When it comes to pursuing a career in accounting, there are several professional qualifications available, such as Certified Public Accountant (CPA) and Association of Chartered Certified Accountants (ACCA). However, the question remains: is CPA greater than ACCA? In this blog post, we will provide a comprehensive comparison of these two qualifications to help you make an informed decision.
- Recognition and Global Reach
CPA is a professional qualification recognized in the United States, while ACCA is recognized globally. However, CPA is highly regarded in the accounting industry in the US, and many international companies prefer to hire CPAs for their US operations. On the other hand, ACCA is recognized in over 180 countries, making it a more versatile qualification for those seeking a global career.
- Exam Structure and Difficulty
The CPA exam consists of four sections: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR), and Regulation (REG). Each section is a four-hour exam, and candidates must pass all four sections within 18 months. The CPA exam is known for its difficulty, with a pass rate of around 50%.
The ACCA exam consists of 13 papers divided into four levels: Applied Knowledge, Applied Skills, Strategic Professional Essentials, and Strategic Professional Options. The exam structure allows candidates to choose their own path and specialize in a particular area of accounting. The ACCA exam is also challenging, with a pass rate of around 40%.
- Cost and Time
The cost of pursuing a CPA qualification varies depending on the state, but it can range from $3,000 to $5,000. The exam preparation time can take up to 18 months, and candidates must also meet the education and experience requirements.
The cost of pursuing an ACCA qualification is also variable, but it is generally less expensive than CPA. The exam preparation time can take up to three years, and candidates must also meet the education and experience requirements.
- Career Opportunities
CPA is a highly respected qualification in the US, and it opens up many career opportunities in public accounting, corporate accounting, and government accounting. CPAs can also work in consulting, tax planning, and financial analysis.
ACCA is recognized globally, and it opens up career opportunities in various industries, including public accounting, corporate accounting, and financial services. ACCA also offers a pathway to becoming a Chartered Accountant in the UK.
Conclusion
In conclusion, both CPA and ACCA are highly regarded professional qualifications in the accounting industry. The choice between the two depends on your career goals, location, and personal preferences. If you want to work in the US, CPA is the way to go, while ACCA is a better option for those seeking a global career. Ultimately, both qualifications require hard work, dedication, and a passion for accounting.
