Please help me figure out ACA/ACCA/CPA?

Chitterchatter

Hi Folks. I've completed my honours degree in business (accounting stream) from IT Tallaght with a 2.1 and am trying to figure out what now. Any help/advice/pointers are welcomed and appreciated.

At the moment I am trying to figure out which professional body to join and sit exams with.

I have researched as much as I can via websites, but I am looking for an overall summary of the options. From what I can gather, this is my take on it so far (please feel free to correct me as necessary!)........


ACA
very audit based
more suited to industry than practice
tied in with a 3 yr training contract
usually offered by larger companies only
unsure of exemptions offered
ACCA
more flexible and popular
no training contract
suited to industry above practice
5 exemptions offere
CPA
Flexible
not as well recognised as ACCA,ACA
5 exemptions offered

I'm unsure of what CIMA offers.

Also I think a smaller firm would suit me personally better than a larger company, making me think that practice is where I should be heading. What are the benefits and drawbacks of larger v smaller firms?

Has anybody done one of the accounting professional exams alongside the tax exams - how difficult was it to do so? Did you have support from your employer with both?

Please take the time to help me figure this out, I seem to be getting nowhere....

Stabshauptmann

Dunno, but maybe the answer is in these:

http://www.boards.ie/vbulletin/showthread.php?t=2055027317

http://www.boards.ie/vbulletin/showthread.php?t=2055264982

Stabshauptmann

I can tell you though that Ive done CAP1 and CAP2 (years 1&2 ACA) and I dont know why you feel they are very audit based or not good for practice.

Chitterchatter

Stabshauptmann wrote: »

I can tell you though that Ive done CAP1 and CAP2 (years 1&2 ACA) and I dont know why you feel they are very audit based or not good for practice.

It's literally going on what I have heard, nothing more than hearsay. I'm still looking to figure out the true stance.

Have have you found ACA? Are you with a larger company or a smaller firm?

lulu21

ive just completed an honours degree in accountancy in athlone it.. i am in the same position, unsure where 2 head or what to do??

i know athlone have a one year programme 2 qualify for acca its €620 per exam...

im still unsure what direction 2 head whether teaching or professional body???

any advice???:eek::eek::eek::eek::eek::eek: greatly apreciated.......

Chitterchatter

Chitterchatter wrote: »

ACA
very audit based
more suited to industry than practice Nope, not necessarily
tied in with a 3 yr training contract More or less, although it's not unheard of to switch

usually offered by larger companies only No, all sorts of practise sizes offer ACA

unsure of exemptions offered

ACCA
more flexible and popular Yes, especially with international students
no training contract Generally true

suited to industry above practice

5 exemptions offere
CPA
Flexible
not as well recognised as ACCA,ACA I'd have to agree
5 exemptions offered

I'm unsure of what CIMA offers. Broadly, its a management accounting qualification, so in that regard it is more suited to industry.

Some comments, based on my own experience!

kluivert

ACCA

Suited towards industry rather than practice.
Greater flexibility with exams and training.
Greater focus towards accountants as CEO etc.
International Focus.

ACA

Suited towards practice rather than industry
Greater technical focus on accounting and auditing standards.
Greater Irish support for Irish members with a national focus.

CPA

No experience therefore no comment.

Legend100

doing the tax exams while taking the accounting exams would be a very difficult task i'd say.

i am intending on going onto do the tax exams now that i have my fae's done in aca (passed hopefully!!!!) and there is no way i could have managed both together.


I have friends who sat the part2s of the tax exams while doing the accounting exams but they were all exempt from the old prof 3 in ACA as they had a masters done and had a year to play with. But i think doing them concurrently would be a very tough route

DUBACC

Legend100 wrote: »

doing the tax exams while taking the accounting exams would be a very difficult task i'd say.

Quite right - if you intend holding onto your job, sanity, girlfriend, etc, id say take them one after the other. What's the rush anyway? You will just get burnt out.

