
Gaining ACCA practical experience is as crucial as passing all the exams. Many students think that gaining ACCA qualification is all about clearing exams but you must be aware of the fact that you become an ACCA member on completing the ACCA PER.
With the growing ACCA scope in India across industries like finance, consulting, and auditing, fulfilling the PER becomes essential for building a successful career.
Therefore, we have come up with this guide to inform you about all you need to know about practical experience requirements of ACCA qualification.
Table of Contents:
What is ACCA PER and Why Does it Matter?
ACCA (practical experience requirement) PER is an important part of the qualification. This experience ensures candidates develop practical skills and experience in accounting and finance.
36 months of practical experience is mandatory to gain in a relevant accounting or finance role. Along with meeting specific performance objectives. This practical experience, combined with theoretical knowledge helps professionals become qualified accountants.
Why ACCA PER Matters?
Practical Application of Knowledge
It matters as you will get an actual opportunity to apply your gained theoretical knowledge in real life situations that you may encounter at your work.
Skill Development
You develop a range of technical abilities and professional qualities, such as ethical behavior and judgment. Developing skills are crucial for the modern financial environment.
Professional Development
ACCA PER allows candidates to learn from mistakes, enhancing their problem-solving skills and understanding financial risks.
Comprehensive Assessment
It assesses your technical skills, ethical awareness and professional behaviors ensuring ACCA members are well-rounded professionals.
Career Advancement
Completing PER demonstrates a commitment to professional development and can open doors to more advanced roles in the accounting and finance industry.
Work Background Required for ACCA PER
There are a few requisites of PER in ACCA as follows,
- Relevant experience includes roles in accounting, finance, audit, assurance, taxation, insolvency, and forensics, among others.
- A PES, a qualified ACCA member or equivalent, will guide and verify your progress.
- You will need to achieve 9 performance objectives, including 5 Essentials and 4 Technical objectives. It demonstrates your skills and knowledge in the workplace.
- You shall record your experience and progress in the ACCA’s My Experience online tool.
- You will also need to complete an annual PER return to allow ACCA to track your progress.
What Are the Features of the ACCA PER?
The key features of the PER in ACCA include,
- Students need to accumulate 36 months of relevant practical experience.
- It must be in an accounting, finance, or a related field under the supervision of a qualified professional.
- Students must achieve nine performance objectives in total.
- You must focus on developing your core professional skills like ethical behavior, stakeholder management, and communication.
- Also, focus on specific technical areas like financial reporting, taxation, and auditing.
- A designated Practical Experience Supervisor (PES) must oversee the student’s experience, providing guidance and support.
- You must record their progress and experiences using ACCA’s online tool, My Experience.
- The PER aligns with international standards and is based on the International Federation of Accountants’ practical experience requirements.
Completing the PER demonstrates a commitment to professional standards and can enhance your career prospects globally.
Performance Objective Exemption
Your POE must be 9 but if you’re working with an ACCA gold or platinum approved employer, then you are exempted record each performance objective in ACCA’s online MyExperience tool. Instead, your employer confirms that you’re meeting the performance standards.
Is the PER in ACCA Flexible?
Well, yes. The PER in ACCA is flexible. You can complete your experience before and even after clearing your exams. If you can manage then obviously you can balance your ACCA studies with your experience.
You can gain experience through various roles, like part-time jobs, internships, or full-time positions, as long as the work is relevant to accounting or finance. You can also choose to complete the 36 months of required experience at your own pace.
Benefits of ACCA PER Certification
The ACCA Practical Experience Requirements (PER) certification brings multiple advantages and highlights the key benefits of ACCA for aspiring professionals. It benefits ACCA members in many ways as follows:
- PER shows employers that you as an ACCA member have gained practical experience and are prepared to handle real-world accounting and finance tasks.
- The PER requirement validates the practical skills and knowledge gained through the ACCA course. It makes you more competitive in the job market.
- Completing PER demonstrates commitment to the profession and can lead to better job opportunities, promotions, and higher salaries.
- ACCA qualifications are recognised globally, allowing you to pursue international career opportunities.
- Studies show that ACCA members, particularly those with PER, tend to earn higher salaries compared to their non-certified counterparts.
- You as an ACCA member with PER are well-suited to work in various sectors and industries, both locally and internationally.
- ACCA provides access to a global network of professionals, fostering connections and collaborations.
- ACCA Practical Experience Requirement encourages continuous professional development and helps individuals refine their skills and knowledge.
- ACCA focuses on ethics and professional values, and PER further demonstrates a commitment to these standards.
ACCA PER Audit
An ACCA Practical Experience Requirement (PER) audit is a review conducted by ACCA. It is meant to assess the quality of the PER process and maintain the integrity of the ACCA qualification. It ensures that candidates meet the required standards of practical experience and ethical behavior.
The Bottom Line
Therefore to become a fully qualified member, you have to fulfill the ACCA Practical Experience Requirement (PER) along with passing the exams. It transforms theoretical knowledge into workplace expertise. Whether you’re gaining experience before, during, or after your exams, the PER ensures that you are not only exam-qualified but job-ready.
So, it is your stepping stone to becoming a trusted professional in the world of finance and accounting.
FAQ’s
Why are Performance Objectives necessary?
The performance objectives are necessary because they provide focus, direction, and motivation within an organization
Does My Previous Work Experience Qualify for ACCA PER?
Yes, your previous work experience gained before registering with ACCA, can qualify for the Practical Experience Requirement (PER). Be sure the experience must be relevant to ACCA, link to a performance objective, and be signed off by a qualified practical experience supervisor.
Do Internships Count for ACCA PER?
Yes, internships count for ACCA PER but ensure they are relevant to your ACCA qualification.
How do I find a workplace mentor?
At your workplace, you can start by exploring experienced colleagues or supervisors, and identify individuals whose career paths or leadership aligns with your goals.