Whether I should do US CPA or ACCA

 

In this article, we will discuss which is the best course between US CPA and ACCA, and which course we have to opt for in this competitive world.

Let's move right into knowing each course's significance and then conclude which is the best course.

Certified Public Accountant (CPA):

CPA (Certified Public Accountant) is an internationally reputed designation given by the AICPA (American Institute of Certified Public Accountants) to the candidates who have cleared the Uniform CPA exam and meet relevant work experience and education requirements. AICPA was founded in 1887, and it has the largest member association representing the profession of accounting in the world. It has more than 431,000 in 130+ countries representing many areas of practice, including public practice, business, and industry, consulting, government and education.

In general, the US Certified Public Accountant is a widely accepted designation and in great demand all over the world. However, many countries have their own qualifications related to accounting, like CPA Canada and CPA Australia.

Association of Certified Chartered Accountants (ACCA):

ACCA (Association of Chartered Certified Accountants) is recognized only in the UK, and unfortunately, it is not recognized in the United States and many other countries. In order to attain ACCA qualification, the candidate has to complete a maximum of 13 exams, including Ethics and Professional Skills modules.

In India, it is not possible for an ACCA to pursue auditing. It is because, in India, an ACCA has no authority for signing, and he can't mark his signature on audit reports.

Which is the best course between CPA and ACCA?

In terms of which certification is better between CPA and ACCA, it depends on where you plan to work. At present, most of the companies are US-based, and hence the demand for US Certified Public Accountants is increasing tremendously. On the other hand, ACCA is a UK-based course, and there are hardly a few UK-based companies in India. Also, it is a known factor that the European economy is dying. So, the Demand for CPAs is more than ACCA.

Differences between CPA and ACCA:

Parameters	CPA	ACCA
What does it actually mean?	CPA stands for Certified Public Accountant. It is an internationally reputed degree granted by AICPA (American Institute of Certified Public Accountants). The US CPA candidates are entitled to taxation, auditing, handling accountants, management accounting, etc.	ACCA stands for Association of Certified Chartered Accountants.  It is only recognized in the UK.
Field of Work	The field of work for the CPA is related to licensing accounting services to the common public. In order to maintain the procedure and law, CPA degree holders are needed to guide small and mid-size firms, individuals, and multinational companies. Other than taxation, auditing, the CPAs can include themselves with other fields of finance like Accounting, Finance Controlling, Financial Analysis, etc.	An ACCA professional can work as an accountant, financial partner, and management consultant.
Tenure	The tenure of the CPA course is 18 months.	The tenure of the ACCA course is 2 to 3 years.
Position	The CPAs are entitled to the rules of a company and comply with the Taxation and Auditing part. The CPAs also look at the ethical part of a company.	Primarily, they are delegated with the ethics implemented in the workplace.
Experienced Required	The minimum criteria required for CPA is 1 to 2 years of work experience with a graduation degree.	The minimum criteria required for an ACCA is 3 years of work experience with a graduation degree.
Salary	According to Payscale, the average salary of a CPA in India is Rs.700,000 per year.	According to Payscale, the average salary of an ACCA in India is Rs. 580,000 per year.

Let us now discuss a few major differences between CPA and ACCA:

●     The CPA is a globally recognized certification. On the other hand, the ACCA degree is recognized in the UK.

●     The AICPA was started in 1887, and it has the largest member association representing the profession of accounting in the world, whereas ACCA was founded in 1904.

●     The work experience required for the CPA is 3 years, and for ACCA, it's 1 to 2 years. Both CPA vs ACCA degrees require a graduation qualification.

Key Differences: US CPA vs ACCA

US CPA:

●     CPA is a globally recognized certification.

●     High entry barrier: 150 hours of higher education or master's level.

●     Exam sites in the United States and many other countries, including India.

●     There are 8 CPA prometric locations in India: Ahmedabad, Kolkata, Bangalore, Hyderabad, Chennai, New Delhi, Mumbai and Trivandrum.

●     CPA Exam offered year-round.

●     There are four parts to the US CPA exam.

●     It takes 12 to 18 months to complete the US CPA exam and an additional 1 to 2 years of practical work experience.

ACCA:

●     It is recognized in the United Kingdom (UK).

●     Post-secondary education is necessary.

●     The exam consists of 13 papers.

●     It is offered 4 times a year.

●     It takes 3 to 4 years to complete.

Job Opportunities:

The US Certified Public Accountants would have immense job opportunities and continuous professional career growth. The US CPA designation paves countless job opportunities to work in renowned companies across the world.

Given below are a few best job roles for the US CPA in India:

●     Senior Financial Analyst

●     Corporate Controller

●     Personal Financial Advisor

●     Finance Director

●     Information Technology Accountant

●     Risk and Compliance Professional

●     Accounting Software Developer

The ACCA can secure a job in advising, consulting, taxation, and fund management in the UK. Also, he can attain consulting or financial jobs in Uk-based companies. But whereas, a CPA can obtain more job opportunities than an ACCA.

Conclusion:

From the above article, we can conclude that CPA certification has more demand than the ACCA certification. In this technological era, most of the companies are US-based; hence the opportunities for the US CPAs are very high compared to other qualifications. If you have any queries regarding the US CPA course, feel free to contact Mr.Haresh (Founder, Hi-Educare).

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