The most basic difference between CA and ACCA is that CA is a Local qualification while ACCA is a Global Certification. However, there are tons of things to compare that will show you which one is finer or better said, which one suits your style.
To compare both these qualifications, I’ll first provide you with an overview of both CA & ACCA.
ACCA Overview
ACCA stands for the Association of Chartered Certified Accountants and is a Global Body for Professional Accountants.
To date, there are 227,000 fully qualified ACCA members. A fully qualified ACCA member means an individual who has completed ALL ACCA exams and the required practical experience of 3 years. (explained in the latter part)
ACCA headquarter is located in London and it also has local head offices in different countries including Pakistan, India, and Sri Lanka.
CA Overview
CA stands for Chartered Accountancy and is a local body for Professional Accountants. That means every country has its own Accountancy Body for regulating Chartered Accountants. For instance, the United Kingdom’s chartered accountancy body is ICAEW and that of Pakistan is ICAP.
To become a CA member in Pakistan, you must pass a set of 21 papers and complete an Articleship of 3 years. However, the criteria to become a CA member may vary across borders.
Alright, let’s jump directly to the comparison and find out what both these qualifications offer in Pakistan and what are the pros and cons of being a CA & ACCA.
1. CA Pakistan & ACCA curriculum
Fundamentally, the syllabus of CA and ACCA is almost the same. Both qualifications primarily focus on Financial & Managerial Accounting alongside Taxation and Auditing. However, there are a few changes:
CA Pakistan Papers
| Module | Paper | About the Paper |
|---|---|---|
| AFC-1 | Functional English | Basic English Grammar, vocabulary, essay. |
| AFC-2 | Business Communication | Basic Business Communication skills |
| AFC-3 | Quantitative Methods | Statistical Math and probabilities |
| AFC-4 | Introduction to information technology | Basic computer soft skills ie Microsoft office |
| CAF-1 | Introduction to Financial Accounting | Basic Financial Accounting rules and bookkeeping |
| CAF-2 | Introduction to Economics & Finance | Introduction to Macro & Microeconomics |
| CAF-3 | Business Law | Merchantile law and company law |
| CAF-4 | Business Management & behavioral studies | Classical and modern theories of management + Modern management system elaboration |
| CAF-5 | Financial Accounting & Reporting I | Preparing financial statements, reports and analyzing the reports |
| CAF-6 | Principles of Taxation | Introduction to Taxation of Pakistan and calculating basic taxes |
| CAF-7 | Financial Accounting & Reporting II | An Extention paper of financial accounting and reporting |
| CAF-8 | Cost & Management Accounting | Basic costing techniques & managerial accounting |
| CAF-9 | Audit & Assurance | Basic auditing rules and procedures |
| PCSC I & II | Presentation & Communication Skills course | Basic presentation and communication skills |
| ARTICLESHIP | 3 Years – can opt for further papers after completing 1.5 years | |
| CFAP-1 | Advanced Accounting & Financial Reporting | An extended and advanced form of Paper CAF-7 |
| CFAP-2 | Corporate Law | |
| CFAP-3 | Business Management & Strategy | |
| CFAP-4 | Business Finance decisions | |
| CFAP-5 | Advanced Taxation | More Taxation Rules and Calculations |
| CFAP-6 | Advanced Audit | Advanced auditing, risks, reports |
| MSA-1 | Financial Reporting Professional competence | |
| MSA-2 | Audit Professional competence |
- The first 4 CA Papers (AFC) are introductory papers namely Functional English, Business Communication, Quantitative Methods and introduction to Information Technology. ACCA, on the other hand, does not have such appetizers.
- The Paper Quantitative Methods in CA is a bit more mathematical and isn’t part of the ACCA syllabus.
- In ACCA, you have the option to study the taxation of any country that you like whereas in CA you’re restricted to your home country taxation only.
