CPA and ACCA are two entry-level certifications that both stand for Certified Public Accountant. Both these professional certifications are used to give proof of expertise in accounting.
Certified Public Accountants and Chartered Accountants are the two main professional designations for accountants. These designations are issued by two different bodies: the American Institute of CPAs and the Chartered Institute of Management Accountants. Although both designations indicate a high level of professional training, there are some important distinctions.
Additionally, while CA designees must have an undergraduate degree before they can take their exams, CPAs do not need any formal training before starting down their career path. CPAs who want to enter public accounting can earn a CPA license when they pass their exam and fulfill the requirements for experience in the field.
Key Differences Simplified
CPA: The Chartered Professional Accountants (CPA) are a professional body that oversees the training, education, and licensing of accountants in Canada.
ACCA: ACCA is the UK’s leading accountancy body, setting the standards for accountants and overseeing their training, education, and licensing.
Summary
| CPA | ACCA |
|---|---|
| The Chartered Professional Accountant (CPA) designation is one of the most well-known titles in the accounting industry. It’s earned with a degree from an accredited university and a certification exam that’s held in Canada and internationally. | The ACCA stands for Association of Chartered Certified Accountants, which is an association-based qualification for aspiring chartered accountants. It is awarded to individuals upon successful completion of their exams and meeting all necessary criteria. |
Which is better, CPA vs ACCA?
When comparing a CPA and an ACCA, you need to know who the different types of accountants are, what their roles are, and what they do. A Certified Public Accountant (CPA) is a licensed professional who helps businesses and individuals meet their tax compliance responsibilities by identifying potential mistakes in paperwork, reviewing documents filed with the government, and advising clients on how to avoid future problems.
An Accredited Chartered Accountant (ACCA) is a chartered accountant who can help businesses and individuals with financial management and reporting. To become a chartered accountant, you have to study for 5 years at university with the first 2 years being from undergrad then the final 3 years are from masters classes. So on the question regarding CPA Vs ACCA that which is better, it depends on capabilities.
CPA Vs ACCA Salary Differences
The difference in the salaries of CPA and ACCA is not very much, but there are some differences.
- The salary of a CA can vary from $75,000 to $120,000. A CMA salary varies from $70,000 to $100,000.
- The salary of an ACCA varies from $69,000 to $96,000. In Australia, it varies from CA$30000 to CA$45000.
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Which is harder and which is tougher, CPA or ACCA?
Both CPA and ACCA are well-known accounting bodies, there is no denying it. Although there’s a common conception that CPA is relatively easy to pass, you only need to take two exams (basically) and the rest is just filling up forms and submitting them online. On the other hand, ACCA is tougher because you have to go through 4 exams. But this may not be as simple as it sounds as people have conflicting ideas of what is hard.
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What is PCA and ACCA difficulty level?
The CPA is a certification geared toward accountants who want to get into public accounting. The ACCA is a similar qualification designed for accountants who want to work in the private sector. Both are rigorous and thorough professional certifications that require a lot of time, study, and effort to achieve.
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