ACCA is one of the most reputed accounting courses recognized globally. The curriculum consists of deep accounting knowledge along with strategic skills. So, most multinational companies hire acca candidates for their knowledge and skills. If you wish to understand this professional course to pursue your career, the first thing that you need to do is to understand what is acca.
The first thing you should know is whether you are eligible for the acca course. These are the eligibility details that you should know while learning what is acca.
- Candidates should have completed class 12th in the commerce stream with a minimum of 50% in total subjects.
- The candidates should have also gained a minimum of 65% in aggregate of English, Accounts, and Mathematics.
- Non-qualifying candidates can pursue the Foundation in Accountancy course to become eligible for acca.
If you have higher education qualifications, you should also know about the acca exemptions.
While the minimum eligibility for pursuing ACCA is class 12th, candidates with higher education get certain relaxation in the ACCA exams.
Class 12th candidates will have to appear in all 13 exams but ACCA offers exam exemptions for these candidates.
- 4 exam exemptions for commerce graduates of candidates who have completed a Master’s in Commerce.
- 5 exam exemptions for IPCC-qualified candidates.
- 9 exam exemptions for CA candidates.
So, using the exam exemptions, you can complete the course in a much shorter duration and without appearing in all the exams.
The ACCA course consists of 3 levels that the candidates will have to cross one by one. Of course, there are exceptions for those who gain exam exemptions based on their educational qualifications. Under each level, there are different subjects and topics that the candidates have to prepare.
Level 1 – Applied Knowledge Level
- Accountant in Business
- Management Accounting
- Financial Accounting
Level 2 – Applied Skill Level
- Corporate and Business Law
- Performance Management
- Financial Reporting
- Audit and Assurance
- Financial Management
Level – Applied Professional Level
- Advanced Financial Management
- Advanced Performance Management
- Advanced Taxation
- Advanced Audit and Assurance
The ACCA course duration is usually 1.5 years to 3 years. But ACCA offers a maximum of years to the candidates who require more time. Many candidates may even complete the course within a year. So, several factors determine the ACCA course duration.
- Exam Exemptions:
The first factor is the exam exemption. For example, a CA candidate is exempted from 9 exams and has to appear in just 5 exams. So, such candidates can complete the course much faster than other candidates.
Another factor that determines the course duration is the determination of the candidates. If you pass the exams in one attempt, much time is saved. Similarly, someone who does not have much time because of professional commitments can take longer to complete the course.
ACCA Course Fee Structure
The ACCA course fee structure can be confusing, so it is essential to understand it in detail while you are checking out what is acca. The ACCA fee structure consists of these many elements:
- The Registration:
Candidates will have to pay an initial registration fee to start with the course. You may have to re-register yourself if the ACCA body cancels your registration because of reasons like failing to maintain the annual subscription.
- The Subscription:
Next is the annual subscription that you need to maintain to get access to manuals and the ACCA portal.
- The Exam Fees:
For each level, you must pay exam fees. The level-wise exam fees are different so you should check the fee amount before registering for the exams each time.
- The Exemption Fees:
While ACCA exempts you from a few exams based on your education qualification, you need to buy the exemptions per exam.
- Other Elements:
Apart from these necessary elements, there are also many other elements like lifetime membership and permanent subscription.
Zell Education helps in understanding the fee structure and making the registration process convenient.
ACCA Exam Pattern
The Level 1 exam question papers are based on MCQ objective questions.
In Level 2, Corporate and Business Law has MCQ questions while the other subjects have a combination of objective and subjective questions.
All the papers of Level have subjective questions to answer.
In all three levels, the passing score is 50%.
Career after ACCA
After understanding ACCA course details, duration, fees in India, and exam pattern, you should also have a glance at the career after pursuing ACCA. In India, an ACCA-qualified candidate can gain job opportunities in various areas like accounting advisory, statutory audit, mergers & acquisitions, risk advisory, financial reporting, and valuation. An average ACCA candidate in India earns a salary package of Rs. 4 lacs to Rs. 20 lacs per annum or even more.
The ACCA course is managed by the body Association of Chartered Certified Accountants in the UK. Today, the course is operational in about 180 countries and is globally recognized. In India, acca is one of the reputed and recognized careers in the finance and accounting field.