5 Myths that stop you from Pursuing ACCA

So, you came across an exciting professional degree- ACCA. You sat in front of your laptop and did some research, talked with people who are pursuing or have already passed it. Their response is positive. With its global recognition, it’s flexibility, the interesting syllabus and diverse career opportunities, this qualification just seems to fit your career objectives.

You think of pursuing it, but meanwhile, you start hearing about widespread myths and misconceptions about the ACCA qualification from different people and sources. You can’t escape it and now having second thoughts on whether you should pursue ACCA or not. We are inherently more susceptible to negative reviews than positive.

So, are these talks and fallacies that discourage you to finally land on your dream qualification and career real? Well, let’s find out.

Now that I have cleared all of my skills level exams, shortly worked in an audit-firm and contracted for internship in the capital market field, I can look back to say, ‘Yes, I made the right choice’. ACCA is in alignment with my career goals, opened the doors for endless possibilities in the broad arena of accounting, auditing, finance, and whatnot.
Based on my experience and knowledge, I have attempted to bust 5 of those myths that stop students from pursuing ACCA with actual reality to make it clear for you to decide.

MYTH #1
Since its UK-based degree, I will struggle to find Job in Nepal after ACCA. 
Or, I will have to settle or move abroad after completion.

REALITY: There is a huge scope of ACCA in Nepal. Many ACCA affiliates and members are working as mid and top-level managers with an attractive profile and salary in the big reputed organizations including the public service or government sector. The world becoming increasingly global makes ACCA even more lucrative qualification to pursue and the scope for ACCAs only seem to be going up. The fact that ACCA is UK-based Chartered Accountancy only opens the opportunities in abroad without hampering the scope and opportunity here in Nepal.

MYTH #2
ACCA is expensive.

REALITY: Fees of studying ACCA in Nepal ranges anywhere between 4-6 lakhs which is cheaper than other qualification like BBA and almost equal to other Chartered Accountancy qualification. On top of that, some colleges will even provide you with a scholarship. Honestly, the tuition fee is very affordable for one of the leading financial courses around the world. It’s more like an investment than an expense. Once you are qualified as ACCA, the payback of the amount one spends on pursing it is in around 1 year and the career growth is infinite. In short, it’s a worthy investment.

Myth#3
ACCA is an extremely tough course and I cannot pass it. 
Or, I need to study 14-16 hours daily to pass it.

REALITY: If you plan everything from the beginning, give few hours daily and use the resources wisely, it’s not that difficult at all. However, you cannot expect to pass by studying a night or a week before the exam. It becomes tough because people work hard in the wrong direction and are less aware of all the study resources, exam-style and examiner’s expectations. Small continuous effort and a good approach are all it takes.

Myth #4
ACCA is all about numbers. The profession is boring with no social life and friends

REALITY: This is not true. ACCA is a lot more than just numbers viz; analysis, client relationship, decision-making, implementing various strategic decisions, teamwork, presentations, going to various organizations for audit etc.
ACCA is anything but boring. The job roles are self-actualizing and since you have a lot of career options to choose from once you qualify, you can dive in the field that excites you. Furthermore, you can always have a good balance of personal and professional life. Also, with the increased network, you will never run short of friends.

Myth #5
I need management/commerce high-school degree to pursue ACCA.
Or, I am a Science or student from another stream, so, it is not for me.

REALITY: There is no specific high school degree requirement to pursue ACCA. You can be from management, science or any other stream and still pursue it.
Since the course structure starts from the foundation level, you will learn from the very basics ,therefore, no matter which stream you chose in +2, you will not face any difficulty at all.

Apart from these, some might say there are no good colleges. That’s again not true. There are some of the best ACCA colleges in Nepal with astonishing achievements like world rank 1st.

These myths are floating around on unreasonable grounds and make students reluctant to apply and land on their dream qualification. Don’t let these myths stop you from achieving your dream.

