How to apply for an ACCA scholarship in 2023?

Introduction

If you want to work in a financing, taxation, or accounting field, choosing the ACCA certification course will ensure that you have a plus point on your competitors in the field. Getting an ACCA scholarship is one of the best things about the ACCA course. Now, there are many different questions and doubts that must pop into your mind, such as how to receive an ACCA scholarship, how to apply for this scholarship, and many more. So, in this blog post, we will go into great detail on the ACCA scholarship and its numerous related components.

What is an ACCA course?

ACCA, often known as the Association of Chartered Certified Accountants, is a worldwide Chartered Accountancy certification program. It is one of the world's largest and fastest-growing accountancy organizations, offering the Chartered Certified Accounting professional certification. ACCA has a global reputation and conforms to global accounting standards, and this comprehensive certification is accepted and recognized worldwide.
You may practice accounting nationally and abroad with the help of this UK-based educational program. You may learn cutting-edge strategies and skills for the finance and accounting fields with the help of the top ACCA certification course. Candidates with ACCA credentials are strongly preferred, as seen by hiring patterns at organizations like the Big 4s and Goldman Sachs.

About ACCA Scholarship 2023

The background of the ACCA scholarship is fascinating. Miss Muriel Simpson FCCA left a legacy when she passed away on December 22nd, 1977. She authorized ACCA to use the remaining assets from her estate to support the "Simpson Scholarship" in her will. Miss Simpson desired to use the Scholarship Fund to support ACCA students' higher education and studies once they excel in the ACCA tests and pass with distinction.
The scholarship fund recognizes five outstanding students who pass the ACCA examinations each year for their commitment and diligence. The ACCA exam results are the only criteria used to select the applicants. The application period for scholarships in 2023 will begin on April 10th, 2023.

What is the eligibility for applying for the ACCA scholarship in 2023?

If you fit the following requirements, you are eligible to apply for the ACCA Simpson Scholarship:
  • You must be listed as a student at ACCA
  • No fees of any sort should be owed to you
  • You must already have paid your fees for the upcoming year
  • You passed the Applied Knowledge exams for the ACCA Qualification on your first try or completed them and scored an average of 80% or above
  • If you have received exemptions from the Applied Knowledge tests, you must have passed at least two Applied Skills exams on your first try with a score of 66% or above

How to Apply for an ACCA Scholarship?

The next step is to submit an application to ACCA after evaluating if you meet the eligibility requirements. You must submit an essay for the application with the subject 'How the award of a scholarship will help me realize my full potential?'
Many individuals apply for the scholarship and write this essay in their unique style. It is up to the judging panel to choose the top five qualifying essays. The panel of judges seeks an element of inspiration in the essays. They also try to determine whether or not the application requires the scholarship and how it will help the individual.Consider how this scholarship will help you and how it will have an impact on your education. Ultimately, think about how this scholarship can shape your career if you are getting ready to apply for the ACCA scholarship in India or anywhere else in the globe.
The article must, above all, be both motivating and personal.
The points listed below might help you explain how the scholarship will help you in the piece you write. Let's look at them now:
  • What impact the scholarship will have on your career.
  • Describe how the award will help you give back to the communities you serve.
  • In what ways will the scholarship will help you on your path to ACCA membership?
  • In what ways would the scholarship benefit the accounting industry in your country?
Your application should be submitted with a Scholarship submission form containing two references. Next, send an application for the ACCA scholarship that is correctly completed and finished through email to simpsonscholarship@accaglobal.com. Applications submitted through the postal service are also acceptable, although any received after the deadline will not be considered. ACCA will not accept any liability in this situation.

What happens next after Applying for a Scholarship?

An email from ACCA confirming receipt of your application will be sent to you after it has been submitted. You will also get a message if your application doesn't fulfill the submission eligibility requirements. The selection procedure, which involves three steps, is the next step. Make a note of the following dates and procedure information for 2023:
  • Opening date for the application - April 10th, 2023
  • Closing date for application receipt - June 23rd, 2023
  • The judging panel selects five scholarship recipients - 11th August 2023
  • Announcement of scholarship winners - August 25th, 2023
ACCA notifies the five scholarship winners of their successful application by email. All awardees get a letter and an information packet confirming their Simpson Scholarship awards.

What is included in the ACCA Scholarship 2023?

If you are a successful ACCA scholarship recipient, the Scholarship Fund will pay a major portion of your education fees. This waiver is applicable for a maximum of 5 years from the date of scholarship or until you pass the exam and become a successful ACCA member, whichever comes first.
The following are the expenses that ACCA pays for as part of the scholarship:
  • Annual student subscription fees
  • Examination fees
  • Membership admission fee
  • The annual affiliate subscription fee
The scholarship also includes a bonus in addition to the remission of fees. The organization will provide each scholarship recipient with a full set of study materials for every ACCA paper they are taking from one of the authorized content suppliers.

FAQs

Q1. Can I get a scholarship for ACCA?
Ans. If you have an MCom or BCom degree and possess the DipIFRS certification, there is a specific ACCA scholarship available for Indian students. As you advance to the ACCA qualification, the scholarship is worth around Rs 55,000. For students from foreign nations, there are ACCA scholarships available.
Q2. Are ACCA exemptions free?
Ans. No, ACCA exemption is not free. There is a cost associated with each exception you request. The cost of the exemption is the same as the cost of the exam.
Q3. Can I finish ACCA in 3 years?
Ans. Yes! The ACCA program may be finished in three years, including the exams. But the ACCA has established a seven-year limit for the period allotted to finish the ACCA program.
Q4. How do I apply for an ACCA scholarship?
Ans. You must apply to ACCA to be considered for the scholarship if you satisfy the requirements. The applicant requires a piece of writing with the following title: 'How the award of a Scholarship will help me to realize my full potential.' A scholarship submission form with two references and your application must be submitted together.
Q5. What is the 7-year rule in ACCA?
Ans. According to the 7- year rule, students have seven years after passing their first Strategic Professional test to pass the other three papers. All Strategic Professional certifications earned after seven years are lost if you don't pass every exam required to become an affiliate and acquire that status within that time.
Q6. What are the benefits of ACCA in India?
Ans. You get exposure to the world, recognition, and chances to succeed in your chosen area when you earn an ACCA certification. With this qualification, it is simpler to advance in your job from almost anywhere. In addition to opening doors to a bright future in the workplace, ACCA certification offers a lifetime of experience, networking, education, and support.

Conclusion

Only five students are chosen to receive the ACCA scholarship in 2023; thus, receiving it is a source of great satisfaction. If you have an M.Com or B.Com degree and possess the DipIFRS certification, a specific ACCA scholarship is available for Indian students. As you transition to the ACCA qualification, the scholarship is worth around INR 55,000. For students from foreign nations, there are ACCA scholarships available.
You may advance your career in the finance and accounting sector more quickly with an ACCA certification. For interested applicants, NorthStar Academy provides an ACCA curriculum both in-person and online. Three stages of the course, which last 6-24 months, are covered. Comprehensive knowledge is guaranteed by mentors like M. Irfat Sir, who are ACCA-qualified and teach in interactive online settings.
So join NSA to qualify for top accounting jobs! Do you still have any questions? Get in touch with ACCA experts at NSA to talk about them with one of the counselors.
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