A feather in the accounting cap

Even up to the early 1990s, national borders used to be much more than territories owned by one particular state – it was the line that separated cultures, rules and attitudes. And hence, companies hardly had to worry about standardised reporting practices.

Fast forward to 2015 and the reporting scene has changed drastically. Spearheaded by the developed economies, globalisation has led to the continuous erosion of national boundaries. The developing world, to be on par with the developed economies, has put up standardised regulations that are already in place in the rest of the world. 

The Association of Chartered Certified Accountants (ACCA) program addresses these international regulations in financial reporting. The qualification uses the accounting standards as postulated by the International Federation of Accountants (IFAC), and further embeds codes of conduct, regulation, legislation, professionalism and ethics into the curriculum.

As a globally recognised degree, the ACCA program has graduates working across all spheres of the corporate world. They become successful corporate management accountants and use their learning experiences during the course to implement realistic solutions to management problems related to accounting and bookkeeping. They are also starting to occupy leading roles in multinationals and local corporations, using their wealth of accounting knowledge to create a better environment for investors and external stakeholders.

The ACCA qualification has a syllabus that is split into two levels: the Fundamentals level and the Professional level. The papers in the Fundamentals level address mainly the financial and management accounting techniques, while the Professional level introduces more advanced accounting techniques that are applicable in a wide arena of circumstances. 

There are several ACCA-approved institutes where students are prepared for the exam in a comprehensive, systematic manner in Bangladesh. One of the more popular of these is London College of Business Studies (LCBS) Dhaka. LCBS Dhaka is a licensed computer-based exam centre for the ACCA program and provides a yearly course for preparing students. Classes are generally divided in batches depending on the candidate's choice of module and level.

However, despite popular presumption, simply passing the ACCA exams is not enough to make you a member of the ACCA. You have to have a minimum of three years' worth of work experience in a relevant, related field after completing examinations in order to qualify for the membership of the association. But once you are a member, a whole new world of opportunity and a global network of professionals are opened up.

While there is no doubt that professional certifications are extremely important to differentiate yourself from the norm and achieve specialisation in one particular field, it is important to note that candidates aspiring to be successful must also have their ACCA membership supplemented by a bachelors' degree from a reputed institution with finance or accounting related academic background. Interest in accounting is also a prerequisite, but perhaps the most important is your ability to be committed towards the degree.

Nakibul Hoq is the Lead Manager, Content & Analytics at GradInsights, the research service of GradConnect. For more articles, visit www.grad-insights.com