CA and ACCA both are prominent careers in themselves, however, one student must know the differences these courses offer and which course to opt for and make their career. The difference between CA and ACCA is one thing that every student must consider. The world of finance is large and offers exclusive and prominent opportunities. In this blog, we will understand the differences between pursuing CA and ACCA.
Factors to Consider
- Regulatory bodies: The name suggests CA refers to Chartered Accountants governed by the ICAI (Institute of Chartered Accountants of India ) which is a statutory body whereas ACCA refers to (The Association of Certified Chartered Accountants) is a globally recognized body.
- Global Recognition: The CA qualifications while widely respected in their respective countries, may not carry the same weight in the global market whereas ACCA boasts a more extensive global recognition compared to CA. ACCA is in over 180 countries, making it an ideal choice for individuals seeking an international career.
- Curriculum Structure: The curriculum of CA and ACCA also differs significantly, CA programs are often country-specific and cover the laws the laws, regulations, and tax systems of the country in which they are offered. ACCA, on the contrary, offers a more globally focused curriculum, covering international accounting standards like IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles).
- Examination Structure: The examination structure, CA exams have three levels and different numbers of subjects and groups to clear whereas ACCA is a computer-based online test that you can schedule as per your convenience. ACCA also has three levels.
- Practical Exposure: The practical exposure and experience, In CA the compulsory training or articleship period is three years which the student learns about the distinctive avenues whereas in ACCA the training period is three years where students get exposure in the field of finance and accounting.
- Timeframe: The timeframe to be a CA in India maximum of 3.5 years is the expected timeframe as per the new scheme of CA earlier the timeframe was 5 years whereas the timeframe to clear ACCA depends on students and their preparations.
- Cost: The cost structure, however, both courses offer economic cost benefits but the additional money invested by students may differ which is completely optional to them.
- Specializations: It is the specializations they offer both CA and ACCA belongs to the finance domain but CA offers specializations based on their core subjects included in their syllabus whereas ACCA course offers specialization in the field of Accounting, Tax, and Financial Management.
Who chooses CA and ACCA?
CA and ACCA both are prominent and promising career fields offering handsome salary packages to students, if we talk about India the Average package of a CA is estimated to be around 5-7 LPA whereas the average package for a qualified ACCA in India is estimated to be 3 -7 LPA however it varies and fluctuates with their performance in an organization if a qualified professional work with dedication they can expect a hike in their salary package and vice – versa.
The stability these career options give to a student with varied growth opportunities in the market.
CA and ACCA students during their professional course journey not only gain professional exposure but inculcate patience and perseverance in a student’s life which is visible in their character and lifestyle. Their knowledge benefits them but is an asset to our country as it helps to build and develop the nation’s economy to a large extent. The courses are the same here as it offers students the required General Knowledge of the respective finance domain.
In summary, the difference between pursuing a CA or ACCA qualification ultimately depends on your career goals, location, and personal preferences. CA qualifications are often preferred for those looking to establish themselves in their home country’s accounting and finance industry. At the same time, ACCA offers a more global perspective and opens doors to international opportunities. Consider your long-term objectives and the specific requirements of your desired career path when making this important decision. Regardless of your choice, both CA and ACCA are prestigious qualifications that can pave the way for a successful and fulfilling career in accounting and finance. Both CA and ACCA are highly demanding courses that help students upskill themselves and offer effective and great opportunities in distinct and varied Job Positions. These skills and career field is demanded by almost every organization and lucrative career paths.