Your ACCA guide in Malaysia

Countless businesses, from small departmental stores to multinational companies, require the skills of an accountant.

An ACCA qualification may be the course for you if you want to be an accountant and be recognized on a professional level.

This thorough guide will answer all of your ACCA questions, including:

• What precisely is ACCA?
• How do you get an ACCA certificate?
• What are the prerequisites for ACCA study?
• Are you only allowed to work as an accountant if you have an ACCA?
• Is ACCA really so challenging?

Continue reading to learn everything you need to know about earning an ACCA certification.

What is ACCA?

The Association of Chartered Certified Accountants (ACCA) is a professional association of chartered accountants. It is a global organization for professional accountants, with approximately 233,000 members in 178 countries and regions.                                             

The ACCA is a set of professional tests that you must pass (13 papers in total). You will receive technical knowledge in the fields of accounting and finance, as well as organizational management and strategy, as part of the ACCA curriculum.

You will be a Chartered Certified Accountant after completing the ACCA's Ethics and Professional Skills module, their Strategic Professional examinations, and 3 years of relevant job experience. Only ACCA members can use this phrase.

The majority of ACCA members work in accounting and finance, usually in the business world. Many students choose to obtain an ACCA certificate because it assures employers that they have the relevant abilities and expertise in the accounting and finance industry.

Important Note: The ACCA is a professional accounting qualification rather than a degree

Studying ACCA in Malaysia

• Pathway to Obtaining an ACCA Professional Qualification

There are several ways to obtain an ACCA Professional Qualification.

Here is a brief summary of the various pathways you can take upon completing SPM.

The three most common pathways are as follows:

• ACCA Foundation in Accountancy (ACCA FIA)→ACCA [about 3 years total] 

Because you'll complete ACCA in three years from SPM, this is the quickest and shortest way to get an ACCA qualification.

You can begin your ACCA adventure by taking the ACCA Foundation in Accountancy after completing your SPM or O-Level (ACCA FIA). The ACCA FIA is a foundation-level programme that allows you to enter the ACCA qualification directly. This curriculum takes the place of CAT as a direct route from SPM to ACCA.

After completing the ACCA FIA programme, you will be excused from the three ACCA Applied Knowledge papers.

Highlight: If you received an A+/A/A- on your SPM Accounting paper, you will be exempt from one ACCA FIA paper (FA1).

One of the concerns that individuals have about this direct route to ACCA is that they will not be able to obtain a degree. However, there is some good news! You can get a BSc (Hons) Degree in Applied Accounting while studying for the ACCA through cooperation with Oxford Brookes University. All you have to do is finish a Research & Analysis Project.

• Diploma in Accounting → ACCA [approx. 4 years total]

After SPM, you have the option of pursuing a Diploma in Accounting before enrolling in ACCA. From SPM, it takes about 4 years to complete this course.

You will be able to claim many ACCA paper exemptions with a Diploma in Accounting, which allows you to continue to the ACCA Applied Skills Level and then the ACCA Strategic Professional Level.

The ACCA exemption calculator can help you determine which papers you can claim exemptions from based on your qualifications and institution.

• Foundation / Pre-University → Degree in Accounting → ACCA [approx. 5.5 years total]

Another typical route is to earn a bachelor's degree in accounting before enrolling in the ACCA programme.

You begin with a Foundation or Pre-University programme (e.g., A-Level, Australian Matriculation, STPM, etc.) and then progress to an Accounting Degree. During this time, you will master accounting principles and practices as well as larger topics such as economics and investments that are not related to accounting. You can pursue your ACCA qualification after you finish your degree. Many accounting graduates work full-time while studying part-time for the ACCA.

Exemptions of up to 9 papers for the ACCA Applied Knowledge and Applied Skills modules may be given depending on the institution and the disciplines you take. This means you can skip straight to the ACCA Strategic Professional module. 

In comparison to the other options, this path to a professional accounting certificate takes a little longer. However, because you will have both a degree and a professional qualification, it is still a popular choice for many students.

In addition to your ACCA certificate, you will have the option to pursue an MSc in Professional Accountancy from the University of London.

ACCA Course & Exam Structure

The ACCA exams are divided into 3 levels — Applied Knowledge, Applied Skills, and Strategic Professional.

• ACCA Applied Knowledge (3 papers in total)

The Applied Knowledge tests are intended to provide you with a thorough overview of finance and accounting.

