Students often confuse between ACCA and CA, when they plan to start their career in the Finance Industry. In this article, you will get to know the basic difference between ACA and CA (which degree is difficult, expensive, and in demand).
The major difference between ACCA and CA is that ACCA is the degree of the United Kingdom and it is regulated by the Financial Reporting Council (FRC). If a person wants to do a job abroad then ACCA will be a preferable degree as compared to CA. However, CA opens opportunities for people who want to work in their domestic country. In ACCA, professional-level papers like ATX P6 and AAA P7 are considered the toughest exams. Moreover, Auditing is considered the toughest exam in CA.
ACCA is a global degree which means there is only one body regulating ACCA however CA is a domestic qualification and every country that offers CA has its own body regulating it. Some examples of bodies regulating CA are ICAP which regulates CA in Pakistan and ICAI regulates CA in India.
Importance of ACCA and CA for Newcomers
ACCA and CA will clarify the concept of finance. Courses in both certifications will help you to understand all the processes and factors from basic to advanced.
ACCA
ACCA stands for Association of Chartered Certified Accountants. It is recognized globally. It was founded in the United Kingdom in 1904 and had 247,734 members according to Wikipedia. Source: https://en.wikipedia.org/wiki/Association_of_Chartered_Certified_Accountants
What is CA:
CA stands for Chartered Accountant. CA provides advanced knowledge of taxation, accounting, and audit.
CA graduates can provide financial insight and compliance and work in a managerial position.
Comparing CA and ACCA:
Eligibility Requirement:
Requirements of CA can vary between countries as every country possesses its own regulatory body. If we specifically talk about Pakistan, candidates should be passed Intermediate or equivalent degrees which ICAP will accept.
Moreover, the requirements of ACCA are the same for every country as all the rules and requirements are regulated by one board. To be enrolled in ACCA, the candidate must have passed matriculation or 3 subjects in O Levels.
What is best for you? ACCA or CA
Pursuing either CA or ACCA depends on the individual goal. If you want to specialize in audit, taxation, and compliance then CA would be good for you. Moreover, CA courses possess more information about the local country so if you want to pursue a specific country then you may get a good opportunity after qualifying for the CA.
However, if you want to pursue job abroad then ACCA would be best for you as it is recognized certificate in 180 countries. Moreover, it gives you more opportunities from financial management to business advisory.
Difficulty Levels of CA and ACCA:
Courses are more in CA as compared to ACCA therefore it requires more time to complete. CA requires 5 years to complete while ACCA requires 3.5 years. In addition, the passing rate of CA is 5% to 20% whereas ACCA passing rate is 40%.
From the perspective of the cost, ACCA is more expensive than CA. As ACCA is UK Country so students have to pay fees in pounds whereas CA student pay in local currency to the regulatory board and it cost much less as compared to ACCA.
ACCA costs more but it is still preferred by the people and teachers. ACCA gives an opportunity to get more exposure to finance and also gives a chance to work in Multinational Companies.
FAQS of ACCA and CA
Q- Can I convert CA and ACCA during my career?
Switching between two certificates is possible. If anyone wants to pursue ACCA after completing CA, then he/she has to pass only 4 exams.
Q- Is ACCA more in demand in the UK?
Both CA and ACCA are important in the United Kingdom. The choice to select between both of these depends on individual preference.
Q- Can I work globally with a CA Degree?
In CA Degree, studies are according to the specific country’s rules and regulations. CA curriculum varies from country to country however, a qualified person can work in abroad as well such as an auditor.
If there is still any query or confusion between both certificates then you can contact Mirchawala Hub of Accountancy which is the best ACCA Institute and our teachers give you more clarification according to your goals on Zoom.
