Both ACCA qualification and a degree can lead to a thriving career. However, both offer distinctive pathways. When choosing between ACCA and a degree, important factors such as duration, cost, future outcomes, focus, and goals should be considered. The following are the key differences, factors, and career outcomes that may influence you to make a better decision. 

ACCA VS DEGREE: 

NATURE OF THE QUALIFICATION: 

ACCA (Association of Chartered Certified Accountants) is an accounting body that offers a certificate of ACCA to accounts and finance aspirants. ACCA is a globally acknowledged, reputable qualification focused on accounting, finance, and business sectors. This qualification includes a series of 14 papers divided into three levels. It also includes an ethics module exam and practical experience. ACCA provides skills and knowledge that enable aspirants to take over roles such as auditor, tax consultant, financial analyst, and management accountant. 

A degree in Accounting, Finance, or Business Administration is not specialized or focused on a specific area; rather, it offers broader education about the subject. A degree usually takes 4 years or more to complete an undergraduate program. However, a degree in accounts, finance, or business can also lead to a successful career offering a broader scope. Still, it doesn’t provide the specialized knowledge in accounting and finance, nor does it provide the practical skills and knowledge of accounting and finance like in the ACCA qualification. 

DURATION AND FLEXIBILITY: ACCA QUALIFICATION VS DEGREE: 

The completion of ACCA qualification can vary from person to person, depending upon how quickly they complete the series of exams and practical experience needed for this qualification. Usually, it takes around 3-4 years to complete ACCA. This qualification provides great flexibility by offering part-time and full-time study options, which is a plus point for working students. 

A degree is a structured academic program that normally takes 4 years of full-time study. Usually, universities limit individuals to giving all their time to study, making it difficult for working students to manage their studies with work. However, there are some part-time or online degree options too, provided by virtual universities. 

COST AND AFFORDABILITY: 

ACCA is usually more affordable and pocket-friendly as compared to university degrees, as the cost for ACCA includes exam fees, membership fees, or study material. Unlike universities where you also have to pay tuition fees. The option of studying the ACCA part-time makes it more budget-friendly for working students.  As, ACCA tuition fees per course vary from 18000 t0 35000 (PKR).

On the other hand, a university degree is more expensive in comparison to the ACCA, especially in countries like the UK, the US, Australia, etc. The cost of a degree also includes the tuition fee, and the structured timetable of university classes makes it difficult for students to manage work-study balance. 

ACCA CAREER VS DEGREE CAREER: 

ACCA qualification can provide more specialized roles in the accounting and finance sectors. Since it’s a globally recognized qualification, it opens the gateway to international job opportunities. The ACCA professionals can pursue careers in these areas: taxation, audit, financial reporting, management accounting, or financial management. ACCA professionals are offered handsome salary packages and a chance to work in multinational firms as the need for skilled and qualified accounting professionals is always high. With the right skills and experience, these individuals can also achieve higher management roles such as CFO, finance director, etc. 

A degree offers a wide range of career paths for Business Administration, IT, Mass Communication, Management degree,  and Accounting Degree students, such as marketing, HR, administration, web development, IT Audit etc. Accounting and financial roles are offered for individuals who graduated with accounting or finance degrees. It doesn’t provide roles in specialized positions like those in ACCA qualification. However, if an individual aims to specialize in some area after acquiring a degree, then the degree will be fruitful for them in their further qualification or specialization. 

RECOGNITION AND REPUTATION: 

ACCA qualification is globally standardized and is acknowledged all around the world. Along with academic knowledge, this qualification also focuses on practical skills and experience. This practice prepares students to jump into the professional world of accounting and finance. 

Whereas a degree is highly regarded if from a reputable and well-known university. The importance of the degree completely depends on the university and the area of study. Students can also consider a degree as a stepping stone to advanced qualification or specialization. 

WORK EXPERIENCE ACCA VS UNIVERSITY DEGREE: 

To complete the qualification of ACCA, one should also complete the Practical Experience Requirement (PER). It is a part of the ACCA qualification that enables the students to gain hands-on practical experience in the area of accounting and finance. This practical experience helps ACCA professionals to get employed right after the completion of the ACCA qualification. 

Few degrees in finance, accounting, or business-related fields offer internships to the aspirants. However, some degrees are more theoretical and don’t offer any practical experience or exposure to the students.

JOB OPPORTUNITIES: ACCA VS DEGREE: 

For specified roles in accounting and finance, employers seek ACCA-qualified individuals to take over the role. ACCA-qualified individuals are preferred over non-qualified accountants. The professionals with this prestigious qualification are offered handsome salary packages, and the global recognition of this certificate allows them to offer their services internationally as well. 

Degree, on the other hand, offers a wide range of sectors to work in depending upon the area of study of the degree. If the degree is acquired from a reputable university that is known internationally, then the students can benefit from getting jobs abroad. The degree covers a broader range of areas of study, creating more opportunities to explore. 

CONCLUSION: 

Both a degree and ACCA qualification have pros and cons, and the choice completely depends on the individuals themselves. But if an individual is passionate and ambitious about accounting and finance, then ACCA is the better option, as it opens a gateway to career opportunities locally as well as internationally; it is a progressive field allowing an individual to get higher roles in the respective field, offers handsome salary packages, and offers flexible study schedules. Nevertheless, if an individual doesn’t want a specialized field but rather wants to explore a wide range of areas, then a degree could be considered.