For a student of finance in India, the Chartered Accountancy qualification from the Institute of Chartered Accountants of India (ICAI) or the Chartered Certified Accountant (CCA) qualification from the Association of Chartered Certified Accountants (ACCA) are two very attractive career options. Doing ACCA with the CA course can give them a rewarding future and employment opportunities with lucrative salaries.
However, the ACCA and CA course differ significantly in terms of course content, duration and salary potential. Let us consider these differences.
Background of The Institutes:
The Institute Of Chartered Accountants Of India (ICAI), which offers the CA course is the premier accounting body in India was set up in 1949 by an act passed by the Parliament of India. It is one of the most well-known professional qualifications of the country and it leads to a very rewarding career in accounting, auditing and finance in general.
The Association Of Chartered Certified Accountants (ACCA), headquartered in London has its presence in 178 countries and has 1,88,000 members and 480,000 students pursuing the course currently. It was set up in 1904 and has a track record of 112 years. Naturally, the CCA qualification that it offers is well recognised among the students as well as employers, globally.
Acceptability and recognition:
As mentioned earlier, the CA course is among the most recognised courses within India. However, the course is India-focused, and it has got limited recognition outside India. On the other hand, the ACCA qualification is more global, as it contains subjects which are more appropriate for the global economic scenario. This makes the course widely accepted among employers in different countries. So if you are looking for a course which gives you global mobility, the ACCA is a better option.
However, if you plan to stay and work in India, then the CA course is a better option. It will give you access to a larger number of jobs since more companies in India look for Chartered Accountants than ACCAs.
Both the ACCA and CA courses focus on accounting and finance, so there are some similarities in the course content. However, ACCA has a broader focus as it includes subjects which have relevance to global business. It contains topics like global laws, GAAP, and IFRS and has a wider coverage of many other topics which are also taught in the CA course.
ACCA requires around 2 years of studies and 3 years of practical experience. The theoretical studies of the CA course require around 3-4 years of study and the candidates are also required to undergo a practical training of 3 years with a Chartered Accountancy firm or a company approved by ICAI. So if you want to quickly complete the course and get qualified, ACCA is a better option.
As we mentioned earlier, the CA course can get you an employment opportunity in India very easily. The employment opportunities come not only from the finance companies but also from many companies that are engaged in manufacturing, information Technology, consultancy, etc. However, most of the demand comes only from India, and not abroad.
The ACCA course has a global focus and is more in line with the expectations of employers of different countries. Thus, while the ACCA qualification can help you to easily get a job in countries like UK, USA, Australia, etc. you may not get adequate mileage in those countries with the CA qualification.
As per payscale.com, the median salary of Chartered Accountants in India is Rs 7, 26, 000. Their total pay ranges from Rs 352,700 – Rs 1,965,839. The salary of ACCAs in India ranges from Rs 387,097 – Rs 1,850,000.
Globally, the salary drawn by ACCAs is much higher. In the UK, where ACCA is headquartered, the average salary that they draw is £30,700 on an average. In the other countries, the salary drawn by ACCAs are:
- Australia £32,400 – £40,500
- France £23,100 – £31,400
- Germany £23,100 – £28,900
- Singapore £24,000 – £30,000
- Switzerland £47,400 – £61,000
Hope you find this information useful and it makes your choice of the right course easier for you. Please let us know if you need any further information, and browse this site further for more information, study tips and other articles.