In the dynamic world of accounting and finance, achieving the coveted Chartered Accountant (CA) qualification is a significant milestone. It shows dedication to precision, adept analysis, and upholding financial integrity.
However, this path need not conclude with a CA designation. The financial landscape keeps changing. By incorporating the Association of Chartered Certified Accountants (ACCA) qualification, it may be further enriched and expanded.
In a global study of 1300 employees, 50% rated ACCA as a top professional organization and had positive views about pursuing ACCA. Let's explore how an ACCA after CA may be a game-changer towards a future of endless opportunities.
Can you pursue ACCA after CA from ICAI?
CA is one of those flagship qualifications that is very difficult to clear. For many students who study hard and sacrifice to become a CA, it is like a dream come true.
ACCA is a UK-based global accounting body and is comparable with the ICAI's local qualification in India. They have a global community of 241,000 members and 542,000 future members based in 178 countries. Around 15000 Indians are members of ACCA.
ACCA complements CA, and does not compete with it. ACCA's foundation in accounting, reporting, and business strengthens the foundation of CA.
Unlocking Dual Expertise: Benefits of Doing ACCA After CA
Global Recognition
ACCA is a globally recognized qualification. The US Bureau of Labor Statistics predicts a consistent 6% increase in accountants and auditors employed between 2021 and 2031.
The demand for ACCAs in the Big 4 and global organisations, such as Accenture, IBM, EY, PwC, Oracle, UBS, Barclays, etc., has increased recently.
Earning Potential with Dual Qualification
The pay that organizations offer after completing ACCA is a major factor in why most people choose this dual degree path.
With this dual degree, there's no denying that pay would be significant even when you start as a fresher. The starting salary for an ACCA member in India can range from INR 4 Lakh annually and can reach up to 15 lakh p.a.
Expedited Learning Journey
ACCA allows candidates to pass all three certification exam levels within ten years of registration. But it usually takes two to three years to pass all three levels.
Completing the ACCA after obtaining a CA qualification reduces the time required to pass the ACCA examination by several months. The ACCA after CA duration is around 18 months.
Moreover, students who have already completed their CA qualification are eligible for concessions or exemptions on ACCA fees. The average ACCA after CA fees, including the tuition fees, are approximately INR 1.8 lakh.
Advanced Financial Skills and Strategic Vision
Leaders need to be flexible in today's changing global economy. ACCA gives you the necessary advanced financial skills and innovation for strategic and leadership positions worldwide.
These include:
Reporting on financial performance
International taxation
Legal compliance
Risk and control assessment
Corporate audit and assurance
Management reporting
Strategic alliances (M&A)
Business/financial analysis
Leveraging CA Exemptions for Swift Success
When pursuing ACCA after CA, you gain the remarkable benefit of ACCA after CA exemptions. This allows you to speed up through the ACCA program with credits from your CA qualification.
Out of the total 13 ACCA papers, CA students are eligible for up to 9 exemptions. You are eligible for 5 exemptions from the total 13 ACCA papers if you cleared the CA Inter level. Hence, you can clear the ACCA exam within 18 months.
Key Takeaway
Combining CA with ACCA offers a robust foundation in accounting, reporting, and business acumen. Pursuing ACCA after CA is not about adding to your qualifications. It also establishes yourself as a flexible and in-demand professional.
By pursuing this dual degree, you're on a path of continuous learning and growth. Besides, you have unparalleled opportunities in the ever-evolving finance and accounting world.
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The ACCA Course in India Eligibility requires 5 subjects including English and Mathematics / Accounts, a mark of 65% in at least 2 subjects and over 50% on the others.
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