ACCA vs. CPA: Key Differences and Similarities

ACCA and CPA are two certification courses for Students willing to take up Chartered Accountancy as a career. CPA is a course that is highly recognized in the USA, while ACCA is a globally regarded chartered accountancy course allowing you to practice CA in over 180 countries across the globe. These courses enhance the scope of career for students in accountancy abroad and allow them flexibility and diverse opportunities.

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In this post, we discuss the two courses and their differences so students can understand them and make better career decisions.

What is ACCA vs CPA?

ACCA or the Association of Chartered Certified Accountants is a body that accredits accountants globally. Founded in 1904 in the United Kingdom, the body has been aiding aspirants in accounting and finance to pursue a rewarding career. ACCA makes students eligible for one of the best accounting and finance careers. ACCA offers comprehensive knowledge of accounting to students including management accounting, financial accounting, taxation, auditing, and business ethics. ACCA professionals are well-recognized by employers globally. ACCA-certified professionals can work as Accountants, Tax Managers, Internal Auditors, Finance Managers, and Financial Consultants.

On the other hand, a Certified Public Accountant (CPA) is a designation conferred on licensed accounting professionals in the USA by the Board of Accountancy of the various American States. The American Institute of Certified Public Accountants (AICPA), USA holds the CPA exams. To qualify for the CPA certification, students must complete their bachelor's degree or equivalent. The CPA course can be completed within 8 – 12 months and the candidates must clear four exams to become CPA professionals. The exam format of CPA is 50% MCQs and 50% TBS. After completing CPA, candidates can work as Public Accountants, Forensic Accountants, Financial Analysts, and Internal Auditors, and so on.

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What are the Differences Between ACCA and CPA?

Both ACCA and CPA are prestigious accounting certifications that offer excellent career prospects. Below are the key differences between the two programs:

Differences	ACCA	CPA
Eligibility	Students can enroll for ACCA at different levels. They can apply for ACCA after 10+2 if they score 65% aggregate in Maths/Accounts and English and 50%in other subjects. There are options to apply for ACCA after the 10th standard and after graduation as well.	CPA eligibility requires a student to complete a bachelor's degree or equivalent course with accounting, business administration, and finance as the key subjects.
Pattern of Examination	ACCA Exams are primarily divided into two levels, Fundamentals and Professional. The Fundamentals level is further divided into two modules: Knowledge and Skills. The Professional is further divided into the Essential Module and Options Module.	The CPA curriculum has 4 examinations and each one lasts 4 hours.
Course Duration	ACCA can be completed within 2- 10 years depending on the level you started	CPA can be cleared in 8-12 months
Recognition	ACCA is globally accredited and recognized in more than 180 nations	CPA is widely recognized in the USA and some other countries.
Examination Dates	The Knowledge level examinations can be taken up online anytime throughout the year, whereas the ‘Skill’ and ‘Professional’ level online exams are held every year in March, June, September, and December	CPA examinations can be taken up on demand in January, February, April, May, July, August, October, and November.
International Standard	ACCA relies on IFRS or International Financial Reporting Standards	CPA focuses on GAAP or Generally Accepted Accounting Principles
Organizing Body	The Association of Chartered Certified Accountants is a global body based in the UK	American Institute of Certified Public Accountants (AICPA), USA
Job Profiles	Accountants, Tax Managers, Internal Auditors, Finance Managers, and Financial Consultants.	Public Accountants, Forensic Accountants, Financial Analysts, and Internal Auditors
ACCA vs CPA Salary	Rs 20 lakh - Rs 50 lakh	Rs 6 lakh - Rs 15 lakh

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ACCA vs CPA Job Opportunities and Salaries

Job Roles that ACCA Certified Professionals are Eligible for:

1.      Financial Accountant

Salary: Rs 1.0 lakh to Rs 12.0 lakh

2.      Management Accountant

Salary: Rs 3 lakh - Rs 24.7 lakh per annum

3.      Corporate Treasurer

Salary: Rs 2.2 lakh – Rs 87.5 lakh per annum

4.      Financial Controller

Salary: Rs 6 lakh - Rs 60 lakh per annum

5.      Finance Manager

Salary: Rs 3.5 - Rs 32.4 lakh per annum

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Job Roles that CPA Certified Professionals are Eligible for:

1.      Corporate Controller

Salary: Rs 4.5 lakh - Rs 98.8 lakh per annum

2.      Public Accounting

Salary: Rs 1.1 lakh - Rs 3.5 lakh per annum

3.      Tax Examiner

Salary: Rs 1.0 lakh to 13.3 lakh per annum

4.      Business System Analyst

Salary: Rs 4 lakh - Rs 22. 5 lakh per annum

5.      Forensic Services

Salary: Rs 3 lakh – Rs 13 lakh per annum

Conclusion

When comparing ACCA vs CPA, it is difficult to draw a clear winner between the two. Both the courses are well-recognized and prestigious and serve the purpose of accounting aspirants, especially if they want to pursue an international career. ACCA is globally recognized, while CPA is more relevant in the US market.

If you are willing to pursue a career in ACCA or CPA, you can enroll in a course with Amity Online University. Amity Online offers several programs for online students including ACCA courses. To learn more about them, visit Amity Online today.