Difference Between ACCA and CPA

Conversations at the coffee table during my time were all about what did you want to become and perhaps the answer would have stopped at, a journalist, a teacher, a doctor or a chartered accountant. Period! The end of the conversation. And today if you tell someone that you are aiming to become a chartered accountant you will be barraged with a host of questions such as which course are you planning to do further, ACCA certificationACCA CertificationThe Association of Chartered Certified Accountants is a competent and leading global accounting body. This qualification gives you recognition as an employee who can help in all aspects of a business.read more or CPA examCPA ExamA Certified Public Accountant (CPA) is a US state board-issued license to practice the accounting professionread more? Will you be aiming to do both in the future? If you are confused about your plans just take a deep breath and read ahead.

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What is ACCA?

The ACCA or the Association of Chartered Certified Accountants is a body that recognizes the qualification of a CA. ACCA is a global body based in Glasgow UK which works in the interest of the public to ensure that the chartered accountants work according to the principles-based and ensures that the regulations set are properly followed. The ACCA offers the certification in chartered accountancy and the exam known as ACCA is most recognized in the commonwealth countries.

What is CPA?

The American Institute of Certified Public Accountants (AICPA) holds the Certified Public Accountant (CPA) exam which is recognized across the globe for its competence. The AICPA is the largest accounting body in the world and anyone who wishes to work in the US or has to work with US-based clients requires taking the examination held by the AICPA. 55 states in the US have been granted the license to conduct the CPA certified exams. Each state has its own licensing requirements and pattern of the exam as none of them is controlled by any centralized body.

ACCA vs CPA Infographics

ACCA vs CPA – Comparative Table

Exam Requirements of ACCA and CPA

Why Pursue ACCA?

ACCA certificate holders are recognized all around the world, unlike the CPA which is US-specific in terms of practice. ACCA exams can be attempted twice in a year with 400+ locations to choose from around the world making it easy for a candidate to give the exam from a nearby location. An ACCA holder is not required to be practically trained under experienced accountants and is ready to start his career after the completion of his course. Thus he does not lose out time on internships and jumps the practical grinding from the very beginning.

  • Applied Knowledge

  • Applied Skills

  • Strategic Professional (Essentials and Options)

  • Financial Accounting & Reporting Business Environment & Concepts Audit & Attestation Regulation

  • Ethical & Professional Standards

  • Financial Management

  • Taxation

  • Financial Reporting

  • Accounting & Auditing

  • Accountant

  • Tax Manager

  • Financial Consultant

  • Internal Auditor

  • Finance Manager

  • Forensic Accountant

  • Financial Analyst

  • Public Accountant

  • Internal Auditor

  • Mar 01-05

  • Jun 07-11

As far as the process of registrationProcess Of RegistrationACCA is an accounting qualification recognized globally that provides a solid foundation to students and professionals for careers in accounting, tax consulting, auditing, business valuation, treasury management. Its exam dates, timetables, and important notifications are readily available on its official website.read more and cost, of course, is concerned, both ACCA and CPA are more or less similar. ACCA prepares you for both financial and management roles, making it easier for you to choose careers in different sectors and industries. ACCA’s qualification is recognized by employers and students who have passed out ACCA are known for their quality and excellence, making it easy for employers to rely on their ability and knowledge while hiring them.

Why Pursue CPA?

The AICPA is a prestigious body and an exam conducted by it is looked upon with high regard since it is arguably the highest qualification a CA could achieve. The candidates have to meet specific criteria to be eligible for the exam and that ensures that the quality of the professionals is maintained. The CPA qualification holder enjoys the advantage of getting employment in the public accounting department in American MNCs as well as the license to practice in the US.

There are certain jobs that the industry restricts for a CPA qualified professional such as launching a CPA firm or signing an audit reportAudit ReportAn audit report is a document prepared by an external auditor at the end of the auditing process that consolidates all of his findings and observations about a company’s financial statements.read more of a company, thus making it a valued professional degree for a CA. A CPA certificate holder is required to undergo practical training for a year or two under a licensed CPA and this ensures that the candidate has enough practice and creates a great no of contacts in this field before he is on his own in this industry.

Conclusion

To decide which course to crack, I believe it depends on your choice of career roles and in which country you decide to work. As far as my job is concerned I have told you the two options that exist A and B. Now which one to go for…I wish you all the luck!

This has been a guide to ACCA vs CPA. Here we discuss the difference between ACCA and CPA with infographics and why to pursue them. We also discuss the exam requirements for both. You may also have a look at the following articles –

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