CA or ACCA career-which one is better?

CA or ACCA career: Accountancy is a profession that opens a lot of career opportunities in various sectors. Also, accountancy is the most in-demand profession in the UAE. Most of the start-up organizations in the UAE seek experienced accountancy professionals to establish and improve their financial processes. Meanwhile, countries like Australia and Canada consider accountancy as a skilled profession. They even offer permanent residency for accounting professionals under certain immigration programs. Do you like to choose a career in accountancy, auditing, and finance? Choose a CA or ‘ACCA career’ and get a headstart on a rewarding career. Now, here let’s discuss how these qualifications can open up extensive career opportunities for students and professionals across the globe.

What is CA?

The Chartered Accountant or CA is the global professional certification. It is awarded to qualified accountants in different countries around the world. The key responsibilities of CA professionals are to file the tax return of businesses and audit business practices. Also, they manage financial responsibilities and provide advisory services to the clients. Chartered Accountants are the first accounting group to establish a professional body in Scotland in the year 1854. The rules and regulations on the procedures of qualifying for a CA are different in each country. For instance, the prospective accountants in New Zealand must possess an accredited 3-year bachelor’s degree or master’s degree in accounting and business topics to join a CA program. In addition, the candidate should finish a practical experience program to qualify for a CA. On the whole, the CA professionals oversee companies’ accounting needs and handle the accounting issues with multiple clients.

What is ACCA?

The Association of Chartered Certified Accountants (ACCA) is an internationally recognized accountancy group. The ACCA qualification is a professional certification given to accountants worldwide. The aspirants who seek a career in treasury management, accounting, auditing, tax consulting, and business valuations choose to qualify for ACCA. Meanwhile, ACCA is the fastest growing and largest qualification in the world. The association consists of 700,000 members and students across 170 nations. Unlike CA, ACCA provides you with an opportunity for part-time study. Hence, ACCA would be the better career option for working professionals. Further, the world organizations such as United Nations and European Union accept the ACCA certification. Therefore, it offers you a pool of opportunities to work from anywhere around the globe. Above all, choosing an ACCA career will aid you in building a huge network with ACCA professionals globally.

CA, ACCA career-scope and opportunities

The Institute of Chartered Accountants of India or ICAI offers the CA qualification. Almost 30 countries globally accept CA as a professional certification. The UAE, UK, Canada, and Australia are some of those countries that accept CA. The CA degree by ICAI equips you with the highest accountancy standard. However, the CA degree by ICAI focuses mainly on Indian auditing standards, Indian accounting, and business taxation laws. Hence, you would need to qualify for an equivalency exam to practice CA in other countries. On the other hand, ACCA is an internationally accepted accountancy course. It is recognized in countries across Oceania, Europe, Asia, Africa, North America, Central and South America, and the Caribbean. The flexible study and course option of ACCA makes it more prominent than the CA qualification. Any working professional can qualify for ACCA by studying part-time without pausing their job.

Combination of both CA and ACCA career courses

Indeed, the best way to gain a rewarding career in accountancy is to combine both ACCA and CA courses. The major drawback of CA is that it focuses mainly on Indian business laws and standards. In fact, choosing an ACCA career will provide you with global exposure and knowledge. A qualified CA professional can easily achieve ACCA since the CA holders are eligible for exemptions in 9 papers out of 13. On the other hand, there are no paper exemptions in the CA course after completing the ACCA. However, it would be a great career option for CA qualified to choose an ‘ACCA career’ as it provides profound knowledge in core accounting and finance. Additionally, a combination of CA and ACCA would add value to your CV and widen your career options.

How to qualify for CA and ACCA simultaneously?

The CA and ACCA can be qualified simultaneously if you choose optimal ways to achieve them. Firstly, begin with the CA course, and then after completing IPCC begin the ACCA course simultaneously. There will be a time frame of two years after the IPCC for doing the articles before the CA final. This would be the perfect time to start training for ACCA exams. Since, both CA and ACCA have some common papers, it wouldn’t be that difficult for you to perform. Meanwhile, the ACCA curriculum is so vast and it encompasses finance, accounting, and managerial features of the business. Further, finishing the IPCC levels will ease you to pass the fundamentals of ACCA. Also, after completing the ACCA you can attempt for the CA final. Finally, consistency and a positive mindset would drive you to success.