Can My Employer Pay for ACCA

If you are working and want to take the ACCA exams, you may be able to benefit from your employer’s support, as some employers are willing to cover the costs associated with pursuing the ACCA qualification.

Many organizations recognize the value of having ACCA-qualified professionals within their workforce and are therefore inclined to provide financial assistance, which can include paying for exam fees, tuition costs, and other related expenses.

This employer-sponsored approach can be particularly advantageous for employees, as it allows them to undertake the ACCA program without the burden of the full financial commitment, enabling them to focus on their studies and professional development.

The Costs of ACCA Apprenticeships

The costs involved in ACCA apprenticeships can be surprisingly low for all organizations, thanks to support through the government and apprenticeship levy. While funding is guaranteed, the exact amount and method for accessing it will depend on the size, type, and location of your business.

Employer Outlay

The main outlay by you as an employer is the cost of employing someone, as apprentices receive the same benefits as any other employee. This includes salaries, benefits, and other employment costs.

ACCA Fees

While there is funding available for the cost of tuition, the ACCA exam and registration fees aren’t covered by funding. These fees are subject to occasional change and are currently:

Initial Registration: £89
Annual ACCA Subscription: £134
End-Point Assessment (England only): £721 (up to and including the March 2024 exam session)
On-Programme Assessment: See ‘fees and charges’ for module fees.
Exam Resits: You will need to pay for any exam resits.

Funding by Location

The funding available for ACCA apprenticeships varies by location:

England: Funding is available through the apprenticeship levy, which is a government initiative. Employers with an annual pay bill of £3 million or more pay into the levy, which can be used to fund apprenticeship training. The government also applies a 10% top-up, meaning for each £1 paid, employers have access to £1.10. Additionally, there is an allowance of £15,000 to offset apprenticeship levy payments.
Scotland: Funding is also available through the apprenticeship levy, but the process of using the money to pay for apprenticeship training differs from England.
Wales: Funding is available through the apprenticeship levy, but the specific details and processes may vary from those in England and Scotland.

Can My Employer Pay for ACCA?

Yes, it is possible for your employer to cover the costs associated with pursuing the ACCA qualification. Some employers will cover all your ACCA exam and tuition fees, Many employers recognize the value of having ACCA-qualified professionals within their organization and are willing to provide financial support for their employees to undertake this professional accounting program.

Employer-Sponsored ACCA

The level of support provided by employers can vary significantly depending on the size and nature of the organization. Some employers, particularly larger companies, are more likely to cover the full cost of exam and tuition fees for their employees pursuing the ACCA qualification.

For example, some employers will pay for all of your exams and tuition fees. This is more common among larger companies, as they typically have the resources and infrastructure to support their employees’ professional development.

However, it’s important to note that there are exceptions to this rule, and smaller organizations may also offer generous study support packages. On the other hand, smaller organizations may provide less in terms of financial benefits but offer more flexibility and a wider range of experiences for their employees.

This can be particularly attractive for trainees looking to gain diverse skills and take on more responsibility early in their careers.

Other Attractive Company Benefits

In addition to financial support for professional development, other important company benefits for trainees include:

Wide experience and freedom early in their careers
High levels of responsibility
Opportunities for work-life balance

These benefits can be particularly attractive for trainees looking to gain diverse skills, take on more responsibility, and maintain a healthy work-life balance while pursuing their ACCA qualification.

What Happens After the Employer Pays for Your ACCA Exams?

If your employer covers the costs associated with pursuing the ACCA, Many employers, especially larger organizations, tend to have high expectations when it comes to exam passes and the overall time taken to qualify after paying for your ACCA.

They want to ensure that their investment in your professional development yields positive results and contributes to the success of the business.

Passing ACCA Exams After Employer Sponsorship

After your employer has generously covered the costs of your ACCA exams, you are now expected to pass the exams, no matter what. There are two main options available to you to ensure you successfully complete the ACCA qualification.

The first option is to prepare thoroughly for your ACCA exams. This means dedicating the necessary time and effort to studying the course material, practicing sample questions, and ensuring you have a strong understanding of the topics.

Employers who sponsor ACCA students often have high expectations when it comes to exam performance, so it is crucial that you take your studies seriously and put in the required work to pass.

The second and easiest option is to pay someone to take ACCA exams for you. If you don’t have enough time to study for your ACCA exams, this is the best option for you. If you pay an expert to take your ACCA exams for you, rest assured that you will pass ACCA with top scores.

While the temptation to cheat on an ACCA exam may be present, paying someone to take the ACCA test for you is one of the fastest and safest ways of getting an ACCA certification.

ACCA Approved Employer Programme

The ACCA Approved Employer programme recognizes and rewards employers’ quality staff training and development by ensuring that the highest standards are met.

This programme is designed to support employers in their efforts to develop their finance and accounting staff, and it provides a range of benefits to participating employers.

Benefits of Being an ACCA Approved Employer

Advertising on ACCA Careers: If you are one of the 7,500 ACCA Approved Employers, you can benefit from advertising on ACCA Careers at zero cost. All Approved Employer roles feature enhanced branding to improve performance and generally deliver 10 times the response of a standard job listing.
Global Audience: ACCA Careers has a global audience of finance talent, making it an ideal platform for Approved Employers to recruit top finance and accounting talent.
Support and Services: Whether you’re looking to hire talent, build finance capability, or upskill your team, ACCA can help. This includes support for job postings, attracting passive and receptive talent, and targeted job display ads across ACCA’s platforms.
Enhanced Branding: ACCA Approved Employers benefit from enhanced branding and performance, which can significantly improve the visibility and attractiveness of job listings.

