The call for finance experts is growing day by day in current businesses. Thus the purpose of Chartered Accountants is emerging across different parts of the worlds as the industry requires specialists to run.
Professionals who are fitted in Finance and have experience in Taxation, Auditing, Legal, and Management are in huge demand as the reach across each field is growing.
But more than that ACCA is also increasing its demand. So if you are planning to opt for CA, hold on, and compare ACCA and CA to get to a better conclusion. Here we are going to present the difference between ACCA and CA to give you a better insight. Let’s start:
Table of Contents
What is CA?
Chattered Accountants (CA) is a certification granted to people with skills in accounting. People awarded this certification can give accounting and financial help in sales operations which cover taxation, auditing, financial administration, and general supervision of the enterprise. CA is the most popular professional course after 10+2 Commerce in India
To settle, the chartered accountants’ institute needs its members to proceed with the least level of professional development so that they can keep their competitiveness in the changing world of marketing.
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What is ACCA?
ACCA stands for Association of Chartered Certified Accountants. It is a global organization of professional auditors, which has its base in the United Kingdom. The organization has remarkably grown to exercise its control at the global level with members in all sections of the world.
Members are expected to have accounting skills and practical work experience before wielding ACCA qualifications before they can join as members of the association.
Difference Between CA and ACCA
One of the main differences between CA and ACCA is their foundation stages.
ACCA was established in 1904, which indicates that the corporation has been in service for about 114 years making it one of the traditional accounting groups in the world.
ACCA has its headquarters in London with its first administrative office in Glasgow, Scotland. Moreover, the association operates by use of a system of 100 offices with more than 7,200 workers scattered across the world.
Chartered Accountants (CA) certification was originally founded in 1854 by chartered accountants. The first mandate of the members is to give technical assistance and consulting services to various business enterprises while at the same time assuring business development.
Related Resource : ACCA Job Opportunities in India
Members of ACCA are equipped accountants who may have their practice for some years, which suggests that they can file their tax and auditing firms where they follow their professionalism under the direction of the body.
Chartered accountants are viewed as accountants for hire where they give fee-based services for companies in the public and private sector. Some of the duties of the chartered accountants in the private sector combine wealth administration of a business or individual and overall business supervision of an entity.
The expertise and knowledge of chartered accountants tend to spin around business functions hence making them have higher possibilities of higher movement and profitable salaries linked with their high demand.
The membership in Chartered Accountants (CA) and ACCA are significantly distinctive. Modern statistics show that the body is a swiftly growing requirement in the world with higher than 500,000 members and scholars around the world. Additionally, the company has its origins in 170 countries.
On the other hand, members who have been granted a certification to study accounting as chartered accountants are firmly growing. The United Kingdom and other Commonwealth nations have their individual Institutes of Chartered Accountants with a notable number of members in each institute.
Related Resources: ACCA Course Details
To be a part of either the Chartered Accountants (CA) or Association of Chartered Certified Accountants (ACCA), a particular standard for eligibility must be adhered. One of the key requirements is that a person must have acknowledged training in accountancy.
However, to be a part of the Institute of Chartered Accountants of Australia, England and Wales, and different Commonwealth nations, one is expected to achieve the ‘Chartered Accountants Program.’ This program holds a bachelor diploma of chartered accountants and 450 days of working experience mentored by the Chartered Accountant (CA).
To enter the Association of Chartered Certified Accountants (ACCA), one is expected to maintain a professional basis in accountancy, preferably a college degree in accounting and two parts of ACCA exams. In extension, three-year work experience is needed before one can be qualified for registration.
Although both CA and ACCA have members with same knowledge and expertise in accounting policies, their choice in the market significantly varies due to the required methods.
Major accounting companies in the world, which cover Ernst & Young, Deloitte & Touché, prefer members who have experienced through the Chartered Accountants Program because it is a meticulous pathway. The program has been recognized to give candidates with industry-leading education and experience, which is intended to send them ahead of the crowd.
This does not suggest that members of the ACCA head low on the choice list. Some institutions favor candidates who are members of this community while other nations have structured their accounting systems such that they only support members of ACCA.
Although CA certification and is a part of ACCA lists one as a specialist in taxation, auditing, and money management, the principle of making one a chartered and accredited member of ACCA is favored in some nations because it gives the additional experience of United Kingdom received accounting principles (GAAP).
Furthermore, a member of ACCA has expertise information in global accounting laws directing International Financial Reporting Standards, which sets a competitor qualified to work for Multinational Firms or global clients.
Can one do ACCA and CA collectively?
Doing ACCA and CA at the same time may not be a great idea as it needs extreme commitment and is also a genuine test of your endurance and commitments. And also if you are taking both of them together at the same time, you almost have no time to do anything else. So, if you are strongly motivated and can manage the sessions of pressure for a very long spun time, you can tinker in ACCA and CA collectively.
