Have you ever wondered which qualifications to choose from amongst other professions?

Do you like numbers and enjoy problem-solving?

Do you want to have a career path that will have lots of opportunities and it’s versatile?

If you have answered Yes to some or all of the questions then you should choose Accounting!

Accountants have great career prospects and the profession itself will never die out. Everyone will at some point need an accountant help and no company runs without one either.

Accounting is so versatile that anyone can find something for themselves. You don’t need qualifications to be an Account’s Clerk, Junior, Assistant, Data Entry, a Bookkeeper or Management Accountant. Experience does go a long way here.

You do however need qualifications if you want to progress in this field and become a Financial Controller, Financial Analyst, a Partner (practice) or even Financial Director or Chief Financial Officer.

According to Reed – the non- qualified salary ranges from minimum wage up to even around £35k. Part-Qualified (and studying towards a qualification) can gain up to £50k. Once you qualified the salary bounces right up and the sky is a limit! On average a newly qualified account earns between £30k to £65k. The highest reported salary (according to AccoutancyAge.com) for practice was £400k and industry £225k ( and I am sure these are before bonuses and additional benefits).

Once you qualify

You can open your practice or run your own business (not to say you can’t run your business not being qualified- but it gives you a greater understanding of a business and how to keep your books, manage the cash flow and forecast your finances, etc. It just makes things easier (plus you don’t have to hire an accountant to do your books).

Anyways, once you have decided that this is the career path for you and want to gain the qualification you must decide which one to go for. This will depend on a few factors such as:

• The time you want to spend studying
• The career path you want to go for
• The finances (will your employer support you financially – that is if you do work at this point)
• Other factors such as family support, or having kids at home.

And I hope you will decide to choose to go to the ACCA.

ACCA stands for The Association of Chartered Certified Accountants

 

This is a globally recognised body for professional accountants with over 219 000 fully qualified members (proudly I am one of them). ACCA also has 527 000 students worldwide.

ACCA is not the only option to choose from.

In the UK alone you have other options such as:

• CIMA Chartered Institute of Management Accountants
• AAT Association of Accounting Technicians
• CPAA Certified Public Accountants Association
• ACA – Institute of Chartered Accountants in England and Wales gives you ACA qualifications
• CIPFA – Chartered Institute of Public Finance and Accountancy
• Another option is to study Accounts/ Finance related courses in the University to gain a degree (which I did too before studying ACCA). This, however, makes you only a Part Qualified, but you can use this as some exemptions towards your qualifications.

However, ACCA is by far the best option you can choose when deciding which way to go. I might be a little biased here as I am ACCA member, but I can see so many more benefits that I would not be able to get from other options. Some may overlap but ACCA has it all.

ACCA is trusted around the world and it’s a very prestigious qualification that will make people respect you and appreciate your efforts in gaining the certificate. It’s like choosing between a Jaguar or BMW and Fiat or Citroen in a world of cars (nothing against the Fiat or Citroen, just comparing the prestige of the brand). 

To gain the ACCA qualification you must complete the following:

1. 13 exams (some are computer-based but most are written) You can gain exemptions if you have done some previous studies)
2. 36 month of relevant experience (you can gain exemption if you have been working with Approved Employer which follows the ACCA strict rules)
3. PER Personal Experience Record- you must record your experience by choosing objectives that match your work and link it with what you are learning on ACCA journey. You need a qualified accountant as a mentor that will sign off your objectives.

So below are 6 reasons why ACCA is the best option to choose from above all others.

1. Prestige –

   ACCA has developed its brand through trust, transparency, ethics and integrity. Over the last 75 years, it has built its reputation and it’s known for delivering the most sought for professionals with strategic thinking and technical skills.

2. Employability

   ACCA gives you the best start in your professional career. The employers pay more to /look the most for ACCA qualified candidates above any other qualifications. This is because ACCA is known to be a very difficult path to go through with many exams that test candidates in various aspects of accounts/ law including the latest developments in accounting standards. This lifts its brand to a higher level and it’s more desirable in the employment world. ACCA opens the whole world (literally) of opportunities in any sector imaginable. Also, ACCA has its own Career Job Board where it has 7400 approved employers waiting to grab you once you are qualified (they also have many Part-qualified opportunities for the students).

3. Flexibility

   ACCA has very flexible options to study. With 4 exam sessions a year ( March, June, September, and December) it allows you to book exams around the time that suits you best. You can sit up to 4 exams in one session (capped to 8 exams in one calendar year). So if you are keen, you can do the whole thing in less than 2 years (although I do not know anyone that has achieved that). Also, it is up to you how you prepare for the exams. You can study on your own, you can study with a learning provider either in class or online at home. ACCA has the whole list of Approved Learning Providers and I will be shortly writing a review on them all (approved by ACCA and those, not on their list). Watch this space!

4. Support

   Apart from the very well-developed website where you have resources for free to access 24/7 including past papers and examiners reports (a most essential part of exam preparation). And once you become a member after you pass ACCA continues your development with CPD courses that it regularly sends you information about.

5. The availability of places the exam can be sat in-

   There are more than 400 exam centres across 140 countries operating exams in 4 sessions per year. All of the written exams are in English (although you can choose between the UK or International version). Also, the exams start times are always very close so that no one can gain an unfair advantage.

6. Global recognition-

   Apart from America where you probably better off doing CPA (although ACCA is also recognised, just not favourite) pretty much everywhere else in the world you will be accepted with ACCA with an open arm. ACCA has a strong network of employees and members all over the world, unlike any other UK professional body.

That list is not exhausted but, in my opinion, these are the most important facts that truly make ACCA stand out amongst the other qualifications.

On the flip side

ACCA is not an easy qualification to get and it took sweat, tears and plenty of sacrifices for me to get there (including the financial ones). I have had 9 exemptions from University and only had 5 Professional papers to pass (now there are 4 professional papers as two of them were merged into one back in 2018). I could have easily done it in one year, yet life had turned up to be a roller-coaster and I have done it in 5 years nearly!

The day I have qualified, however, was the day I felt so happy I was not able to sleep! The sweet taste of satisfaction, fulfilment and pride was just too good, and I wanted to shout to the world that I have finally done it! Despite my busy life schedule (3 young kids, full-time work, and all things we mums do) I made it thought. My husband and kids, family and friends were too quick to congratulate me.

My boss has upped my salary by just over £10k! This is just the beginning though, as now the sky is a limit! I can now pick and chose the jobs once I am ready to move on from where I am.

So my message is: Choose ACCA and you will not regret it!

As you read it to this point you are probably either choosing which way to go or already chosen but perhaps need a little motivation. Let me know in the comments below if I could help you in any way. I have been through it all and can fully relate and provide support if you need it.

Thank you for  reading