An in-depth analysis on the foundational courses of ACCA

The ACCA Qualification is the world’s best financial and accounting qualification that can help you broaden your horizons in the field. It assists you with mastering the technical and management abilities required of a professional accountant. Taxation, auditing, law, business studies, professional and ethical concerns, financial management, and accounting are all included in the curriculum. The skills that the students get via the course and training prepare them for work in a variety of businesses and help the firms they work for with making difficult financial decisions. ACCA is for those who want to work in the fields of auditing, taxes, consulting, and other related fields.

The Association of Chartered Certified Accountants, or ACCA, is a professional accounting organization established in London, United Kingdom, that offers a global certification in finance and accounting. These accountants are among the best-qualified and highest-paid in the world due to their proficiency in the field of accounting. 

There are 14 exams in the ACCA levels and papers. The Fundamental level consists of nine exams (F1–F9). Before getting your certification, you must pass five tests starting at the Professional level. This covers the mandatory papers P1, P2, and P3, as well as two of the four optional papers P4, P5, P6, and P7.

Each year, there are four paper test sessions in the ACCA levels and papers, with computer-based exams accessible on-demand for select papers. You may also be excluded from specific papers based on your previous credentials.

How are the papers for ACCA divided into?

The ACCA exams are divided into two ACCA levels – 

Fundamental and professional 

More advanced professional abilities, strategies, and values are also a part of these ACCA levels. Accountants who operate in advice or consultancy roles need to be proficient on a professional level to add value to the firms they work for.

Aside from these two ACCA levels, passing the Professional Ethics Module is required to become ACCA certified. This module can be taken at any time after passing the Fundamental level and moving on to the Professional level. Along with the professional level exams, the ACCA knowledge level syllabus is equally important.

The ACCA is a high-level professional qualification that is equal to finishing a complete university degree. It is a flexible course in that it allows students to complete the course while still graduating.

ACCA members are in high demand all around the world for their financial and accounting knowledge and abilities. An ACCA membership is a stepping stone to a new world of possibilities; as you join this field you might want to continue to study throughout your career to expand your horizons. The employability rates for ACCA graduate students have been great globally.

The qualification of the ACCA f1 f2 and f3 papers along with the professional papers are designed to guarantee that members gain all of the necessary skills to operate in a wide range of companies and jobs.

ACCA exams along with the ACCA f1 f2 f3 can be pursued concurrently with graduation for students who are studying for their diplomas. Exams for the ACCA f1 f2 f3 as well as the professional papers are held twice a year so that students may work on a part-time or a full-time basis or finish other studies while studying for the ACCA.

The ACCA knowledge level syllabus covers the following papers on the ACCA F1, F2, and F3

 ACCA F1 Paper – Accountant in Business

The ACCA First level paper will help you to understand the present business scenario and its impact on accountants and organizations. This is so because the course also provides a complete introduction to the fundamentals of efficient management. The ACCA First level also clarifies the accountant’s role and responsibilities in the organization, explaining how they will be contributing to the growth of the organization they work for

The following are the key points covered in the ACCA F1 paper:

  • Structure, governance, and administration of a business organization
  • Business and accounting are influenced by and constrained by key environmental factors.
  • The importance of history and accounting in business
  • Accounting’s specific functions and internal financial control
  • Individuals and teams must be led and managed.
  • Effective staff recruitment and development

ACCA F2 Paper – Management Accounting

This paper includes how to generate and handle basic quantitative data to assist management decision-making through a variety of tasks.

The following are the key points of the ACCA F2 paper:

Cost and management accounting’s nature and purpose

The classification of costs, their behavior, and their purpose

Computer spreadsheets and business mathematics

Techniques of cost accounting

Standard pricing and budgeting

Techniques for making quick decisions

ACCA F3 Paper- Financial Accounting

You will gain technical expertise in double-entry accounting processes, including the creation and analysis of fundamental financial statements, the underlying ideas, essential principles, and rules of financial accounting.

The following are the key points included in the ACCA F3 paper:

  • Financial reporting’s context and goal
  • Financial information’s qualities and accounting’s essential foundations
  • Double-entry accounting systems are used.
  • Keeping track of transactions and occurrences
  • Putting together a trial balance
  • Creating fundamental financial statements

How do you get better job opportunities in the field?

Experience can be earned before registration with ACCA, during exam preparation, or after the examinations have been completed. ACCA trainees can work in any industry and for businesses of any size. They are not required to work for an ACCA Approved Employer. Volunteering for clubs, charities, or organizations can also help you develop experience.

To qualify for relevant employment opportunities in finance and accounting, you’ll need a total of 36 months (3 years) of experience. Your superior must certify your position and experience. Working in small businesses or accountancy firms can be counted as relevant experience in the industry.

During this time, our former students are earning significant wages and putting their expertise toward the ACCA qualification. The ACCA organization has made this a criterion, although it is not a necessity to pass the ACCA tests.

The requirements to pass

For all ACCA tests, a passing score of 50% is required.  

The overall quality of the replies, as well as efficient professional communication abilities, are given professional ratings. In all ACCA Qualification Professional level papers, professional marks are available. Getting these professional grades might be the difference between passing and failing.

Professional marks will be given for talents and skills that are distinct from the intellectual level 3 competencies of synthesis and assessment. Each of the Professional level papers has between four and six professional marks. These allow students to exhibit and examiners to evaluate the skills and capabilities that companies expect ACCA members to have when they complete their qualifications. Where professional marks are assigned in each paper will be clearly stated in the questions segment.

The professional exams might require you to answer the questions in the following format:

  • Report
  • Letters 
  • Presentation
  • Briefing notes
  • Press Statement
  • Memo

How do you prepare for those papers?

A student can prepare for the exam in multiple ways. Some of those include – Self-study, Private tutoring services, or opting for ALP from ACCA.

The ACCA does not offer any tuition. However, it does have an approved global network of third-party tuition providers (ALPs) who help and guide students in preparing for tests and other criteria such as the professional experience domain.

The ACCA coaching in Chennai helps the candidates with a comprehensive approach in the field.

Prospects for ACCA graduates

After an ACCA course, you can opt for further studies like an MBA, MSC, or a CFA degree. Courses like these can help enhance your offerings to the firm you work for and can help you with better growth opportunities as well. However, the ACCA course requires a thorough understanding of the course and hence self-study might not always be enough. The ACCA coaching in Chennai helps the candidates with practical and theoretical knowledge in the field.

 You can also opt for being a self-employed professional in the field by working for other firms and clients on a consultant basis. The advantage of working in accounting is that you may choose your hours also making the work location independent and flexible. You may go solo and work in a variety of businesses throughout the world if you have an ACCA certificate. Some experience can also help you to get started in the right direction.

The other jobs that a candidate can take up includes – 

  • Financial accountant
  • Financial controller
  • Finance manager
  • Chief Financial Officer
  • Auditor
  • Tax specialist

Key takeaways

The ACCA qualification is recognized all around the world. It has relatively flexible entrance criteria and great job prospects as the candidate steps into the corporate world. In comparison to the CA course, the difficulty level is medium and hence the passing rate is higher than that of CAs. The course is fairly flexible; you can offer one test every quarter and there are no group-wise aggregate requirements. The ACCA diploma courses also allow for specialization in multiple domains.

Because it is based on worldwide accounting and auditing standards, placements are great both in India and firms established overseas. ACCA also has collaborations with businesses all across the world, which gives students a better possibility to land great jobs.