Due to the massive growth of the commerce field students nowadays are keener to pursue their career in the field of accounting. Accounting as a career option is growing quite rapidly and provide students with an option to choose from the list of professional degree. one such degree which the students aspire to pursue is ACCA and this article focuses upon why ACCA is better than another professional degree available to you.
ACCA is an organisation providing accounting qualifications globally. ACCA is a highly recognized degree and it is valid in over 180 countries across the globe.
ACCA qualification consists of 14 papers which are divided into two levels, Foundation and Professional. Each level of ACCA consists of papers that differ in knowledge and can be given as and when you wish. ACCA exams are conducted four times a year ie March, June, September, December. A student can give one to three papers in a particular attempt. The pass percentage for ACCA exams is about 40-50%.
ACCA fees comprise the registration fee, exam fee and ACCA subscription fee. Since ACCA is a UK based degree so it is quite costly than other professional degrees.
After completing ACCA a student may apply for the following degree:
- Diploma In Accounting and Business
- Advanced Diploma in Accounting and Business
- Bachelors in Applied Accounting from Oxford Brooks University
- Masters in Professional Accounting from London University.
A student pursuing ACCA may dream of an average salary of 8-12 lakhs per annum after completing all the 14 papers as well as the practical experience required to become an ACCA professional.
CA is a professional accounting degree offered by the Indian Institute of Chartered Accounting (ICAI), which allows an individual to practice Chartered Accountant in India.
Before a student begins with any level of CA they have to clear an entrance exam ie CPT. CA a student has to clear the IPCC, article ship and final level, after clearing CPT, to become a CA professional. The IPCC level consists of two groups which are to be given together. If a student fails to clear even one single paper then he/ she has to sit for the whole group again which creates a kind of frustration among the students as they have to sit for particular papers again and again even after clearing it once. CA exams are conducted twice a year in May and November.
The rigid rules of 3 years CA article ship leads to cheap labour for its members and even after working with so much determination the students cannot expect any stipend from their employer.
Out of 1 lakh students, only 5000 students can clear and become CA professionals. Out of 5000 students, only 1200 students can get a placement with an average salary of 6-7 lakhs per annum.
Chartered Institute Management Accounting is a professional association of accountants in the UK and Ireland providing qualifications in management accounting. CIMA is one of the largest management accounting bodies and is providing recognized in over 179 countries across the globe.
To be CIMA qualified professional a student has to clear 14 exams. CIMA curricular is focused more upon management accounting, business strategy and financial strategy. It has three stages ie strategic, management and operational level, which could be completed within 2.5 years. A student has to complete 3 years of practical experience. CIMA exams are computer-based examinations and are available for each paper on demand throughout the year.
After completing CIMA a student can expect a salary of around 6-8 lakhs per annum.