Comparing the differences between ACCA and CPA

When it comes to pursuing a career in accounting and finance, two prominent certifications stand out: ACCA (Association of Chartered Certified Accountants) and CPA (Certified Public Accountant). Both certifications provide global recognition and open doors to exciting job opportunities in the field. In this blog, we will compare ACCA and CPA based on various factors such as course structure, duration, registration fee, eligibility, job profile, and recognition.

Course Structure:

ACCA: The ACCA qualification consists of 13 exams divided into three levels: Applied Knowledge, Applied Skills and Applied Professionals. It covers a broad range of subjects, including financial accounting, management accounting, taxation, audit and assurance, and more.

CPA: The CPA certification typically includes four exam sections: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR), and Regulation (REG). It focuses primarily on U.S. Generally Accepted Accounting Principles (GAAP) and U.S. taxation.

Duration:

ACCA: The duration of the ACCA qualification varies based on individual circumstances and prior education. On average, it takes around 2–2.5 years to complete all the exams, although some individuals may complete it sooner.

CPA: The CPA certification requires a bachelor’s degree and completion of 150 credit hours of education. The time required to prepare for and pass all four sections of the CPA exam can range from 8 months to a year.

Eligibility:

ACCA: ACCA does not have specific educational requirements to start the qualification. However, to become a member of ACCA, individuals need to complete specific qualifications and work experience, which may vary based on the country.

CPA: The CPA certification requires a bachelor’s degree from an accredited university and completion of 150 credit hours of education, which typically includes a concentration in accounting or related subjects.

Job Profile:

ACCA: ACCA opens up a wide range of career opportunities, including roles in financial accounting, management accounting, auditing, taxation, financial analysis, and consultancy. ACCA members are sought after globally and can work in various sectors, such as public accounting firms, multinational corporations, financial institutions, and government agencies.

CPA: The CPA certification is highly regarded in the United States and provides excellent prospects for individuals interested in public accounting, taxation, financial planning, corporate accounting, or forensic accounting. CPAs often work in public accounting firms, corporate finance departments, government agencies, or start their own practices.

Recognition:

ACCA: ACCA is globally recognized and respected, with members present in over 180 countries. It holds Mutual Recognition Agreements (MRAs) with several professional accounting bodies, allowing members to gain exemptions or fast-track their qualification in other countries.

CPA: The CPA certification is highly regarded within the United States and is widely recognized internationally as well. However, the application of the CPA license outside of the U.S. may vary depending on the country’s regulations and requirements.

Both ACCA and CPA are prestigious accounting certifications that offer excellent career prospects. While ACCA provides a broader global perspective and is recognized in numerous countries, CPA focuses on U.S. accounting principles and regulations, making it ideal for those interested in working within the U.S. market. The choice between ACCA and CPA ultimately depends on your career goals, geographic location, and personal preferences. Consider factors such as the course structure, duration, registration fees, eligibility requirements, job profiles, and recognition to make an informed decision that aligns with your aspirations.