ACCA vs CIMA: A Comparative Guide to Global Accounting Qualifications

Deciding between ACCA vs CA for your accounting career? It’s crucial to understand the differences between these two respected qualifications. Both ACCA and CA are highly regarded in the world of accounting, but they cater to different career paths.  

ACCA is internationally recognised and provides global career opportunities. On the other hand, CA focuses more on regional expertise, often aligning with country-specific accounting standards and industries. 

Keep reading this blog to explore the key differences between ACCA vs CA. It will help you decide which qualification aligns best with your professional goals and desired career trajectory. Let’s dive in! 

Table of Contents 

1) What is ACCA? 

2) What is CA? 

3) Difference Between ACCA and CA 

4) Advantages of the ACCA Qualification 

5) Advantages of the CA Qualification 

6) Tips for Selecting the Right Certification 

7) Conclusion 

What is ACCA? 

The Association of Chartered Certified Accountants (ACCA) is a globally recognised accounting qualification. ACCA benefits include providing a comprehensive approach to finance, equipping you with skills in both numerical analysis and strategic decision-making. Today, it boasts over 219,000 members worldwide, highlighting the global reach and prestige of this qualification.

What is CA? 

Chartered Accountancy (CA) is a highly esteemed qualification that provides in-depth expertise in accounting, taxation, and auditing. It is highly valued in the financial industry for ensuring transparency in legal and financial matters. 

CA graduates often have key managerial roles. It offers critical financial insights and ensure regulatory compliance. The demand for CA professionals is driven by the necessity to navigate the complex interactions between corporations and governments. 

Difference Between ACCA and CA 

Choosing between the ACCA and CA courses is easy! Knowing your professional goals and the primary differences between these credentials will help you make the best decision. Here is a detailed difference between CA vs ACCA. 

Historical Background 

ACCA is one of the world’s oldest and largest accounting bodies, established in the UK in 1904. In contrast, the Institute of Chartered Accountants of India (ICAI) was founded as a statutory body by an Act of Parliament in 1949. Many students and their parents may not realise that ACCA is older and, therefore, often more widely recognised than ICAI. 

Global Acceptance 

The ACCA qualification is recognised in over 180 countries, including a rapidly expanding market in India. In contrast, the CA qualification is primarily focused on India, with additional recognition in the Middle East. This global acceptance of ACCA provides a significant advantage for students aiming for international careers in finance and accounting. 

Course Duration 

The duration of the ACCA course can vary depending on your study pace. This typically take around three to four years to complete. In comparison, CA programs generally take longer, spanning approximately four to five years. 

Job Roles 

CA qualifications are typically linked with traditional accounting roles, taxation, and auditing. In contrast, ACCA graduates enjoy various career opportunities, including management accounting, financial analysis, and business consultancy. 

Passing Marks 

Passing marks for the CA and ACCA exams are: 

a) To pass the CA Foundation exam, a student must score at least 40 marks on each paper and achieve an aggregate of 200 out of 400. For the CA Intermediate and Final exams, a student needs to score a minimum of 40% on each paper and an aggregate of 50% on each group.  

b) To pass any ACCA exam at any level, a student must score a minimum of 50% marks. 

Level of Difficulty 

While CA is often seen as tougher due to the number of papers and preparation time, ACCA isn’t necessarily easy. ACCA has a higher pass rate and is recognised in 180 countries, offering broader career prospects and global job opportunities. 

CA is generally considered harder because of the years required, number of papers, and course levels. However, this is subjective and can vary. ACCA is more flexible with exams. In CA, failing one subject means retaking all subjects in that group. In ACCA, you only retake the failed subject at your convenience. 

Exemptions Available 

CA students have limited exemption options, typically available only to commerce graduates/postgraduates with 55% or more marks. Generally, they must clear all papers at each level to qualify. In contrast, ACCA students can claim up to 9 exemptions (depending on their academic background) out of the 13 required ACCA Papers to become an ACCA affiliate/member.

Articleship/Training Requirements 

CA students must complete a 2-year practical training, with two options: 

a) Articleship: Register under a practicing Chartered Accountant at a registered firm. The 24-month training is counted solely as training on the resume. 

b) Corporate Experience: Work with a corporate, subject to availability and selection. This period is counted as work experience on the resume. However, corporate opportunities for CA students are limited. 

