ACCA full form. What does ACCA do? Qualifications

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ACCA full form: Defining excellence in authority

ACCA, or the Association of Chartered Certified Accountants, is a globally recognized professional accounting body. In this introduction, we'll delve into the ACCA full form and explore its significance in the accounting and finance industry.

ACCA full form?

The ACCA full form is "Association of Chartered Certified Accountants." ACCA is a global professional accountancy body that offers a range of qualifications and professional development opportunities for accountants and finance professionals. It was founded in 1904 in the United Kingdom and has over 500,000 members and students in more than 180 countries. Employers and regulatory bodies worldwide, as a mark of professional competence and integrity, widely recognize the ACCA's qualifications.

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History of ACCA

History of ACCA

Founded in 1904, ACCA has grown exponentially from a small group of accounting enthusiasts to a prestigious professional body with:

  • Over 219,000 Members: ACCA boasts a vast network of qualified professionals who are driving business decisions worldwide.
  • 527,000+ Students Globally: This figure is a testament to ACCA's enduring appeal as a qualification that offers both flexibility and global recognition.
  • 180 Countries: ACCA's global presence ensures that its qualifications are recognized and respected across borders.
  • 100+ Office Locations: The extensive network of offices underscores ACCA's commitment to providing localized support to its members and students.
  • 7,110 Approved Employers: These organizations recognize the value that ACCA-qualified professionals bring to their teams.
  • 486 Exams Conducted Annually: A rigorous and comprehensive examination system is in place to maintain high standards of competence and professionalism.
  • 208,000 Exams Taken Each Session: Every exam cycle sees a multitude of candidates striving to meet and surpass ACCA’s exacting standards.
  • 40% Average Pass Rate: This highlights the challenging nature of ACCA exams, designed to produce accountants of the highest caliber.
  • 36 Months of Practical Experience Required: ACCA's emphasis on practical experience ensures that members have real-world skills to complement their theoretical knowledge.
  • 50+ Global Partnerships with Accountancy Bodies: Collaborations with other bodies demonstrate ACCA's influence and commitment to advancing the profession.

Also read if Is ACCA worth it

ACCA full form in Indian languages is:

  • Hindi: संयंत्रीय प्रमाणित लेखाकार संघ (Sanyantriy pramāṇit lekhākār saṅgha)
  • Kannada: ಚಾರ್ಟರ್ಡ್ ಸರ್ಟಿಫೈಡ್ ಹಿಸಾಬರಕ್ಷಕ ಸಂಘ (Cārṭarḍ sartifāiḍ hisābarakṣaka saṅgha)
  • Tamil: வாணிப்புத்தக சான்றிதழ் கணக்குறிதல் சங்கம் (Vāṇipputtak cāṉitrizhalk kaṇakkuṟittal saṅkam)
  • Marathi: चार्टर्ड सर्टीફाईड लेखाकार संघ (Cārṭarḍ sartīphāīḍ lekhākār saṅgha)
  • Gujarati: ચાર્ટર્ડ સર્ટિફાઈડ એકાઉન્ટન્ટ્સ સંઘ (Cārṭarḍ sartifāīḍ ēkā'unṭanṭs saṅgha)
  • Bengali: চার্টার্ড সার্টিফাইড হিসাবরক্ষক সংঘ (Cārṭārḍ sārṭifāiḍ hisābarakṣaka saṅgha)
  • Telugu: చార్టర్డ్ సర్టీఫైడ్ లెక్కాకార్ సంఘం (Cārṭarḍ sartīphaiḍ lekkākār saṅghaṃ)

What does ACCA do? 

ACCA provides educational resources for accountants at all stages of their careers. They also offer professional development opportunities and support members in achieving their career goals. In addition, ACCA lobbies governments and other regulators on issues affecting the profession. 

ACCA qualifications are highly respected by employers and are widely recognized as equivalent to a university degree. The organization offers a range of examinations that, when coupled with relevant work experience, can lead to full membership in ACCA. 

ACCA members must adhere to a strict code of ethics and professional conduct. This means that they must always act in the public interest and accordance with the highest standards of integrity, objectivity, and independence. 

