ACCA vs Accounting Degrees

If you are business-minded and have a knack for numbers, then an accounting career might be the best option. 

There are many courses that are available out there now for students. One of the best choices is ACCA. ACCA is a professional accounting qualification that will enable you to be called a “Chartered Certified Accountant”. Another way in which you can pursue the field of accounting is by pursuing a Degree in Accounting. 

So, which one should you choose?

What’s the main difference between ACCA and an Accounting degree?

An accounting degree is an academic degree awarded by a university whereas ACCA is a professional accounting qualification awarded by an international body. 

ACCA is a professional accountancy board that is based in the UK. It is one of the top accounting qualifications across the globe and consists of about 500,000 students and 200,000 members. The ACCA certification consists of 3 key components which include:

• Work experience: To attain eligibility to be an ACCA member, you need to have 3 years of relevant work experience. 
• Examination: You are required to clear 14 papers. You will get exemptions from papers 1-13 based on your qualifications. 
• Professional ethics module: The last criterion that needs to be met in order to be eligible to get the ACCA membership is to clear the Professional Ethics Module

Once the registration fees have been paid, you will receive access to their online study materials and resources such as past years' papers, study hacks, mobile phone app and ACCA articles which contains key modules and subjects. The ACCA syllabus is divided into 4 levels, which are knowledge, skill, essential, and options. Having an ACCA qualification will provide you with several advantages such as 

• Being a member of an elite accounting body
• Helps boost your job prospects across the globe, especially if you have cleared the professional ethics module
• Have access to career support throughout your professional career

In comparison, we can find that students looking to enter the accounting field have the option of obtaining an accounting degree. Accounting is a set world that has the procedure of recording, categorizing, summarising, analyzing, and communicating financial transactions that are essential or relevant to any business or organization. There are primarily 2 types of accounting degrees; which are:

• Bachelor’s degree in accounting: The bachelor's is an undergraduate degree that will be offered by a university, and it usually takes 3 to 4 years to complete it. Out of the bachelor's degree programs the Bachelor of Accountancy (BAC), Bachelor of Business Administration in Accounting (BBA), and Bachelor of Science in Accounting (BSACC) are some of the most popular and in-demand degrees in accounting. 
• Master’s degree in accounting: Obtaining or pursuing a master's degree in accounting is considered to be the next step after one has earned a bachelor’s degree in the subject. The duration of such courses is generally between 1 to 2 years, depending on the university and the other learning aspects such as projects, seminars, case studies, lectures, and assignments. The most popular master's degrees in accounting are Master of Professional Accountancy (MPA), Master of Business Administration in Accounting (MBA), Master of Accountancy (MAcc), and Master of Science in Accounting (MSA).

Course structure:

As previously mentioned, the ACCA syllabus is divided into four categories. All the subjects which are taught in ACCA will give emphasis on the technical areas of accounting, which will give you greater specialized knowledge. The subjects are divided into the following category, Knowledge level: F1, F2, F3; Skill level: F4-F9; Essentials level: P1-P3; and optional papers

 Whereas on the other hand accounting degree usually have a combination of both compulsory as well as elective modules which are curated to give the students an all-around learning experience. Given below is a sample of a syllabus for an accounting degree.

Sample subjects comparison:

Is ACCA of accounting degrees more difficult to pursue?

ACCA and accounting degrees vary when it comes to their difficulty levels. As is the case with any degree, accounting degrees require commitment, dedication, and great time-management skills so as to handle studies, assignments, and projects at the same time. But it also offers an easier path due to the gradual progression of difficulty through the courses of 3 to 4 years. It is not purely a 100% paper-based exam, it has other elements to it as well such as assignments and presentations. In contrast, ACCA can seem more challenging as the subjects become exponentially more difficult as you progress through the qualifications. It is also a 100% paper-based exam. But students have the option of pursuing other qualifications when they are doing their ACCA certification. 

Which course/degree can I complete faster?

An accounting degree generally takes between 3 to 4 years to complete depending on which university you are studying. ACCA takes a minimum of 3 years depending on how many papers you plan on writing each time. If you already have a degree then you can get exemptions to up to 9 papers which will help you to complete your course at a much faster pace.

Which is cheaper? ACCA or accounting degree?

Accounting degrees can cost anywhere between 1 to 2 lakh per annum minimum, so for a 3-year accounting degree, you will have to pay up to 6 lakh. (These numbers will change depending on the quality and reputation of the university). Whereas for ACCA the cost of the course can range between 2.5 to 3 lakh overall. Unlike accounting degrees, ACCA students can attempt the exams without attending any private classes but can choose to self-study if they wish to. This in itself will lower the cost by paying all the necessary exam fees instead of the full tuition and resource fees. 

Are both ACCA and accounting degrees recognized?

Accounting degrees from private universities are today recognized worldwide when compared to the past because of international accreditation and partnerships with foreign universities. Although ACCA is a better professional qualification as it is recognized across the globe. It is also has a set standard across the globe; it gives its aspirants better access to the job market overseas as well. The world has become the canvas post the covid, students have the opportunity to work in any country of their choosing if they have an ACCA qualification on their resume. 

Is it essential for me to have an ACCA degree if I wish to work in the big four?

Many of the employees working in the top accounting firms known as the Big Four would prefer to hire employees who have at least some professional qualifications such as ACCA, CPA, CA, or others. This is not necessarily the case with every hire. Many a time organizations look for employees who have good work experience and a grasp of the subject. Hiring managers also look for those with the right personality, communication, leadership, and initiative skills. 

Those who possess just a degree have the option to pursue a professional qualification like ACCA later on. Some organizations even sponsor employees for such professional qualifications as ACCA or CPA in exchange for a bond with the company. 

In conclusion, Accounting degrees are great as it gives individuals a variety of career choices in and out of accounting fields. Whereas ACCA will help individuals to build deep expertise in professional skills in accounting. However, the choice should ultimately depend on how long he is willing to set aside for their studies and budget it to have a solid future career. 

If you wish to know more about the ACCA course please feel free to get in touch with our career experts they will guide you with the information you need to make a well-informed decision.