Some of the most revered subjects in the disciplines of accounting and finance globally feature ACCA as Association of Chartered Certified Accountants, CFA as a Chartered Financial Analyst, or CA as the Chartered Accountant. They all have profoundly insightful credentials for financial management, and the selection again depends upon many criteria, such as career goals, job market analysis, personal aptitude, and the type of specialization concerned. While these three qualifications can lead anyone to high-level positions and attractive remuneration anywhere in the world, the best fit depends on an individual’s specific career aspirations and personal strengths.
ACCA vs CA vs CFA: Overview
When comparing ACCA, CFA, and CA qualifications, it’s important to consider various factors such as career goals, industry preferences, global recognition, and the specific demands of the job market. Here’s a comparative overview of each qualification:
| Features | CFA | ACCA | CA |
|---|---|---|---|
| Administering Body | CFA Institute | Association of Chartered Certified Accountants (ACCA) | The Institute of Chartered Accountants of India (ICAI) |
| Recognition | Global | Global (over 180 countries) | Primarily India, Middle East, England, Wales, and Australia |
| Course Duration | 3 years | 6-24 months | 5 years |
| Course Structure | 3 Levels (sequential exams) | 13 exams divided into 3 levels: Applied Knowledge, Applied Skills, and Strategic Professional. | 3 Levels: Foundation, Intermediate, Final |
| Eligibility | Graduation (students in their final year can also appear) | For a candidate’s eligibility into the CA foundation course at entry level, they must have completed their 10th and 12th examinations successfully with a minimum of 50% aggregate in the latter. | For a candidate’s eligibility into the CA foundation course at entry level, they must have completed their 10th and 12th examinations successfully with a minimum of 50% aggregate in the latter. |
| Job Roles | Investment Analyst, Portfolio Manager, Research Analyst, Risk Analyst | Accountant, Auditor, Management Accountant, Financial Analyst, Tax Consultant | Statutory Auditor, Internal Auditor, Tax Advisor, Cost Accountant, Financial Analyst |
What is ACCA?
The ACCA full form is the Association of Chartered Certified Accountants. This is a prestigious qualification that prepares individuals to be successful accounting professionals in careers related to accounting, finance, and management at the global level. The broad scope, global recognition, and emphasis on technical expertise and professional values for aspiring accounting professionals worldwide are good reasons to be proud.
- Scope: It is a comprehensive and wide-ranging qualification touching on accounting, finance, and management.
- International recognition: It’s valid in more than 170 countries, hence significant for pursuing international careers.
- Career prospects: The gateway opens up to various opportunities in accountancy, finance, and management across sectors.
- Focus: Its focus is mostly on technical skills, ethics, and professional values—getting people ready for work opportunities in various corporate positions.
- Duration: It is a three- to four-year program, usually depending on individual pace and prior qualifications.
CFA (Chartered Financial Analyst)
The Chartered Financial Analyst (CFA) designation is a globally recognized professional qualification for finance and investment professionals. The CFA designation is widely recognized as the gold standard for professionals in the investment management industry. Its rigorous curriculum, global recognition, and focus on financial analysis and ethics make it a prestigious qualification for individuals aspiring to excel in finance and investment careers.
- Scope: Specializes in investment management and financial analysis.
- Global Recognition: Highly regarded in the finance industry for roles in investment banking, asset management, and financial research.
- Career Opportunities: Prepares candidates for roles in investment management, equity analysis, portfolio management, and asset valuation.
- Emphasis: Delves deep into topics such as portfolio management, equity analysis, fixed income, and derivatives.
- Duration: Candidates often require four years or more to pass all three levels of the exam.
What is CA?
The Chartered Accountant qualification ranks among the highest professional designations in the realm of accounting and finance. Its prestige lies in the fact that the CA qualification is well-accredited for both its depth and relevance of knowledge, professional integrity, and high ethical standards. It has fantastic career opportunities in building a highly successful career path in accounting, taxation, and finance in home countries as well as internationally.
- Scope: Provides a comprehensive understanding of accounting principles, taxation, and financial reporting.
- Global Recognition: Recognized in various countries, leading to opportunities in corporate finance and consultancy.
- Career Opportunities: Leads to roles in taxation, financial reporting, corporate finance, and accounting practices.
- Emphasis: Combines theoretical knowledge with practical experience, preparing individuals for diverse roles in accounting and finance.
- Duration: Program duration varies by country and institute, typically ranging from three to five years, including exams and practical training.
ACCA vs CFA Which is Better?
