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Among CA vs ACCA: Which Is Best In India?

Among CA vs ACCA: Which Is Best In India?

 

  • As the name implies, ACCA is an acronym for Association of Certified Chartered Accountants. 
  • It's important to note that candidates are primarily concerned with the laws and regulations that apply to a firm and how policies are implemented inside it.
  • The Institute of Chartered Accountants of India [ICAI] awards the CA degree in India. 
  • At the Gazette Officer level, CA collaborates with the government as well as a private organization. 
  • There are two highly qualified finance courses, the CA and the ACCA, created for accountants and finance professionals who want to pursue a career in accounting, taxation, auditing, or finance.
  • ACCA versus AC, a worldwide renowned course where one is like the Himalayas of hardness and the other is like the Nile river. 
  • We shouldn't compare the two exams because each one has a unique space in the industry. 
  • However, in response to several inquiries from students, we've compiled this guide on the differences between ACCA and CA in India, including the level of difficulty and other considerations. And why not? 
  • Everyone wants to make the greatest decision possible, and nothing is more essential than one's profession.
  • When buying a new smartphone or laptop, do you keep the battery life in mind? 
  • Of course, we want our investments to last as long as possible. So, why don't we take this into account while making a job decision? Students in India have always preferred CA over the more recent ACCA certification. 
  • Some students choose the ACCA course over India's most well-known and regarded degree because of its flexibility. However, pupils should keep in mind that everything simple to obtain has little worth.
"It is said that the harder you strive for anything, the more satisfied you will be once you have achieved your goal"

In this article, we'll go over some of the key differences between the two exams so you can make an informed decision. Before comparison, let's have a better understanding of the two exams. 

What is Chartered Accountancy [CA]?

  • The ICAI-issued Chartered Accountant degree is equivalent to the ACCA in terms of competence, although it differs slightly in terms of content.
  • ICAI awards the CA degree in India. The content is heavily influenced by Indian law and business regulations, as well as accounting standards. Those who have completed their matriculation but have not yet enrolled in the course are eligible to do so.
  • The training does not require any prior work experience. It does have a one-year internship, but it must be with a corporation or company.
  • Chartered Accountants have a well-deserved reputation for professionalism and social responsibility. They are the only specialists in India permitted to audit a company's financial statements.
  • Because the program is run by the ICAI (Indian Institute of Chartered Accountants), students may expect a bright future and limitless employment options.

 

 

  • Because Chartered Accountancy is exclusively recognized in India, the course has been developed to follow Indian norms and laws.
  • There are numerous local, national, global, and worldwide businesses that you may enter with Chartered Accountancy on your resume.
  • After several recently enacted legislation significantly raised a demand for Chartered Accountants in our nation, it is predicted that the following five to ten-year period would provide several lucrative career prospects for newly certified CA's.

 

 

What is ACCA [Association of Chartered Certified Accountants]?

  • ACCA is a professional organization based in London that specializes in accounting and finance.
  • After finishing ACCA, you can join a chartered firm or start your career as a financial professional in any of the 180 countries where this course is accepted.
  • ACCA is most widely recognized in the United Kingdom and Europe. The only other choice is CA if you want to undertake audit and attestation work in India.

  • When it comes to accounting and finance, ACCA's goal is to encourage excellence across the world. This means it encompasses an understanding of UK GAAP, UK Laws, and International Financial Reporting Standards (IFRS).
  • Britain, the Association of Chartered Certified Accountants (ACCA) has established the ACCA course, which is likewise regarded easier than Chartered Accountancy.
  • The ACCA program's recognition of prior credentials is one of its most impressive features. It also acknowledges your CA Inter and CA Final Qualification after graduation and CA Inter.
  • Only 9 of the 14 examinations in the ACCA course must be taken by a graduate or CA Inter pass out, whereas a CA must take only five papers after becoming a CA.

Let's Deep Dive into more CA VS ACCA:

CA and ACCA are well-known options on the market. Here are some key differences between the two.

  • ACCA is a globally recognized degree that is approved in more than 180 countries.
  • CA is only recognized in India because the course is tailored explicitly to Indian students' needs. 
  • ACCA course has been around for over a century and is recognized worldwide.
  • CA is exclusively valid in India and began in 1944.

A significant distinction between the two is the course content:

ACCA is far more advanced and includes all globally agreed-upon rules and regulations. It is only following the requirements of Indian constitutions and taxation policies that the course has been updated. Despite this, the subjects share many characteristics.
  • Two to three years of accounting work experience is necessary, and a Bachelor's degree to enroll in the ACCA course.

However, a Chartered Accountant degree is open to any Indian citizen who has completed Matriculation and awarded by ICAI [ Institute of Chartered Accountants].

Contrast Table Of CA Vs. ACCA

Let's see how CA comes up against ACCA:

Parameter

             CA

               ACCA

Related to

  • Financial Accounting and Finance are two specialties of Chartered Accountants, also known as Certified Public Accountants (CPAs) or Certified Management Accountants (CMAs).
  • Indian chartered accountants award this degree to their graduates.
  • Once the test is passed, the applicants will have access to many opportunities in the financial and accounting industries.
  • Certified by the Association of Certified Accountants, ACCA is an abbreviation for Association of Certified Accountant Professionals.
  • After finishing the course, students can pursue careers in public and private sector auditing, taxes, management accounting, and account handling.