Ujjwal Ghimire

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Frequently Asked Questions (FAQs)

What are FAQs?

FAQs are Frequently Asked Questions. The following are questions that we get asked most frequently in email, on the phone, and at conferences. They cover everything from submitting manuscripts to getting in touch with our authors. If you don’t find the answers you need here, contact us.

What is ACCA?

 

ACCA (Association of Chartered Certified Accountants) is the largest and fastest-growing international accountancy body, with over 486,000 students and 200,000 members in 179 countries. More people around the world qualify in-country with ACCA than any other international body. ACCA’s reputation and influence are respected worldwide by employers, government and the profession itself.

 

ACCA’s Members, who are known as Chartered Certified Accountants, are employed in industry, financial services, the public sector, or in public practice. With statutory recognition in the UK and Ireland, it has the authority to license its members to work as registered auditors. In the UK, it also authorizes its members to undertake insolvency work. Outside the UK, ACCA’s are recognized under the EU’s Mutual Recognition Directive and in many countries around the world.

You can register online to become an ACCA student at any time of the year.

Applying online allows you to upload all your supporting documents. This means your ACCA application will be processed much quicker and you will know at which level you can start your studies shortly after submitting your application.

The best way to register for ACCA is through a learning provider like Seed Financial Academy, as you can register for a reduced cost of GBP 30.

The minimum entry requirements for the ACCA Qualification are:

10+2 in any stream to A-Levels and three GCSEs (or their equivalent). These need to be in five separate subjects including English and Maths.

Students who have completed BBS/BBA/MBA/MBS or students from other professional qualifications can apply with exemptions up to 9 papers.

1.   Documents supporting your educational achievements

Your educational documents must:

  • Name your qualification(s)
  • Be signed and stamped by the awarding institution/body (including logo)
  • include transcripts/mark sheets detailing the subjects/module codes and the marks achieved
  • Show date of completion for full academic award or confirmation of years successfully completed
  • Your award certificate(s) and/or an official letter confirming completion

2.   Proof of identity

We can accept the following as proof of identity

  • copy of birth certificate
  • passport
  • National ID Card or driving license

3.   Passport-style photograph

You will also need to supply a passport-style photograph of yourself.

If you have changed your name after obtaining your qualification documentation please submit a copy of an official document for this change.

If you are providing your documents in a language other than English, you’ll need to provide an official translation as well as a copy of the documents in their original language.

 

 

In order to complete the ACCA Qualification and qualify as an ACCA member, you will need to complete:

  • 13 exams (exemptions are awarded based on qualifications held)
  • 3 years of practical work experience
  • the Ethics and Professional Skills module

The exams are detailed below:

Applied Knowledge exams

  • Accountant in Business (AB)
  • Management Accounting (MA)
  • Financial Accounting (FA)

Applied Skills exams  

  • Corporate and Business Law (LW)
  • Performance Management (PM)
  • Taxation (TX)
  • Financial Reporting (FR)
  • Audit and Assurance (AA)
  • Financial Management (FM)

Strategic Professional exams Essentials

  • Strategic Business Leader (SBL)
  • Strategic Business Reporting (SBR)

Options (two to be completed)

  • Advanced Financial Management (AFM)
  • Advanced Performance Management (APM)
  • Advanced Taxation (ATX)
  • Advanced Audit and Assurance (AAA)

To help demonstrate to potential employers that you can apply your knowledge in the workplace and have practical skills, you are required to complete three years of relevant work experience. You can gain your practical experience before, during or after you complete your exams

As part of your ethical development, you are required to complete the Ethics and Professional Skills Module. This will give you exposure to a range of ethical perspectives and includes several self-tests that require you to reflect on your own ethical behavior and values. The module becomes available to you online when you have completed the first three exams of the ACCA Qualification (Accountant in Business (AB), Management Accounting (MA) and Financial Accounting (FA)), although it is recommended that you complete all nine Applied Knowledge and Skills exams before taking it.

