As the field of accounting and finance is very demanding because of the changes in principles and processes, it is advised to have a good hold of knowledge in the related subjects. CA and ACCA is a good combination in terms of the range of accounting and financial concepts being introduced. It also helps in gaining practical knowledge in this field and also helps in getting connected with well-researched people. The seminars and workshops conducted for people in ACCA and CA help them update the latest changes as well.
Reasons for Why do ACCA after CA?
To become a Chartered Accountant (CA), students need to be very dedicated and have knowledge of accounting and taxation. With an increasing demand for professionals in this business, the need for well-trained professionals is also increasing daily. This is the reason why do ACCA after CA. A few key reasons for the same have been stated below.
Global Recognition and Opportunities
Recruiters around the world esteem the ACCA qualification. This global recognition helps ACCA professionals take roles in top multinational corporations, accounting firms, financial institutions, and various industry sectors.
- International Credibility: ACCA is recognised globally in over 180 countries, which helps qualified professionals to take up job roles anywhere they wish to. The MNC ‘s government, start-ups, entrepreneurs, and even public sector companies are now looking forward to employing professionals of ACCA. With ACCA as an additional degree, the individual’s credibility also increases.
- Career Mobility: Being globally recognised helps students to move abroad to major cities like New York, Dubai, Australia, etc. and work in top financial companies there. The course recognition helps the students travel around the globe to gain good work experience and increase their knowledge level.
Expanded Career Horizons
Students can now assume roles in various industries and fields by not restricting themselves to accounting and finance. They can now move to taxation, restructuring company financials, etc., which is different from what is usually expected of people from accounting backgrounds. The companies are now experimenting by placing ACCA professionals in a few related fields, and they are very good at strategizing and making cost-cutting suggestions.
- Diverse Roles: ACCA careers help pursue and perform job roles beyond traditional accounting, including financial management, risk assessment, strategic planning, and consultancy. These diverse job roles help give students vivid exposure. ACCA and CA can help students explore various career options, such as consultancy.
- Multiple Sectors: ACCA career qualifications are valued across numerous sectors, such as banking, financial services, corporate finance, public practice, and consultancy, offering various career options. ACCA is well recognized in India and is seen in top positions in big companies here. The combination of ACCA and CA will boost career options.
Complementary Knowledge and Skills
CA and ACCA complement each other in the fields they are associated with. CA and ACCA are both from finance and accounting, but the course structure and the exam pattern differ. Students gain textual and practical knowledge in this field by using this combination.
- Focus on IFRS: ACCA heavily emphasizes International Financial Reporting Standards (IFRS), which are vital for global financial reporting and are increasingly adopted worldwide. This knowledge complements the national standards covered in CA.
- Broad Curriculum: ACCA covers various subjects, including performance management, taxation, and strategic business management, providing a comprehensive understanding of global finance and business practices.
Professional Development
Professionally, if anyone is taking up ACCA and CA, both together will have an upper edge over those who are only ACCA and CA qualified. This helps them make quick decisions, analyze difficult situations, and give practical solutions, like advising on cost efficiency in a firm or capital restructuring, etc.
- Continuous Learning: ACCA requires its members to engage in Continuous Professional Development (CPD), ensuring you stay updated with the latest industry trends, practices, and standards.
- Enhanced Strategic Thinking: The comprehensive nature of the ACCA syllabus fosters strategic and critical thinking, which is invaluable in leadership and decision-making roles.
Networking Opportunities
Both CA and ACCA are professional courses so there are conferences and seminars for referrals and to get well-connected with one another. The global community of both courses is well-knit, especially for ACCA, as it is well-recognized globally.
- Global Network: ACCA offers access to a vast global network of professionals, which can benefit career growth, mentorship, and exploring new opportunities.
- Professional Communities: By being part of both CA and ACCA communities, you can attend international conferences, seminars, and workshops, enhancing your professional connections and knowledge.
Improved Earning Potential
The average earning, expected of the candidate who has qualified for the ACCA and CA exams, is way ahead of the average salary of any other finance-related professional. These professionals are involved in making key decisions for the company.
- Competitive Edge: Having CA and ACCA qualifications differentiates you in the job market, often leading to higher salary prospects and better career advancement opportunities.
- Senior Roles: The dual qualifications equip you with the expertise needed for senior management and executive roles in diverse organizations.
Benefits of Why One Should Do ACCA After CA
The ACCA and CA combination have various benefits, which are stated below for the students.
Global Recognition
ACCA is globally recognized in over 180 countries, which significantly increases your international career mobility and opens doors to opportunities with multinational corporations and global financial institutions. Compared to the CA curriculum, the focus on International Financial Reporting Standards (IFRS) and a more diverse subject coverage ensures you are well-equipped to handle complex global financial scenarios.
Better Career Opportunities
Pursuing the ACCA qualification after becoming a Chartered Accountant (CA) offers several compelling benefits that can substantially enhance your professional standing and career opportunities. Pursuing ACCA after becoming a CA amplifies your professional credentials, enhances your career versatility, and better positions you to succeed in an increasingly interconnected and dynamic global business environment.
Learning
ACCA emphasizes Continuous Professional Development (CPD), ensuring you remain updated with industry standards, practices, and trends. This commitment to lifelong learning enhances your strategic and critical thinking abilities, making you more valuable in leadership and executive roles.
Salary Benefits
Financially, holding both CA and ACCA qualifications often leads to higher salary prospects and better career advancement opportunities due to your unique blend of knowledge and skills.
Conclusion
ACCA and CA offer good career options, such as taking up roles as a financial analyst, investment banker, treasurer, financial analyst, etc., and on a global platform. ACCA (Association of Chartered Certified Accountants) and CA (Chartered Accountant) qualifications offer various career opportunities in various sectors. If anyone wants to delve deep into the abovementioned fields, they should take up this combination as this will help in better career opportunities globally.
Why do ACCA After CA FAQs
Q1. What are the primary benefits of pursuing ACCA after obtaining the CA qualification?
Ans. The benefits of this combination are global recognition, career advancement, and a broader skill set in the domain of finance and accounting.
Q2. How does ACCA complement the CA qualification in terms of professional development?
Ans. ACCA complements CA in terms of professional development, global exposure, and introduction to best practices worldwide.
Q3. Will pursuing ACCA improve my earning potential and career advancement opportunities?
Ans. Yes, the CA and ACCA exams will significantly boost an individual’s earnings.
Q4. Is the process of attaining ACCA after CA streamlined or simplified?
Ans. The process of attaining ACCA after CA is quite streamlined, and a few exemptions can be availed in the number of subject exams to be cleared for CA graduates.
Q5. How does the ACCA qualification enhance global career opportunities for a CA?
Ans. ACCA is well recognized globally, and attaining it after CA will give a lot of exposure by catching the eye of recruiters all around.
