So today in this article we will try to find out the answer to the above mentioned question (which happens to be the title of this article as well.) I have read many articles some of which say that yes it is beneficial to do ACCA after CA, while others holds a different opinion. So, in this article you will find both pros and cons of ACCA after completion of CA, then you decide yourself whether it is worth it or not.
First of all when I heard about ACCA, the first question which came to my mind was "What is ACCA?"
The Association of Chartered Certified Accountants (ACCA) institute, formed in 1904 is the global professional accounting body offering the "Chartered Certified Accountant" qualification. ACCA is fast growing international accountancy organisation with 2,00,000 members and 4,86,000 students in 180 countries.
The second and the most obvious question being - Why we need a second degree even after CA? Hence "Why ACCA "
- International recognition - Indian CAs also pursuing the ACCA qualification broadens their career options. As an ACCA member, they are able to undertake more diverse roles, work in more diverse industries as well as work with multinational organizations that require expertise of finance professionals who are trained with international standards.
In the wake of globalization, most of the top MNC's like-
- Ernst & Young
- Tata Consultancy Services
Prefer candidates with a global qualification relating to Accounting and Finance.
- Better knowledge of IFRS - ACCA provides with better and diverse understanding of IFRS, and pursuing it after CA gives you an edge over others in not just grasping the concept quickly but it also broadens your horizon.
- Flexibility - An Indian CA needs to give only 4 papers (professional level) of The ACCA Qualification in order to gain their ACCA membership. The CA articleship counts towards the ACCA Practical Experience Requirement (PER).
- Well Designed Curriculum that is continuously updated to develop industry relevant knowledge, skills and professional values.
- Exams - Exams are not held in groups ie you can appear for single paper at a time. Exams are held at quarterly intervals.
What is the Procedure for this course i.e. "How to go about it?"
- Register yourself with ACCA (preferably via an Approved Learning Partner (Appear for 4 exams - Strategic Business Leader, Strategic Business Reporting (related to IFRS), and choose 2 between Audit, Tax, Financial Management, Performance Management (all at the Advanced Level)
- Your CA articleship will be counted towards ACCA's requirement of 36 months' practical work experience.
- Complete certain Performance Objectives and the Ethics and Professional Skills Module.
And you can claim your membership!
Are there any cons of doing ACCA i.e. Disadvantages:
The fee for this course is high. Firstly you have to pay the registration fee then exemption fee and lastly the exam fee for each paper that you appear. Together all these fees make ACCA degree an expensive one.
I know that after completing a tough course like CA studying for another degree is not easy. CA degree is sufficient on its own. But an additional degree will not only add to your value, it will broaden our understanding and will give you an advantage over others. Plus you can prepare for ACCA while doing your job and in 9 months time you can achieve another prestigious degree like CA.
P.S. I'm not an expert, it was only my honest opinion. Before taking any decision you can consult others or read other articles as well.
Source: ACCA website.