Comparing ACCA with CA: Which is Right for You?
While choosing between the ACCA or CA qualification, one must look at the type of career aspirations, preferential location, and the two different structures and recognition levels of these certifications. While both lead to highly fulfilling careers in the realms of accounting and finance, they address varied needs and different career profiles.
Concepts of ACCA and CA
ACCA :
The ACCA qualification is actually an international accounting credential, recognized globally due to its international relevance. This course was specifically designed to provide the candidates with broad knowledge in the areas related to accounting, auditing, taxation, financial management, and other related business skills.
CA—Chartered Accountant:
The CA designation varies across all countries and will have a local regulatory body. For instance, the CA qualification in India is administered by the Institute of Chartered Accountants of India, while in the UK, it is administered by various bodies like the Institute of Chartered Accountants in England and Wales. The CA qualification has stringent training with high regard for local laws and regulations.
Differences Between ACCA vs CA
Students must compare CA vs ACCA based on the points mentioned below. Check out these factors and choose a suitable course for yourself.
Global Recognition and Mobility
ACCA: With more than 219,000 members and 527,000 students across 179 countries, the ACCA qualification is truly global. Put simply, there is great potential for a global career in the field of finance and accounting.
CA: The recognition of the CA designation is more local. For instance, a CA from ICAI is hugely respected in India but would require some extra steps toward international recognition. Even so, MRAs like the one between ICAI and other global accounting bodies do facilitate cross-border mobility.
Exam Structure and Duration
ACCA: The examination of the qualifications for the ACCA comprises 13 exams, which are again divided into three levels: Applied Knowledge, Applied Skills, and Strategic Professional. This flexibility in the scheduling of these various examinations sets the candidate free to progress at a most comfortable pace, usually within 3–4 years.
CA: The structure of the CA course in India is divided into three levels, namely CA Foundation, CA Intermediate, and CA Final; these are accompanied by compulsions of articles or practical training for three years. The said duration is 4-5 years but is extendable based on the pace of the individuals and one’s pass rate in the exams.
Curriculum Focus
ACCA: The curriculum of the ACCA is internationally oriented, covering all of the global accounting standards like IFRS—International Financial Reporting Standards. This adds to the global perspective of the qualifications for people looking to work for multinational companies or across different geographic locations.
CA: The CA course, in general, is more nationally oriented and focuses on national accounting standards, taxation laws, and regulations of that country. For example, in India, the CA course deals with Indian AS and local tax laws, making it more suitable for those who want to work within the country.
Cost of Qualification
ACCA: The examination for an ACCA qualification might turn out to be a bit pricey because the examination fee is charged on an international basis, and the study materials would be needed; also, traveling for exams might turn out to be an added expenditure. However, many feel it is worth the cost of opening international opportunities.
CA: The CA qualification, more so in India, comes at a considerably cheap cost in terms of lower examination and training fees. Scholarships and other forms of financial aid are also made available to eligible students by ICAI, hence making them more widely accessible.
Practical Experience Requirements
ACCA: To be granted membership, an ACCA candidate has to complete three years of relevant work experience. Work experience can be gained before, during, or after passing the examinations. Again, this allows people working in the field to take advantage of this flexibility.
CA: In the CA qualification, there is a requirement for a three-year article under a practicing Chartered Accountant as part of the training. Only through such practical experience can deep knowledge and skills be acquired.
Career Prospects and Opportunities
ACCA: Members of the ACCA normally move on to pursue careers in international business organizations, financial services firms, and international accounting firms. The qualification opens opportunities for being a financial analyst, auditor, tax consultant, and management accountant. Global recognition brings diverse opportunities across various industries and countries for ACCA members.
CA: High demand for CAs, particularly those from India, is noted in the self-same auditing, taxation, corporate finance, and advisory services areas. Many of the CAs also pursue entrepreneurial ventures or become part of senior management in companies in their home country. Therefore, there is ample local expertise and a professional network through which one can build a successful career locally.
Conclusion
Therefore, the choice between ACCA and CA would depend upon one’s career aspirations, geographical preferences, and the type of accounting knowledge to be gained. If you are looking at having an international career with global mobility, the ACCA qualification is what suits your needs. However, if you intend to practice a career within a certain country, then you have to go for its CA qualification to focus on its local accounting standards and regulations. Both can be very rewarding careers; hence, one should choose based on one’s long-term professional goals.
