CA and ACCA are two of the very popular courses in the modern field of business. It is related to finance and accounting and has a common field. However, choosing between the two is a very important decision to make. It is not about which course is popular. Rather, it is about which one suits well with our career choices and qualifications.
To be successful in the respective fields, one must have a very clear idea of these two courses individually. Also, knowing their exact differences will help to sort out the path much better. In this article, we shall study these two career options individually and chalk out their basic differences as well.
CA vs ACCA
The main difference between CA and ACCA is that CA is a course that is specially designed for India. The authorized entity for this particular course is the Institute of Chartered Accountants. Hence, it is only valid in India. Whereas, ACCA is considered to be an international degree. It is accepted globally and is valid in over more than 80 countries across the globe.
CA is the short form of Chartered Accountant. It is related to finance and offers a specialization in financial accounting. This course is particularly available in India. Hence, the degree is certified by the Indian Institute of Chartered Accountants. To apply for this course, the minimum criteria required for eligibility is passing the Matriculation.
On the other hand, ACCA is the short form of the Association of Certified Chartered Accountants. It is accepted globally. Thus it has a long reach as well as network over the world. After the completion of the main course, it includes training of a few years. This course is mainly related to accounting and taxation. To apply for it, the minimum criteria required for a candidate is three years of experience with graduation.
Comparison Table Between CA and ACCA
| Parameters of Difference | CA | ACCA |
| Abbreviation | CA is the short form of Chartered Accountant | ACCA is the short form of the Association of Certified Chartered Accountants. |
| Eligibility | A candidate needs to pass Matriculation. | A candidate needs three years of experience along with graduation. |
| Field | It is related to finance and financial accounting. | It is related to accounting as well as taxation. |
| Tenure | It is a course of five years. After the completion, one year of experience is required. | The main course is for three years. After the completion, two to three years of training is mandatory. |
| Position | The duty includes working with both private and governmental organizations. | The duty includes dealing with policies and implementing them and also rules and regulations. |
What is CA?
CA is a very challenging course to clear. Also, its tenure is very long. If one is very dedicated to passing the examination on the first attempt, it will take him five years. In addition to that, one year of experience is mandatory after the completion of the main course. The qualification comprises three levels.
While opting for CA, it is necessary to do the articles under Chartered Accountant. It falls under one of their restriction. It is valid only in India but has a strong hand in the country. For those who prefer to stay in India, CA might be a good option. If proper efforts are put in and the candidate is dedicated, this course has a really developed network.
Compared to ACCA, it is a lot more tough and competitive. The course structure and tenure are long. It does not have global recognization. However, it is an uprising career in India. The course deals with finances. The studies are mainly based on the tax and laws of India.
As mentioned earlier, the exam comprises levels. They are fundamental and professional types respectively. In the former one, candidates are tested on their knowledge regarding their fundamental skills. It includes accounting and managing. In the latter one, candidates are required to pass three different examinations.
What is ACCA?
The best fact about ACCA is that it is recognized across the globe. It is valid in a large number of countries. Hence the reach is not limited. It is a very popular career option for the modern world.
Moreover, the course is very flexible along with its structure. It has computer-based examinations and has a passing percentage of 50%. Hence, it is quite scoring if one is able to put in real efforts. Also, the exams are considered easy as compared to CA exams.
The standards of ACCA are mainly fixed with respect to the UK. It is an easy process to complete ACCA after CA. However, vice versa is almost impossible. ACCA is indeed a very reputed course over the world.
However, before choosing it for the future, it is important to consider our own goals. It does not have good opportunities in India. Hence, if one is dedicated to moving abroad and putting effort, this might definitely be a great option for them.
Main Differences Between CA and ACCA
- The main difference between CA and ACCA is their area of scope. CA is only restricted to india. Whereas, ACCA is accepted globally.
- CA is the full form of Chartered Accountant whereas, ACCA is the full form of the Association of Certified Chartered Accountants.
- Next, coming to their field of interests. CA deals with finances whereas, ACCA deals with accounting respectively.
- Their eligibility is an important factor for the candidates to apply. A candidate needs to pass Matriculation to apply for CA. On the other hand, a candidate needs three years of experience along with graduation to apply for ACCA.
- In CA, the main course is of five years. After the completion, one year of experience is required. In case of ACCA, the main course is for three years. After the completion, two to three years of training is mandatory.
Conclusion
Before opting for any career option, we certainly need to consider their values along with our goals. A lot of sides are needed to be considered before we come to a final decision. ACCA is considered to be a better choice between the two because it is accepted and verified globally. However, for certain people, CA might turn out to be the better choice. It solely depends on the career goals and also dedication. If one is dedicated to staying in India and can afford to invest a long tenure, then the lengthy process might be worth it.
Moreover, the exams and papers have variations among them. According to that, the flexibility of a candidate with the course depends. There are various other factors as well. As mentioned earlier, they need separate qualifications and also vary in the field of experience. Both are upcoming in the modern business fields. Hence, the only focus should be on discovering the brighter sides and finding out which one fits better.
References
- https://www.jstor.org/stable/4393795
- https://www.sciencedirect.com/science/article/pii/002197979090011C