ACCA vs Accounting Degree: Why ACCA Stands Out in the Global Job Market?
ACCA vs Accounting Degree:
The right education can have a big impact on your professional development and opportunities if you want to pursue a career in accounting. Many ACCA-qualified individuals claim that the ACCA is significantly superior to an accounting degree, but how true is this in the contemporary world? Both credentials are well recognized and offer a chance to succeed in the accounting industry. Although the requirements to become an ACCA are challenging, is it worthwhile given that the markets favor degree holders?
In this blog, we’ll explore the specifics of the ACCA and accounting degrees, highlighting their similarities and distinctions in order to help you choose which degree could be the best fit for your aspirations and professional objectives.
ACCA vs Accounting Degree: The Key Differences
While an ACCA is a professional accounting qualification granted by an international body, an accounting degree is an academic degree bestowed by a university. ACCA is not a formal education. ACCA can be completed after receiving a degree, however, it cannot be completed in the reverse direction unless it is impossible.
ACCA vs Accounting Degree: The Course Materials
An accounting degree might be more appropriate if a person is business-minded and does not plan to work in accounting for the rest of their life. Core accounting courses are combined with electives in management, marketing, finance, and business law to create a degree program. Those are all intended to provide a more specific and well-rounded experience.
As contrasted with ACCA, where accounting topics are covered throughout the entire course.
whereas the ACCA focuses on the technical accounting concepts and principles necessary for a professional accountant, providing a person with a deeper understanding of accounting. Particularly at the Professional level, the syllabus goes into deeper detail about advanced accounting calculations and methodologies than a degree would. An individual loses the chance to build leadership and teamwork abilities throughout the educational stage because ACCA does not allow much interaction between a person and his peers during the course of the program.
ACCA vs Accounting Degree: Which is Harder to Obtain?
Because the complexity of an accounting degree increases gradually over the course of three years of study, it is simpler than the ACCA. Additionally, there are grading components for assignments and presentations in an accounting degree exam, so it is not entirely paper-based. The course is more demanding than ACCA because it is entirely paper-based and the subject matter gets progressively harder as one progresses through the levels.
ACCA vs Accounting Degree: Which is Faster?
Starting with pre-university coursework like A-Levels or foundation courses and progressing to an accounting degree, which takes roughly 2 to 3 years to complete from the SPM level, an accounting degree typically takes about 3 – 4 years to complete. While the ACCA program typically takes 3 years following SPM. After SPM, a person can enroll in the 1-year Certified Accounting Technician (CAT) program and continue on to the remaining ACCA papers in as little as two years.
ACCA vs Accounting Degree: In Terms of Fee
2,805,747 (PKR) to 210,0000 (PKR) can be spent on a three-year accounting degree, depending on the caliber and standing of the university. An individual can apply for a government loan (PTPTN) to lessen the financial burden of education if cost is a significant barrier to affordability. In contrast, ACCA courses ranged in price from 20,0000 (PKR) to 45,0000 (PKR) not to add the yearly membership charge. A person can earn an ACCA qualification without going to a private tutoring center (there are many in Pakistan), if they prefer to self-study. By paying all required examination fees rather than the entire tuition and resource fees, the costs will be reduced.
ACCA vs Accounting Degree: Recognitions
Due to worldwide accreditation and collaboration agreements, private university degrees in accounting are now far more respected than they were in the past (much like how someone may acquire an Australian degree from UCSI University in Pakistan without being physically present in Pakistan). Even though ACCA is a professional credential, having it does not guarantee that a person will have easier access to foreign job markets. The world today is extremely different from the past, when every nation did everything in their power to safeguard the domestic labor market. Therefore, relying just on an individual’s ACCA credentials is simply insufficient if their ultimate goal is to work abroad.
ACCA vs Accounting Degree: Career Options
An individual with an accounting degree has a variety of job options, both inside and outside the accounting industry. While the majority of ACCA qualifiers are restricted to careers in accounting.
ACCA vs Accounting Degree: Opportunities for Big Brands
Some claim that the Big Four, the largest accounting companies, would want their staff to at least hold a professional degree (whether it be MIA, ACCA, CPA, or CA). This is a fallacy and not always the case; hiring is a difficult process that involves the hiring managers taking into account candidates’ personalities as well as their communication, leadership, and initiative skills. You may confirm this on LinkedIn.
Alternatively, after earning a degree, a person can finish his professional qualification (ACCA). If the person is fortunate and talented enough, some businesses might even fund him to pursue a professional qualification, like the ACCA or CPA, in return for a bond to the organization.
Bottom Line on ACCA vs Accounting Course
In conclusion, an individual with an accounting degree has a wide range of job options both inside and outside the accounting industry, whereas a people with an ACCA designation has strong professional capabilities in accounting. The decision should ultimately be based on how much time he is willing to devote to his studies, his financial situation, and his intended professional path.