An ACA in accounting terms stands for Associate Chartered Accountant (ACA) and is a qualification that is perfect for aspiring accountants. It's mainly UK based and is similar to the CPA qualification.

What are the differences between the ACA and ACCA?

When it comes to ACA and ACCA-administered accounting examinations, primary differences can be seen in exam board, exam structure, exam duration, exam fees, and exam difficulty.

ACCA and ACA: What Makes Each One Different?

“The ultimate purpose of qualifications is to find a great job, and the ultimate purpose of education is to create a great life.” -Debasish Mridha

Qualifications, qualifications, qualifications. They are such a standard part of the education system and formative years that educators tend to forget that teaching is meant to have students reason on things and use their knowledge to accomplish great things.

Education should never solely be about tests and quick skills but rather positive learning experiences for all involved.

However, since we live in an imperfect world, qualifications still exist and will continue to do so for the foreseeable future. And, it's important to state that in 2023 most education qualifications are well-designed, useful, and fascinating learning experiences for students. Such as? Well, it's worth mentioning that various accounting boards provide top-notch accounting accreditations for persons aspiring to work in business and finance.

If you have a little bit of an understanding of the accounting world, you might have heard the acronyms ACA and ACCA, but what do they mean? Let's find out in today's article about accountancy accreditations!

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What's an ACA?

making cash — Accountants with qualifications are the right people to manage your money. (Source: Unsplash)

Before we attempt to decipher the primary differences between the ACCA and the ACA, it's essential to define each acronym to garner a better understanding of accounting terms. So, first of all, what is an ACA?

Contrary to popular belief or understanding, an ACA is known as the associate chartered accountant (ACA) and is a qualification that is administered by the Institute of Chartered Accountants in England and Wales (ICAEW). The ACA is a UK-based accreditation that is quite similar to the CPA certification that is granted to accountants in the United States. To acquire an ACA, certain GCSE and A-Level courses must be completed by students.

In the United Kingdom, or abroad, any accountant who's worth their salt would consider studying for the Associate Chartered Accountant qualification. But, why's that? Let's consider the following benefits of an ACA:

The ACA allows working accountants, or other individuals working in finance, to learn as they earn cash in their field,
The ACA qualification is very highly regarded across all sectors of employment,
The ACA provides diploma holders with a vast variety of job possibilities directly after graduating,
The ACA accreditation ensures the highest-paying accounting jobs in the industry.

Have the previously mentioned reasons convinced you to consider giving the ACA accreditation a try? We sure hope so! Since it's currently offered by the ICAEW in the UK, it'd be a great idea to consider visiting their website to discover upcoming exam dates in your local area.

What's an ACCA?

ACCA? Isn't that the same acronym that we just considered in the previous paragraph? Close, but not exactly. The ACA is an assessment that is available for aspiring accountants in the UK that is overseen by the ICAEW. However, on the other hand, the ACCA is a worldwide accountancy organisation that aims to provide standardized qualifications and degrees in accounting and finance for students around the world. There are many UK-based further education centres and accounting firms that are partnered up with the ACCA.

Did you know that there are more than 200,000 members of the ACCA internationally and more than 500,000 students?

The ACCA is highly regarded at an international level yet its origins are straight out of the United Kingdom with its headquarters being located in London.

But, what does the ACCA do? Let's take a look at the list below:

The ACCA is known for creating excellent accountancy qualifications,
The ACCA works with governments, regulators and employers to help to develop the accountancy profession in economies where it’s needed most,
The ACCA works around the clock to provide advice and support to the rest of the accountancy profession,
The ACCA does their best to introduce significant innovation to the accounting industry by providing new thinking, analysis and practical recommendations for the profession and wider business.

Since multiple accounting associations operate in the United Kingdom, what makes the ACCA stand out as different and better than the rest? Well, some might say that the ACCA reigns supreme in the quality of students, the members it attracts, the longevity and recognition of the qualifications offered, and the reach of the sheer amount of employment networks available.

So, after considering both the ACA and the ACCA, are you still a bit confused? We don't blame you! Firstly, it's important to remember that an ACA is a qualification that's offered by the ICAEW in the UK. Secondly, the ACCA is a trusted organisation that provides accounting accreditations to interested students.

Therefore, with so many slight differences, it's worth reviewing the dissimilarities between ACA and ACCA acronyms. Thankfully, the following subheading will help with that!

What are the Top Differences Between ACA and ACCA Acronyms?

ACA and ACCA differences — Are you curious as to the difference between an ACA and an ACCA? (Source: Unsplash)

Now that we've defined the ACCA and the ACA, what are the primary differences between both? As we have seen in the preceding paragraphs, both the ACA and the ACCA are fundamental fixtures in the sector of accounting and money management yet there are contrasts.

Since they are both technically certifications, without further delay, let's take a look at the following list that highlights the most significant distinctions:

Exam Board: the primary distinction between ACA and ACCA acronyms is whom they are regulated by. For instance, the ACCA exams are overseen by the Association of Charted Certified Accountants (ACCA) and the ACA accreditation is controlled by the ICAEW in the UK.
Exam Structure: how is each examination structured? Generally, ACCA courses are divided into three levels: Applied Knowledge, Applied Skills, and Strategic Professional. As for the ACA, the exam is organised into three stages such as the Certificate Level, the Professional Level, and the Advanced Level.
Exam Duration: ACCA exam completion standards are very flexible and some students take up to 10 years to finish their qualifications. However, most aspiring accountants aim to finish ACCA tests within three years. As for the ACA, its schedule is more strictly regulated and there is an expected completion of three years.
Exam Fees: so, how much does each exam cost? Well, it's important to mention that ACCA accreditations are slightly more expensive ranging between £1,000 to £2,000 for the entire course. There are annual fees that need to be accounted for could make things more costly if it takes a few years to complete the accounting courses. The ACA course from the ICAEW is relatively affordable and costs approximately £700 plus exam fees.
Exam Difficulty: according to recent statistics, the ACCA exam is a bit trickier to pass than the ACA. For example, only 30% of test-takers clear the ACCA qualifications. Whereas, on the other hand, the ACA accreditation administered by the ICAEW is only moderately difficult with over 70% of students passing the exam.

While we could go on describing many more of the unique differences between the ACA and ACCA, the previously mentioned ones are the most significant and noteworthy. Whatever you decide between the ACA and the ACCA qualifications, we can guarantee that you'll receive a structured and complete understanding of all things accounting.

But, what if you're struggling to pick up certain concepts that are more difficult to understand? It might be a great idea to hire a private tutor to help you go through the motions. But, where and how? Keep on reading to find out more!

Should I Hire a Tutor to Learn More About Accounting?

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Is learning about numbers and financial figures more difficult than you previously imagined? If so, you're not alone. While we may have a passion for something, that doesn't necessarily make it easier. So, what can be done? Seek out the professional advice of a tutor.

Private accounting tutors are seasoned professionals in their domain and have significant experience helping students study for and successfully pass their accountancy examinations.

But, where can accounting students find helpful and affordable private tutors? The answer is simple: Superprof! With more than 23 million tutors instructing 1000+ academic disciplines, Superprof is a goldmine. The following are a few of the most significant advantages of hiring a Superprof accounting instructor:

Variety of tutors,
Affordable prices,
Expert tuition,
A terrific support staff.

We highly recommend taking a look at the various Superprof accounting instructors that are available in your local area.

In conclusion, we're very satisfied that we were able to mention the most significant dissimilarities between the ACCA and the ACA since many students are confused by these acronyms and what they truly mean. Have the best time learning more about accounting!

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