ACCA woos finance professionals with new price regime
The global accounting body- Association of Chartered Certified Accountants (ACCA), said its product and pricing development was created for the benefit of those looking to become qualified accountants and in consideration of affordability.
Already, it has unveiled detailed reduction in registration fees, starting with a 60 per cent cut for Nigerian students and another 50 per cent cut for first year subscription and exemption fees in recognition of the depreciating naira and the attendant costs implications.
The Director of Strategic Pricing, ACCA, Kevin Kernan, at the launch of the Strategic Pricing Initiative for Nigeria, said the body has historically operated a single global pricing strategy for all its customers around the globe, but now recognised that affordability has been an issue for many Nigerian students, particular with the exchange rate variations in recent times.
The reductions, he said, represent a very significant prices that students, parents or employers have to pay in order to start journey towards ACCA qualification, as well as good news to all its stakeholders in the Nigerian community.
“The new pricing applies to students who are studying the foundation and the main ACCA qualification, but it does not apply to members or affiliates. What we are now charging the students in Nigeria represent very good value for students who wanted to take the first step towards qualification with us.
“This is a very new venture for ACCA and we have been considering other markets, but Nigeria is one of the first markets where we have done this. We are currently studying Ghana and Zimbabwe. What we are offering in Nigeria is targeted and focused on the Nigerian students with a lot of consultations with the stakeholders,” he said.
But the Head of ACCA Nigeria, Toyin Ademola, said the new move in which the body has placed accessibility and affordability at the heart of its offering to students is an exciting development.
According to her, ACCA has worked to ensure that the product and price are right, by listening to feedbacks from students and other stakeholders.
Employers and learning/tuition providers were also consulted on the development, which means that fees for students will be competitively priced, taking into account global foreign exchange rates.
“This is also great news for employers that already support and work with ACCA, offering our qualifications, and those that are considering working with us. The increased opportunities for students that the pricing structure offers will have a huge positive impact on organisations.
“We are wholeheartedly committed to building and sustaining the accountancy profession in Nigeria, a profession to which I am proud to belong. ACCA has a treasured and long-held value – that of opportunity. Our new pricing structure is modelled on this value, as it offers more opportunities to study to become a qualified chartered certified accountant.”
Kernan added: “We have a lot of cost servicing in our students’ membership, because we are not for profit organisation. We invest all the funds we received from the students’ back into the services. We try to make sure we cover our own cost, and then provide opportunity for students’ recipients.”