ACCA in Nepal

What is ACCA?

ACCA stands for Association of Chartered Certified Accountants and is a renowned global accounting organization that provides a "Certified Chartered Accountant" qualification to students. With more than 233,000 members and 600,000 students enrolled across more than 180 countries worldwide (including Nepal), ACCA qualification is regarded as the most widely recognized program in the field of professional accounting (Accounting, Taxation, Auditing, Valuation, and Treasury Management). 

Origination of ACCA 

The ACCA was founded on 30 November 1904 by eight people with the formation of the London Association of Accountants to provide further easy accessibility to the profession than the accounting bodies at the time, especially the Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Chartered Accountants of Scotland (ICAS). In 1909, it became the first organization in accounting to allow women membership. South Africa established the first branch outside of the UK in 1913. The main administrative office of ACCA is situated in Glasgow, but the organization's headquarters are in London, United Kingdom. 

  Scopes / Career After ACCA

You undoubtedly already know that ACCA is one of the most renowned and well-respected accountancy degrees all over the world. Professionals in the ACCA field have a wide range of options available, and those prospects will only expand in the future. Your professional life decision is entirely dependent on your preferences. Your opinion may differ from ours, but here are some of the carriers you can choose after ACCA course.

  1. Accounting Advisory
  2. Risk Advisory
  3. Finance Manager / Finance Analyst
  4. Financial Planner
  5. Chief Financial Officer (CFO)
  6. Forensic accountant
  7. Management consultant and tax consultant
  8. Internal auditor
  9. Audit and assurance officer
  10. Management accountant
  11. Assistant (trainee) accountant and many more
These aren't the only options available after your ACCA. You might collaborate in almost any sector as long as the company is large enough to require financial solutions. IT, insurance, sports, business, retail, hospitality, and many more. The career path that follows ACCA is in high competition and demand. 

 ACCA in Nepal

In 1977, the first ACCA examination, was held in Nepal, with just one candidate. In 2004 Nepali institutions began to provide the ACCA credential, and in 2014 an ACCA Nepal Head was appointed. Following that, the market has grown, and there were 2,700 ACCA candidates in 2018.One can enroll in an ACCA Course in a local training center or study independently by using the variety of learning resources available on the internet. Hamro academy is also providing the online video classes of ACCA in Nepal. A student can even be certified without enrolling in any educational center. But if a student enrolls in any educational institution may increase the possibility of completing the course quickly. After completing the ACCA in Nepal, one might anticipate a successful career both domestically and internationally. 

  Eligibility criteria for ACCA in Nepal

To enroll ACCA in Nepal, students must complete 10+2/ SEE (Grade A-C) in subjects, +2 at GCE/ VCE A level, or Two A-Levels and three GCSEs or equivalent in five subjects, including English and mathematics. The duration of the ACCA course in Nepal is three years, but the students can accomplish the whole credential within ten years. To qualify as an ACCA member:

  1. Three years of relevant experience are required.
  2. Must complete 13 exams (nine are eligible for exemptions).

Course structure, time duration, and cost

In terms of ACCA course formats, there are 13 exams overall that are grouped into three levels, i.e. 

1) The Applied Knowledge Level: Students must attempt and pass three papers to pass this level. Here is a list of the modules:

  • MA (Management Accounting)
  • BT (Business and Technology)
  • FA (Financial Accounting)
2) The Applied Skill Level: Students must attempt and pass six papers to pass this level. Here is a list of the modules:
  • FR (Financial Reporting)
  • TX (Taxation)
  • LW Corporate and Business Law)
  • PM (Performance Management)
  • FM (Financial Management)
  • AA (Audit and Assurance)
3) The Strategic Professional Level:  Students must successfully pass four papers to complete this level. Typically, this level splits into two categories: essential (which includes two compulsory subjects) and optional (which provides four modules, and students can choose any two based on their interests). Essential subjects include:
  • SBL (Strategic Business Leader)
  • SBR (Strategic Business Reporting)
Optional subjects (any two) include:
  • AFM (Advanced Financial Management)
  • APM (Advanced Performance Management)
  • ATX (Advanced Taxation)
  • AAA (Advanced Audit and Assurance)
The ACCA program is designed to complete in two years, but to be an ACCA member, students must have three years of professional experience, either gained during or after the course completion. Every year, ACCA conducts four examinations. Students are permitted to take a maximum of four exams per session, for a total of eight tests annually which help to complete the ACCA course within two years if the students do not get any demerits. It comprises a collection of 15 papers, with 13 of the paper requiring successful completion to become an ACCA member. The overall cost of ACCA varies depending on the institutions and colleges. However, in Nepal, it is estimated that the course will cost Rs.5 lakhs total, including the registration fee, study materials, tuition, and exam fees. 

Difference between CA and ACCA course: 

 Here are some points which show how ACCA differs from CA.
  1. ACCA concentrate on both national and international carrier possibilities, while CA concentrate on national carrier potential.
  2. In ACCA, students can retake exams of only the subject they didn't pass, but in CA, they must retake the entire group if they fail one paper. It makes ACCA in nepal is  more flexible than CA for students.
  3. ACCA requires three years of professional experience either during or after the completion of the course. CA also requires three years of article ship or internship work to be done concurrently with the course.
  4. ACCA courses take about 2-3 years with 13 exams to complete, whereas CA courses take about 5-6 years with a total of 20 exams to complete.
  5. ACCA course is not simple, but it is not as tough as CA. CA is considered as the most difficult course in Nepal.

Conclusion:

 In conclusion, ACCA in Nepal is one of the most outstanding certificates in accounting, prioritized by many students who desire to launch a profitable career in Nepal or abroad. The ACCA credential is accepted and regarded as being equivalent to local credentials in various nations. The ACCA qualification demonstrates to business owners and companies that you are competent in all business areas. The ACCA certification assists the candidate in gaining special knowledge in accounting and finance as well as helps in gaining significant abilities in organizational management and strategy.

Mon Feb 27, 2023