What Are ACCA Affiliates? What Is The Salary Of ACCA Affiliates? Is It Equivalent To A Degree?

The ACCA qualification is ideal for those who aspire to build a career in finance, offering comprehensive knowledge in financial management, auditing, taxation, and accounting. Designed to meet the demands of today’s global financial industry, ACCA provides a structured pathway to enhance both technical skills and industry expertise.

3 Steps to Become ACCA Qualified

To become ACCA qualified, candidates must:

1. Pass ACCA Exams: Candidates need to complete 13 exams covering various areas of finance and accounting, though exemptions are possible depending on prior qualifications.
2. Fulfill Practical Experience Requirements (PER): Candidates must complete 36 months of relevant work experience in finance or accounting roles.
3. Complete the Ethics and Professional Skills Module: This module helps candidates develop ethical standards and professional skills that are vital in the industry.

Once these steps are completed, candidates achieve full ACCA membership. However, candidates who have passed all exams but are yet to fulfill the PER are known as ACCA Affiliates.

What Are ACCA Affiliates?

ACCA Affiliates are candidates who have successfully completed all the ACCA exams but haven’t yet fulfilled the practical experience requirements. Affiliates are well-equipped with technical knowledge and are highly valued in the finance industry, but they are not allowed to use “ACCA” in their designation until they gain full membership.

ACCA Affiliate vs Member (A Brief Comparison)

If you’re wondering about the difference between an ACCA Affiliate and a Member, think of it as the difference between being a graduate and an experienced professional. Here’s a quick comparison:

Also Read – ACCA Membership Made Simple: Steps To Get Started Now!

Next Steps for an Affiliate to Become a Member

To become an ACCA member, affiliates must complete the remaining months of relevant work experience and demonstrate competence in key performance objectives. Once these requirements are met, affiliates can apply for full ACCA membership, allowing them to use “ACCA” in their title.

Also Read – ACCA PER | How To Get ACCA Practical Experience | Are 36 Months Enough? What Are The Objectives?

Can ACCA Affiliates Start Working Before Becoming a Member?

Yes, affiliates can start their careers immediately after passing the exams by leveraging the diplomas and certifications they’ve earned during their studies. While they may not hold the ACCA designation officially, they are well-qualified to begin working in various roles within finance and accounting.

Can I Use the “ACCA” Letters After My Name as an Affiliate?

No, unfortunately, you cannot use the “ACCA” letters after your name as an Affiliate. While you may have cleared all the grueling exams (kudos for that!), you still need to complete the Practical Experience Requirements (PER) to earn the full ACCA membership.

Why This Rule?

• ACCA values experience as much as academic knowledge. The PER ensures you’re not just book-smart but also industry-ready.
• Think of it like this: You’ve earned your learner’s driving license, but you can’t hit the highways until you’ve clocked in enough hours behind the wheel.

What Can Affiliates Do Instead?

• Highlight your achievements on your resume: “ACCA Affiliate, Exams Cleared.”
• Mention the diplomas or certificates you’ve earned during the ACCA journey, such as the Advanced Diploma in Accounting and Business.

What Fees Do Affiliates Need to Pay to ACCA?

As an ACCA Affiliate, you’re required to pay certain fees annually to maintain your status and continue on the path to full membership.

Breakdown of ACCA Affiliate Fees:

1. ACCA Annual Affiliate Fee:
   • Affiliates need to pay an annual fee to ACCA to remain on the register.
   • Cost: ~£135 (approx. ₹13,000)
   • This fee ensures you have access to ACCA’s resources, webinars, and career tools.
2. ACCA Membership Upgrade Fee:
   • Once you complete your PER and apply for membership, there’s a one-time upgrade fee.
   • Cost: ~£249 (approx. ₹25,000).
3. Additional ACCA Costs: Any optional learning modules or certifications (e.g., advanced financial management) may incur additional fees.

Pro Tip for Indian Affiliates:

• Keep an eye on currency exchange rates to avoid paying higher fees due to fluctuations.
• Utilize ACCA’s learning resources to maximize the value of your annual fees.

Career Opportunities Available for ACCA Affiliates and Their Salary

ACCA Affiliates have access to numerous career opportunities within finance, and their roles are often well-compensated. Some popular career paths include:

• Financial Analyst: As a financial analyst, affiliates analyze financial data, evaluate investment opportunities, and help businesses make strategic decisions.
• Auditor: Affiliates working as auditors review financial statements, ensure regulatory compliance, and provide guidance on financial controls.
• Accountant: Affiliates can work as accountants, handling responsibilities such as financial reporting, budgeting, and taxation.
• Tax Consultant: In this role, affiliates help clients navigate tax regulations, optimize tax strategies, and ensure compliance with tax laws.
• Business Analyst: Affiliates can apply their financial expertise to analyze business processes and recommend improvements for operational efficiency.
• Internal Auditor: Internal auditors assess company operations, ensure compliance, and identify opportunities to improve financial and operational performance.

