“CHOOSING BETWEEN ACCA AND ICAEW IN SRI LANKA? WHICH ONE IS THE RIGHT PATH FOR YOU?”
Accounting qualifications are becoming more advanced and diversified as the needs of the accounting and finance industry change; as more accounting and finance-related qualifications are being introduced, aspirants are usually caught in a confused state. Are you one of those students who find it difficult to choose between the two most popular accounting qualifications, ACCA and ICAEW? To be fair, it is completely normal to be selective and cautious when it comes to choosing between the two best, especially when your whole career depends on the decision you are about to make.
Both the ACCA and ICAEW in Sri Lanka have been the talk of the town and popular choices amongst ACCA aspirants; the knowledge they provide is truly commendable and helps students in securing a progressive role in the financial world. Students usually get overwhelmed while figuring out ACCA or ICAEW, which is better; hence, to help them out, we prepared this in-depth guidebook. Students must give it a read and understand what each of these qualifications offers to choose the best one for themselves.
ACCA AND ICAEW IN SRI LANKA: AN OVERVIEW
Both are the leading qualifications of the Accounting sector; however, here is a brief overview of either one of them for better understanding.
1: ACCA
ACCA stands for (Association of Chartered Certified Accountants), a widely recognized global certification well acknowledged in more than 180+ countries. The qualification consists of thirteen exams focusing on diverse accounting and finance areas; along with clearing these exams, students must also complete the other academic requirements, including relevant work experience of 36 months and completing EPSM modules. The qualification of ACCA is quite flexible and feasible, be it academically or professionally; academically, it allows students to opt for distant or part-time learning, and professionally, it allows ACCA members to work in diverse roles and industries locally as well as globally.
2: ICAEW
ICAEW stands for the Institute of Chartered Accountants in England & Wales; it is a globally acknowledged qualification for Chartered Accountancy that focuses mainly on audit, corporate business, strategy, and business leadership. The qualification is more structured rather than flexible, as it usually requires a training contract with an acknowledged training employer; along with 15 exams, ethics & professional development, students also need to complete structured training of about 3-5 years.
ACADEMIC STRUCTURE OF ACCA AND ICAEW
Below are the different academic structures explained comprehensively
1: ACADEMIC STRUCTURE OF ACCA
The ACCA qualification is divided into three academic levels, each consisting of different modules, which add up to thirteen modules in total. For a better understanding, the structure is given below:
Note that all these modules are comprehensive and equip you with knowledge as well as skills; to complete the qualification, students must complete all thirteen exams. Other than that, EPSM (Ethical & Professional Skills Modules) is the second academic requirement, which students must complete in addition to the PER (Professional Experience Requirement) of 36 months in a relevant role and with an approved employer. The ACCA course duration in Sri Lanka is approximately 3-4 years if students follow a well-structured and effective academic plan.
2: ACADEMIC STRUCTURE OF ICAEW
The ICAEW (ACA) qualification consists of three academic levels, namely the certificate level, professional level, and Advanced level; the certificate level consists of foundational knowledge regarding finance principles, whereas the professional level focuses on deeper accounting and its application. Lastly, the advanced level is the difficult one, including case studies and strategic & corporate reporting. Alongside completing all these academic levels, students must also complete Ethics and professional skills, as well as the practical training of 3-5 years with an Authorised Training Employer (ATE). As for the timeframe, the ICAEW duration in Sri Lanka depends on an individual’s academic competencies and discipline; however, it approximately takes 3 to 5 years.
ACCA AND ICAEW CAREER SCOPE
The career pathways and scope of each of these qualifications are discussed below:
1: ACCA SCOPE IN SRI LANKA
The scope of ACCA in Sri Lanka is not only high in Sri Lanka but globally too; well-skilled ACCA members can work in several roles in different industries and sectors. The most popular roles that these professionals take over in SMEs, large corporations, and global firms include tax consultant, finance manager, accountant, financial analyst, auditor, CFO, etc. The scope is high in the region as employers seek these professionals, and the career prospects are wide and quite progressive.
2: ICAEW SCOPE IN SRI LANKA
ICAEW Scope in Sri Lanka is high as this qualification also has a strong global recognition, and professionals of this role can take on roles in audit, consultancy, practice, and corporate finance. ICAEW ACA professionals can even work in Big Four firms and other large corporations in the job market.
CONCLUSION
Both ACCA and ICAEW are qualifications that can lead you to a success-driven career in finance and accounting; either of them is globally recognized and has a strong presence in the local as well as international job market. Other than that, the academic structure of each one of them is different from one another; yet the decision of choosing one of these academic paths completely depends on every aspirant’s academic choices.
FREQUENTLY ASKED QUESTIONS
Q1: Where can I book my ACCA exams in Sri Lanka?
Answer: ACCA exams in Sri Lanka can be booked through your MyACCA account on ACCA Global’s website; to register for ACCA exams, you must be a registered student first.
Q2: Which one is more acknowledged globally between ACCA and ICAEW in Sri Lanka?
Answer: ACCA is a globally recognized qualification with an international presence in more than 180 countries of the world; whereas, ICAEW is well-regarded particularly in countries like the UK, Europe, etc.
Q3: Is ICAEW harder than ACCA in Sri Lanka?
Answer: ACCA and ICAEW both of these qualifications are quite competitive; the difficulty level for each student can, however, vary depending on an individual’s academic interests and capabilities.
