims to build a conceptual understanding of the taxation system, how tax systems typically work, and the impact of taxes on businesses, firms, people, and other stakeholders in a company. 

• The concepts of taxation, tax systems across the world
• Taxes on Capital, Profits, Income, Business
• Personal tax and Business Tax computations
• Corporation tax structure, how it works
• Income tax, Capital gains tax, Value added tax,
• The tax framework of the UK as a base for other countries

Financial Reporting (FR)

The ACCA paper on Financial Reporting is an extension of the financial accounting subject, aimed at building skills in analysing and interpreting financial statements and how to collectively put together the statements in the shape of financial reports. 

• Making financial statements for a business
• Analyzing and interpreting financial statements
• Ratio analysis and other tools
• Regulatory requirements for financial reporting
• Financial reporting based on statements
• Reporting to various stakeholders of the business

Financial Management (FM)

ACCA paper on Financial Management aims on management techniques of finances of an organisation. From sourcing capital to generating profits to the company’s valuation, financial management helps you learn a business’s whole financial life cycle. 

• Concepts of financial management
• Valuation of businesses, parameters
• Management of the company’s finances and capital
• Managing the working capital of a business
• Financial risk analysis for businesses
• The economic life cycle of a business

Audit And Assurance (AA)

ACCA paper of Assurance and Audit covers the most essential area of chartered accountancy: audit. You learn about the audit process, requirements, guidelines, and how an audit has to be performed for any business.

• Principles of Audit, Processes of doing an audit
• Regulations wrt auditing
• Areas for auditing, parameters to audit
• Management of business risk, identifying risks through audit
• Quality assurance for a business, processes
• How to perform audits, how to prepare audit reports

Strategic Business Leader (SBL)

ACCA paper on Strategic Business Leader is more of a management skill subject to build governance in organizational management. It includes risk assessment, ethical framework, professional judgment and values, etc. 

• Efficient management of an organization
• Role and function of governance in the management
• Ethical framework for professional values and decision making
• Business strategies and corporate governance
• Developing policies of internal control and audits

Strategic Business Reporting (SBR)

In this ACCA subject, you learn the accountant’s role in terms of professionalism and ethics, the financial reporting framework, and financial statement preparation. You also work on case studies to develop an understanding of more complex financial reporting issues. 

• Framework for financial reporting in a business
• Corporate Governance with Financial Reporting
• Probable financial reporting issues and their implications
• Implications of changes in accounting regulations
• Current developments in accounting and audit and business impact
• Case studies for complex business reporting environments

Advanced Financial Management (AFM)

The ACCA paper on Advanced Financial Management aims to make you a senior finance professional with an advanced understanding of financial markets and financial industry structure. It combines the elements of business economics with finance.  

• Investments for a business, structure of the financial industry
• Introduction to Investment Banking, Acquisitions, and mergers
• Financial and Regulatory ways to Restructuring companies
• Fund Management, Treasury, and advanced risk management
• Business Finance, Economic environment, Global trades
• Emerging concepts in finance and financial management

Advanced Performance Management (APM)

ACCA paper on Advanced Performance Management aims at teaching you the skills needed for performance measurement, optimization, and strategic development of companies, including multinational organisations, and integrating economic conditions and external aspects. 

• Using strategic planning and control models, the impact of risk and uncertainty
• Identify and evaluate design features of performance management systems
• Strategic performance measurement and optimization
• Analysing external factors and economic conditions
• Case studies of business performance management

Advanced Taxation (ATX)

The ACCA paper on advanced taxation extends the taxation paper at the skill level. It aims to provide knowledgeable guidance on global tax systems, how they work, and practical use cases of taxation in business through case studies. 

• UK taxation system and how other tax systems have been derived
• Aspects of the modern tax system
• Tax effects and how taxes interact, taxes for business
• Tax planning for business operations,
• International Taxation framework, Customs, and other duties
• Case Studies of complex tax planning systems

Advanced Audit And Assurance (AAA)

The ACCA paper on Advanced Audit and Assurance combines the Advanced Audit and Assurance and Strategic Business Reporting subjects and teaches how to implement them in a real business case. Current issues, exposure drafts, and developments in audit, including emerging technologies, are also featured. 

• Advanced concepts of audit, regulatory framework
• Audit of complex financial statements
• Preparing complex and comprehensive audit reports for business
• Analytical tools and techniques to interpret audit reports
• Assurance engagement reporting
• Case studies of audit and assurance reporting for complex business scenarios

Average Salaries of ACCA Members in India

In India, how much money an ACCA member makes usually depends on how long they’ve been working and their job in a company.

Entry Level – INR 7.05 lacs per annum

Mid Senior Level – INR 11.17 lacs per annum

Senior Level – INR 19 lacs per annum

Source: Payscale

Foundation level qualifications 

Even if you’re not focused on finance, FIA can still be very useful for improving your business skills. Understanding how finances are managed and used helps you make better decisions and have a say in business operations. Plus, it shows employers that you understand money and can help solve business problems.

ACCA’s Foundations in Accountancy (FIA) comprises a series of qualifications designed to furnish you with a robust comprehension of financial management and reporting essentials, equipping you with the ability to communicate effectively within the business sphere.

It is designed for people just starting their business education journeys. The Foundation level qualifications include:

ACCA Diploma in Financial and Management Accounting (RQF Level 2)

• Recording Financial Transactions (FA1) 
• Management Information (MA1)
• Foundations in Professionalism.

ACCA Diploma in Financial and Management Accounting (RQF Level 3)

• FA2 Maintaining Financial Records
• MA2 Managing Costs and Finance

ACCA Diploma in Accounting and Business (RQF Level 4)

• FBT Business and Technology
• FFA Financial Accounting
• FMA Management Accounting

Certified Accounting Technician (CAT)

• FA1, MA1, FA2, MA2, FBT, FFA and FMA exams
• two of the three specialist exams: FAU, FFM, and FTX
• a practical experience requirement
• Foundations in Professionalism.

Students completing the CAT Qualification can claim exemption from exams FA1, MA1, FA2, and MA2 based on practical experience.

Also available as standalone certificates:

• ACCA Certificate in Audit (RQF Level 4)
• ACCA Certificate in Taxation (RQF Level 4)
• ACCA Certificate in Financial Management (RQF Level 4)

Source: www.accaglobal.com