Choosing between the ACCA or CFA, Chartered Financial Analyst can be a tight choice for candidates seeking to opt for accounting or finance. However, both degrees are highly credited globally and can provide similar amounts of time allocated for courses in the curriculum with equal starting wages. The fundamental differences lie, however, in scope, focus, and kinds of jobs pursued. ACCA is often regarded as an alternative to the CA qualification in India. It is very flexible and has wide applicability in various accounting roles across the globe. In contrast, the CFA credential is designed for those who would like to succeed in finance, especially in investment management and analysis roles.
| Feature | ACCA | CFA |
|---|---|---|
| Scope | Risk Advisory, Accounting Advisory (IFRS), Valuations, Internal Audit, Mergers & Acquisitions, International Taxation, Transfer Pricing, Assurance, Forensic Auditing, and Financial Reporting. | Focused on finance and investment analysis. |
| Typical Course Duration | 24 to 36 months | 24 to 36 months |
| Starting Salary | 4 to 6 lakhs per annum | 4 to 6 lakhs per annum |
| Key Job Profiles | Concentrates on financial portfolio management, investments, equity, debts, wealth management, derivatives. It is designed for those aiming for high-level careers in financial sectors like investment banking and wealth management. | Portfolio Manager, Wealth Manager, Hedge Fund Manager, Trader or Dealer in Derivatives, Investment Banker, Equity Research Analyst, roles in currency markets. |
| Specialization | Concentrates on financial portfolio management, investments, equity, debts, wealth management, and derivatives. It is designed for those aiming for high-level careers in financial sectors like investment banking and wealth management. | Focuses on accounting, taxation, costing, auditing, and financial management. It is highly valued for its flexibility and applicability in various sectors. |
ACCA vs CA Which is Tough?
Signing up for an ACCA course in a city like Delhi or Mumbai gives many more benefits than pursuing a CA over ACCA. The ACCA course now consists of a much stronger business paper, so much benefitting the ACCA graduates compared to the CA graduates. The main characteristic of ACCA is that one can get started right after school, and students can start exam preps even from the 11th standard onwards. Major firms such as the Big 4, KPMG, Deloitte, PwC, EY, and other multinational corporations, like Grant Thornton and BDO, recruit ACCA certificate holders on par with CA in job roles, salary scales, and responsibility.
The ACCA qualification is internationally recognized in more than 180 countries, including Canada, Singapore, and Australia. If you’re aiming to leverage your qualifications on a global scale, consider our ACCA course to take your next step towards becoming a global CA.
| Aspect | ACCA | CA |
|---|---|---|
| Starting Point | Can start preparing right after high school (post-11th standard). | Starts post-12th standard. |
| Major Employers | Big 4 (KPMG, Deloitte, PwC, EY), Grant Thornton, BDO, etc. | Similar to ACCA, typically within the Big 4 and other major firms. |
| Global Recognition | You can start preparing right after high school (post-11th standard). | Primarily recognized in India, Middle East, England, Wales, and Australia. |
| Education Requirement | A strong business paper enhances career prospects. | Requires completion of 10th and 12th standard with a certain percentage. |
| Advantage | Strong business paper enhances career prospects. | Deeply rooted in national auditing and accounting practices. |
ACCA vs CA vs CFA: What to Choose?
The choice of selecting between ACCA, CFA and CA depends on an individual’s career aspirations, interests, etc. ACCA offers flexibility in the kind of roles that can be taken up as well as global recognition. CFA, on the other hand, specializes in investment management, and CA has a complete knowledge of accounting principles. Conducting thorough research and seeking advice from professionals can help people make informed decisions tailored to their goals and aspirations.
The option to select between ACCA, CFA and CA qualifications depends on factors such as career goals, global recognition, etc. The choice of which course to pursue amongst ACCA, CFA and CA depends on an individual’s career aspirations, choices, interests, etc. Conducting thorough research, seeking advice from professionals, and evaluating the potential benefits of each qualification can help make an informed decision tailored to one’s goals and aspirations.
ACCA vs CFA vs CA FAQs
Which qualification offers better global recognition?
Globally, ACCA is more recognized and accepted in over 170 countries than CFA and CA.
What are the career prospects after completing each qualification?
The career choices after completing the ACCA exams are roles in accounting, finance and management. When someone qualifies for CFA, he can choose between investment banking, asset management, and financial analysis. CA can take up jobs in corporate finance, taxation consultancy, etc.
How long does it take to complete each qualification?
For completing ACCA it takes 3-4 years although it is a self paced course, CFA on the other hand needs 4 years or more to be completed. CA requires 3-5 years to complete the exams, depending on the individual’s caliber.
Which qualification is more financially rewarding?
However, all three qualifications offer a very promising career with competitive salaries, and CFA has a slight advantage over the others.
Are there any prerequisites for enrolling in these programs?
There are no strict prerequisites for ACCA and CFA, but having a finance background will always be of help. CA, on the other hand, might demand certain academic accomplishments, which differ from country to country.
