ACCA Work Experience: Your Path to ACCA Membership

Just like every other professional accounting or finance course ACCA also requires mandatory work experience. This work experience is different from the article ship training that you need to complete while pursuing a CA. For ACCA work experience you need to complete 36 months/3 years of supervised experience in a finance or accounting firm. This experience needs to be related to the field of accounting and finance, which means you would be carrying out tasks like accounting, auditing, tax calculations, etc. Your experience also needs to have a mix of technical aspects of ACCA like insolvency and forensics. In this blog, we will explore the ACCA work experience.

The best part about the ACCA work experience is that it offers the utmost flexibility to aspiring students. ACCA allows you to gain this experience while you are registering for the course, studying it, or even after you’ve completed the course. However, once you’ve completed the mandatory work experience, you need to get your experience letter signed by the supervisor to get an ACCA membership.

What is the Required Work Experience to Obtain an ACCA Degree?

To obtain an ACCA (Association of Chartered Certified Accountants) qualification, work experience is a key component alongside passing exams. Here’s a breakdown of the requirements and the importance of work experience:

Required ACCA Work Experience:

1. Three years of relevant work experience: You must complete at least three years of practical work experience in a relevant accounting or finance role. This experience is often referred to as the ACCA Practical Experience Requirement (PER).
2. Types of work: The work experience should be in a role that allows you to develop key skills such as:
   • Financial reporting and analysis
   • Audit and assurance
   • Management Accounting
   • Taxation
   • Internal control and compliance
   • Business management The experience can be gained either before, during, or after completing the ACCA exams.
3. Approved Training Employer (ATE): You must work for an ACCA-approved employer or an organization that meets ACCA’s criteria for training. However, if you’re not working for an ATE, the work experience must be signed off by an ACCA-approved supervisor.
4. Record Keeping: You need to document your work experience and competencies in an Online Career Log and have your supervisor review it regularly. You’ll need to demonstrate your development in key technical and professional skills.

Why is Work Experience for ACCA Degrees Important?

• Application of Knowledge: The ACCA exams provide a solid theoretical foundation, but work experience is vital for applying that knowledge in real-life scenarios. It helps you understand how accounting principles and practices function in day-to-day business operations.

• Skill Development: Practical experience enables you to develop essential technical, professional, and personal skills. This includes problem-solving, communication, teamwork, and time management. These competencies are crucial for becoming a successful finance professional.

• Industry Insight: Through work experience, you gain a deeper understanding of industry-specific challenges and regulations. It exposes you to various financial environments, whether in public accounting, corporate finance, or government sectors.

• Accreditation and Credibility: Having the work experience requirement met strengthens the credibility of your ACCA qualification. Employers value practical experience because it shows that you’re capable of handling real-world financial challenges.

• Career Advancement: ACCA’s qualification process is designed not only to test your knowledge but also to ensure you’re ready for leadership roles in finance. The work experience helps shape you into a well-rounded professional and makes you more attractive to employers.

In short, the combination of exams and work experience ensures that you have the full spectrum of skills necessary to succeed as a Chartered Certified Accountant.

ACCA Work Experience Process

ACCA is a prestigious global qualification that’s accepted in more than 180 countries. To ensure that the candidates are prepared for all the global accounting challenges, the ACCA Global Institute has mandatory 36 months Practical Experience Requirement (PER). However, the organization offers certain flexibilities which are as follows:

• The experience you gain should be in a relevant accounting and finance field 
• You can work in any organization, be it an SME or an MNC, the size of your organization doesn’t matter.
• The only thing that matters is that your ACCA work experience matches the course’s performance objectives.
• You’ll have to complete a total of nine objectives out of which five would be performance and four would be technical objectives.
• If the job/internship you’ve taken up includes finance and accounting activities then the time you’ve spent doing these activities can be claimed as your ACCA work experience.
• In case only 50% of your time is spent doing finance and accounting activities in a span of a year, you can claim an experience of about six months.
• When you apply for the ACCA membership, you need to record ‘My Experience’ in the percentage form.  You need to input the percentage spent on the finance and accounting activities and the time will be calculated on the platform automatically.

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Types Work Experience You Can Include in ACCA Work Experience

Most students often end up asking if their ACCA work experience is relevant. The answer to that is yes. Your coaching experience of up to twelve months is counted in your Practical Experience Requirement. However, you need to keep in mind that your lecturing experience should be at par with the Applied Skills examinations of the ACCA course. And that it covers basic accounting, finance, and business-related subjects.

Students also ask if their part-time or internship work experience is relevant to ACCA. Well, if the experience covers complex finance and accounting concepts and keeps up with the performance objectives then it is accepted by the ACCA university

The ACCA qualification is recognized in over 180 countries including Canada, Singapore, and Australia. If you’ve made the decision to become a global CA and are contemplating your next move, we can help you take a step forward. Check out our Association of Chartered Certified Accountants (ACCA) course to learn more.

