If you’re contemplating a career in accounting, two of the most prestigious qualifications that will cross your path include ICAEW full form (Institute of Chartered Accountants in England and Wales) and ACCA full form (Association of Chartered Certified Accountants). There is worldwide acceptance for both qualifications, but both have a specific range of career options, examination structures, and benefits. In this blog, we will introduce a complete comparison between ICAEW vs ACCA to allow you to make a sound career decision in accounting. In this blog, we will introduce a complete comparison of ICAEW vs ACCA, including full forms, course structures, key differences, and both qualifications’ benefits.
What is ACCA?
The ACCA full form is Association of Chartered Certified Accountants, a global professional association offering a qualification in finance and accounting. Established in 1904, ACCA is a globally acknowledged and largest accounting association with a widespread network of its members in 180 nations. It is an ideal certification for candidates who desire a career in management, finance, and accounting.
ACCA Course Structure
ACCA offers a qualification that is universally acknowledged and deals with a variety of subjects in accounting, including financial management, auditing, taxes, and financial reporting. The ACCA course subjects seek to develop a sound understanding of practice in accounting and develop working skills through work experience.
The ACCA exam structure consists of three stages: Applied Knowledge, Applied Skills, and Strategic Professional. All three stages have been designed in a sequential manner, starting with fundamentals and then moving towards complex ones. In addition to exams, students of ACCA have to complete a work experience requirement, in most instances working in an area of accounting and finance for a certain period of time.
ACCA certification is renowned globally, most specifically in Asia, Africa, and the UK. Due to its global acceptance, its qualification is a desired qualification for professionals looking for a career abroad. Besides, its certification opens doors for many jobs, such as auditors, tax professionals, management accountants, and financial analysts.
What is ICAEW?
The ICAEW full form is the Institute of Chartered Accountants in England and Wales, a professional organisation for chartered accountants formed in 1880. ICAEW qualification is one of the most prestigious in its field and most in demand for senior position jobs in management and accounting, particularly in the UK and European countries.
ICAEW Course Structure
ICAEW is famous for its thorough training and its commitment towards creating professionals who can tackle complex business-related issues. The training consists of three important segments: ACA qualification, including exams, practice training, and a final examination. ICAEW members have to demonstrate expertise through both a series of exams and a practice training agreement.
The ICAEW exam structure includes 15 modules, which are divided into three levels: Certificate, Professional, and Advanced. Each level focuses on key areas such as financial accounting, auditing, taxation, and business strategy. The course also places a strong emphasis on practical experience, requiring students to work for a specified period under the supervision of an ICAEW-approved employer. This helps ensure that students gain hands-on experience and a thorough understanding of the accounting profession.
ICAEW’s recognition is widespread, most notably in the UK and countries in the Commonwealth. It is regarded in many cases as a mark of excellence in accounting and is much valued by employers in both financial and commercial sectors.
Key Differences: ACCA vs ICAEW
When comparing ICAEW vs ACCA, several differences become apparent regarding career opportunity, course structure, and acceptance worldwide. Some of the most significant factors to consider include:
Global vs Regional Recognition:
With both qualifications enjoying global acceptance, ACCA has a larger presence worldwide, particularly in Asia, in Africa, and in the region of the Middle East. ICAEW, meanwhile, is renowned in the UK and in Europe and is one of the most desired options for accountants in both regions.
Course Focus:
ACCA seeks to provide a general understanding of fundamentals in finance and accounting, and for that reason, it is best for professionals who desire to work in any field and in any country. ICAEW, however, places a significant emphasis on direction and leadership in a business, and for that reason, it is best for professionals who desire to become high executives in the financial field.
Exam Structure:
There are three levels in ACCA examination structure, but ICAEW qualification is in three stages—Certificate, Professional, and Advanced. There is a broader range of subjects in ACCA exams, but ICAEW’s is in fewer subjects with a deeper level of comprehension.
Practical Training:
Both qualifications involve practical training, but ICAEW’s requirements are stricter. In order to become an ICAEW member, candidates have to undertake an approved training agreement with an ICAEW-approved employer, and such an agreement lasts for three to five years in most cases.
Career Path:
ACCA career options range from financial analyst, auditor, and tax advisor to management accountant. It even opens doors for candidates who seek to work in many locations all over the world. ICAEW, however, is preferred for a career in a UK Chartered Accountant position or for a career in finance with a leadership role.
Choosing Between ACCA vs ICAEW
What Factors Should You Consider?
When deciding between ICAEW vs ACCA there are a variety of factors to take into consideration. Some of them include:
- Place to work: In case you’re interested in working in emerging economies or abroad, ACCA will most likely serve your purpose with its widespread acceptance. However, in case you’re working in the UK, ICAEW will most likely be a better alternative for you.
- Career aspirations: There are a variety of ACCA career options, particularly for entering a career in finance or accounting. ICAEW, with its leadership and strategic decision-making, is best for those aspiring for senior positions.
- time and commitment dedicated to studying: ICAEW exams have a strong reputation for being challenging, and practice training can run over several years. By contrast, ACCA is less structured in terms of studying, with exams sat at a variety of times during a year.
- preferred study approach: Do you have a preference for a formal, academic, and challenging studying path with a high practice orientation? ICAEW might then be for you. Do you have a preference for a general qualification with worldwide acceptance? ACCA then might be for you.
Conclusion
Both ICAEW vs ACCA have a strong career outlook and produce qualifications with a worldwide acceptance level. Ultimately, your choice will depend on your career objectives, locations in which you will work, and your preference for examination format and work practice requirements. In any case, your choice between ICAEW vs ACCA will result in a successful career in the field of accountancy.
FAQs on ICAEW vs ACCA
Which is better, ICAEW or ACCA?Â
There are certain strengths in both of them. ACCA is more universally accepted worldwide, but ICAEW is highly valued in the UK and European regions. It will vary according to your career objectives and preferred location.
Is ICAEW worth it?Â
ICAEW is one of the most prestigious qualifications in accountancy, and more specifically in Europe and in the UK. It opens a brilliant career opportunity for candidates wishing for a career in leadership in finance.
Can I do both ICAEW and ACCA?Â
It is possible to sit for both qualifications, but it will consume a lot of time. Most professionals prefer one qualification over the other based on career objectives and location.
Which qualification is more recognised internationally?Â
ACCA is best known worldwide, specifically in Asia, in Africa, and in the region of the Middle East. ICAEW is regionally famous in the UK and in Europe.