Also Read – 10 Trending ACCA Job Profiles In India

Expected Salary for ACCA Affiliates

The salary for ACCA Affiliates varies widely based on several factors but generally ranges from INR 4–10 lakhs per year in India, while internationally, it can be GBP 25,000–40,000 or USD 50,000–70,000 annually, depending on the location, industry, and level of responsibility.

Factors Affecting ACCA Affiliates’ Salary

Several key factors influence the salary of an ACCA Affiliate:

• Geography: Salaries differ significantly between regions. In developed countries, affiliates tend to receive higher pay than in emerging markets.
• Industry: Affiliates in industries such as investment banking, consulting, and technology typically earn more than those in public sector or non-profit roles.
• Experience: Affiliates with prior experience or those who have already completed some practical experience often command higher salaries.

Also Read – Accounting Jobs Available in the UK After an ACCA Qualification

5 Challenges Faced by ACCA Affiliates

Being an ACCA Affiliate is a great milestone, but it’s not without its hurdles. Here are some common challenges you might face:

1. Completing the ACCA PER

• What’s the Issue?: The 36 months of relevant work experience can be tricky to acquire, especially in competitive industries like investment banking or auditing.
• Example: Finding a role that matches ACCA’s performance objectives in smaller cities might be a challenge.
• How to Overcome It?
  • Network through ACCA’s career portal and LinkedIn.
  • Target multinational firms and Big 4 companies that have structured internship and work programs.

2. Recognition Gap in India

• What’s the Issue?: While ACCA is globally recognized, some Indian employers still prioritize CA over ACCA due to its local focus.
• How to Overcome It?
  • Highlight ACCA’s global relevance and your ability to work with IFRS and international financial standards.
  • Target roles in companies with overseas operations or MNCs.

3. Salary Expectations

• What’s the Issue?: Affiliates may earn slightly less than full members, which can be discouraging after all the hard work of passing exams.
• How to Overcome It?
  • Gain practical experience in high-demand areas like financial analysis or risk management.
  • Leverage your affiliate status to secure international roles where ACCA is highly valued.

4. Balancing PER with Career Progression

• What’s the Issue?: Affiliates often find it challenging to balance working toward the PER with career growth and additional certifications.
• How to Overcome It?
  • Plan your career steps strategically, ensuring your roles align with ACCA’s performance objectives.
  • Seek mentorship from ACCA members who have successfully navigated this phase.

5. Staying Updated

• What’s the Issue?: Affiliates need to stay updated with evolving financial regulations and standards (like IFRS or ESG reporting).
• How to Overcome It?
  • Attend ACCA webinars and training sessions regularly.
  • Follow industry news and updates on platforms like ICAEW or Deloitte Insights.

ACCA vs Traditional Degrees

While a traditional finance or accounting degree provides foundational knowledge, the ACCA qualification goes further, focusing on practical skills and specialized finance topics that are globally relevant. ACCA Affiliates are well-prepared to tackle complex financial challenges, often positioning them favorably against those with conventional degrees.

While traditional degrees are widely accepted, ACCA’s globally recognized credentials, practical emphasis, and network of members make it highly attractive to employers worldwide.

Also Read – MBA with ACCA: Why it’s a winning combination

Conclusion

ACCA Affiliates stand at an advantageous point in their careers, armed with strong technical knowledge and skills. With ample job opportunities, respectable salaries, and pathways to international work, becoming an ACCA Affiliate can be a fulfilling step in finance. Though full membership adds credibility and potential for higher earnings, affiliates are well-positioned to start their careers and make an impact in the industry.

FAQs

Can ACCA affiliates work internationally?

Yes, ACCA’s global recognition allows affiliates to work in many countries, though local regulations may require additional certifications.

How can ACCA affiliates become full members?

Affiliates need to complete the practical experience requirements (PER) and fulfill key performance objectives to become ACCA members.

Does the salary of ACCA affiliates increase after gaining full membership?

Generally, yes. Full members often qualify for higher positions and salaries due to their complete qualifications.

Does studying for ACCA provide you with any degree?

Yes, ACCA offers opportunities to earn additional qualifications, such as a BSc in Applied Accounting from Oxford Brookes University.

Is it worth pursuing ACCA if not becoming a member?

Yes, even without full membership, ACCA Affiliates have access to strong career opportunities and competitive salaries, though full membership adds credibility and long-term value.