Key ACCA milestones

Year Milestone
1904 Formation of the Association of Accountants in London, precursor to ACCA.
1909 Royal Charter granted, officially becoming ACCA.
1948 ACCA establishes its first international branch in Malaysia.
1974 Introduction of the Professional Scheme, comprising 14 exams.
1984 ACCA introduces the Certified Accounting Technician (CAT) qualification.
1996 Launch of the Computer-Based Examinations (CBE).
2001 ACCA gains full membership of IFAC (International Federation of Accountants).
2007 ACCA reaches 100,000 members worldwide.
2008 Introduction of the ACCA Qualification.
2011 ACCA establishes its Global Learning Provider Program.
2014 Launch of the Ethics and Professional Skills Module.
2018 ACCA celebrates its 100th anniversary.
Present ACCA continues to grow globally, shaping the future of accounting and finance.

What is the ACCA qualification

The ACCA (Association of Chartered Certified Accountants) qualification is a professional accountancy qualification recognized by employers and regulatory bodies around the world. It is designed to provide students with the knowledge and skills they need to become successful accountants and finance professionals.

The ACCA qualification consists of three levels: 

  • Applied Knowledge, 
  • Applied Skills, and 
  • Strategic Professional. 

The Applied Knowledge is made up of three papers covering the core principles of accountancy and finance. 

The Applied Skill level consists of nine papers that build on the knowledge and skills acquired at the Fundamentals level and cover more advanced topics in accountancy and finance. 

The Strategic Professional level consists of four papers that focus on strategic decision-making and leadership skills.

To complete the ACCA qualification, students must pass all the exams at each level and also fulfil the practical experience requirements. This typically involves completing three years of supervised work experience in an accounting or finance role.

The ACCA qualification is highly regarded by employers and is recognized as a mark of professional competence and integrity. It is suitable for a wide range of finance and accounting roles, including positions in public practice, industry, and the public sector.

Read our detailed blog on the ACCA course

What are the Benefits of becoming a member of ACCA? 

There are many reasons to consider becoming a member of ACCA:

    1. Employability: Research suggests that ACCA student membership can increase awareness of employability skills, which assists in entry into the profession and the world of work and offers students a competitive edge in the job market (Mistry, 2021).
    2. Professional Development: Membership provides access to a wealth of resources for professional development, including CPD (Continual Professional Development) opportunities that keep members at the forefront of the industry.
    3. Global Network: With a presence in 180 countries, ACCA members have access to a vast network that enhances global career opportunities.
    4. Professional Recognition: Being an ACCA member is often associated with high professional standards, increasing members' credibility in the field.
    5. Resources and Support: ACCA provides various technical resources, industry insights, and support to help members stay informed about the latest industry trends and regulations.
    6. Learning Opportunities: ACCA offers a variety of learning formats to cater to different needs, including online learning, which has become increasingly important.
    7. Ethics and Professionalism: ACCA's commitment to ethics is a cornerstone of the qualification. Ethics are integrated into the practical experience requirement, ensuring members uphold the highest professional standards.
    8. ACCA is recognized in India, Australia and Middle east. You can get exemptions from the local CPA authorities on completion of ACCA.
    9. ACCA qualified professionals earn a higher salary than other professionals. Read our detailed blog on ACCA salary in India

Read CMA full form and  all about CMA course

Pathway to become an ACCA member

There are several steps you can take to become a member of the Association of Chartered Certified Accountants (ACCA). Here is a general overview of the process:

  1. Meet the entry requirements: To begin the ACCA qualification, you must have secondary education or equivalent. You may also need to meet additional language requirements, depending on your country of residence. 
  2. Register with the ACCA: Once you have met the entry requirements, you can register as a student with the ACCA. You will need to pay a registration fee and choose a study path (e.g., full-time, part-time, online).
  3. Pass the thirteen papers: The ACCA qualification consists of thirteen papers spread across the three levels. You need to score 50% individually in these subjects to pass the exams.
  4. Meet the practical experience requirements: In addition to passing the exams, you must also fulfil the practical experience requirements to become a member of the ACCA. This typically involves completing three years of supervised work experience in an accounting or finance role.
  5. Apply for membership: Once you have completed the exams and practical experience requirements, you can apply for membership with the ACCA. You will need to pay a membership fee and provide evidence of your qualifications and work experience.

Upon completion of the ACCA qualification and the practical experience requirements, you will be awarded the designation of "Chartered Certified Accountant" and will be able to use the letters "ACCA" after your name.

Also Read all about CIMA course

ACCA full form : What Types of Qualifications Does ACCA Offer?

