ACCA in Nepal is a bright career path in the sector of accounting, finance, and other monetary profession surrounding a firm. The firms from sectors like banks, non-governmental organizations, auditing, industries, and more employ ACCA’s to handle important positions in their organization. The global recognition of the international ACCA body along with the rise of big Multinational Companies MNC in all sectors that are spreading their value chain across the globe – remain the key reason for the demand of ACCA in the workspace. ACCA is a prestigious profession in part due to its global demand and in other parts due to prestige that comes along with it.
Who handles ACCA in Nepal?
The regulatory body of ICAN, The Institute of Chartered Accounts in Nepal is the official body responsible for managing auditing licenses and other provisions regarding accountancy in Nepal. While, ICAN and Association of Chartered Certified Accountant UK signed and Mutual Collaboration agreement in April 2019, ICAN does not manage ACCA. Examinations, registration, and other procedures regarding ACCA are managed by ACCA’s wings. The students may confuse that ICAN is responsible for managing all kinds of Chartered Accountancy in Nepal but ACCA is managed by its own body. ACCA Nepal office handles operations on its own and through a partnership with other bodies like the British Council, Approved Learning Partners ALPs, and ACCA approved employers. Nepali students of ACCA need to check for information on ACCA through Approved learning partner ALPs, ACCA Nepal office, or ACCA Global for any queries.
Background on ACCA
Association of Chartered Certified Accounting ACCA is a body of accounting established originally with the aim of providing easy access to Chartered Account in England. The humble beginning of the purpose of easy access and management of Chartered Accountants started in the year 1904. During the period of over 100 years, ACCA has spread its network across boundaries and is recognized in over 100 countries. ACCA’s body currently boasts over 7000 Approved ACCA employers globally. The Association also operates 100 offices worldwide to serve thousands of students and members registered under its wings. It is a rapidly growing body with recognition from Supra National organizations like the United Nations and the European Union. ACCA is headquartered in London and its office for ACCA students in Nepal is situated in Kathmandu.
What are the benefits of pursuing ACCA in Nepal?
The benefits of becoming an ACCA member are superior to several career options available after +2 or A level to Nepali students. The students stand a chance of becoming part of a global workforce and enjoy access to opportunities around the globe. The students also stand the chance to enjoy benefits like:
- ACCA earns a healthy and well-paid salary anywhere in the globe.
- The doors to jobs in finance and accounting sector jobs are open to ACCA graduates in economically strong nations like Singapore, UAE, United Kingdom, Australia, and more.
- Jobs opportunities in western MNCs, global banks, supranational organizations like the UN and European Commission, intergovernmental organizations like ASEAN.
- ACCA’s partnership with over 8000 employers globally provides meritorious students easy access of jobs, unlike other sectors where the job market is shrinking on a global level.
- The ACCAs choosing to stay in Nepal over foreign jobs can get jobs in banking institutions both national and international with their operations in Nepal. Further, the international Non-Governmental Organisations INGOs, MNCs, Intergovernmental Organizations IGOs, and foreign -governmental aid projects which use ACCAs for financial and accounting – present a great prospect of jobs for those pursuing ACCA degree in Nepal.
- Students are allowed to take a period of over 10 years to complete their ACCA studies, the elasticity in the policy allows students to pursue or work during breaks. Additionally, students can appear exams only when they are confident and register for the exams.
- ACCA curriculum ensures students head to market with the right set of tools to tackle real-world business problems. Practical Experience Requirement PER under the ACCA curriculum ensures students learn the technical and professional know how’s of businesses before they even start prospecting in the market for jobs.
- The in-house job portal of ACCA careers under its website ensures students get aided in finding the job for a smooth transition to their career.
- ACCA’s partnership with Universities allows students to achieve UK based Bachelor’s and Master’s degrees with relative ease right here in Nepal. The students need to be registered with these Universities to get access to claiming these qualifications but it is a unique partnership unavailable with other professional courses.
Career choices as ACCA inside Nepal and abroad
The ever-looming question of studying any degree is a career – becoming an ACCA in Nepal may be unadvised by some in the market. Generally, people in Nepal advise to choose domestic Chartered Accountancy education from ICAN or one from ICAI The Institute of Chartered Certified Accountants of India. Both these degrees are respectable qualifications with recognition from international bodies like International Accounting standards IAS and International Financial Reporting Standards – provide students with a well-paid job and prestigious career. Supporters argue the benefit of auditing license these qualifications provide, the prior provides a certificate of practice in Nepal while others provide a certificate of practice in India.
The certificate of practice means the ability to sign off audited financial reports and statements under a particular country’s law. The ACCA student needs to make extra effort to gain the certificate of practice in Nepal and neighboring India. The people believe there is a significantly greater return in income from the ability to sign off financial statements but it is only partially true. Further, people believe auditing license from neighboring India is equally valuable because of its emergence as an economic hub in recent years. However, these are a little misleading because ACCA qualification and right to audit in the UK like Singapore, UAE, Australia, and more with significant ease make ACCA equally lucrative for ACCA students in Nepal. The ACCA’s headquarter London has long been the economic and financial hub of the globe for centuries due to the quality of service available there. The need for chartered certified accountants and other positions available subsequent to ACCA is huge there. An added benefit of securing a job in the United Kingdom as an Auditor or in any other role allows the opportunity to earn in pounds, a strong global currency.