Many experts who have been in this profession for quite a long time and have also run through this phase, think that one should move for CA first and then try ACCA, as this way you would already have achieved the 3 year articleship already and along with it you will also be released from 9 out of the 15 exams which are a portion of the ACCA curriculum.
Can ACCA become CA?
ACCA along with CA is a blast on career choice; with two of the most important degrees in the world in your pouch, you can enter the crest of success in no time.
Benefits of CA over ACCA
Practice in India – Those who want to study as a Chartered Accountant in India or desire to join some Indian Firm as a co-worker should not work with ACCA because CA holds a monopoly of making attestation and auditing of Financial Statements in India.
Made According to Indian Police – ACCA is essentially structured for the International market, but CA is structured for the Indian Market. Hence those who require growing their profession with India should try a CA course rather than ACCA.
Highly in Demand– Power of Chartered Accountants still should not be correlated with ACCA. The passing percentage of CA prevails between 4-5% whereas ACCA is 40-50%, which presents the Chartered Accountants more demandable related to ACCA.
Very Respected – As promptly as the title CA is attached to your name, one is considered to be an expert in various areas such as accounting, auditing, taxation, corporate rules, Finance, etc. Therefore, Chartered Accountants are very appreciated in society.
What’s the fee difference between ACCA and CA in India?
Benefits of ACCA over CA
CA and ACCA are two of the most honored qualifications that are both very difficult to clear. Both ACCA and CA have similar value in India and can land you in one of the most respected and well-paid profiles. But since CA is a local qualification, it is well-recognized in India and offers relatively more when it comes to the local career opportunities.
However, when it comes to global recognition and career opportunities, ACCA has the upper hand in comparison to CA.
As advantageous ACCA might be when it comes to career opportunities and recognition, a significant part of the population is still unaware of its perks and know only a little about ACCA.
If you are one of those students who are getting confused between CA or ACCA and don’t know which one is better then read our points below.
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Internationally Verified – ACCA is a globally recognized qualification that enables you to work with giant multinational corporations and Big 4 in around 180 nations where ACCA is recognized such as UK ,UAE, Singapore and many more. In comparison to ICAI’s CA, qualifying ACCA can significantly broaden your career options from just one country to 180 foreign nations on respected profiles.
International Laws and IFRS – The course is much similar to Chartered Accountancy but it gives you additional knowledge of globally accepted International Financial Reporting Standards ( IFRS ). Since most of the firms and corporates are seeking professionals who are aware of the International Financial Standards and laws, it is very beneficial to qualify ACCA if you are aiming to build a career and settle abroad.
Flexibility – The program is flexible, one can try a single paper at a point. Whereas in CA, one has to venture at least one group at a point comprises of 4 papers. When it comes to examinations, ACCA is quite flexible in comparison to CA. There is no grouping system in exams so one can also attempt a single paper at a time. In contrast, ICAI’s CA has a grouping system that consists of 4 papers and to pass the group, you need to qualify all 4 papers .So, there is NO AGGREGATION, NO GROUPING in ACCA making it completely flexible option.
Shorter Duration – The duration of completing ACCA is relatively less when compared to CA. Out of 13 papers in ACCA, one can attempt a maximum 4 papers in a single attempt and exams happen every Quarter. Thus, the whole course can be completed within 2 years.
Exemption of Papers – ACCA approved the skills you have previously attained. Hence you will get exception of some papers after finishing B.com, M.com, CA Inter or CA Final. After finishing the CA Final, one has to endeavor only 4 papers to take the ACCA degree. ACCA recognizes the skills you already have. So you can get exemptions from the papers based on your level of qualification. For example, if you are a qualified CA, you can claim up to a maximum of 9 exemptions and complete your ACCA qualification within 6 months.
Even a part Qualified CA, after IPCC can avail upto 9 exemptions in ACCA making the qualification a life saver for CA dropouts or students who have been struggling to clear their CA even after multiple attempts.
Higher Pass Rates – ACCA has higher qualification rate in comparison to CA. While the global pass rate of ACCA can be as much as 60 percent, the passing rate of ICAI’s CA usually lies around 10 percent.
Because of the huge career push and wider in-depth knowledge ( of IFRS) which ACCA can give to you, a lot many qualified CA’s are also now pursuing the ACCA Qualification even after qualifying CA.
Choosing between ICAI’s CA and ACCA totally depends upon your career preferences.
If you are planning to settle abroad and seeking career opportunities outside of India, then ACCA can be a very effective choice for you. Also, if you are seeking to work in Big 4’s and MNC’s like BDO, Cipla, Intel, Grant Thornton ,American express , Citibank etc ; then ACCA is definitely a better choice for you.
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