DUBACC

Chitterchatter wrote: »

ACA
very audit based TRUE
more suited to industry than practice DISAGREE - MORE IN PRACTICE
tied in with a 3 yr training contract TRUE - TRAINING IS GENERALLY GOOD THOUGH
usually offered by larger companies only NO WAY - ALL PRACTICES USUALLY OFFER THIS
unsure of exemptions offered
ACCA
more flexible and popular TRUE - MARGINALLY
no training contract TRUE BUT STILL REQUIRE 3 YEARS GOOD EXPERIENCE TO QUALIFY SO NO DIFFERENCE APART FROM WHERE YOU TRAIN
suited to industry above practice NOT SURE ABOUT THIS - BOTH ACCA AND ACA ARE FOUND EXTENSIVELY IN BOTH INDUSTRY AND PRACTICE
5 exemptions offere
CPA
Flexible TRUE BUT NO DIFFERENT TO ACCA
not as well recognised as ACCA,ACA KIND OF TRUE - IF YOU SHOW WHAT YOU CAN DO PEOPLE WONT CARE - TRUST ME
5 exemptions offered

I'm unsure of what CIMA offers. EXCELLENT FOR SOMEONE STAYING IN INDUSTRY WITH NO INTEREST IN PRACTICE

Finally, there is a lot of nonsense written and spoken about which course is better. If you want to stay in practice, do ACCA or ACA. Either one gives you excellent recognition and potential. Either way, be prepared for a tough road - neither is easy and both are hard earned. IMO it's well worth the slog. Great salary and poential - even in the current climate. Best of luck!

standardtoaster

HI OP,

IMO the major point which has yet to be brought up in relation to relevant qualifications is that of study leave.

With the ACCA and CPA the perscribed study leave by the repective body is minimal per exam possiblly a couple of days maximum, as a result you will be using your own annual leave leave to study aswell as having to attend lectures after work.
This in my opinion has lead to it taking longer to qualify as an ACCA/CPA than ACA.

However ACA offers very generous (even the standard) study leave to its students:
CAP1s 4 weeks study + week of exams
CAP2s 5/6 weeks + week of exams
FAEs 7/8 weeks + week of exams
(I did the old course Prof2/3 so my weeks above may be slightly off but are a good guide)

Then the bigger the practice you work in the more likely you are to receive in excess of the above weeks.

I'm in a big 4 firm and received:

Cap1 6 weeks + week of exams
Cap 2 8 weeks + week of exams
FAE 12 weeks + week of exams

IMO ACA and ACCA are possibly on a par but I think ACA is slightly a head though:
1. You are almost guaranteed to be qualified in 3 years(ACA) whereas otrher qualifications can take up to 7/8 years (this is not due to easier course content, but the study leave offered)
2. Doing ACA you are more likely to be in a practice gaining a varied experience of different companies in different industry's as opposed to working in a finance dept doing the same reconciliations/ boring daily tasks day in day out.

I would advise you to go down the ACA route especially if you can get in with a reputable firm with a good client base, while training ACCAs may initially be earning more than training ACAs I believe it to be true that ACAs generally end up with greater earning potential than other accounting qualifications.

(I'm not trying to put down/lessen other qualifications this is just what I have experienced and I'm aware there are numerous exceptions to this statement)

Best of Luck

Shurwhynot

It depends on the company with regard study leave. I'm CPA and get a week per exam plus the week of the exams.

smcgiff

Wouldn't disagree with much of what you say standardtoaster. However...

There is a downside to ACA study leave, and that's the dog's hours the ACA auditors I've come across seem to put in. After a day's audit they seem expected to go back into the office afterwards.

I wouldn't think the ACCA and CPA practice trainees put this much effort in - I'm open to correction.

One other point is that ACCA student and member fees are considerably cheaper than either ACA and CPA equivalents. While 2009 ACCA member fees where approx €200 I think ACA were something like €500 higher, similar with CPA I think.

standardtoaster

smcgiff wrote: »

There is a downside to ACA study leave, and that's the dog's hours the ACA auditors I've come across seem to put in. After a day's audit they seem expected to go back into the office afterwards.

I wouldn't think the ACCA and CPA practice trainees put this much effort in - I'm open to correction.

Yes you are right the hours can be long alright in audit, but with the study leave available and block revision courses at the commencement of study leave it is not too necessary to be studying continuously throughout the year, although there are a few continuous assesments in place on the new CAP1/CAP2 exams.

Chitterchatter

Thanks a mill for the input! It leaves lots to think through and still lots of confussion. It seems to me it's a matter of deciding on which I think will suit me better at the end of the day.

Feel free to leave more comments and thanks for the above advice!

dearg lady

smcgiff wrote: »

There is a downside to ACA study leave, and that's the dog's hours the ACA auditors I've come across seem to put in. After a day's audit they seem expected to go back into the office afterwards.

Yeah, I just don't think I could do those long hours! But then I knew auditing wasn't for me anyway.

I work pretty standard hours but have to study week by week as I got a grand total of one days study leave per exam in my last job. In my current job it's doubled to a massive two days per exam! Not great. Generally working in industry the study leave is not so good, so evenings and weekends are taken up with study.