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The ACCA and ACA are top accounting qualifications and open many career doors for aspiring accountants. Students need to know and understand the basic differences between these two qualifications. Understanding ACCA Vs ACA will help you decide your path in accounting. Both give valuable skills and knowledge, but they serve different career goals.
This blog will explain the key differences between ACCA and ACA, as well as their requirements, benefits, and career paths. By the end, you can make an informed choice based on your career goals.
Key Takeaways
- Qualification Structure and Focus—ACCA and ACA differ in structure and focus. ACCA is divided into three levels: Applied Knowledge, Applied Skills, and Strategic Professional. ACA also has three levels: Certificate, Professional, and Advanced. ACA emphasises practical work experience and ethics training more.
- Entry Needs and Duration—ACCA offers flexible entry requirements and a range of study options. It typically takes 2.5 to 4 years to complete. ACA requires a recognised degree and a training agreement with an authorised employer. It usually takes 3 to 5 years to finish.
- Career Prospects and Costs – Both qualifications offer strong career prospects. However, they differ in costs. ACCA qualification costs range from GBP 1,200 to GBP 4,000. ACA has higher costs due to tuition and exam fees. Total expenses can vary widely.
Definition And Recognition Of ACCA
ACCA stands for the Association of Chartered Certified Accountants, a global accounting body that offers the Chartered Certified Accountant qualification. It has over 247,000 members in 179 countries and is a leading organisation in the accounting field.
The ACCA Qualification shows professional skill in many areas, including business, public practice, and the voluntary sector. Only ACCA members can call themselves Chartered Certified Accountants. This rule maximises their credibility and recognition.
Structure Of The ACCA Qualification
The ACCA Qualification has three main levels:
- Applied Knowledge Level: It has three exams. These cover basic business and accounting ideas.
- Applied Skills Level: There are six exams. These explore advanced topics like law, taxation, and auditing.
- Strategic Professional Level: It includes 2 Essential exams and 2 Optional exams. These prepare students for leadership in accounting.
Students must also complete the Ethics and Professional Skills module, which is key to developing ethical judgement and professional behaviour.
Entry Requirements For ACCA
- You need at least two A-Levels and three GCSEs in five subjects. English and maths are a must. But you can start at any level.
- There are no strict requirements. If you have no formal qualifications, it’s suggested that you begin with the ACCA Diploma in Financial and Management Accounting (RQF Level 2).
- You might get faster entry to ACCA membership if you have a recognised professional accountancy qualification.
What Is ACA?
The ACA stands for Associate Chartered Accountants. It’s a respected qualification. The Institute of Chartered Accountants in England and Wales (ICAEW) offers it. This qualification helps people gain skills and knowledge in accounting and finance. It also promotes professional integrity.
The ACA is known worldwide and can be used in many areas. It opens doors to careers in public practice and corporate finance, as well as audit, taxation, and financial advisory services.
Definition And Recognition
The ACA qualification is a mark of excellence in accounting. It shows a deep understanding of advanced accounting principles and practices. Employers worldwide respect it. This qualification means you are committed to high ethical standards and professional skills. Many top companies look for ACA-qualified accountants. The training and exams are tough, and the qualifications are valuable in the job market.
Structure Of The ACA Qualification
- The ACA qualification has three levels: Certificate, Professional, and Advanced.
- Candidates complete 15 modules across these levels. Subjects include financial accounting, management accounting, taxation, audit, and business strategy.
- In addition to passing exams, candidates must meet four key requirements: 450 days of technical work experience, initial professional development, and structured ethics training.
- Such an approach builds theoretical knowledge and practical experience, preparing candidates well for their careers.
Entry Requirements For ACA
To join the ACA qualification programme:
- Candidates need a recognised degree or similar qualification.
- Degrees in accounting or finance are common, but not required.
- The ACA is open to graduates from various backgrounds.
- Candidates must get a training agreement with an ICAEW-authorised employer.
- Practical experience is a key part of the qualification.
For those over 25 without formal qualifications:
- Seven years of relevant professional accountancy experience may be enough for entry.
ACCA Vs ACA – A Comparison
Knowing the differences between ACCA and ACA is critical for students aiming for a career in accounting and finance. Each qualification has its own path, curriculum, and job prospects. Making the right choice is important. UniAcco offers helpful resources and personalised advice. They guide students in exploring options, setting career goals, and managing their education. With UniAcco’s help, students can make choices that match their dreams.
