ACCA vs CA, the two most reputed and sought courses among the commerce stream students. But, Which is Better? ACCA or CA, which is the tough course? What is the difference between ACCA and CA? Which is better to pursue in India or Which course matches the Global Standards? Which is more flexible? Or What is their duration?
If the above questions are bothering you and you are getting confused which will be the best career option then you should not miss a single part of this article. The article has been written for guiding the students who are confused between ACCA and CA. So, have a look below.
Before getting into the depth analysis of which is a better career option for you. Let’s understand first what is CA and ACCA.
What is CA?
CA stands for Chartered Accountancy, one of the most sought and rewarding career options among the commerce students. Chartered Accountants are the only authorized professionals who can audit the Financial Statements of an organization in India and with the passage of time, the demand of CA is rapidly increasing.
They are treated as an expert in various domains starting from accounting, auditing to finance, taxation, corporate laws, etc. The career options after becoming a Chartered Accountant are countless. They can join an Audit firm, or Local or Multinational Company as an Internal Auditor, or can join some foreign or local banks to guide them in their financial and legal matters or start your own practice.
But becoming a CA is not easy, this has been regarded as the toughest course in India. One can pursue a CA course anytime after qualifying 12th. There is no age limit to become a Chartered Account neither ICAI restricts students with any number of attempts to give this exam.
Even after being an Indian recognized course, the best part of Chartered Accountancy is that it does not pertain to any reservation system neither during the study period nor at the time of placement.
Currently, 2.8 Lakh members are working as a Chartered Accountant in our country.
What is ACCA?
ACCA stands for Association of Chartered Certified Accountants, a globally recognized qualification spreading over 180 countries, the world’s largest accounting association which set up in London 1904.
ACCA has more than 4,00,000 students throughout the world. It mainly focuses on the excellence of the Accounting and Finance profession giving their students an additional knowledge of UK GAAP, their Laws, and IFRS and this is the main advantage of doing ACCA.
After pursuing ACCA, one can start his career with some MNC or an Indian firm handling overseas clients. Some countries which highly recognize the ACCA qualification are Australia, Ireland, the UK, Canada, and many others.
Which is Better – CA or ACCA?
With this short discussion given above, you must have got a basic idea of both the courses. Both courses are based on the quality and practical learning approaches and highly respected. Now, let’s have a look why you should choose ACCA or CA –
Advantages of CA over ACCA
- Practice in India – Those who want to practice as a Chartered Accountant in India or want to join some Indian Firm as a partner should not go with ACCA. Because CA enjoys a monopoly of doing attestation and auditing of Financial Statements in India.
- Structured According to Indian Laws – ACCA is mainly structured for the global market, but CA is structured for the Indian Market. Hence those who want to grow their career with India should pursue CA course rather than ACCA.
- Highly Demanded– Value of Chartered Accountants still should not be compared with ACCA. The passing percentage of CA lies between 4-5% whereas ACCA is 40-50%, which makes the Chartered Accountants more demandable compared to ACCA.
- Highly Respected – As soon as the prefix CA is added to your name, one is deemed to be an expert in various domains such as accounting, auditing, taxation, corporate laws, Finance, etc. Therefore, Chartered Accountants are highly respected in society.
- Less Fee Structure – As CA is an Indian recognized course while the ACCA is U.K. based. Therefore, the fee structure of ACCA is much higher comparatively CA(fee structure).
Advantages of ACCA over CA
- Globally Recognised – ACCA is a globally recognized qualification which allows you working in 180 countries.
- International Laws and IFRS – The course is much similar to Chartered Accountancy but it gives you an additional knowledge of UK GAAP, Laws and IFRS.
- Flexibility – The course is flexible, one can attempt a single paper at a time. Whereas in CA, one has to attempt minimum one group at a time comprises of 4 papers.
- Less Duration of the Course – The duration is comparatively lesser than other similar courses. Out of 14 papers, one can attempt max 8 papers in a year and in this way the course could be completed in 2 years.
- Exemption of Papers – ACCA recognized the skills you have already attained. Hence you will get exemption of some papers after completing B.com, M.com, CA Inter or CA Final. After completing CA Final, one has to attempt only 4 papers to get the ACCA degree.
- Easier compared to CA – ACCA has a higher passing percentage, the average result can be seen as 40% -50% Internationally.
ACCA with CA
Now, you are clear which is the best suitable course for you. Both the courses have some pros and cons but we cannot neglect that both are highly recognized courses. So, instead of doing CA or ACCA, we suggest you pursue both CA and ACCA. Pursuing both the courses CA and ACCA can give you infinite career opportunities whether you want to practice as a CA in India or join some MNC handling the overseas clients.
The fascinating part of doing both the courses is ACCA recognize the other qualifications which mean if you have completed your CA Final, you will be required to give only 4 papers in ACCA rather than 14 which means that after becoming a Chartered accountant you can complete 2.5 years ACCA course in just 6 months.
Conclusion – I hope this article helped the people who want to choose between CA and ACCA. Who is asking to advise which is a better course? So, now you could make a decision which is best suitable for you CA or ACCA or both. We can simply advise you, but the final decision will be yours so be careful while choosing a career option. Do good research and conclude to the best plan.