COMPARING ACCA WITH OTHER ACCOUNTING QUALIFICATIONS IN MAURITIUS

Why should one choose ACCA among all the accounting qualifications? What makes it stand out? What are the cons and pros? Read our guide to answer all your queries.

This article aims to guide you by Comparing ACCA with other accounting qualifications which are likely to be ACCA, ACA and CFA, making it easy for the accounting aspirants in Mauritius to make a well-founded decision about their future potential.

INTRODUCTION TO ACCOUNTING QUALIFICATIONS IN MAURITIUS:

Mauritius is a growing financial and business hub in the Indian Ocean. The dynamic economic landscape of Mauritius brings numerous career opportunities, especially for the financial, business or accounting professionals. The rise in demand for these individuals with potential is observed. In Mauritius, several institutes offer accounting qualifications such as ACCA (Association of Chartered Certified Accountants), CFA (Chartered Financial Analyst) and ACA (Association of Chartered Accountants), these qualifications are directed toward various sectors such as auditing, financial analysis, taxation, management accounting, etc. Each one of these qualifications offers distinctive advantages and opportunities depending on an individual’s career aspirations. The aspirants usually find it difficult to choose the right qualification as per their career preferences.

AN OVERVIEW OF ACCA:

ACCA (Association of Chartered Certified Accountants) is considered one of the top qualifications in the world. ACCA is the top choice for the students who are linked with  accounting, finance and business related qualifications. Therefore, comparing ACCA with other accounting qualifications is common.

It was founded in 1904, and now has members in over 180 countries across the world. The qualification ACCA covers areas such as management accounting, financial management, taxation, auditing and financial reporting. ACCA consists of a series of exams, along with practical experience and ethical standards modules ensuring the aspirant is fully prepared to embark on a journey into the world of professional accounting. The qualification of ACCA places a very strong focus on international standards, ethics and continuous progress, providing graduates with excellent career prospects across diverse sectors such as banking, corporate finance, public accounting and consultancy. For the individuals residing in Mauritius ACCA remains the gateway to a rewarding career both locally and internationally.

ACCA VS ACA:

Comparing ACCA (Association of Chartered Certified Accountants) as well as ACA (Association of Chartered Accountants) both are very reputable globally recognized accounting qualifications. However, both of them cater to different professional needs, opportunities and paths. ACCA offers a versatile and comprehensive qualification that covers a wide range of areas such as financial reporting, taxation, auditing, and financial management which makes it appropriate for various roles in different sectors such as corporate finance, auditing and management accounting, etc. Talking about flexibility, ACCA is generally more flexible in terms of exams and schedules, it provides a variety of online resources and study material making it easier for students to manage their studies alongside their professional commitments.

Whereas ACA focuses on a niche area, its prime focus is on auditing and public accounting. However the qualification of ACA is highly respected too, especially in UK and Commonwealth countries, the global recognition of ACA is also growing in Europe as well as the Middle East. ACA is preferable for individuals seeking a career in auditing, especially within the Big Four accounting firms i.e.; Deloitte, PwC, KPMG and EY. ACA follows a more structured path, which involves a series of exams and mandatory hands-on training in the relevant field, which usually takes 3-5 years to complete.

It follows more of a rigid structure which typically requires the candidate to obtain a position with a recognized training firm.

ACCA VS CFA:

However, both the career paths be it comparing ACCA or CFA which are globally recognized qualifications of accounting and finance but differ in the matter of skill sets, knowledge and opportunities. Where ACCA covers a broader range of topics and areas of accounting namely; taxation, financial reporting, auditing and financial management encouraging ACCA graduates to pursue careers in management accounting, public accounting and corporate finance. These graduates can acquire diverse roles in different sectors and industries. To be a qualified ACCA professional one needs to clear 13 exams which consist of three levels, this qualification allows a flexible timetable and study options and generally takes 3-4 years to complete.

On the other hand, CFA (Chartered Financial Analyst) primarily focuses on the limited aspect of accounting which is financial analysis and investment management that covers areas such as equity investments, financial modeling and portfolio management. CFA is ideal for individuals seeking a career in investment banking and asset management, CFA qualified professionals usually work in the roles related to the investments. CFA exams are divided into three levels and takes around 3-4 years to complete the qualification with significant attention towards investment strategies and financial analysis.

WHICH QUALIFICATION ALIGNS WITH YOUR GOALS:

  • Career goals:

First and foremost, an important part of choosing and comparing ACCA with other qualifications depends on what career goals you want to achieve! If an individual aims to work in investment management and financial analysis CFA is best suited for him. Individuals seeking a future in auditing, financial management and accounting may go for the qualifications of ACCA and ACA.

  • Structure and feasibility:

In the matter of feasibility, ACCA is more appropriate as it offers a flexible timetable of exams and study schedule which encourages students to concentrate on their professional life along with their studies. On the other hand, ACA has a more structured approach and requires specific training. CFA requires a significant amount of self-directed study to achieve success in the completion of three levels of exams.

  • Global Recognition:

The ACCA qualification is utilized, acknowledged and practiced globally. Likewise, in the UK market ACA also has some scope same in other commonwealth countries. The CFA qualification is appraised in the sectors like finance and accounting.

  • Personal preferences and skills:

For an individual who is fascinated by the idea of investment decision-making and financial data analysis CFA could be the right choice. However, the one who finds accounting more appealing and wants to learn it in detail may go for ACCA or ACA.