ACCA is the world’s most methodical and supportive accountancy body stimulating your career towards even greater opportunity. ACCA has professional accountants with over 178,000 members and 455,000 students in 181 countries. Works through a network of 91 offices and centres and more than 7,110 Approved ACCA Employers worldwide. The qualification is based on international accounting standards making it globally relevant and it has a variety of partnerships with over 100+ Universities and colleges in India with the department of commerce majorly.
How Does ACCA Help in Building Skills and Creating Job Opportunities?
1. As employers, ACCA is now talking to the best employers in India who are increasingly seeing the value of ACCA which is helping to create more job opportunities.
2. ACCA has collaborated with over 100 universities in India now and are developing more university partnerships and embedding the ACCA qualification into those universities and working well.
3. Developing a learning provider/partner network, ACCA works with specialists’ trainers, like NGS Professional Academy who are highly skilled at teaching the ACCA syllabus & coaching for ACCA Exams. And guide you through the job opportunities after pursuing ACCA
With technical aspects of the qualification into a strong digital understanding, ethical understanding, emotional understanding, it's really about educating the student more widely than just technical. The other thing that's unique about being a professional accountant is that every student has to have a professional experience record, in which they can develop that professional experience with a variety of different ACCA employers in India and other countries. They have to complete a record of professional experience which is endorsed and signed off by a qualified professional accountant. By the time they are qualified, a student has a wide range of skills that enable them to go into an organization and opens up wider job opportunities after doing ACCA. The reason ACCA works is that they have a strong track record with employers in India and abroad who approach and ask to help them find and recruit ACCAs.
Association of Chartered Certified Accountants follows a global perspective and it also has a country-specific variant for Law, Tax, Audit, and Financial Reporting. Nevertheless, it must be legally affirmed by peculiar countries. The countries that do not own their Chartered Accounting board and the countries who have accepted IFRS have signed an agreement with ACCA for a primary chartered accountancy board, that means the countries that do not have an approved board of Chartered Accountancy make ACCA their original CA board which further means these countries have and offer plenty of job opportunities to the ACCA qualified.
Scope of IFRS in India: The Indirect Recognition of ACCA
In India, ICAI - Indian Chartered Accountancy board is well established. India has used the converged IFRS route and introduced Indian Accounting Standards commonly called as Ind AS which are converged IFRS for Indian companies and entities. In this case, ACCA may be accepted as another accounting body in the country. There is scope to open a practice exclusively based on your ACCA / IFRS qualification to cover IFRS and IndAS reports.
Among companies that hire ACCAs - PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young, KPMG (Big 4's) and some Indian firms have an IFRS department where you could apply for jobs too. Maersk has internal departments where they work on converting reports to IFRS as well as US GAAP.
Though the acceptance hasn’t been legally signed and neither has India converted to IFRS. There is a lot of scope for IFRS related work and that can be considered as an indirect recognition of ACCA. On the other hand, ACCA candidates do not have signing authority in India. Accordingly, if an individual would like to start his practice, Indian CA (ICAI) is the preferred course to pursue. The awareness and recognition of the Indian CAs are equally great.
If the individual would prefer gaining an internationally accredited qualification, gain experience in companies such as the Big 4, study further/ work overseas/ start their venture, then ACCA as a qualification can be pursued.