The accounting and finance sectors work together closely. Several areas and courses in finance serve as prerequisites for accounting studies. To be an internationally recognized accountant, you need to be well-versed in both fields. Combining an ACCA education with an MBA in finance is one of the best examples.
According to U.S. Bureau of Labor Statistics projections, there will be a significant increase in job potential for global auditors and accountants in the upcoming years. A 6% growth rate is anticipated between 2021 and 2031.
Even though the numbers appear encouraging, becoming an accountant is a lengthy and demanding procedure. A global qualification such as ACCA is difficult to obtain. Nonetheless, you may find things a little easier if you have a finance MBA. However, you may find things a little easier if you have a finance MBA. Moreover, ACCA exemptions for MBA finance are available in India, which facilitates the process for graduates in this field.
What Benefits Does an MBA Offer for ACCA Exemptions?
It cannot be denied that the ACCA exam frameworks closely resemble the courses needed to earn an accounting degree. A finance degree and ACCA certification are actually fairly comparable.
A student must start the ACCA tests at the beginning if they have no prior financial or accounting-related experience or education. However, there is a chance that students who currently hold a degree in finance will be excused. They can start their certification at the level they have already attained in their education, thanks to exemptions.
This considerably reduces the time and effort required to obtain certification. One very effective strategy to shorten and simplify the ACCA certification process is to have a finance MBA.
You can skip several papers and exams if you meet the requirements for exemptions. But even with your prior credentials, you still need to take the strategic professional tests. The exemptions you are eligible for will vary, at least somewhat, depending on where you earned your MBA. But generally speaking, you can bypass F1 through F9 if you have an MBA in finance.
This means that you can complete the certification without taking any of the foundational papers. In total, you can be eligible for up to nine ACCA exemptions, depending on your qualifications.
You should still take the P123 prerequisite even if you have an MBA. Additionally, there will be two optional papers in P4–7. This implies that, in order to pass your ACCA course with an MBA, you will need to write five papers in total. It will be considerably simpler to finish your certification in less time because of the drastically decreased burden. Continue reading to find out more about the MBA in ACCA exemptions.
How a Finance MBA and ACCA Combination Benefit You?
There are many benefits to obtaining the ACCA qualification after receiving an MBA in Finance, in addition to MBA exemptions for ACCA members.
The ACCA and MBA in Finance combo is ideal. An MBA in Finance focuses on the principles of business administration and covers a variety of financial topics, whereas an ACCA teaches the depths of ethics and global accounting standards. A mix of the courses develops management and business administration skills as well as leadership abilities.
A master’s degree program with a significant business focus is the MBA in Finance. Along with teaching the fundamentals of company management, the program also teaches mirchastrategies for comprehending the finance industry.
The ACCA, on the other hand, places a strong emphasis on accounting principles, such as taxation, accounting standards, auditing practices, and so forth.
It is advised that you finish your MBA before beginning ACCA if you want to pursue both an MBA and an ACCA in finance. In addition to obtaining MBA exemptions, going after ACCA later on will facilitate your learning journey. You will already be familiar with the jargon used in finance and accounting. The difficulty level for clearing your ACCA will therefore be somewhat lower.
The combination of ACCA and MBA brings numerous advantages, from providing exemptions to making your learning journey smoother. Now, the choice is yours. You can think of pursuing ACCA after your MBA degree as per your career goals and availability of time, energy, and money. That’s all on the guide—benefits of doing an ACCA with an MBA.
We hope that our brief overview of ACCA with the combination MBA has helped you in making your decision. Reach out to Mirchawala’s Hub of the Accountancy for specific guidance on the ACCA certification course.
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