Affiliated To

Institute Of Chartered Accountant India

Association of Certified Chartered Accountants, UK

Time Duration

5-6 Years

2-3 Years

Practical Experience

3 Years

3 Years

Pass %

9%

40%

Salary Package

3 to 10 Lakhs

4 to 10 Lakhs

Exam Pattern

Papers to be cleared in groups

14 Papers to be cleared individually

Attempts

2 attempts a year

4 attempts a year

Position

Ca works with Govt. and as well as private organization at the level of Gazette Officer

Candidate deals with the rules & regulations & implementation of policies within a company and complies with the auditing & taxation part

Focused on

National career opportunities

Both on national and international career opportunities

Exemption

No Exemptions

Maximum of 9 papers

Additional Certificates

No

  • Bsc Hons in applied accounting
  • Advanced Diploma in Accounting & Business

 

Knowledge Difference

Specific for country of qualification and operation

IFRS & GAAP training and international laws

Recognition

India

Global

Exam Structure

Three Levels –

  • CA Foundation (4 Papers)
  • CA Intermediate (8 Papers)
  • CA Final (3 years of articleship training) (8 Papers)

Two Levels –

  • Fundamentals (9 Papers)
  • Professionals (5 Papers)

 

Total Fee

Below Rs 1 Lakh

Between 2-3 Lakhs

Signing Authority

In India, the audit report may only be signed by a practicing Chartered Accountant.

In India, ACCA isn't allowed to sign the audit report

Flexibility

CA is a rigid standard. To complete this task, a student must work in groups of three or more.

Since students can only attempt one paper at a time, ACCA is seen as flexible.

Prefer

Companies in India choose CAs because they are familiar with Indian laws and terminology.

ACCA is preferred by multinational corporations managing the business of foreign customers or firms based outside of India.

Demand

With the adoption of new legislation in the nation, this number is rapidly rising.

It has a little scope now, but that'll change in the future.

 

Conclusion: Which is better?

  • If you wish to expand your practice in India or start your own, you should pursue Chartered Accountancy. However, if you're going to grow your profession outside of India, you should pursue ACCA.
  • Nevertheless, in today's circumstances, Acca compared to Ca, CA beats ACCA from every angle, from industry demand to scope to reputation to profitability and everything in between.
  • As a result, the team of Finance experts is critical in today's corporate environment. The CA and ACCA are comprehensive programs that cover nearly all of what financial professionals need to know.
  • Professionals can serve the general public and private citizens, government agencies, non-profit groups, and corporations. Taxation, accounting, auditing, finance, and financial analysis are a few industries they serve.
  • As a result, CA vs. ACCA courses enters the scene to ensure seamless operation of the firm.

However, if you are unsure, you should choose for Chartered Accountancy since, after passing Chartered Accountancy, you will be given nine exemptions from the 14 papers in ACCA, which implies that your effort in studying ACCA would be less than half of what it would have been had you completed CA.

Q : Is it possible for an ACCA to become a CA? ?
A : If an ACCA member has maintained continuous membership for a minimum of seven years following certification as an ACCA, the member can apply to become a CA by completing a competency-based self-assessment consisting of five questions with results derived from a holistic, attribute-based model set.
Q : Is it worthwhile to pursue ACCA after CA? ?
A : If you wish to take the ACCA test after passing the ICAIs Chartered Accountant exam is entirely up to you and your professional goals. It is a wise decision to pursue an ACCA qualification if you are seeking employment prospects outside of India or if you wish to work with Big 4s and multinational corporations in India that require an understanding of IFRS (IndAS).
Q : Is it worth it to become an ACCA member? ?
A : CA is considered one of the most challenging tests, and candidates get pretty competitive when achieving success in the exam. However, if you want to broaden your professional horizons and explore opportunities worldwide, you must enroll in the ACCA program. The Association of Chartered Certified Accountants (ACCA) is one of the most widely recognized certifications in the accounting and finance fields.
Q : Which course is the most difficult, CA or ACCA? ?
A : In comparison to the ACCA, the CA course is the most difficult.
Q : Which country is the most suitable for ACCA? ?
A : Canadian, Singaporean, UK, Japanese, Dubai, Australian, Malaysian, German, New Zealand, European Union (including Ireland and Switzerland), and South African ACCA specialists are well-known in their nations. The Association of Chartered Certified Accountants (ACCA) is a developing network with several possibilities for professional accountants
Q : Where is the ACCA the most well-known? ?
A : In Singapore, the ACCA course has long been the most sought-after educational degree among students and numerous financial institutions. Singapore is one of the few nations in the world that accepts ex-pats from many different countries, which is why there are so many educational institutions that provide professional ACCA courses.
Q : The Scope of the ACCA in India? ?
A : ACCA is similar to CA in India in that it is recognized in more than 180 countries and has more than 7,100 approved employers. More convenient access to employment in every industry, from manufacturing to banking, with career prospects ranging from statutory auditing to fund management. All of the top accounting companies, such as EY, PWC, KPMG, Deloitte, Grant Thornton, and others, are always on the lookout for ACCAs in large numbers.
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