ACCA or ACA?
If you are thinking about a career in accountancy, you are very likely to have come across the ACA and ACCA qualifications. Apart from a letter difference, they appear to be very similar. However, when you dive into the details there are a couple of fundamental differences which you should consider before deciding on the best route.
Let’s start with the basics:
Overview
ACCA
The ACCA is the Association of Certified Chartered Accountant’s core professional qualification. This qualification is globally recognised and generally seen as being a broader qualification. it is often favoured by those working in industry (e.g. large international businesses).
ACA
The ACA is the Institute of Chartered Accountancy in England and Wales’s (ICAEW) professional qualification. This course is much more focused on UK accounting and is only available in a handful of other regions (e.g. Singapore, Mauritius etc.). It is generally regarded as being a little harder than the ACCA and can only be completed as part of a training agreement with an ICAEW-authorised training employer. It is often favoured by those working in practice (e.g. big 4 firms)
Both qualifications require students to complete a number of exams, ethics training, and complete a period of work experience.
Entry Requirements
The ACCA and ACA have a number of routes, both for school leavers as well as graduates.
ACCA
You will generally need at least 3 GCSE level passes (including English and Maths) and 2 A Level passes for the ACCA, however, this varies per region. You can find out country-specific guidance here.
ACA
The ACA entry requirements are very similar - a pass at GCSE (or equivalent) in Maths and English, and two A Levels (or equivalent).
Exams
The ACA and ACCA both require students to complete a number of exams across three stages.
ACCA
The ACCA includes 13 exams plus an ethics module which are usually taken over a 2-3 year window. The ACCA exams include:
Applied knowledge - three online exams (all multiple choice)
Applied skills - six online exams (with a choice of variants for the tax and law exams)
Strategic professional - four online exams (two core ‘essentials’ topics, and two ‘options’ topics chosen by the student)
Ethics and professional skills module (EPSM) - an online course with assessments introducing students to ethical requirements and professional skills
Most exams are taken during one of four sessions during the year, with a maximum of four exams per session and eight exams per calendar year being allowed. All exams are online, with four of the 13 consisting mostly of multiple-choice questions.
ACA
The ACA exams include:
Certificate level - six online exams (all multiple choice)
Professional level - six online exams (with a choice of variants for the only open-book exam at this level - business planning)
Advanced level - two open book exams and a case study exam (where some information will be provided to candidates ahead of the exam)
Ethics and professional skills module - an online course with a compulsory assessment
The certificate level exams can be taken at any point during the year, the professional level at one of four sittings and the advanced level in one of two sittings during the year.
Work experience
ACCA
The ACCA requires a minimum of 36 months of supervised experience in a relevant accounting of finance role. Progress is demonstrated through meeting nine performance objectives, which must be documented and submitted to your ACCA manager. There are five compulsory essential objectives and 17 optional technical objectives (of which four must be completed).
ACA
The ACA requires a minimum of 450 days of practical work experience, which usually takes between three to five years. It must be relevant work, and can be in one or more areas (e.g. accounting, audit, tax, insolvency, information technology). All practical experience is logged and reviewed with a manager every six months.
Future opportunities
Both qualifications will open up many different career options, both in the UK and internationally. Whilst many people will have a lot of advice over whether they believe the ACA or ACCA to be better, both will give you a strong foundation to work from in whichever way you decide to take your career.
ACCA
You will generally need at least 3 GCSE level passes (including English and Maths) and 2 A Level passes for the ACCA, however, this varies per region. You can find out country-specific guidance here.
ACA
Generally preferred by practice (e.g. Big 4)
Costs
Costs will very much vary dependent on whether your employer sponsors you through your qualification.
ACCA
You will generally need at least 3 GCSE level passes (including English and Maths) and 2 A Level passes for the ACCA, however, this varies per region. You can find out country-specific guidance here.
ACA
The ACA entry requirements are very similar - a pass at GCSE (or equivalent) in Maths and English, and two A Levels (or equivalent).
So, should you study the ACA or the ACCA?
As with all qualifications the answer to this really depends on you:
What type of work and career do you want to have? The ACCA offers a broader range of skills and knowledge beyond traditional accounting, whereas the ACA is more focused on technical accounting and auditing skills. If you wish to work in private practice (such as consulting or audit), or become a CFO in a FTSE company, you are more likely to be working alongside other ACA-qualified accountants. If you want to work in business, you are more likely to be working with other ACCA-qualified accountants (but neither will close one career route for you!).
Where do you want to work? Both qualifications are well-recognised, but this varies based on the area and industry. The ACCA has a stronger global presence, whilst the ACA is more closely associated with prestigious accounting firms in the UK.
What are your academic achievements so far? The ACCA is generally more accessible than the ACA and provides a little more flexibility. Larger city firms with high academic requirements often use the ACA qualification route, whereas .
How well do you work under pressure? The ACA training route is more structured, and tends to be viewed as the more intense exams to take. The ACCA can be studied alongside a working role, providing more flexibility to study and sit exams in timeframes that work for the individual. Many ACA training contracts require students to take multiple exams in one sitting, whereas ACCA students generally have more chance to study 1 or 2 subjects at a time.
Do you have a job? Many firms will already have a preferred accounting qualification, and so you may not have a choice in which route to take. This means that it is important to understand the differences in qualifications before you accept a job offer!
Do you want flexibility whilst studying? The ACA is typically more structured and involves a training contract. The ACCA however offers more flexibility in terms of study options and allows you to work more whilst studying.