ACA vs ACCA – Top Difference to Help you Choose Better Profession

ACA vs ACCA – Top Difference to Help you Choose Better Profession:

In this article we are going to discuss on the differences and how it is helpful for you to choose best career option and Better profession by reading this article. Now, moving on to the actual topic, we always have a question in mind that what is the best career option available with these and what is the difference between them. Lets read on, With the up-gradation of the accounting principles regularly, the demand for the Accountant profession increases over the period. No industry can thrive without an accountant. 

Finance is the backbone of every business, from a street vendor to an MNC, no one can strive without proper management of the finances. A street vendor cannot afford to hire a professional. But, a lot of MNCs look-out for the holistic person with 360-degree knowledge of business finance. They look-out for the candidate who knows the international accounting principles too. Each country has a unique set of rules and regulations, and MNCs need to equip with all the rules. Hence, they look out for the candidate who can assist them with their expertise in Global accounting that’s where the hiring chance of the individual increases.

Several international standard bodies have designed the Chartered Accountant Course to meet the industry requirements at a global level. ACCA and ACA qualifications are few of them that opens the door for the attractive career opportunities. But there are few differences between these qualifications that make the one score above the other.

Let us understand both the courses in detail:

1. ACCA

Founded in 1904, the Association of Certified Chartered Accountant is a Global Chartered Accountant awarded by the Association of Chartered Accountants headquartered in London. The exam consists of 14 papers and revolves around integrity, innovations, accountability, diversity, etc. ACCA degree is accepted in 180 countries and provides the qualification on the ground of international accounting principles.

There are three stages in this: Applied knowledge (Diploma), Applied Skills (Advance Diploma) and essentials.

Diploma 

1. Accountant in Business
2. Management Accounting
3. Financial Accounting

Applied Skills

1. Corporate and Business Law
2. Performance Management
3. Taxation
4. Financial Reporting
5. Audit and Assurance
6. Financial Management. 

Essential consists

1. Strategic Business Reporting
2. Strategic Business Leader
3. Advanced Financial Management
4. Advanced Performance Management
5. Advance Taxation
6. Advance Audit and Assurance

2. ACA

It stands for Associate Chartered Accountant. The degree is awarded by the Institute of Chartered Accountant of England. The course structure is more in line with the UK’s accounting principles. The first degree is the Chartered Accountant degree that is awarded after qualifying the 15 modules and 2-3 years of experience.

The course can be divided into three modules:

1. Certified level: It includes principles such as Accounting, Assurance, Business and Finance, law, Management information, Principle of taxation.

2. Professional Level: It includes Business Planning, Business Strategy, Audit and Assurance, Financial Accounting and Reporting, Financial Management and Tax Compliance. 

3. Advanced level. It includes Corporate Reporting, Strategic Business Management, and Case Study.

This covers all the latest modules and has the edge over the ACA. It is a broader subject as it includes a more extensive area. More countries recognize ACCA as compared to ACA, which is only meant for England. And both the degrees update their courses along with the changing business environment. Both bear its edge over other Accounting courses as the Modules are significantly advanced and cover every corner of the finance as per the industry requirements.

Choosing the best career option will fetch your fruitful results. Always keep focused on what you require and the updates around you. ACA or ACCA, both are professional degrees, and the final call will be based on individual needs, however, with a professional degree, professionals will always need a positive attitude to be successful. So, do anything, however, stay positive!