The Association of chartered certified accountants is a professional body offering chartered accountancy qualification. It is the world-leading accountancy qualification for aspiring financial professionals. Acca is recognised by companies in Nigeria and globally. It was founded in 1904 and its headquarters is in London, United Kingdom.
If you’re looking at a profession in accountancy, tax, business, or finance, then you may want to consider studying for the ACCA exam as it would put you ahead in your career which will, in turn, increase your payment and your chances of promotion on the job. It is the number one choice for accountancy students worldwide.
In Nigeria, there are hundreds of accounts graduates yearly, which makes the job market more competitive. Some years back having an ICAN qualification would have given you an upper hand but with the increase in the number of people who are ICAN qualified, ACCA is now what gives you an upper hand in the job market. Don't get us wrong being a member of the institute of chartered accountants of Nigeria (ICAN) is great and will boost your resume. However, being ACCA qualified will increase your chances to get a better job in the labour and financial market.
The Acca qualification will increase your chances of getting a job abroad because it is globally recognised by more than 180 countries. It will increase your chances of getting a job with the big four accounting firms (Deloitte, Ernst & Young, KPMG and PwC). Being known as an ACCA qualified personnel can bring a huge range of benefits when it comes to advancing your career prospects, as you’ll have the relevant experience, skills and professionalism to help you succeed within your chosen profession.
If you want to own an audit firm or think you would want to then it's important to be accredited by ICAN as it is the recognised governing body for accountancy in Nigeria.
Have you thought of taking account lessons online? then you can contact one of our online tutors on www.Superprof.ng from any Nigerian state.
Getting Through The ACCA Examinations
While it can take a minimum of 2 years to get ACCA certified, there’s certainly a lot of hard work that goes into getting through the examinations. However, successfully passing all your papers can be worth it. To qualify to become an ACCA member, an individual or student will have to complete 14 examinations, of which some are eligible for exemption depending on your previous qualifications.
Some degree holders from ACCA-accredited institutions like ICAN, ACA or some levels of degrees may be exempted from all nine examinations within the Fundamentals levels and register directly at the Professional levels. Degrees like B.sc in Account, Banking and Finance and HND in Accounts are qualified for the exemption in four Papers after submitting their transcript. The papers are:
- F1 Accountant in Business AB
F2 Management Account MA
F3 Financial Account FA
F4 Corporate and Business Law CL
To check for further exemption based on other qualification not listed above, you can check the Acca global site for more information.
ACCA Examinations is broken down into three levels with an additional Ethics skill module which is explained briefly below.
The Applied Knowledge consists of 3 examinations:
- AB - Accountant in Business
- MA - Management Accounting
- FA - Financial Accounting
Once you've passed all 3 examinations, you can continue to the ACCA Skills stage.
The Applied Skills consists of 6 examinations:
- LW - Corporate and Business Law
- PM - Performance Management
- TX - Taxation
- FR - Financial Reporting
- AA - Audit and Assurance
- FM - Financial Management
Ethics and Professional Skills Module
This module supplements your technical knowledge by helping you develop the ethical and professional behaviours you’ll need to complete your Strategic Professional examinations as well as preparing you for a successful career as a trusted and confident accountant. It should be started after the Applied Knowledge examinations have been completed and before commencing the Strategic Professional examinations.
The Strategic Professional involves 4 examinations: 2 from compulsory and any 2 from Options.
- SBL - Strategic Business Leader
- SBR - Strategic Business Reporting
- AFM - Advanced Financial Management
- APM - Advanced Performance Management
- ATX - Advanced Taxation
- AAA - Advanced Audit and Assurance
Exam dates - ACCA organize four examinations each year in March, June, September, and December. This makes it easier to plan the exam to fit your own schedule. You can be working while preparing for the examination. Most organizations usually give their employees some leave days if they are preparing for an examination.
There are Acca centres in Lagos, Abuja, Ibadan, Ogun, Kaduna, Kano, Portharcourt, Enugu, Warri, Abia, Cross River, Anambra and other states in Nigeria where you sit for the exam after you pay all entry, subscription, exemption and registration fees. Each Examination has its own fee you have to pay for before you can write it.
There is an annual subscription fee that you must pay asides from the registration fee and expenses per examination. The annual subscription is what you pay to ensure you are a registered ACCA student. All fees are in pounds which can be seen on the Acca website with the current exchange rate for the equivalent price in Naira. The ACCA online registration portal is very easy to navigate.
Equally, if you think that you’d need help with some ACCA courses in the future, you can reach out to our online tutors at Superprof Nigeria to help you with any of the required course.
Where Can An ACCA Qualification Take You?
Once you have completed your ACCA Qualification by successfully passing your examinations, along with three years' practical experience and the Ethics and Professional Skills module, you will be invited to become an ACCA member. You will then be able to use the 'ACCA' letters after your name.
As an ACCA certified member, you will have a broad and skilled knowledge in various areas such as;
- IFRS accounting standards;
- The taxation of individuals and companies
- The different ways of evaluating the value of companies, and how to assess how a company is performing based on its financial position and performance
Let us take a look below at some of the benefits of being ACCA certified:
- You will be part of a globally recognised body with a reputation for driving global standards of professionalism, ethics, integrity and accountability
- Ability to work within and outside Nigeria because the certification is globally recognised
- It will put you ahead in your profession and increase your earning power and increase your chances for a promotion
- Flexibility in your career choice - you can choose to work in any business sector from the financial services and public practice to the public and corporate sectors
- It will give you better chances of getting a job with the big four accounting firms (Deloitte, Ernst & Young, KPMG and PwC)
Here are just some of the jobs and career opportunities you could expect to get with your ACCA qualification:
- Management Account
- Finance Account
- Corporate Treasurer
- Finance Controller
- Finance Manager
- Investment Advisory
- Risk Advisory
- Audit and Assurance
- Account Advisory
- Internal Audit
- Corporate Finance
- Fund Account
- Finance Director
- Chief Finance Officer (CFO)
- Forensic Account
- Tax Specialist
How Do I Start Studying Towards The ACCA?
There are several different entry routes into the ACCA, but typically you could find an employer that is willing to pay for you to study towards your ACCA examinations, while you work for them and gain the relevant practical work experience that you will need. The big four firms are a typical example of companies that pay the examination fees for their staff while also working for them.
ACCA offers you flexibility, so you can study full-time, or work full-time studying part-time around your job, from anywhere in the world. You can also choose how frequently you sit your exams and how many you take at once. it should be noted that however, it is you decide to study for ACCA, make sure you use the most up-to-date study materials, preferably from one of ACCA's Approved Content Providers. You can check their website for details of their approved content providers.
It is recommended you plan to do at least 8 hours of studying per week. How long you take to study varies in terms of how long it will take you to cover the syllabus for each paper you intend to write. Once you have covered the syllabus of a paper, the best thing to do is to practice to ensure you can answer the questions as clearly as possible.
Stay motivated and take care of yourself while studying for the examinations. Research has proven that your brain works best when you eat healthily and sleep well and if you don’t get enough sleep, you may lose a lot of cognitive power and become demotivated.
If you feel like you need to improve your understanding of accounting concepts or want some additional support to improve your accounting knowledge, then you could consider hiring a personal accounting tutor to help you.