For more on ACCA Myths: https://seedfinancial.edu.np/5-myths-that-stop-you-from-pursuing-acca/b
Apart from huge opportunities arising from working in global economic centers around the world, Nepali ACCA students stand a chance of choosing from a wide range of career opportunities. Students can choose to become
- Finance manager
- Finance analyst
- Forensic accountant
- Management accountant
- Internal Auditor
- Management Consultant
- Tax consultant
- Audit and assurance officer
- Finance officer
- Project manager
- Financial planner
- Public Accountant
- Loan and risk Analyst
- Financial Risk Analyst
- Entrepreneur of own Auditing Firm
Starting your pathway to ACCA in Nepal
The students with qualifications above high school are eligible for registering for the MyACCA account and starting their Journey. It means students after +2 can start registering and join ACCA for a career wished by thousands across the world. The pathway to ACCA in Nepal consists of baseline criteria where students need to have studied maths and English subjects while completing their higher secondary level education. ACCA is a self-study professional course and students can study on their own towards completion of their qualification. The students in Nepal who wish to study on their own can pay registration and subscription for Annual fee via international credit card or Nepali banks.
However, students are advised to join ACCA Approved Learning Centres in Nepal for aid in their studies and better knowledge of the procedures for getting an ACCA qualification. The teaching faculty to guide you through course material; questioning and answering pattern; Regular revision of material through classes and mock-up examination; and an in-depth guide to understanding each and every ounce of the materials to be understood – make it essential to join a Gold Approved Learning Partner like SEED Financial Academy important. Further, the management faculty keeping you updated on any changes regarding rules, fees, examination dates, and more – provides students the ease of focusing completely on studies.
Cost of ACCA in Nepal
The cost of ACCA in Nepal is equivalent to studying a normal bachelor’s degree from local universities of Nepal. The tentative cost of studying BBA is around 4 – 4.5 lakh in Nepal rupees. Provided the hard working student completes all the 13 examinations along with Ethics and Professional Module serially, the cost of completing ACCA is similar to ACCA. Students can get a hold of Professional quality global certification right in their hands at 4- 5 lakh in Nepal rupees depending on the exchange rate of the pound to Nepali currency.
Examination of ACCA
ACCA in Nepal is handled by the ACCA Nepal office as mentioned prior to the ACCA Nepal office. Paper-Based Examination within the ACCA curriculum is handled jointly by ACCA and the British Council of Nepal. The venues for paper-based examinations are all fixed, announced, and managed by them. Furthermore, there are 4 Computer Based Examinations student need to appear. There are three examinations in applied Knowledge level and one in applied skill level, which students can appear any day after payment of charges. The Computer Based Examinations CBEs are on-demand examinations students can appear after thorough preparation at any time of the year. The students can appear them through registration at ACCA approved CBE center SEED or any other CBE center inside the country. Currently, there are 3 CBE centers inside the Kathmandu Valley and one outside Kathmandu Valley.
The fees or examination charges for Paper-Based Examinations are subject to change and students are generally advised to keep a note of the charges on ACCA Global’s fee page. Additionally, there may be a separate venue charge attached to these examinations. The CBE examination charges are totally in the interest of CBE centers and the charges can vary from one center to another. The students are advised to check for these charges with the centre of their choice before approaching their examinations.
The Paper-Based Examinations are conducted four times a year and students need to plan accordingly for sitting through an examination. The students can appear in four exam subjects during each given cycle. However, students are only allowed to appear in 8 different subjects during a year. It means ACCA students in Nepal and around the globe cannot appear examinations of more than 8 different papers In each year. The four examination cycles operate in March session, June session, September Session and December Session. The start and end date for these examinations sessions are generally the first day of the calendar month and the end day of the calendar month.
Practical Experience Requirement in ACCA
PER or Practical Experience Requirement is an important facet of ACCA where aspirants of ACCA in Nepal and every other country around the globe need to complete certain objectives. The students of ACCA can become full-fledged ACCAMembers after completion of 36-month long training. The PER is designed to make students fully employ the knowledge people get during their studies and examination in the practical business world. The PER is not just another internship but a full-fledged training scheme which needs to be signed off by a qualified advisor. The students are advised to join Gold Approved ACCA employers for enjoying exemptions offered from being employed with such firms.
Find more on PER here: All About Practical Experience Requirement PER
SEED Financial Academy is a Gold Standard Approved Learning Partner on top of being a registered CBE center with ACCA. The seed is here to help students in all their endeavors to becoming ACCA. +2 students can come to visit our spacious and state of the art campus nestled in Kumari Marga, Dill Bazar for guided advice on becoming an ACCA in Nepal.