ACCA is stand for Association of Certified Chartered Accountants and it is one of the most prestigious qualification in accountancy, besides ICAEW and CPA (in Malaysia, MICPA). I'm writing this post to let the viewer know more about the qualification available especially for accounting students and those working in accounting related industry.
As I'm currently taking ACCA, thus I would expose more on ACCA compare to the other qualification. Basically ACCA provide 2 level, fundamental (also called as F level - 9 papers) and professional (also called as P level - 5 papers). There're 14 papers in total.
FUNDAMENTAL LEVEL
PROFESSIONAL LEVEL
| Essentials | |
| P1 | Governance, Risk and Ethics |
| P2 | Corporate Reporting |
| P3 | Business Analysis |
| Options (two to be completed) | |
| P4 | Advanced Financial Management |
| P5 | Advanced Performance Management |
| P6 | Advanced Taxation |
| P7 | Advanced Audit and Assurance |
Anyone (including those non-accounting background) could take up the paper, its not easy but it's worth a try even though you might fail, but at least you gain some valuable and practicable knowledge. One of the best features of ACCA is that, its not solely focus on the accounting rather, its more towards business development. The papers developed with intention to form accountants who are able to analyse the business environment and to prepare them for corporate level in the industry.
One could take the papers from F level; the basic level starting after SPM (Sijil Pelajaran Malaysia - Form 5 exam). No credit needed (as it is a private qualification, all we need to prepare are the money, as long you have enough money, you could take it up whenever you want). Normally to finish up all the 14 papers, it will take up around 3 to 4 years, almost the same as taking a degree course. Once completed, one need to work in accounting related industry and gain a 36months (3 years) working experience. Then only you'll be an official members of ACCA.
There's various path you could take in order to join ACCA. The first are from basic level. For SPM leaver, you'll need to take up all 14 papers since you're very fresh. Fees mainly covered for registration £79*5.44=MYR 429.76 , annual subscription for student £85*4years*5.44 =MYR 1,849.60 , knowledge exams fees £72*3papers*5.44=MYR1,175.04 and skill exams fees £97*6papers*5.44=MYR3,166.08. Roughly say, the cost for taking the qualification only (without tuition provider) will cost you around £1,217 or MYR 6,620.48.
For those diploma graduate or from CAT(certified accounting technician) background, you need to take 11 papers (3 papers are exempted - F1, F2 & F3 - with exemption fee. Fees covered for registration £79*5.44=MYR 429.76 , annual subscription for student £85*3years*5.44 =MYR 1,387.20, exemption fees of £72x3papers*5.44=MYR1,175.04, skill exams fees £97*6papers*5.44=MYR3,166.08 and professional exams £121*5papers*5.44=MYR3,291.20. Roughly say, the cost for taking the qualification for this level will be almost the same as SPM leavers, will cost you around £1,737 or MYR 9,449.28 (without tuition provider).
As for degree entry level, one only need to take up the professional level which consist of 5 papers. For this entry, I could provide more details information as it close to my situation. The fees mainly covered the same as the others; registration £79*5.44=MYR 429.76 , annual subscription for student £85*3years*5.44 =MYR 1,387.20 (as I'm taking part-time and it took me longer to just finish 5 papers), exemption fees of £72x9papers*5.44=MYR3,525.12 and professional exams fees £121*5papers*5.44=MYR3,291.20. Additional fee incurred for tuition provider, around MYR15,600 for 3 years course. The total cost would be around MYR 24,233.28.
Why consider taking ACCA?
I'm sure many are asking this question frequently. Why should I take this paper, compare to others? Well, as you can see, ACCA provide you a wide scope of accounting and business syllabus. When you took the papers, your scope of work are not limited to the accounting industry only, but you can go for other field of work as well. Be it marketing, business analysis, corporate sector, or even business man. Through ACCA, you would learn accounting, auditing, taxation, and wide scope of business. I'm currently taking P3 paper (Business Analysis). Its really fun taking this paper cause it made me applied the knowledge inside real-life business case. It feels like you're experiencing rel-life things inside the class and it made you knew a lot about what's going on with the business world.
I'm yet to take the others qualification, so maybe my opinion might be a bit biased towards ACCA. But its okay, maybe some of you could share your experience. And we can exhange our knowledge also. Thank you for reading and have a nice day!
*please be noted the currency rate used was as at 3rd September, 2016.
*this entry was written based on some research done by the writer and some real life experience.
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Ada kaca ada gelas, dah baca, xreti reti ke nak balas??? :P