Just like any other sector, the educational industry has grown exponentially by 2021. Ever since the global pandemic disrupted everyone’s lives, people started to accept the changed circumstances and adjust accordingly. The same happened in the educational sector. Online education became a vital way to progress further and keep on learning. Not just that, but it introduced better opportunities for many students who otherwise found it difficult to pursue education.
With education getting much more accessible everywhere, more students have started taking an interest in Accounting and Finance. They plan on getting certified in Accounting and take their career to the next level. Fortunately, students can explore various options, which include opting for an Accounting certification or degree. One particular certification that has caught everyone’s attention is ACCA. Still, students are unsure whether to invest in ACCA or an Accounting degree.
If you are in the same boat, it is time to clear some doubts of yours. Let’s start by comparing an Accounting degree with ACCA and find out which one is better for you.
- 1 Accounting degrees
- 2 Course Outline
- 3 ACCA
- 4 Course Outline
- 5 Which degree is more affordable?
- 6 Which degree has a higher difficulty level?
- 7 Conclusion: which one to pursue?
Graduating with an Accounting degree is one of the best ways to excel at Accounting and finance. Accounting is related to recording, evaluating, and analyzing different financial statements for a specific firm or organization. Accounting degrees fall into two categories; a bachelor’s in Accounting and a master’s in Accounting. Both Accounting degrees are globally known and practiced by many finance students.
Now that education has gone virtual, acquiring these degrees online is convenient and affordable. Moreover, it helps students in enhancing their Accounting concepts from anywhere, anytime. By doing an online masters of accounting or bachelor’s, you expand your skillset, with better opportunities outside the door.
Acquiring a bachelor’s degree usually takes about four years, and some commonly offered Accounting degrees for bachelors are:
- Bachelor of Business Administration (BBA)
- Bachelor of Accountancy (BAC)
- Bachelor of Science in Accounting (BSACC)
For completing a master’s in Accounting, you will need a bachelor’s in the relevant subject. This degree program finishes in two years. Along with the program, you get to participate in seminars, projects, and case studies. Some of the most common master degree programs in Accounts are:
- Master of Business Administration (MBA)
- Master of Professional Accountancy (MPA)
- Master of Science in Accounting (MSA)
- Master of Accountancy (MAcc)
Accounting degrees have a fairly simple course outline, which is a combination of elective and mandatory modules. These modules help in providing rich, thorough learning related to Accounts. Electives are chosen based on an individual’s interests, motivating more students to opt for these degree programs. Some main subjects studied during bachelors and masters in Accounting include:
- Accounting and Financial Analysis
- Financial Accounting
- Cost Accounting
- Tax Fundamentals
- Managerial Accounting
- Advanced Taxation and Business Strategy
- Analysis of Financial Statement
- Generally Accepted Accounting Principles (GAAP)
- International Financial Reporting Standards (IFRS)
ACCA stands for “the Association of Chartered Certified Accountants” (ACCA), which certifies qualified accountants worldwide. Based in the United Kingdom, ACCA is one of the best Accounting certifications in the world, with over 200,000 members. The number of students acquiring ACCA keeps on increasing, up to 500,000. This popular certification falls into three main parts:
To join ACCA, you are required to clear 14 exams. However, some students may get exempt from it in relevance to their previous qualifications.
While becoming an ACCA member, it is essential to attain the appropriate professional experience of up to three years.
Apart from relevant experience, candidates must pass ACCA’s “Professional Ethics Module” to become eligible for membership.
After paying the registration fees of ACCA, you can access past papers, mobile applications, syllabus guides, case studies, etc. Most importantly, ACCA candidates have to analyze over four key levels; applied skills, knowledge, options, and essentials.
Under ACCA, the syllabus is divided into the four levels mentioned above. Each level has a bunch of subjects that develop an individual’s learning capabilities. Here is a list of subjects taught under the respective levels:
- Applied Skills:
- Financial Management
- Business and Corporate Law
- Performance Management
- Financial Reporting
- Assurance and Audit
- Applied Knowledge:
- Management Accounting
- Financial Accounting
- Accountant in Business
- In the options level, you get to select two exam courses from a set of four.
- Advanced Assurance and Audit
- Advanced Taxation
- Advanced Financial Management
- Advanced Performance Management
- Corporate Reporting
- Business Analysis
- Ethics, Governance, and Risk
Which degree is more affordable?
The ACCA certification is more affordable than an Accounting degree. Typically, an ACCA ranges from 7,500 to 10,000 USD, whereas an Accounting degree costs between 10,000 to 26000 USD.
Which degree has a higher difficulty level?
The difficulty levels tend to vary in Accounting degrees and ACCA. Usually, Accounting degree programs require effective time management and commitment to handle different assignments, projects, and studies. On the other hand, ACCA’s different qualification levels make the certification much more challenging than a degree program.
Conclusion: which one to pursue?
Both ACCA and Accounting degrees allow students to explore the field of Accountancy in the best way possible. They help strengthen their skillsets with awareness about domains like investment banking, budgeting, and market research. ACCA prepares students to lead their careers forward with better prospects and the ability to earn more. Through a degree program in Accounts, you start with an entry-level job and step up the game eventually.
This simple guide will surely help you in making the final call. If you think like an entrepreneur, opting for an accounting degree is better. However, for someone who likes to analyze finances and audits, ACCA certification will be pretty valuable.