ACCA vs CA – Which is Better in India ?
ACCA vs AC, where one is the Himalaya of toughness the other one is like a Nile river, globally recognized course. Well, we should not compare both the courses as both have there own place in Industry. But seeing countless query of students on this topic, we have prepared this post about ACCA vs CA which is better in India, difficulty and everything else you need to know about these courses. And why not, everyone wants to go with the best choice and when it is about career, then nothing could be more important.
Do you consider battery life while choosing a mobile phone or a laptop? Of course, we want the things we are buying stay with us for long. So why we fail to consider the same thing while choosing a career. CA is the evergreen choice among student while the ACCA has been newly introduced in India. The flexibility of the ACCA course deviate some students from the most renowned and one of the respected course in India. But remember students, if something is easy to attain, it won’t have much value.
“The harder you work for something, the greater you will feel when you finally achieve it”.
Here in this article, we are sharing with you some important factors of both the courses which will help you in selecting the best one for you. But before moving to the comparative analysis, let’s understand both the courses first.
What is Chartered Accountancy?
Chartered Accountants undoubtedly holds a very respected and responsible position in the society. They are the only authorized professionals who can audit the Financial Statements of an organization in India. The course has been organized by ICAI (Institute of Chartered Accountants of India) which assure them a rewarding future and infinite career opportunities.
As we know that Chartered Accountancy has been recognized only in India, therefore the course has also been designed to approach the Indian Laws and standards.
Chartered Accountancy opens up the door of many local, national, multinational and International companies. The new laws implemented in our country amid the last few years has rapidly increased the demand of Chartered Accountants and it is forecasted that next 5-10 years will give countless golden opportunities to the fresh qualified CA’s.
However, unlike Doctors, Engineers or Lawyers etc ICAI has a complete right to take back the CA degree if one has found not following his Ethics and Principals.
In order to become a Chartered Accountant, one must possess impressive analytical skills as it is a profession where you have to play with numbers.
What is ACCA?
ACCA stands for Association of Chartered Certified Accountants, which was originated from London and mainly focuses on Accounting and Finance. This course has been recognized in 180 countries throughout the world but mainly in the UK and European countries which means that you can join a Chartered Firm or successfully built your career as a finance professional after completing ACCA in such 180 countries. Although, if you are dreaming to do the audit and attestation work in India, CA is the only option.
ACCA is set to promote the excellence in Accounting and Finance globally and hence covers knowledge of UK GAAP, Laws and IFRS which opens the doors of many International and National companies handling the overseas clients.
ACCA course has been organized by ACCA (Association of Chartered Certified Accountants) UK professional body and it is also considered easier than Chartered Accountancy.
One of the most impressive things of ACCA course is that it recognizes the other qualifications you attained. It recognizes your graduation, post graduation CA Inter and CA Final Qualification also. Out of the total of 14 papers in the ACCA course, a graduate or a CA Inter pass out has to appear in only 9 papers while after becoming CA you have to attempt just 5 papers.
Comparative Analysis of CA and ACCA –
|Professional Body||Institute of Chartered Accountants of India (ICAI)||Association of Chartered Certified Accountants (ACCA)|
|Exam Structure||Three Levels –|
CA Foundation (4 Papers)
CA Intermediate (8 Papers)
CA Final (3 years of articleship training) (8 Papers)
|Two Levels –|
Fundamentals (9 Papers)
Professionals (5 Papers)
|Total Fee||Below Rs 1 Lakh||Between 2-3 Lakhs|
|Focus||CA courses focus on Accounting, Auditing, Taxation, Finance, company law etc. results in expertise in multiple domains.||ACCA courses mainly focus on accounting and finance.|
|Toughness||CA is considered the toughest course in India.||ACCA is not easy but not hard as CA.|
|Practical Training||3 Years Articleship Training has been a mandatory part of CA curriculum.||Similar, ACCA has also made compulsory 3 years of practical training.|
|Signing Authority||Only Practising Chartered Accountant is qualified to sign the audit report in India.||ACCA is not qualified to sign the audit report in India.|
|Course||CA is mainly India based course hence here students get a study base of Indian Laws and Standards.||ACCA has a global coverage and therefore it is based on UK tax laws and standards.|
|Flexibility||CA is not flexible. Here a student has to attempt at least a group at a time.||ACCA is considered flexible as here students can attempt single paper in each attempt.|
|Exemption||Not Applicable||ACCA recognize the other courses. For ex. If you are CA Inter Pass out, you have to appear in 9 papers out of 15, on the other hand, a Qualified CA has to appear in only 5 papers out of 14 papers.|
|Earnings||The Average salary of Chartered Accountants lies between 6-7 lakhs.||The Average earnings of ACCA have been 5-6 lakhs.|
|Prefer||Indian Companies prefer CA’s as they are aware of Indian Laws and related terms.||Multinational companies who are handling the work of overseas clients or companies outside India prefer ACCA.|
|Demand||Rapidly Increasing with the implementation of new laws in the country.||Scope is limited but expected to grow in future.|
Conclusion – After reading this article, you have been cleared if you want to grow in India or set up your own practice, then you should go with Chartered Accountancy but if you planning to set up outside India, then ACCA will be a better option. But as far as today’s scenario is considered CA is better than ACCA in every perspective whether it is demand in Industry, scope, reputation, earnings etc.
However, if you are not sure then you should go with CA, as after clearing Chartered Accountancy you will be given 9 exemptions out of 14 papers in ACCA which means your effort in doing ACCA will be less than even half after completing CA.