What is ACCA?
ACCA is an acronym for the Association of Chartered Certified Accountants. It is an elite Accountancy Qualification. This qualification consists of
2)Three years of relevant practical experience requirements
3)An Ethics and Professional Skills Module
Why is ACCA a Good Career Choice
ACCA is the fastest-growing international body of accountants. It has 486,000 students and 200,000 members worldwide. ACCA qualification is held in high esteem globally by governments, financial institutions, and employers. This qualification gives you a significant edge over your peers.
Qualifications Offered by ACCA
ACCA offers four core qualifications
1) A suit of awards, including certificates, diplomas, and a revised certified accounting (CAT) technician qualification. (ACCA Foundation Diploma)
2) A professional qualification enabling members to reach the top level in accountancy (ACCA)
3) A bachelors of science in applied accounting which fulfills the needs of employers for professional practical accounting (Bsc honors)
4) Masters in professional accountancy enabling to enhance business understanding and decision making (MSc)
12 Countries in Which ACCA is Recognized
Global recognition is the main feature of ACCA. It is recognized by the following countries globally.
The United Kingdom and Ireland
ACCA holds the power to issue permits to chartered certified accountants to conduct insolvency appointments. It has legal recognition as an auditing body. ACCA also has a membership of CCAB.
Professionals with CCAB certification are highly sought after. Many universities and educational providers recognize ACCA as equivalent to at least a Bachelor’s Degree in accountancy, to obtain credit towards a local master’s degree or an advanced study program.
Related: Are ACCA Exams Hard?
Level eight recognition of ACCA by The Quality and Qualifications Board Ireland shows the trust of the regulatory body on ACCA. Level eight qualification is equivalent to Irish postgraduate qualifications, such as postgraduate diplomas and master’s degrees.
There are approximately 88,000 members and 90,000 students in the UK & Ireland. This number is expected to grow in the coming years.
European Union European Economic Area And Switzerland
All member countries of the European Union recognize ACCA under Mutual Recognition Directive. A rough estimate puts the number of ACCA members at 16,000 and students at 60,000 in Europe. Which is a testament to its growing popularity in the European job market.
United States of America
ACCA has no partnership with the American Institute of Certified Public Accountants(AICPA), the local regulatory body.
ACCA is currently legally pursuing legal accreditation in Canada.
Certified Practicing Accountant (CPA) Australia and Institute of Public Accountants recognize ACCA members to have sufficient skills as an accountant when dealing with immigration applications.
The Tax Practitioners Board has accredited ACCA as a recognized tax agent association. ACCA members can obtain the equivalent level of membership from the Institute of Public Accountants if they pass exams in Australian Tax and Law.
The national accountancy body in New Zealand holds a partnership with ACCA.
The ACCA has a partnership with the Institute of Chartered Accountants of the Caribbean.
ACCA has been awarded complete accreditation status In Namibia by the statutory Public Accountants’ and Auditors’ Board (PAAB).
ACCA is rapidly growing in influence in China. It has agreements with 41 leading Chinese Universities in the disciplines of finance and accounting.
The most notable examples are Tsinghua University, Xiamen University, Central University of Finance and Economics, Sun Yat-Sen University, and many others.
ACCA has 11 offices in Beijing, Changsha, Shanghai, Chengdu, Guangzhou, Shenzhen, Shenyang, Qingdao, Wuhan, Hong Kong SAR, and Macau SAR.
The ACCA qualification holds high prestige in the Hong Kong employment market.
Most Hong Kong Institute of Certified Public Accountants (HKICPA) members qualified through a joint scheme with the Hong Kong Society of Accountants (HKSA), which operated for more than 20 years. HKSA later became HKICPA.
MICPA, the acronym for the Malaysian Institute of Chartered and Public Accountants, has signed a memorandum of understanding with ACCA that provides a route for members to join the other body. The ACCA qualification is recognized by the Malaysian Institute of Accountants (MIA).
ACCA and Institute of Chartered Accountants Pakistan(ICAP) offer partial recognition to each other.
The ACC qualification is recognized as equivalent to a Masters Degree in Commerce by the Higher Education Commission(HEC) of Pakistan. The number of ACCA students in Pakistan is growing rapidly. Currently, it stands at 3,843 members. Thirty-seven thousand students will be joining them soon.
Institute of Cost And Management Accountants Pakistan has a partnership with ACCA, which aims to benefit members of both bodies.
ACCA holds a strategic partnership agreement with UAE’s national accountancy body, Accountants and Auditors Association (AAA). Under this partnership, ACCA will facilitate AAA in developing an examination system for accounting and finance.
The jointly held exams will enable successful candidates to gain both ACCA and UAE’s new Chartered Accountants’ qualifications – the UAECA (United Arab Emirates Chartered Accountant).
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