Do you know that 60% of small business owners feel they do not have enough knowledge about finance and accounting?
Are you also aware that 70% of small business accountants believe their current advisory roles are evolving to be more strategic?
You may feel that you need to be a chartered accountant to have a good understanding of the world of accounting and how it is evolving. However, the Association of Chartered Certified Accountants (ACCA) qualification can be just as useful. If you want to understand accounting as well as international markets then this course may be right for you. You can explore the ACCA syllabus for guidance on their official website.
You may ask: what is the difference between being a chartered accountant and having the ACCA qualification? In this article, we will explore some of the differences.
Points of Differences
|1||Governing Body||Association of Chartered Certified Accountants||Each country has different governing bodies. Example:
ICAI is the body in India
|3||Regulations||As this is an international organisation, those with the ACCA qualification abide by laws around the world.||Mostly restricted to country specific rules. Sometimes it is only chartered accountants who can sign off audit reports.|
|4||Job opportunities||Most MNCs hire ACCA professionals. These include KPMG, Deloitte, PepsiCo, Microsoft, E & Y, Amazon and PwC.||Hiring is done by all MNCs but they often hire in the country your qualification is specific to.|
|5||Duration||Approximately 2-3 years||Approximately 5-6 years|
|6||Exam exemptions||ACCA sometimes allows for exemptions based on professional experience.||Very few exemptions.|
|7||Countries||Almost 178 countries covered||Country specific|
|8||Flexibility||You can choose programmes that suit your availability. Working hours can be flexible.||The pattern is fixed and cannot be changed.|
What should you choose? CA or ACCA?
If you are going to practice in India, or only in one specific country, then the Chartered Accountancy (CA) option could good for you. While chartered accountancy courses can be difficult to pass, the demand for chartered accountants in the current job market is relatively high. In addition, chartered accountants have legal authority in India to sign off audit reports, something no other professional can do.
On the other hand, ACCA can give you better global recognition and good job prospects. Roughly 200,000 people around the globe currently hold the ACCA qualification.
In terms of the content of the qualifications, there are few differences. However, if you are looking to pass the exams quickly, the ACCA may be a better option. Timings for taking exams and courses tend to be more flexible when compared with chartered accountancy courses. It is clear why this course is so popular.
If you want an idea of how to start, you can explore the ACCA syllabus for guidance. In order to become a chartered accountant, you will need to focus and dedicate roughly 5 – 6 years of life to getting qualified.
Finally, the choice is yours! Choose the qualification you want to study wisely; it’s a matter of your career!