It is not conventional wisdom but a university education is not a prerequisite to a career in business and finance. Accountancy as a career is possible even if you do not have a bachelor’s degree in the subject. You can become an Association of Chartered Certified Accountants (ACCA) charterholder. The ACCA program provides an alternative path toward a career in business, finance, and accountancy. Complete it successfully and, at the end of it, you will earn the ACCA designation.
ACCA is a professional accounting qualification recognized worldwide. Think Certified Public Accountant (CPA), but trained in international accounting standards, so the designation comes with global standing and reach.
Reading Suggestion: Dubai Private Schools Shine in Global Rankings
However, ACCA has minimum academic requirements. They’re two A-levels and three GCSEs (General Certificate of Secondary Education) in five distinct subjects, including math and English.
Foundation Level Qualifications: For When You Don’t Meet ACCA Entry Requirements
Take a little detour into FIA if you don’t meet the ACCA program’s minimum entry requirements. FIA is a set of foundational qualifications in finance and business. These qualifications are:
- Regulated Qualifications Framework or RQF Level 2 ACCA Diploma in Financial and Management Accounting
- RQF Level 3 ACCA Diploma in Financial and Management Accounting
- RQF Level 4 ACCA Diploma in Accounting and Business
- Certified Accounting Technician (CAT) Qualification
The following are FIA stand-alone certificates. They’re not part of the qualification progression toward FIA completion, but you can get them, especially if you wish to specialize in a particular field.
- RQF Level 4, Certificate in Audit
- RQF Level 4 Certificate in Taxation
- RQF Level 4 Certificate in Financial Management
Why Take the FIA Route?
FIA provides a way into a career in accountancy even if you don’t meet the ACCA program’s minimum academic qualifications. Its progressive structure allows you to build on your knowledge, skills and qualifications and go up the professional ladder, so to speak, one step at a time.
You can work toward your FIA qualifications while employed in a relevant accounting role. The qualifications are globally recognized, so they make you highly employable.
If you play it right, you can attain your FIA qualifications in 12 to 18 months. Taking the qualification exams is very convenient, as they are computer-based and available on demand.
How to Earn FIA Qualifications
To get started, apply to become an FIA student. You can do this online on the ACCA global website. Alternatively, you may register for FIA courses at a training institute and get guidance on how to sign up for the FIA program with ACCA courses.
Once you’re a registered FIA student (and enrolled at a training institute), start studying for your FIA exams. Every FIA qualification comes with corresponding exams. Completing all levels means passing nine out of 10 possible exams.
1. RQF Level 2 Diploma in Financial and Management Accounting
The RQF Level 2 ACCA Diploma in Financial and Management Accounting, RQF Level 2 is a good-entry-level qualification suitable for accounts clerks or junior bookkeepers in accounting departments, business process outsourcing organizations and shared service facilities.
As an RQF Level 2 qualification, this diploma is equivalent to a GCSE certificate. Earn the diploma by passing two exams:
- FA1 Recording Financial Transactions: Understand business transactions and how to record them in accounting systems.
- MA1 Management Information: Gain an essential understanding of the data businesses need in planning and decision-making.
2. RQF Level 3 Diploma in Financial and Management Accounting
Build on the RQF Level 2 diploma to attain the RQF Level 3 ACCA Diploma in Financial and Management Accounting, which loosely corresponds to an Advanced Subsidiary level (AS-level) or even an A-level certification.
This qualification can equip you for a bookkeeping or cost clerk role, and you need to pass the following exams to get this diploma:
- FA2 Maintaining Financial Records: Learn the concepts and principles of financial record-keeping and become technically proficient in double-entry accounting, including basic financial statement preparation.
- MA2 Managing Costs and Finance: Focus on cost information preparation, processing, and presentation to support business planning and decision-making.
3. RQF Level 4, Diploma in Accounting and Business
The RQF Level 4 ACCA Diploma in Accounting and Business is equivalent to the first year of a bachelor’s degree program. It indicates you’re ready for accounting roles with more responsibilities, like financial reporting, financial decision-making support, and even supervising other people.
It’s a good fit for those working in accounts payable, accounts receivables, and fixed asset accounting. This diploma will also help prepare you for your choice of specialization later on (e.g., internal audit, taxation, and financial management).
You need to pass three exams to get this diploma. They’re the same three exams that comprise the Applied Knowledge portion of the ACCA program.
- FBT Business and Technology: Gain a better understanding of business and the role of accounting in it, particularly in a business’s effective, efficient, and ethical development and management.
- FFA Financial Accounting: Appreciate the concepts and underlying principles of financial accounting. Become proficient in double-entry accounting, including financial statement preparation, and learn how to interpret financial statements.
- FMA Management Accounting: Learn management accounting techniques for financial planning, controlling, and performance monitoring.
4. Certified Accounting Technician (CAT) Qualification
The Certified Accounting Technician qualification is equivalent to the first year in a bachelor’s degree program. It’s for team managers, supervisors, and those fulfilling technical accounting roles. This is designed to develop specialized skills.
Reading Suggestion: List of Schools In Fujairah With Fees and Contact Details
You need to satisfy the following criteria to attain this qualification:
- Preceding FIA diplomas: Earn the three preceding FIA diplomas
- One-year practical experience requirement: Gain one year of practical experience in a relevant financial role
- Ethics course: Complete the Foundations in Professionalism Module (an ethics course)
- Two specialist exams: Pass two of the three CAT specialist exams, which are FAU Foundations in Audit, FTX Foundations in Taxation, and Foundations in Financial Management.
Jumpstart Your Career in Accountancy With FIA
Foundations in Accountancy (FIA) is a group of qualifications designed to equip you with the knowledge and skills that accounting-related roles require. There is a qualification for every career level, from bookkeeping to accounting technicians and from accounts clerks to team leaders.
Earn all four FIA qualifications and three FIA stand-alone RQF Level 4 certifications. They will equip and upskill you, enhance your employability and help launch your ACCA journey.
