If you have researched ACCA, you know that the entire ACCA course and 13 exams are typically completed in 3 years. Your status as an ACCA member will be confirmed if you pass the exam. However, getting ready for the ACCA Exam might be difficult. Less than 35% of ACCA students complete the ACCA exams.
The world’s largest and fastest-growing professional accountancy bodies are members of the Association of Chartered Certified Accountants (ACCA), founded in 1904. This is demonstrated by the fact that ACCA has more than 500,000 students and members.
Additionally, it operates in more than 173 nations. For students hoping to advance into one of the most sought-after careers, the ACCA is a worldwide recognized accounting credential from a British Chartered organization. In this blog, we will look at the problems faced by students while studying ACCA in detail.
Challenges While Studying ACCA
Since most students find it necessary to maintain a schedule, having irregular hours might make life more challenging. The amount of time you have to study might be influenced by little factors like your daily commute. Similarly, juggling the demands of employment and studying can be extremely difficult.
You’ll experience pressure to perform well at work and study on your own time. You’ll probably be under pressure pretty much constantly if you decide to study for the ACCA while working, so you’ll need to be able to handle it.
Being an ACCA student in Nepal is a different experience from being a student in the highly-evolved ACCA Professional Scheme, which combines tests, a professional ethics module, and practical experience. These days, Nepal is home to an expanding number of ACCA Learning providers. Students can so earn foreign degrees using their native credentials. However, the main problem with ACCAs in Nepal is that they lack the authority to hold Certificates of Practice (COP).
Every ACCA Qualification student in Nepal aspires to a successful future. However, a significant portion of students also doubts their decision. In light of such confusion and the current situation, here is a list of some major problems students face while studying ACCA.
List of Some Major Problems Students Face While Studying ACCA
- Financial expense
- ACCA students working as interns
- Career Placement
- Assistance in Nepal
1. Financial Expense
The first issue is that ACCA is a challenging and pricey course. Most people in a country like Nepal still struggle with being unable to put food in their mouths. Many families find saving enough money for ACCA enrollment, tests, tuition, and study materials challenging. Even for those students who can afford the course, the level of difficulty of the papers is so high that they must show up for numerous re-exams, which drives up the cost of the course to an extremely high level.
2. ACCA Students Working as Interns
Audit businesses prefer ICAN students in Nepal over ACCA students, which makes it exceedingly challenging for ACCA service students to secure internship opportunities here. Many students cannot work for audit businesses to fulfil their performance target requirements even after becoming ACCA members.
3. Career Placement
Some ACCA students are fortunate to land internships at reputable audit firms. But compared to their ICAN colleagues, they earn less money than professional accountants. The majority of the time, they are placed in underpaid jobs.
4. Assistance in Nepal
Tribhuwan University is required to provide a certificate of equivalence for a bachelor’s degree when applying for membership with ACCA. However, for the past few years, Tribhuwan University has refused to do so because ACCA is a “remote education qualification.” If ACCAs want to apply in government sectors, it is challenging for them to do so.
How can I Keep Motivated While Taking ACCA Courses?
Motivation is essential if you want to complete a challenging task or be successful at something. You can achieve anything if you have a lot of motivation. Most of you would be motivated by financial gain to study for and complete the ACCA. After acquiring their qualification, 61% of ACCA members saw their ACCA pay increase, according to a survey the organization performed. This can be used as motivation to study for the ACCA while working. You can quickly pay the ACCA exam fees if you work while you are studying for the exam.
An ACCA qualification might help you stand out from the competitors on your resume. Because of your ACCA certification, you will have the opportunity to bypass the line when applying for a new job with many other applicants.
Additionally, it will assist you in maintaining your employment when there is a market crisis and layoffs. In this situation, your ACCA certification enables you to assist your employer with audit, tax, and corporate law issues. You can work in taxation, auditing, and budgeting in addition to accountancy because the ACCA is a broad qualification. A further benefit of studying for the ACCA is that it improves your critical thinking abilities, which will aid you in seeing situations and problems from a fresh angle.