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When it comes to choosing a future job path, one could be completely lost. However, one must first evaluate their possibilities. So list your advantages, disadvantages, opportunities, and threats (SWOT). And then decide if the path ahead will lead you to a bright and lucrative profession in the field of finance and accounting.
Your decision regarding your career is currently at a crossroads, which is what prompted you to read this post. So, should you strive for certification in ACCA or chartered accounting? Both options have advantages and disadvantages.
ACCA and CA , these two provide excellent employment options. Which one, nevertheless, is the most appropriate for you? You’ve come to the perfect place to get some clarity if you’re still unclear. The article was created to help students who are unsure of the differences between ACCA and CA. So let’s look at what’s below.
What is CA?
The abbreviation CA stands for Chartered Accountancy, one of the most popular and lucrative professional paths for students studying accounting. In India, Chartered Accountants are the only licensed experts who are able to audit an organization’s financial statements, and demand for CAs is rising quickly over time.
They are regarded as authorities in a number of fields, including finance, taxation, corporate law, accounting, and auditing. After earning a chartered accountant certification, there are various job choices. They can work as internal auditors for audit firms, local businesses, or multinational corporations after completing the training. One might also open their own practice or join a foreign or local bank to receive financial and legal advice.
Even if this area has a reputation for being the most challenging in India, becoming a chartered accountant may not be an easy task. Similar to that, after passing grade 12, one can enroll in a CA course at any time.
Eligibility for CA:
- The combined percentage for Class 10 should be 60% for math and 65% for English.
- The combined grade in English and Accounts in Class 12 should be at least 65 percent.
- Work experience is not necessary
What is ACCA?
With more than 500,000 students in 180 countries. The Association of Chartered Certified Accountants (ACCA) began in 1904. The ACCA Course provides an international degree.
The main benefit of taking an ACCA course is that it primarily emphasizes the perfection of the accounting and finance professions while also providing students with extra knowledge of UK GAAP, its laws, and IFRS.
After completing the ACCA program, one may begin working for an MNC or an Indian company that serves clients from abroad. Australia, Ireland, the UK, Canada, and many other countries give the ACCA qualification great recognition.
Eligibility for ACCA:
- Mathematics at the senior secondary level or a business undergraduate degree
- Work experience is necessary
urriculum of the CA and ACCA
A) There are three levels in the CA curriculum: Foundation, Intermediate, and Final.
Whereas at the same time, ACCA curriculum consists of Applied Knowledge, Applied Skills, Strategic Professional
B) A candidate for the CA must attend a total of 20 papers, while an ACCA candidate must attend a total of 13 papers. Exemptions are available to this.Â
6 Sectors Benefits Of ACCA | 6 Reasons You Should Join ACCA Immediately for Career Opportunities
Differences between CA vs. ACCA
Advantages of CA over ACCA
- Practice in India – People who wish to work as chartered accountants in India or who want to become associates in an Indian firm shouldn’t choose the ACCAÂ since CA seems to have a monopoly on performing financial statement attestation and audits in India.
- Structured According to Indian Laws – CA is structured for the Indian Market, whereas ACCA is primarily structured for the foreign market. Therefore, CA courses rather than ACCA should be chosen by people who desire to advance their careers in India.
- Highly Demanded– One of the most popular and high-yielding courses in India is CA. Indian tax and financial systems are taught to and specialized in by CA students. Because of this, employers or businesses in India frequently prefer CA candidates to ACCA candidates.
- Highly Respected – One is considered an expert in several fields, including accounting, auditing, taxation, corporate law, finance, etc., as soon as the prefix CA is attached to their name. Consequently, Chartered Accountants enjoy a high level of respect in society.
- Less Fee Structure – As the ACCA is located in the UK while CA is an Indian-recognized course. As a result, the ACCA price structure is significantly greater in comparison.
Advantages of ACCA over CA
- Globally Recognized – With an ACCA certification, you are eligible to operate in 180 different countries.
- International Laws and IFRS –ACCA introduces you to UK GAAP, laws, and IFRS.
- Flexibility – One can attempt one paper at a time because the course is flexible. In contrast, in California, one must attempt a minimum of one group of four papers at a time.
- Less Duration of the Course – In comparison to other courses of similar content, the duration is shorter. The course may be finished in 2 years if each student attempted a maximum of 8 of the 14 papers.
- Exemption of Papers – ACCA acknowledged the abilities you already possess. Because of this, after earning a B.com, M.com, CA Inter, or CA Final degree, you will receive an exemption from several papers. Only 4 papers must be attempted after passing CA Final to earn the ACCA degree.
- Easier compared to CA – The passing rate is greater for ACCA, and the average score globally is between 40% and 50%.
Which is tougher?
With the number of years and papers, it is of no surprise that the CA course is regarded as a more difficult career than ACCA. However, as this is a wholly subjective matter, the outcomes may vary from case to case.
One of the reasons why ACCA is a little bit simpler to manage than CA is the flexibility in terms of examinations and papers. In CA, topics are grouped together. But if you fail in one subject, you must retake all subjects within that group. In contrast, if you fail an exam in ACCA, you can retake that particular topic only once and at your convenience.
Which is better?
These two courses are among the most popular in the fields of professional accounting and finance since they each have distinctive qualities. Both CA and ACCA courses ranked at different levels.
Conclusion
A graduate degree and a predetermined amount of work experience are required for the certification of chartered accountants (CA), which is given to accountants with accounting degrees who have completed the curriculum.
The Association of Chartered Certified Accounts is a group whose members are qualified accountants who carry out their business under the association’s watchful supervision.
The year of establishment, professional practice, membership, credentials, general preference, and knowledge distinctions are among the other variations between CA and ACCA.
Recommended Reads:
- Top 10 ACCA Courses in Delhi
- Top 10 ACCA Courses Online
- Top 10 ACCA Courses in India
- Top 10 ACCA Courses in Mumbai
Also Check ACCA Course Review Video:
FAQ’s
Ans. A person with an ACCA certificate is eligible to work in foreign corporations. A person who holds an ACCA certificate has the CA course knowledge as well as additional knowledge of UK laws, FAAP, and IFRS. Therefore, ACCA might be a better choice for you if you are interested in pursuing a job abroad.
Ans. Given the number of years, the number of papers, the course levels, and the variety of both courses, it should come as no surprise that the CA course is frequently regarded as being more difficult than ACCA.
Ans. Compared to CA, ACCA has a higher qualifying rate. The passing percentage of the ICAI’s CA typically hovers around 10%, while the global pass rate of the ACCA might reach 60%.
Ans. Certified Accountants (ACCA) are certified accountants who are not permitted to sign an audited balance sheet, although Chartered Accountants (CA) are permitted to do so. The knowledge of accounting fundamentals and financial expertise shared by CA and ACCA are comparable.
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