ACCA Papers
| Module | Paper | About the paper |
|---|---|---|
| Foundations in Accountancy | Business & Technology (BT/F1) | Fundamental Business Jargon and Modern Business Technologies |
| Foundations in Accountancy | Management Accounting (MA/F2) | Introduction to Managerial Accounting |
| Foundations in Accountancy | Financial Accounting (FA/F3) | Basic double entries and bookkeeping techniques |
| Applied Skills | Corporate & Business Law (LW/F4) | Contract, corporation and other business laws along with case studies |
| Applied Skills | Performance Management (PM/F5) | Extension to paper MA with much details and technicalities |
| Applied Skills | Taxation (TX/F6) | Introduction to Taxation and calculating basic taxes |
| Applied Skills | Financial Reporting (FR/F7) | Accounting standards, preparing single and consolidated financial statements |
| Applied Skills | Audit & Assurance (AA/F8) | Ethical threats, audit and business risks and preparation of different audit reports |
| Applied Skills | Financial Management (FM/F9) | Techniques to analyze the performance of businesses, managing risks and efficient utilization of capital |
| Strategic Professional | Strategic Business Leader (SBL) | Corporate governance Laws and Leadership Skills |
| Strategic Professional | Strategic Business Reporting (SBR) | Advanced Financial Reporting |
| Strategic Professional (Optional 2 out of 4) | Advanced Financial Management (AFM/P4) | Extended Form of Paper FM |
| Strategic Professional (Optional 2 out of 4) | Advanced Performance Management (APM/P5) | Extended Form of Paper PM |
| Strategic Professional (Optional 2 out of 4) | Advanced Taxation (ATX/P6) | Advanced Tax Rules and Calculations |
| Strategic Professional (Optional 2 out of 4) | Advanced Audit & Assurance (AAA/P7) | Additional Audit Rules, forensic audit |
These 13 papers are for students who have an accounting background ie B.com. If you want to start ACCA after intermediate or matric, you’d need to pass a further introductory set of 4 papers listed below:
| Paper | About the Paper |
|---|---|
| Recording Financial Transactions (FA1) | Learning basic double entries |
| Management Information (MA1) | Basic management information in an organization |
| Maintaining Financial Records (FA2) | Principles & Concepts relating to maintaining financial records |
| Maintaining Costs & Finance (MA2) | Prepare, process & present basic cost information |
As we have seen, if you want to start ACCA in Pakistan with no Accountancy background, you’d need to complete a total of 17 Papers. There are also exemptions available for students who have a bachelor’s or master’s degree in the relevant field. Here’s our article on exemptions for ACCA after MBA. You can calculate your exemptions using the official exemptions calculator on ACCA Global.
2. Duration: Chartered Accountancy & ACCA
There is no defined duration in both qualifications. In CA, you have to PASS 21 papers and complete your 3-year Articleship to become a chartered accountant. However, a rough approximation would be 4-6 years if you’re fully committed to your studies. It could take you less and sometimes even more than 6 years so you have to keep that in mind before embarking on the journey to become a chartered accountant.
ACCA is no different in that the duration to complete ACCA is totally up to you. The sooner you pass ALL of the 17 papers along with the required practical experience, the sooner you will be awarded your ACCA membership.
There is another important factor to consider in the duration of CA & ACCA;
As the practical experience is mandatory to become a member of both, the time period to complete ACCA also depends on at what stage a student starts his practice. The reason I didn’t mention CA is that in CA, the practice period starts after completing a certain set of papers. However, in ACCA, you can start your practice right away once you learn the basic accountancy techniques.
Say, a student starts his ACCA practice after one year and completes the 3-year internship program. During the program he manages to pass all the papers, the total time it would take him to become an ACCA member becomes 4 years. If he chooses to start his practice after completing his examinations, that could take 6-7 years!
3. Total Cost
How much CA costs in Pakistan?
Below is the minimum CA cost till completion in Pakistan:
- ICAP Registration Fee is 17,500 PKR (2021)
- Annual Subscription Fee is 2,000 PKR, considering you complete CA examinations in 6 years, Total Annual Fee= 12,000 PKR.
- Examination Fee for AFC Papers = 18,200 PKR if you opt for 4 in a single attempt.
- Examination Fee for CAF 1-5 = 15,400 PKR if you opt for 5 papers in a single attempt.
- Examination Fee for CAF 6-9 = 12,600 PKR
- Writing Skill Test = 1,900 PKR
- Students are allowed to give six papers in CFAP but that is unlikely, considering you attempt 3 in each attempt: 7,400+(2900*2)= 13,200 (3 Papers) *2= 26,400 PKR
- MSA 2 Papers = 15,800 PKR
ICAP Total Fee = 104,000 PKR
CA Tuition Fee in Pakistan:
Each college has a different fee structure for CA in Pakistan. Below is an average CA tuition fee that you can expect in most of the colleges in Pakistan.
