ACCA is a professional accountancy course and is recognized mainly for its combination of examinations, ethics, and experience. Becoming an ACCA member requires you to successfully attempt 13 papers, comply with the code of ethics and complete the 36-month practical experience in the relevant field. While completing your practical experience, one can enhance their skills in the sectors they are interested in. Amongst the many, a few areas being Banking, Insurance, Investment Banking, INGOs, Auditing, and Taxation. Since ACCA is a globally recognized professional body, the course is primarily designed around the International Financial Reporting Standards (IFRS) and Financial Management, which highlights the core strengths of an ACCA member.
The Association of Chartered Certified Accountants (ACCA)
ACCA is recognized as a globally recognized professional accountancy body. By increasing its influence in the accounting & finance profession worldwide, ACCA is the world’s most forward-thinking professional accounting body. The office of ACCA Nepal is located in Trade Tower, Thapathali, which handles promotional activities and student affairs with the combined effort from fellow ALPs (Approved Learning Partner) in the country.
Several ALPs located in Nepal have been offering ACCA courses. NCA College of Management, the first ALP-Gold ST, is the oldest and most prominent learning provider, has been offering ACCA courses in Nepal since 2004.
Opportunities for ACCA Members in Banking Industry
Nepal Accounting Standard Board (NASB) has issued Nepal Financial Reporting Standards (NFRS) in Nepal in 2013. The regulation requires all licensed banks, financial institutions, insurance companies, and other quoted companies to apply these standards while preparing their financial statements. The application of the NFRS standards requires professionals, and as a result, ample opportunities have been created for the ACCA members in the banking industry.
The jobs begin at an officer level; however, their departments may vary like Accounts, Reporting, Compliance, Treasury management, etc. Considering the tenure of experience and caliber of the candidates, they also offer even higher-level positions like Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Operating Officer (COO), Portfolio Manager, etc.
Banks, financial institutions, and insurance companies are considered as more organized and highly regulated sectors. The emoluments and other financial & non-financial packages offered to an employee are relatively more fascinating than in the other industry. The monthly pay scales, employee bonus, additional facilities like home loan, vehicle loan, life insurance policy, cash payment in lieu of leave are the important factors for making the remuneration package more attractive. On average, in Nepalese banking, the salary of a fresh ACCA member begins from Rs. 50,000. After that, the increment in salary, promotion, and switch of the job all depends on the capacity of the individual aspirant.
Strength of ACCA in the Banking Industry
ACCA professionals are considered as ell versed in the following area:
– Sound knowledge and application skill of IFRS,
– Specialized knowledge in treasury & financial management,
– Detail know-how of corporate governance,
– Derivative Instruments and Risk Management
– Thorough knowledge and skill of Audit & Assurance.
Opportunities in Other Areas
Besides the banking and insurance industry, there are many other areas wherein ACCA members can fit themselves in key areas as Account & Finance Manager, Internal Auditor, Financial consultant, Financial Analyst, Business analyst, etc. These industries are:
- Non-government Organizations (NGOs) & International non-government Organizations (INGOs),
- Capital Market/Investment Companies
- World Bank Group, Asian Development Bank,
- UN Agencies
- Multi-national companies (MNCs),
- Manufacturing Companies,
- Hydropower projects,
- Hospitals, hotels, and other service industries.
If you are interested to become a professional in the banking & insurance sector, opting for the professional courses would be the most appropriate choice to make. For those, interested in building their career as a portfolio manager, financial analyst, financial consultant or a professional accountant both locally as well as abroad, ACCA would be the best suited qualification.