Employer Reimbursement Policies

In some cases, employers may require employees to repay the ACCA study costs if they leave the organization within a certain timeframe. This is known as a “clawback” or “payback” policy. For example, a Reddit user shared their experience where their employer tried to demand repayment of £4,600 within 10 weeks after the employee left the company.

The employee argued that this was an unreasonable time frame and that the employer should have a more flexible policy in place. It is important for employees to be aware of their employer’s policies regarding ACCA study cost reimbursement and to negotiate reasonable terms if such a policy exists.

What Employees Should Be Aware Regarding ACCA Study Cost Reimbursement

While employer-sponsored ACCA programs can be beneficial, employees should also consider the following:

Contractual Obligations: Ensure that any agreement to cover ACCA study costs is clearly outlined in the employment contract or a separate agreement, including the terms of repayment if applicable.
Work Commitments: Discuss with your employer the expected time commitment for ACCA studies and ensure that you have the necessary support and flexibility to balance your work and study responsibilities.
Career Progression: Understand how the ACCA qualification aligns with your long-term career goals and how it can benefit both you and your employer.
Ownership of Qualification: Even if your employer covers the costs, the ACCA qualification belongs to you and can be used to further your career, even if you decide to leave the organization.

FAQs

Do You Have to Pay for ACCA?

Yes, pursuing the ACCA qualification requires the payment of various fees. ACCA is an internationally recognized professional accounting body, and the fees associated with it are necessary to cover the costs of registration, exams, and maintaining membership.

Students must pay a one-time registration fee of £89 (approximately $115 or €105) to enroll as an ACCA student. Additionally, an annual subscription fee of £134 (approximately $175 or €160) is required to remain an active ACCA student, even if the student is not planning to take any exams that year.

These fees ensure that ACCA can provide students with the necessary resources and support throughout their studies.

Is it Possible to Do ACCA while Working?

Yes, it is possible to pursue the ACCA qualification while working. ACCA is designed to be a flexible program that can be completed alongside employment, allowing students to gain practical experience and apply their knowledge in a professional setting.

Many ACCA students choose to work while studying, as this can provide them with the necessary practical experience required for the qualification. ACCA offers various study options, including self-study, tuition provider courses, and online learning, which can be tailored to fit around a student’s work commitments.

However, it is important to note that balancing work and ACCA studies can be challenging, and students may need to carefully manage their time and resources to ensure they can meet the demands of both.

ACCA provides guidance and support to help students navigate this process and achieve success in their studies while working. Additionally, if you are working remotely, you can take ACCA exams at home through ACCA’s remote invigilation service.

This option, known as OnDemand exams, allows candidates to sit their exams in a secure, monitored environment at their own location, rather than at a physical exam center.

How Much Does it Cost for ACCA?

The total cost of pursuing the ACCA qualification can vary depending on several factors, such as the number of exams taken, any exemptions granted, and the location of the student.

According to the ACCA website, the standard entry fee for Applied Skills exams is £154 (approximately $200 or €180), while the standard entry fee for Strategic Professional exams is £204 (approximately $265 or €240).

Additionally, there are separate fees for exemptions, which range from £98 (approximately $125 or €115) for Applied Knowledge exams to £123 (approximately $160 or €145) for Applied Skills exams.

Furthermore, students may need to factor in the cost of ACCA study materials, tuition fees, and any additional expenses related to their studies. The total cost can range from around £3,000 to £6,000 (approximately $3,900 to $7,800 or €3,500 to €7,000) for the entire ACCA program, depending on the individual circumstances.

What Happens if You don’t Pay ACCA?

If an ACCA student fails to pay the annual subscription fee, they may be removed from the register of ACCA students. This means that the student will no longer be considered an active ACCA student and will not be able to sit for ACCA exams or access ACCA resources and support.

To continue their ACCA studies, the student would need to pay the outstanding fees, as well as a re-registration fee of £89 (approximately $115 or €105). Failure to pay the required fees can significantly disrupt a student’s progress towards the ACCA qualification, so it is essential to ensure that all payments are made on time.

What Happens if You don’t Pass ACCA?

If you fail to pass the ACCA exams, you will need to retake the exams you did not pass. ACCA has a seven-year rule, which means you have seven years to complete the Strategic Professional exams once you pass your first Strategic Professional exam.

Failure to complete all the Strategic Professional exams within this seven-year period will result in the forfeiture of any Strategic Professional passes achieved after the deadline, requiring you to re-take those exams. Learn how many times you can fail an ACCA exam.

Can an Employer Demands to be Paid Back for Covered ACCA Expense?

Employers may sometimes require employees to repay the ACCA study costs if they leave the organization within a certain timeframe. This is known as a “clawback” or “payback” policy. For example, a Reddit user shared their experience where their employer tried to demand repayment of £4,600 within 10 weeks after the employee left the company.

While employers may have the right to recoup their investment in an employee’s professional development, the timeframe and conditions for repayment should be fair and clearly outlined in the employment contract or a separate agreement.

Can my Employer Claim my ACCA Expenses?

If your employer pays for your ACCA exam fees, tuition costs, or other related expenses, they can claim these as an expense fringe benefit and deduct the costs when computing their taxable income.

However, the employee is responsible for reporting the value of these benefits as income on their tax return. Employers may require employees to repay these expenses if they leave the company within a certain timeframe, known as a “clawback” or “payback” policy, but the terms should be reasonable and clearly outlined in the employment contract