The ACCA Qualification, which stands for “Associate of Certified Chartered Accountants,” is known worldwide. However, some people are still uncertain, or you can say confused, about whether to take up studying ACCA or not due to several myths circulating in developed and underdeveloped countries, respectively. In this technological era, where online learning has taken the upper hand over physical learning, You are considered the most privileged generation because you just need to sit in the comfort of your home and get the luxury of studying at any top institute from any ACCA online tuition provider, so you should not be concerned about myths but focus on all the pros you are getting. Today, we’ll look at seven of the most common ACCA myths and debunk them, so you can get the real story and facts.
Myth No. 1
ACCA qualification is uber expensive
Let’s give you a reality check. First of all, you need to understand that to gain something good you need to lose something as well initially. Quality education is not taking your hard-earned money but is an investment for the time being so that you gain more financially in the future. ACCA is recognized on a global scale and is a highly sought-after qualification by the top employers the world over. Also in comparison to other top degrees or qualifications it comes at par in spending but when you compare it with the rate of return in terms of payback then it is higher and quicker than other degrees and has more opportunities in terms of growth, jobs, fringe benefits, and salary packages.
Myth No. 2
You can only become an accountant after ACCA
The most common and dumbest myth that you will ever hear and the worst part is that 75% of educated people believe it. Let’s get your facts straight. After you do your ACCA, you get your doors open to a vast variety of job opportunities and many diverse professions. Even accountancy is a huge field with multiple job opportunities. Few of the jobs you can choose after your ACCA are:
- Management Accountant
- Forensic Accountant
- Financial Accountant
- Corporate Treasurer
- Finance Manager
- Financial Controller
- Tax Specialist
- Chief Financial Officer (CFO)
These are just a few fields that you can choose from, other than this there are many more.
Myth No. 3
ACCA is very hard and impossible to clear on the first attempt
Reality check!!! Anything will be difficult and impossible to clear if you are not prepared. If you are well prepared, have concentrated on the lectures and the problem-solving techniques, have focused on past papers, taken crash courses and revisions then you do not need to worry as you will surely ace your exams. Even if you do not clear some of the papers on the first attempt then worry not, you will clear them in the second. To make it easy for you the global pass rate varies in each attempt considering the number of students scoring high marks plus you get the opportunity of 4 attempts in a year which increases the chances of your passing.
Myth No. 4
ACCA can only be started after your 12th-grade or graduation
You would want to believe this myth because it is true for many other degrees and qualifications but let’s just this myth in the case of ACCA. The truth is that you can start your ACCA even after your matriculation, 10th grade or O-levels, or even in between any other qualification such as CA, so there are no restrictions in pursuing ACCA. If you start at a later stage or after a certain qualification or degree you will be exempted from a certain number of papers and courses and it will be easier for you to gain this qualification.
Myth No. 5
You will be an ACCA after clearing the 13 papers, PER is not necessary
Where do you people hear these things from? And why don’t you people research on the internet? PER known as the practical experience requirement is as necessary to become a certified ACCA member as clearing the 13 exams of the ACCA qualification. Without the relevant 36 months of practical experience, you will not be granted the qualification.
Myth No. 6
No job opportunities in underdeveloped countries
ACCA is a global community-based in 178 countries that is continuously growing. They have offices and members in all of these countries, including the underdeveloped ones. The big 4 firms of the ACCA operate and employ ACCA members in underdeveloped countries, with many job opportunities in the fields of accountancy, finance, tax, auditing, and consultancy with high salary packages compared to other degrees. So worry not as being an ACCA member will only benefit you in various ways.
Myth No. 7
You can only do a job after completing your ACCA and not start your own business or join your family business
This is certainly not true. Apart from theoretical knowledge, it gives you a wide variety of skills that can be applied in any business. You gain the skills of judgment and decision-making, which make you a critical thinker and a risk-taker and increase your networking and communication abilities. It also gives you technical and professional skills and makes your ethics strong enough to pursue any career or start any business. So if you want to start your business from scratch, bring innovation and creativity, or expand your family business, then you have acquired the best set of skills to give a boost to your business and career. You can also start your own online educational institute like Vifhe and become the owner of an online institute.
So if you have encountered any of the myths listed above then hopefully your mind is all clear now and you can run on the path to becoming an ACCA member and avail the wide array of benefits that ACCA has to offer.