- College registration Fee = 10,000 PKR
- AFC (4 Papers) = 75,000 PKR
- CAF (9 Papers) = 160,000 PKR
- CFAP (6 Papers) = 120,000 PKR
- MSA (2 Papers) = 40,000 PKR
- PCSC & Writing Skills Course = 8500 PKR
Total CA Tuition Fee = 413,500 PKR
Total (ICAP + Tuition) CA Fee in Pakistan = 517,500 PKR (104,000+413,500)
How much ACCA costs in Pakistan?
Below is the minimum ACCA examination Fee (2021) in Pakistan:
- Initial registration = 45 GBP
- Standard Annual Subscription Fee = 112, let’s say it takes you 4 years to complete the ACCA Program; 112*4= 448 GBP
- First 4 Papers (FA1,FA2,MA1,MA2) = 70 GBP/Paper*4 = 280 GBP
- Paper BT, MA, and FA = 100 GBP/Paper*3 = 300 GBP
- Applied Skills Module = 117 GBP/Paper *6 = 702 GBP
- Paper SBL = 206 GBP
- Paper SBR = 147 GBP
- Strategic Professional Optional Papers = 147*2= 294 GBP
- Ethics & Professional Skills Module = 65 GBP
ACCA total examination Fee in Pakistan = 2487 GBP * 217.85 (exchange rate) = 541,793 PKR
ACCA Tuition Fee in Pakistan:
- Paper Fa1-F9 = 15,000*13 = 195,000 PKR
- Professionals = 20,000*4 = 80,000 PKR
Total Tuition Fee = 275,000 PKR
Total (Examination + Tuition) ACCA cost in Pakistan = 816,793 PKR
Key Points
In the above fee structure, I have made the assumption you pass ALL your examinations on the first attempt, which is rare. Also, the above is a perfect case scenario in which ALL examinations are planned in a way that keeps the costs to its minimum. That, too, is unlikely to happen.
4. Job Prospects
Both qualifications have increasingly significant demand in the market due to the emergence of corporations in the 21st century. No doubt if you’re a fully qualified CA or ACCA, you will get a decent and high paying Job but there are TWO things to consider:
- Most firms offer very little stipends during the internship program. Imagine yourself working hard for 3 years (1095 days!) for money not enough to cover your basic expenses.
- Completing CA or ACCA alone does not guarantee high paying jobs. You have to have a certain skill set to stand out.
SCOPE & OPPORTUNITIES
Both programs cover a wide range of topics, hence more career options available to students. A qualified CA or ACCA reflects a professional who knows how to do taxes & audits, creates and manages a portfolio of investments, and a lot more important tasks.
There is another matter of discussion in comparing CA & ACCA. If you want to secure a job in Pakistan, CA should be your preference as most firms provide internship opportunities to CA students and restricts the number of internees belonging to global bodies.
Likewise, if you plan to practice and work in international markets, ACCA has a much higher scope due to its Global Recognition.
AVERAGE SALARY
Salary Packages normally depend on individuals and vary significantly across sectors and borders. It also depends on the experience and skillset that you have. Below are the Average Salaries that you can expect in different countries after completing (Papers+Articleship) CA or ACCA.
If you want to check details, I’ve attached the Reference Links.
| Country | CA | ACCA |
|---|---|---|
| Pakistan | 1,857,103 PKR | 617,727 PKR |
| Dubai | 229,200 AED | 120,000 AED |
| United States | $ 90,400 | $ 68,127 |
| United Kingdom | 84,500 GBP | 30,700 GBP |
| Australia | 81,000 AUD | 78,466 AUD |
- The above salaries are per annum and are estimations of market data available.
- These figures could be attained once you complete ACCA or CA examinations along with the required 3-year Articleship and an additional work experience of 2-5 years.
- End of the day, these are just estimations and you can have a much higher or lower-paying job depending on the approach towards your profession and the way you perform.
Which one to go for in Pakistan?
By now, I hope you have an idea of what it’s like to pursue CA and ACCA in Pakistan. Both qualifications have their pros and cons and vary in terms of the flexibility that they offer. Choosing a career option is a big decision to make as it shapes your future. Take your time and dig deep before choosing either.
For more details, you should visit the official website of ICAP and ACCA. Have questions? you can contact me at hi@economicgrapevine.com.