The exams are as follows:

• Technology and Business (BT)
• Accounting for Management (MA)
• Accounting for Money (FA)

• ACCA Applied Skills (6 papers in total)

The Applied Skills papers ensure that you develop strong and practical skills in order to be a strategic professional accountant by building on your knowledge and understanding of accounting and finance.

The exams are as follows:

• Corporate and Business Law (LW)
• Performance Management (PM)
• Taxation (TX)
• Financial Reporting (FR)
• Audit and Assurance (AA)
• Financial Management (FM)   

• ACCA Strategic Professional (4 papers in total)

ACCA Strategic Professional seeks to strengthen your technical, ethical, and professional abilities in order to prepare you for future leadership positions. This is where you get to pick the area in which you want to specialize.

Essentials (2 papers) and Options (2 papers) are the two components of the Strategic Professional (choose 2 exams from 4 options).

The exams are as follows:

Essentials

• Strategic Business Leader (SBL)
• Strategic Business Reporting (SBR)

Options

• Advanced Financial Management (AFM)
• Advanced Performance Management (APM)
• Advanced Taxation (ATX)
• Advanced Audit and Assurance

Entry Requirements and Qualifications

You must achieve the following pre-university entry requirements in order to register for ACCA without first completing the ACCA Foundation in Accountancy:

• A-Level: A minimum of 2Es and 3 credits, including English and Mathematics, in SPM or O-Level.
• STPM: A minimum of two Cs and three credits in SPM, including English and Mathematics, are required.
• Minimum ATAR 70 and 5 credits in SPM, comprising English and Mathematics, are required for Australian matriculation.
• Minimum of 5Bs, including English and Mathematics, in the UEC.
• Matrikulasi: A minimum CGPA of 2.50 in English and Mathematics is required.

Please keep in mind that different universities or institutions may have different admissions standards, so do your homework before making a decision!

Why Should You Study ACCA?

In Malaysia and around the world, the ACCA is one of the most generally recognized professional accounting degrees. Here are some of the most compelling reasons to pursue an ACCA degree.

• Recognized by tens of thousands of employers around the world

From major enterprises and accounting bodies to educational institutions and governments, ACCA works with over 8,500 certified employers throughout the world. The ACCA programme is also subjected to quality assurance by third parties. As a result, you may rest assured that your professional qualification is well-known and has an established track record of excellence.

• You get control over your studies and career.

Do you want to work and study part-time? Or would you rather concentrate on getting your professional qualification as quickly as possible? ACCA offers a variety of flexible study choices, allowing you to study at your own pace, whether part-time or full-time.

Employers in many large accounting firms may subsidize your ACCA qualifying expenses as well as provide you with time off to study!

• The ACCA provides doors to a variety of other sectors.

The ACCA qualification does not limit you to working as a professional accountant or auditor. In reality, many ACCA graduates go on to work in industries including banking and finance, tax, consulting, and company development. An ACCA qualification exposes you to many technical aspects and accounting concepts, but it also includes various skills and competencies that are useful in areas other than auditing and accounting.

Should You Study ACCA?

Is ACCA the appropriate choice for you?

Are you unsure if ACCA is the best career path for you? Here are some questions to consider:

• Do you enjoy working with numbers?
• Do you have good English and Mathematics grades?
• Do you think of yourself as thorough and well-organized?
• Do you consider yourself to be a moral person who can think critically?
• Do you want to work for a large, worldwide corporation?
• Do you wish to be accredited by a professional organization on a global scale?

If you responded yes to the majority of these questions, you might be a good fit for ACCA!

Knowledge and abilities are essential to being a successful ACCA member. A good ACCA member should have the following skills:

• Strong English and math skills are required.
• Effective communication ability
• Morals and ethics are important.
• Strong willpower and perseverance
• A critical eye with a keen sense of detail

Don't be concerned if you haven't yet mastered any of these abilities. ACCA will provide you with the necessary skills to prepare you for the program's challenges and demands.

What Career Options Do You Have with an ACCA Qualification?

Completing an ACCA qualification will allow you to pursue various job opportunities in the accounting and finance sectors.

• Auditor
• Business Analyst
• Budget Analyst
• Credit Analyst
• Internal Audit Associate
• Investment Banker
• Financial Accountant
• Fund Manager
• Management Accountant
• Research Analyst
• Tax Consultant

Click here to read everything you need to know about studying Accounting in Malaysia. 

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