ACCA offers a range of qualifications, from entry-level qualifications such as the Foundation in Accountancy to advanced qualifications such as the Professional Accountant.

The list of ACCA programs are

ACCA Main Qualification: Read our detailed blog

Diploma in International Financial Reporting (DipIFR): Finance professionals can rapidly take their environment to the next level with this innovative qualification, aptly named DipIFR. This engaging and comprehensive syllabus will equip learners with a sound knowledge of International Financial Reporting Standards (IFRS) - unlocking greater career opportunities in the process! Click here to learn more and enrol.

Certificate in Sustainability for Finance. - In this ever-changing global environment, it is essential that financial professionals have the necessary skills to adjust and thrive in uncertain times. ACCA's Certificate on Sustainability for Finance equips organisations with the resources they need to be prepared for whatever challenges may come their way - no matter what a rapidly developing world throws at them!

Certificate in International Auditing (Cert IA): This certificate provides a comprehensive guide to mastering the International Standards of Auditing. Participants obtain expert instruction online, followed by an objective evaluation of their knowledge and comprehension.

Certificate in International Financial Reporting (Cert IFR): This course takes a comprehensive look at the evolution of International Financial Reporting and IFRS. Starting with its initial conception, participants will explore all changes that have since been implemented by the IASB, as well as potential future improvements and modifications to international reporting standards.

Certificate in International Public Sector Accounting Standards (Cert IPSAS): As a response to the growing demand for greater consistency, quality and transparency in public sector financial reporting worldwide, the International Public Sector Accounting Standards Board (IPSASB) has issued IPSAS®. Through their application of cash-based and accrual standards by governments globally, these international accounting frameworks provide clarity into how funds are collected and allocated throughout the nations they serve.

Certificate in Public Financial Management (Cert PFM): Public sector financial professionals are facing new challenges and pressures every day. Therefore, we created the Certificate in Public Financial Management to provide essential building blocks for a successful career in public finance management. It equips individuals with the specific knowledge and expertise needed to remain at the forefront of rapidly changing expenditure trends within this field.

Certificate in Digital Innovation for Finance (CertDIF): This certification is an excellent opportunity for professionals in the fields of accountancy, finance, business and advisory to expand their understanding of groundbreaking digital technology. It also provides a comprehensive look at how this developing tech could drastically alter the traditional landscape of the financial world.

ACCA Certificate in Business Analytics (CertBA), delivered in partnership with Columbia Business School

Certificate in Data Analytics (CertDA): Business professionals seeking to amplify their knowledge of data analytics will benefit from the ACCA Certificate in Data Analytics, an online course that provides essential skills and techniques needed for success.

Certificate in Business Valuations: The Certificate in Business Valuations equips professionals with the know-how to accurately value businesses and effectively meet their clients' needs. Broaden your skillset today and maximise success!

Cert Fintech - Certificate in FinTech for Finance and Business Leaders : Empower finance and business leaders with essential FinTech knowledge and skills. Stay competitive in the digital finance landscape

Pass the ACCA Diploma in IFRS exams with us in your first go

ACCA vs CA? Which is the right choice for you?

The Association of Chartered Certified Accountants (ACCA) and Chartered Accountant (CA) are highly desirable qualifications in India.

Both ACCA and CA offer a wide range of career opportunities and reasonable remuneration, so it depends on what best suits your career goals.

Read our blog on if ACCA is worth doing after CA

A critical difference between the two professional qualifications is their scope.
ACCA is a global qualification, widely recognised and accepted around the world. Conversely, CA is more focused on the Indian market and is more widely accepted in the Indian corporate sector.

Another difference is the duration of the courses. An ACCA qualification requires fewer exams and can be completed in a shorter time than a CA programme.

Ultimately, the choice between ACCA vs CA depends on your aims and objectives. Both qualifications offer lucrative career prospects, so you should take the time to research and assess your options before making a decision.

Also Read Comprehensive comparasion of ACCA Vs CIMA

Summing up on the ACCA full form

ACCA is a world-renowned professional accounting body with over 500,000 members and students in 180 countries. If you are considering a career in accountancy, becoming a member of ACCA is a great way to increase your recognition and status within the profession.

It also provides access to a wealth of resources and supports to help you develop your skills and knowledge. To become a member, you need to register as a student member and pass 14 exams covering various topics. Once you have done this, you can apply for full membership.

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Questions? Answers.

You have an unlimited number of attempts to pass the ACCA (Association of Chartered Certified Accountants) exams.

