What is ACCA:
ACCA stands for the Association of Chartered Certified Accountants, was set up in London in 1904 to promote excellence in accountancy and finance.
The ACCA Qualification improves accounting knowledge and skills as well as professional standards. You can build a successful career as a finance professional in any sector or you can open you Chartered Firm after successfully qualified ACCA.
ACCA exams are held twice per year, June and December, and can be sat all around the world.
When a person passed ACCA examinations and having gathered enough of practical experience (Article ship usually for 3.5 years) and gained Professional Ethics module, a candidate may (but does not have to) apply for a membership in the Association.
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ACCA Exam:
The ACCA exams are divided into two levels: Fundamentals and Professional.
The Fundamentals level is divided into two modules Knowledge and Skills.
FUNDAMENTALS (NINE PAPERS IN TOTAL)
Knowledge
F1 Accountant in Business
F2 Management Accounting
F3 Financial Accounting
Skills
F4 Corporate and Business Law
F5 Performance Management
F6 Taxation
F7 Financial Reporting
F8 Audit and Assurance
F9 Financial Management
The Professional level is divided into two modules: Essentials and Options. All students have to pass the three papers in the Essentials module and two from four available in the Options module.
PROFESSIONAL (FIVE PAPERS IN TOTAL)
Essentials
P1 Governance, Risk and Ethics
P2 Corporate Reporting
P3 Business Analysis
Options (two to be completed)
P4 Advanced Financial Management
P5 Advanced Performance Management
P6 Advanced Taxation
P7 Advanced Audit and Assurance
What is CA:
Chartered Accountancy is a rewarding career and there are excellent prospects for employment in audit firms as well as in local companies, multi-nationals, and local and foreign banks. The profession has stood the test of time, and career opportunities for Chartered Accountants are relating as corporations increasingly realize the importance of professional values, ethics and good governance.
To become a Chartered Accountant:
Chartered Accountant you need to be motivated, possess analytical skills, numerical ability, a keen sense of what is going on in the world of business and finance, and personal qualities such as reliability and decision making. You will be required to study business and corporate finance, economics, auditing, taxation, management and information systems.
CA Exam:
FOUNDATION
Module A
Paper A1 Functional English
Paper A 2 Quantitative Methods
Module B
Paper B 3 Introduction to Economics and Finance
Paper B 4 Introduction to Financial Accounting
Paper B 5 Mercantile Law
INTERMEDIATE
Module C
Paper C 6 Financial Accounting
Paper C 7 Taxation
Paper C 8 Business Communication and Behavioral Studies
Module D
Paper D 9 Company Law
Paper D 10 Cost Accounting
Paper D 11 Auditing
Paper D 12 Information Technology
FINAL
Module E
Paper E 13 Information Technology Management, Audit and Control
Paper E 14 Advanced Accounting & Financial Reporting
Paper E 15 Corporate Laws
Paper E 16 Business Management
Module F
Paper F 17 Management Accounting
Paper F 18 Business Finance Decision
Paper F 19 Advanced Taxation
Paper F 20 Advanced Auditing
ACCA vs CA
The following key points are discuss below
| Basis of Difference | ACCA | CA |
| Entry Requirements | 2nd year Fsc/I.com/D.com after Matric O’level | 2nd year Fsc/I.com/D.com after Matric O’level |
| Time | ACCA exams can be completed in just two years, along with three years of article ship experience. | Normally, it takes between three to four years to qualify as CA, |
| Expensive | ACCA is more Expensive you have to pay fee in pounds. | CA is Cheaper than ACCA, you have to pay fee in your local currency. |
| Fee | £80 per paper examination fee, excluding your university/college/institute fee. | PKR 8000 per paper fee, excluding your university/college/institute fee. |
| Exemption | If you have M.com/MBA finance and some other degree you may apply for exemption of first 2 to 3 paper. | If you have M.com/MBA finance and some other degree you may apply for exemption of first 2 papers. |
| Degree | You will get UK degree, | You will get local chartered accountant institution degree. Eg. ICAP from Pakistan, ICAI from India and many more. |
| Recognition
|
ACCA UK Member | ICAP, Pakistan, ICAI India, Member |
| Toughness | ACCA is by no means easy to pass. Students will definitely have to switch from the rote learning methods to one based on understanding. | CA being regarded as one of the toughest qualification to pass has its own value and standing. |
| Articleship | ACCA qualifications require 3 years practical experience in any CA firm. | CA qualifications also require 3 years practical experience in any CA firm. |
| Earning/Income | Depends on the person | Depends on the person |
Conclusion :
Many people want me to advise which qualification is better, if there was one such answer, only one would have existed. So you have to make that decision based on what you want to do in your life and where you want to be in your future and not depend on anyone else to suggest the best plan.
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