ACCA runs four exam sessions per year. Students can sit a maximum of four exams at each session, and a maximum of eight distinct exams each calendar year. You could, therefore, complete all of the exams in two years.

However, as you also need three years of practical experience before you can become an ACCA member and be considered a qualified accountant, the qualification takes a minimum of three years to complete.

Students are awarded:

Certificate of Achievement
Students are awarded a Certificate of Achievement if they achieve a pass mark of 85 percent or above for individual passes in Accountant in Business (AB), Management Accounting (MA) and Financial Accounting (FA) from June 2011 onwards and Corporate and Business Law (LW) from June 2015 onwards.

ACCA Diploma in Accounting and Business (RQF Level 4)
Students are awarded the ACCA Diploma in Accounting and Business (RQF Level 4) when they have successfully completed Accountant in Business (AB), Management Accounting (MA) and Financial Accounting (FA) (at least one of which must have been sat and passed), plus completion of Foundations in Professionalism. Students who obtain full exemptions will not be awarded the Certificate.

Advanced Diploma in Accounting and Business
Students are awarded the Advanced Diploma in Accounting and Business when they have successfully completed the Applied Skills exams (at least two passes are required, one of which must have been sat on or after 1st June 2011), plus completion of the Ethics and Professional Skills module. Students who obtain full exemptions will not be awarded the Certificate.

Strategic Professional Certificate
Students are awarded a Strategic Professional Certificate when they have successfully completed all of the Essentials exams of the ACCA Qualification (Strategic Business Leader (SBL), and Strategic Business Reporting (SBR)) and any two of the Options exams from Advanced Financial Management (AFM), Advanced Performance Management (APM), Advanced Taxation (ATX) and Advanced Audit and Assurance (AAA)

In addition, you will also have an option to pursue a BSc (Hons) in Applied Accounting from Oxford Brookes University and an MSc in Professional Accounting from the University of London.

 

To be awarded the BSc (Hons) in Applied Accounting you must:

  • Be registered with Oxford Brookes University ie have opted into the BSc degree scheme before  passing any of the three ACCA Applied Skills exams Financial Reporting (FR), Audit and Assurance (AA) and Financial Management (FM)
  • Successfully complete all nine Applied Knowledge and Applied Skills exams
  • Complete the ACCA Ethics and Professional Skills module
  • Complete and pass the Oxford Brookes University Research and Analysis Project.

To submit the Research and Analysis Project in the May and November submission periods, please refer to RAP submission dates.

Exams must be taken in line with the following module order, however, you can attempt the exams within each module in any order:

  • Applied Knowledge exams – available by on-demand computer-based exams (CBE)
  • Applied Skills exams – available by paper-based or session CBE depending on location.  Some variants will only be available as paper-based exams.
  • Strategic Professional (Essentials and Options)– available by paper-based format

If your status allows you to enter for exams across modules, please remember that you must complete the exams in order and enter for outstanding exams in your current module if you wish to enter to sit exams in the next module.

For example, you may have already passed the Accountant in Business (AB) and Management Accounting (MA) exams.  You can enter for the Financial Accounting (FA) and Corporate and Business Law (LW) exams at the same time, but you would not be allowed to only enter for Corporate and Business Law (LW).

If a student enters for two upcoming exam sessions at the same time, progression rules will look across both exam entries and treat them as one.

For example, a student can enter for Audit and Assurance (AA) and Financial Management (FM) in September and Strategic Business Leader (SBL) and Advanced Performance Management (APM) in December at the same time. Once both entries have been accepted, any subsequent results from the first session will not affect the exam entry for the second session.

ACCA website includes a full sample exam for both the paper-based and computer-based versions.

In addition, our approved publishers BPP Learning Media and Kaplan Publishing include practice questions and practice exams as part of their study materials.

These materials are intended to support both paper-based and computer-based exams and therefore include CDs and/or online materials to support revision for computer-based exams.