What are the Essential Skills Required for Practical Essential Requirements (PER)?

Essential Skills Required for Practical Experience Requirement (PER):

The Practical Experience Requirement (PER) focuses on ensuring that you develop a broad range of skills that will make you a well-rounded finance professional. These skills fall into two main categories: technical skills and professional skills.

Technical Skills: These are the core accounting and finance skills that you’ll apply in real-world situations.

Financial Reporting: Ability to prepare, analyze, and interpret financial statements in line with accounting standards.

Management Accounting: Understanding cost accounting, budgeting, and performance measurement.

Audit and Assurance: Experience with auditing processes and understanding the audit function.

Taxation: Practical knowledge of tax regulations and compliance.

Financial Management: Managing finances, investments, and business financing decisions.

Internal Controls and Risk Management: Understanding how to implement systems that safeguard company assets and minimize risk.

Business Analysis: Ability to analyze business problems, assess their impact, and provide appropriate financial solutions.

Professional Skills: These are the “soft” skills that are critical for career success.

Communication Skills: Both written and verbal communication are essential for interacting with clients, colleagues, and stakeholders.

Ethics and Professionalism: Acting with integrity and demonstrating ethical behavior, especially when dealing with confidential financial information.

Decision-Making and Problem-Solving: Ability to evaluate financial situations and make informed decisions based on analysis.

Teamwork and Collaboration: Working effectively with others, especially in collaborative work environments or on client projects.

Leadership Skills: As you progress in your career, leadership and managerial skills become more important, particularly for those in senior roles.

Time Management: Managing multiple tasks and deadlines efficiently in a busy, dynamic environment.

Other Key Skills:

Attention to Detail: Ensuring accuracy and precision in financial data and reports.

Adaptability: Ability to handle changes in accounting standards, business practices, and technology.

Client Management: Developing strong relationships with clients, understanding their needs, and providing value-added services.

How to Study for ACCA:

• Understand the Syllabus: The ACCA qualification is divided into three levels:

1. 1. • Applied Knowledge (Fundamental level)
      • Applied Skills (Fundamental level)
      • Strategic Professional (Advanced level)
   2. It’s important to fully understand the syllabus for each exam and focus on the key areas that are frequently tested.

• Create a Study Plan:

1. 1. • Plan your study schedule well in advance, breaking down your study material into manageable chunks.
      • Make sure to leave enough time for review and practice before each exam.
      • Set daily, weekly, and monthly goals to track your progress and stay motivated.

• Use ACCA Study Materials:

1. 1. • ACCA-approved study materials are designed to meet the syllabus requirements. You can choose from different providers (like Kaplan or BPP) to get textbooks, study guides, and practice exams.
      • ACCA Past Papers: Practice with past exam papers to get a feel for the exam format and question types.

• Join Study Groups or Forums:

1. 1. • Joining study groups or online forums can help with motivation and provide a platform for discussing complex topics.
      • You can learn from others, share resources, and get clarification on difficult concepts.

• Focus on Understanding, Not Memorizing:

1. 1. • Try to fully understand the concepts instead of rote memorization. Practical knowledge and application are key, especially when you are in a work setting.
      • Apply the concepts to real-life scenarios to reinforce your understanding.

• Take Mock Exams:

1. 1. • Practice taking timed mock exams to improve your time management skills during the actual exam.
      • After completing a mock exam, review your mistakes thoroughly to avoid repeating them.

• Stay Consistent and Manage Stress:

1. • Consistency is key in your preparation. Even if you can only study a little bit each day, keep at it.
   • Manage stress by balancing study with breaks and relaxation techniques.

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Conclusion

Becoming an ACCA-qualified accountant is a challenging but rewarding journey. It requires a combination of technical knowledge, practical experience, and strong professional skills.

• The Practical Experience Requirement (PER) ensures that you develop both the technical and professional skills necessary for success in the accounting and finance industry.
• Studying for the ACCA exams requires dedication, strategic planning, and consistent practice. Use a variety of study resources and methods to fully understand the concepts and apply them in real-life scenarios.

By mastering the required skills and committing to thorough study, you’ll be well on your way to achieving the ACCA qualification and advancing your career in accounting. The combination of exams and practical experience will prepare you for a fulfilling and successful career in finance.

FAQs on ACCA Work Experience

Can I do ACCA without A levels?

Yes, you can do ACCA without A levels, but it’s best to complement your ACCA with a commerce-related graduation degree to get better job opportunities. 

How do I add my ACCA work experience?

To apply for membership, you’ll need to add your 3 years of ACCA work experience. This experience can be gained through any part-time, internship, or full-time opportunity in the field of finance and accounting. However, your experience should cover all ACCA PER performance objectives.

Can I work in India after ACCA?

Partham Barot is an ACCA-certified professional. showcasing his expertise in finance and accountancy. he’s revolutionising education by focusing on practical, real-world skills. Partham’s achievements underscore his commitment to elevating educational standards and empowering the next generation of professionals.