Recognition 

CA students must complete the entire qualification to benefit fully. In contrast, ACCA students get an advantage by receiving certificates after each level. For example, completing the “Applied Knowledge Level” earns them a “Diploma in Business and Accounting” from ACCA. 

Exam Structure and Syllabus 

The ACCA curriculum is flexible, allowing students to study modules at their own pace and choose when to take exams. In contrast, CA courses are intense and follow a fixed timeline. 

ACCA covers a broad range of finance-related subjects, such as financial management, taxation, and business ethics. CA, on the other hand, focuses more on accounting, auditing, and tax, with a strong focus on country-specific laws and regulations. 

Future Job Market and Opportunities 

The demand for ACCA professionals is expected to grow due to the increasing need for global financial standards and practices. This qualification is particularly valuable in multinational companies and global financial hubs. 

The demand for CAs remains strong, especially in countries where the qualification is a cornerstone of the financial sector. Growth is expected in areas like audit, taxation, and financial management. 

Advantages of the ACCA Qualification 

ACCA Qualified professionals get several benefits, including: 

1) Global Recognition: ACCA is recognised worldwide. It offers international career opportunities and the flexibility to work in various countries. This makes it ideal for those aiming for a global career. 

2) Flexibility and Accessibility: ACCA provides multiple exam sittings per year and a flexible structure. This allows students to study at their own pace while working. It also offers various entry points based on previous qualifications. 

3) Diverse Curriculum: ACCA covers various topics, including financial reporting, management accounting, performance management, taxation, and audit. It provides the skill set applicable across different roles and industries. 

4)  Ethics and Professional Skills: ACCA focuses on ethical practices and professional skills through its Ethics and Professional Skills module. It ensures candidates are not only technically proficient but also ethical and professional in their conduct. 

5) Strategic Business Insight: The ACCA curriculum includes strategic business leadership and management accounting. It equips students with the skills needed for leadership roles and strategic business decision-making. 

6) Continuous Professional Development: ACCA members have access to continuous professional development resources. It keeps them updated with the latest industry trends and developments, ensuring lifelong learning and career progression. 

Advantages of the CA Qualification 

CA Certification offers numerous benefits. Some of them include: 

1) Recognised Expertise: The CA qualification is highly respected and recognised in India. It offers strong credibility and a competitive edge in the job market. 

2) Comprehensive Knowledge: The CA curriculum focuses on various topics, including accounting, taxation, auditing, financial management, and corporate laws. It ensures a well-rounded understanding of finance. 

3) High Demand and Career Opportunities: CA professionals are sought after across various industries, such as accounting firms, corporate sectors, banking, and Consulting. This leads to numerous career opportunities with attractive salary packages. 

4) Entrepreneurial Opportunities: With a CA qualification, you can establish your own practice. It offers auditing, taxation, and consulting services, which can be highly rewarding and provide independence. 

5) Regulatory Knowledge: The CA course focuses understanding and applying regulatory frameworks and standards. This is crucial for compliance and advisory roles. 

6) Networking and Professional Growth: Joining the Institute of Chartered Accountants of India (ICAI) grants access to an extensive professional network. It offers continuous learning opportunities and professional development through seminars, workshops, and conferences. 

Tips for Selecting the Right Certification 

When choosing between ACCA and CA, it’s crucial to thoroughly assess your strengths and career goals. If you’re drawn to international finance, ACCA provides extensive training in ethics and professional skills with a global outlook.  

Conversely, CA is perfect for those targeting specialised roles within specific regions due to its in-depth focus on country-specific laws and regulations. Ultimately, your enthusiasm, objectives, and long-term financial vision will steer your decision. 

Conclusion 

Choosing between ACCA vs CA depends on your career goals and the scope of opportunities you seek.ACCA is perfect for those aspiring to a global career with flexibility across industries and borders. To excel in your ACCA journey, reviewing ACCA Exam Tips can help streamline your preparation. Meanwhile, CA is well-suited for individuals aiming to establish a strong foundation within their country-specific accounting market.