ACCA vs US CPA

When it comes to a career in accounting and finance, there are two well-known qualifications that are recognized worldwide: the?Association of Chartered Certified Accountants (ACCA)?and the?Certified Public Accountant (CPA).?Both these qualifications offer high-quality education, training, and professional development opportunities to individuals who wish to build a career in accounting and finance.?

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Educational Requirement:?

ACCA?

ACCA has no formal educational requirement, and candidates can start the qualification without having any previous qualifications. However, candidates must complete a minimum of two A-levels or equivalent to be eligible to take the final exams.?

US CPA?

On the other hand, to become a CPA, a candidate needs a minimum of a bachelor's degree in accounting or a related field, with some states requiring additional coursework in business and ethics.?

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Exam:?

ACCA?

The ACCA qualification consists of?14 exams, divided into four levels:?Knowledge, Skills, Essentials, and Options.?The Knowledge level comprises three exams, which cover the basic principles of accounting, while the Skills level has six exams, which cover the technical aspects of accounting and finance. The Essentials level has three exams, which cover the advanced knowledge and skills required to be a professional accountant, and the Options level has four exams, which allows candidates to choose from a range of subjects to specialize in.?

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US CPA?

The CPA exam comprises four sections:?Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR), and Regulation (REG).?The exam consists of multiple-choice questions, task-based simulations, and written communication tasks.?

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Duration and Passing Criteria:?

ACCA?

Given that the number of papers in the ACCA course are a lot candidates usually complete all the papers and become an ACCA member within almost?4 years. The passing criteria for ACCA papers are?50%.?

US CPA?

The?CPA course ?takes?12- 18 months?to complete wherein the candidate needs to pass all four sections of the exam within that time-frame. The passing criteria for the CPA papers are?75%.?

Exam Format:?

ACCA?

The ACCA exams are computer-based and can be taken at any of the authorized testing centers globally. The exams are available to take at any time during the year, except for the Options level, which is available only during specific exam sittings.?

US CPA?

The CPA exam is computer-based and is offered during specific testing windows throughout the year. Each section of the exam must be completed within four hours.?

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Experience Requirement?

ACCA?

ACCA does not have a formal experience requirement, but candidates are required to complete a minimum of three years of relevant work experience to become a full member of the association.?

US CPA?

CPA candidates must complete a minimum of one year of relevant work experience, which must be supervised by a licensed CPA. Some states require additional experience, depending on the state's requirements.?

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Professional Focus?

ACCA?

The ACCA qualification is recognized globally and focuses on providing a broad-based education in accounting, finance, and business. The qualification equips candidates with the knowledge and skills required to become professional accountants in any industry, sector, or country.?

US CPA?

The CPA qualification is recognized primarily in the United States and focuses on the U.S. Generally Accepted Accounting Principles (GAAP) and the U.S. tax system. The qualification is primarily aimed at individuals who wish to practice public accounting, including audit, tax, and consulting services.?

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Career Opportunities?

ACCA?

ACCA qualification provides a broad range of career opportunities, including public accounting, industry, finance, and consulting. It also provides a pathway to leadership positions, such as Chief Financial Officer (CFO) and Finance Director.?

US CPA?

CPA qualification provides a pathway to a career in public accounting, including audit, tax, and consulting services. It also provides opportunities in corporate finance, such as financial planning and analysis, internal auditing, and financial accounting.?

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In conclusion, both ACCA and CPA are prestigious qualifications that provide individuals with high-quality education and professional development opportunities. The choice between the two certifications depends on your educational background, career aspirations, and personal preferences.?

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To know more about the difference between ACCA and US CPA you can read our blog:?Differences Between ACCA and CPA USA

Simandhar Education ?provides end-to-end support to all its students starting from registration, exam preparation, placement, and even conversion.??

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