ACCA does not impose a limit on the number of times you can retake an exam.

You can keep attempting until you successfully pass each exam, which provides flexibility for candidates to learn and improve their performance over time.

Yes, ACCA offers exemptions for certain exams for candidates who have completed certain academic programs or have relevant professional qualifications.

To request exemptions, you will need to provide documentation and submit an exemption application to the ACCA. Review our comprehensive exemptions calculator to know more.

The pass rate for the ACCA exams varies from exam to exam and from year to year. In general, the pass rate for the ACCA exams is between 35% to 50%. Read our blog on subject wise pass rates to know more.

The answer to this lies on your context and individual career objectives.

Read our detailed analysis on this topic here.

The ACCA (Association of Chartered Certified Accountants) membership provides numerous benefits, including:

- Professional development opportunities, such as access to the latest technical resources, CPD modules and e-learning tools
- A global community of like-minded professionals to collaborate and share knowledge with
- The ability to connect with employers through the ACCA Jobs service
- Eligibility for reduced rates on a range of products and services, such as insurance, stationery and more

The consequences of non-payment of the annual subscription fees are

As a member:

1) you can't call yourself an ACCA member, and you won't be able to use the ACCA name or logo. 

2) You also won't be able to use any resources, including the online resources. 

3) if you're working as an accountant, you may be unable to use the term "ACCA-qualified" or "ACCA-registered". 

4) If your membership expires and isn't renewed within three years. In that case, your name will be removed from the Register of Members.

5) If you need to apply for CPA accreditation with another accounting body like CPA Australia or Canada, you will be required to furnish a good standing certificate from ACCA for five years. If you haven't paid your membership fees, you won't be able to get your good standing letter

As a student

1) You will not be able to use the members' website or log into MyACCA. You will lose access to many resources, including past exam papers and helpful articles. 

2) You will no longer be eligible to sit the examinations or progress through the qualification.

3) You won't be able to pursue any other qualifications like the DIPIFR

If this is something that happens accidentally, then it is usually quickly resolved by simply paying the outstanding amount of 89 GBP.

If you're looking to become a chartered accountant in the United States, the value of the ACCA qualification cannot be understated.

To be accepted into one of the regional accountancy bodies that confer chartered status (such as the AICPA), you must have completed an accredited course of study from a college or university and have spent at least two years working in the accounting field.

The Association of Chartered Certified Accountants is globally recognized as one of the leading institutions for providing such accredited courses, and their stamp of approval on your degree will go a long way in getting your foot in the door with some of the top accounting firms in America.

It is a difficult question because it depends on your specific situation and goals.

However, in general, we would say that the CA (Chartered Accountant) certification is better for those interested in pursuing a career in accounting and finance.

In comparison, the CFA (Certified Financial Analyst) certification is better for those interested in investment banking or portfolio management.

The ACCA (Association of Chartered Certified Accountants) certification is more internationally recognized than the CA or CFA, so it may be worth considering if you're interested in working abroad.

Ultimately, though, the best way to decide which certification is proper for you is to speak with experts in each field and get their advice.

The decision of whether ACCA or a degree is better for you depends on your individual goals and circumstances.

ACCA is a professional accounting qualification that is recognized and respected globally and it is focused on accounting and finance. It is a good option for those who want to pursue a career in accounting or finance and do not want to spend the time and money required to earn a degree.

On the other hand, a degree program offers a more well-rounded education and provides a broader range of career options. It also provides more in-depth knowledge in specific field of study and it is good for those who want to pursue a career in a field outside of accounting and finance.

Both ACCA and a degree can be valuable qualifications, it depends on the person's career goals and what they want to achieve in the long term. It's also worth noting that in some countries, it is mandatory to have a degree in order to practice as an accountant.

The 15 subjects in ACCA are

  • Business & Technology (BT)
  • Management Accounting (MA)
  • Financial Accounting (FA)
  • Corporate and Business Law (LW)
  • Taxation (TX)
  • Performance Management (PM)
  • Financial Reporting (FR)
  • Audit and Assurance (AA)
  • Financial Management (FM)
  • Strategic Business Leader (SBL)
  • Strategic Business Reporting (SBR)
  • Advanced Financial Management (AFM)
  • Advanced Performance Management (APM)
  • Advanced Taxation (ATX)
  • Advanced Audit and Assurance (AAA)