| Comparison Criteria | ACCA | ACA |
| Qualification Structure | There are three levels: Applied Knowledge, Applied Skills, and Strategic Professional. | There are four components. 15 ACA learning modules, practical work experience, professional development, and ethics training. |
| Exam Requirements and Pass Rates | You need at least two A Levels and three GCSEs to enter. For June 2024, pass rates were: BT 89%, FA 68%, and MA 68%. | A minimum of a high school diploma is needed. Certificate-level exams have a pass rate above 80%, and Professional-Level exams have a pass rate above 70%. |
| Focus Areas of Study | Financial accounting. Management accounting. Taxation. Business law. Audit. Financial management. | This includes accounting, information management, taxes, audits, and managing finances. |
| Duration and Flexibility of Programmes | Full-time study takes 2.5 to 3 years, and part-time study takes 3.5 to 4 years. Options include self-study or structured courses. | It usually takes 3-5 years. You need training agreements with approved employers, and on-the-job training is part of it. |
| Work Experience Requirements | You must have 36 months of hands-on experience in a similar role. A qualified supervisor must document and sign off on this experience. | You need at least 450 days of practical experience. This should be part of a training deal with approved employers. |
Career Prospects
Getting a qualification like ACCA or ACA boosts your career in accounting and finance. The demand for finance pros is growing due to globalisation, new regulations, and tech changes. These factors require a strong grasp of international financial standards.
With these qualifications, professionals can take on key roles in many industries. They help these industries grow and stay stable. Plus, they enjoy better job security.
Job Opportunities For ACCA Qualified Professionals
ACCA-qualified professionals have many job opportunities in different sectors. They can work in public practice, in roles like audit, tax, and consulting. They can also work as financial accountants or management accountants in companies. There are jobs in financial services focusing on risk management, compliance, and financial planning. The ACCA qualification is known worldwide, and it helps professionals find jobs internationally, expanding their career options.
Job Opportunities For ACA Qualified Professionals
If you have an ACA qualification, you can find many job opportunities. These are mainly in accounting, financial services, and industry. In the industry, you can work as a management or financial accountant. In financial services, you can work in investment management or banking. The ACA qualification also lets you specialise. You can focus on corporate finance, audit, tax, or forensic accounting.
Salary Expectations and Market Demand
Salaries for ACCA and ACA-qualified professionals differ greatly. Factors like experience, location, and employer type affect pay. Entry-level ACCA salaries range from £25,000 to £42,000. Experienced ACCA professionals can earn £40,000 to £100,000. ACA professionals start at £30,000. With experience, their pay increases significantly. Finance professionals are in high demand. Many industries need financial experts.
| Qualification | Entry-Level Salary Range | Mid-Level Salary Range | Senior-Level Salary Range |
| ACCA | GBP 25,000 – £42,000 | GBP 40,000 – £100,000 | GBP 100,000+ |
| ACA | GBP 30,000+ | GBP 51,000+ | GBP 100,000+ |
Cost Of Pursuing ACCA Vs ACA
The cost of getting an ACCA qualification usually ranges between GBP 1,200 and GBP 4,000. This depends on the country and how you prepare. On the other hand, the ACA qualification has more varied fees. You pay an annual student fee of about GBP 197. Exam entry fees range from GBP 85 to GBP 290, depending on the level. There are also tuition costs of GBP 1,700 to GBP 1,900 per exam. So, pursuing the ACA usually requires more money due to the higher fees.
| Cost Component | ACCA | ACA |
| Registration Fee | GBP 89 | – |
| Annual Subscription Fee | GBP 134 | GBP 197 + VAT |
| Exam Fees | Applied Skills: GBP 143 – GBP 154 | Certificate Level: GBP 90 |
| Strategic Professional: GBP 190 – GBP 424 | Professional Level: GBP 125 | |
| Advanced Stage: GBP 204 – GBP 290 | ||
| Tuition Fees | GBP 255 – GBP 365 per course | GBP 1,700 – GBP 1,900 per exam |
| Study Materials | GBP 255 – GBP 365 per course | Often included in tuition, can be purchased separately |
FAQs
What Are The Main Differences Between ACCA And ACA In Terms Of Global Recognition?
Both ACCA and ACA have international prestige, but their recognition differs. ACCA is known in over 180 countries. It’s good for people wanting careers worldwide. Conversely, ACA is well-known in the UK and Commonwealth countries, focusing on audit and tax roles.
How Long Does It Typically Take To Complete The ACCA And ACA Qualifications?
The ACCA usually takes 3 to 5 years to complete, depending on your pace and any exemptions. It takes about three years, and this is often with full-time work as part of the training.
What Topics Are Included In The ACCA And ACA Programmes?
ACCA covers many subjects, including management accounting, financial management, and taxation. It also goes deep into audit, assurance, and corporate reporting. While ACCA is broad, ACA focuses on UK-specific standards.
What Are The Entry Requirements For Enrolling In ACCA And ACA Programmes?
For ACCA, you need at least two A-levels and three GCSEs. Practical experience is also required. ACA usually requires a degree and a job with an authorised training employer. There are flexible entry points for those with lots of professional experience.
What Career Opportunities Can Graduates Of ACCA And ACA Expect?
ACCA graduates have many opportunities in different sectors, including global financial services, corporate finance, and auditing. ACA graduates often find roles in the UK, where they are in demand for audit and assurance services, especially with major firms like the Big Four.
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