ACCA is a popular abbreviation for Association of Chartered Certified Accountants. It Is a global body for professional accountants, founded in 1904. The ACCA globally has nearly 233,000 members and approximately 536,000 future members, which is and will be indeed a very interactive community. The organization is committed to helping prospective accounting professionals fuel their career growth in the modern world of banking and finance. An ACCA qualification can open professionals to a world of opportunities. If business and finance are the domains of your interest, then an ACCA can offer you many benefits.
However, despite the benefits and advantages of getting ACCA qualified, some myths are associated with it. Although these myths are baseless, they can still impact a student’s decision to earn an ACCA qualification. To help you decide on your future without being misled by the myths, we have debunked five popular myths about ACCA.
Myth 1. No need to prove work experience after becoming an ACCA member
ACCA exams are half the journey, as it requires more than just the qualification. By completing PER, the qualified students can demonstrate their applied knowledge gained through studies in the workplace – exercising their judgment and identifying areas for future improvement, all key factors for becoming a well-rounded ACCA professional. The Ethics and Professional Skills module is mandatory for all ACCA students and affiliates, irrespective of their registration with ACCA. Exams, experience, and ethics are all needed to attain ACCA membership.
Myth 2. Practical experience requirement(PER) is not after ACCA qualification
There’s no doubt that employers value ACCA qualifications. However, having no relevant work experience can be a disadvantage in comparison to those who have continued to work toward completing ACCA qualifications entirely. So, having more than one supervisor sign off your progress towards completion.
Myth 3. ACCA will only lead to corporate jobs
It is a common misconception that an ACCA qualification will eventually lead to a job in a corporate giant. While the truth is the ACCA is a global business qualification for entrepreneurship and professional jobs. The ACCA syllabus undertakes the study of professional ethics, which includes papers on Strategic Business Reporting(SBR), Advanced Performance Management(APM), and Strategic Business Leadership(SBL). These subjects are instrumental in building valuable business management and strategy skills, along with strong knowledge in accounting and finance.
Myth 4. ACCA exam is very difficult to qualify
The ACCA exam is not difficult for students who prepare well. Even if you believe in this myth, you can certainly look for an ACCA preparatory course that will help you prepare for the examination while also helping you develop the skills required for carving a career in the modern world of accounting and finance. Moreover, the pattern of the ACCA exam is enough to debunk this myth.
To become an ACCA professional, you must:
- Pass exams in 13 papers of ACCA at three levels
- Undergo a mandatory Ethics and Professional Module, and
- Gain three years of relevant work experience.
Myth 5. Only permanent jobs can be counted on for the 36 months of work experience
The most popular myths about ACCA relate to practical experience requirements (PER). This misconception is prevalent that only permanent jobs are counted for 36 months of work experience. But in reality, even if your job includes a small amount of accounting and finance, it counts. If not mandatory, that experience gained has to be in a single or a continuous period- experience can be gained in project work, job rotations, part-time roles, secondments, or undertaking a new job role.
Now that your myths are debunked take your next step in your ACCA preparation and enroll in an ACCA preparatory course!
