ACA vs ACCA

george507

Does anyone have any ideas why the PwC Ireland and other major accounting firms require their trainees to study for the Chartered Accountancy (ACA) qualification, but the route qualification for PwC UK is ACCA?

As far as I know, these two qualifications are quite similar and they are both recognised in Ireland, so I am pretty curious why the big four choose ACA in Ireland, but ACCA in UK?

smcgiff

george507 wrote: »

Does anyone have any ideas why the PwC Ireland and other major accounting firms require their trainees to study for the Chartered Accountancy (ACA) qualification, but the route qualification for PwC UK is ACCA?

As far as I know, these two qualifications are quite similar and they are both recognised in Ireland, so I am pretty curious why the big four choose ACA in Ireland, but ACCA in UK?

The ICAEW is the sister body of the ICAI (now chartered Accountants Ireland). I had known the ICAEW qualification in the UK was in serious decline#, and there was a small switch from ICAEW to ICAS even in England, but surprised to hear that PWC in the UK have stated a preference for ACCA's over ACA's.*

PWC is still an ICAEW governed body, so at least a majority of its partners must be ICAEW in the UK.

In Ireland Deloitte have stated a preference for ACCA's for their SME division.

However, I imagine most firms will still prefer to hire accountants of their own designation, because that is what they are used to.

The ACA and ACCA qualification is very similar, but if you want to get a contract with a firm it's the preference of the practice you may have to go with.

*Although, I imagine ACCA's are cheaper because the hiring body does not incur fees from the ACCA, but do from the ICAEW/ICAI.

# any ACCA or CIPFA can become a member of the ICAEW after fiver years membership of their own body and can submit enough varied experience. Very few afaik have taken up the offer.

smcgiff

After some quick research...

For PWC in the UK - If you are a graduate (got a degree) ICAEW remains the qualification route, however, if you want to join straight from your A levels then ACCA is the qualification route. :eek:

I haven't a clue as to the logic behind this to be honest, but while most people join after gaining degrees it is a notable shift.

details here...

http://www.pwc.com/uk/en/careers/student/qualifications.jhtml

Odats

Difference is marginal if none between the two nowadays. ACA the route I took which I'm due to qualify in the next month touch wood on exams because it was the route that was pushed in college and was told it was superior to the ACCA (would have gotten more exemptions from the ACCA). I have to say that in Ireland both are held in high regard. The pro's and con's to both especially in training contract exams is significantly different. Generally whatever firm is affiliated with particular institute will 9/10 specify that you take those exams as that's what there used to.

djk1000

smcgiff wrote: »

After some quick research...

For PWC in the UK - If you are a graduate (got a degree) ICAEW remains the qualification route, however, if you want to join straight from your A levels then ACCA is the qualification route. :eek:

I haven't a clue as to the logic behind this to be honest, but while most people join after gaining degrees it is a notable shift.

details here...

http://www.pwc.com/uk/en/careers/student/qualifications.jhtml

Having a degree is a prerequisite to being an ICAEW student, but ACCA will let you train straight out of school. So ACCA would be the only way to go for A level types.

smcgiff

djk1000 wrote: »

Having a degree is a prerequisite to being an ICAEW student, but ACCA will let you train straight out of school. So ACCA would be the only way to go for A level types.

Not sure how recent this is, but you can go the school leaver route with the ICAEW (ACA)

http://www.icaew.com/index.cfm/route/159082/icaew_ga/en/Qualifications/Train_for_the_ACA/Entry_routes/A_Level_to_ACA

djk1000

smcgiff wrote: »

Not sure how recent this is, but you can go the school leaver route with the ICAEW (ACA)

http://www.icaew.com/index.cfm/route/159082/icaew_ga/en/Qualifications/Train_for_the_ACA/Entry_routes/A_Level_to_ACA

Well, I learn something new everyday. I thought all the old Chartered institutes were focused on graduates.

smcgiff

djk1000 wrote: »

Well, I learn something new everyday. I thought all the old Chartered institutes were focused on graduates.

I get the feeling that if your grandmother once typed out BOOBS on a calculator the ICAEW will consider you soon.

mozattack

Easy,

Friend of mine worked in a bank for years and did ACCA on the side through night courses. His employer signed the relevant experience form and now he is ACCA qualifed.

For ACA, you have to spend 3.5yrs minimum in practice so it is more likely in that case that you actually will know how to reconcile a bank account! This is probably why some firms only want ACA.

If a trainee accountant and doing ACA or ACCA, there should be no difference.

smcgiff

mozattack wrote: »

Easy,

This is probably why some firms only want ACA.

And the reason why some employers only look for ACCA or CIMA?

As for the anecdote mentioned above - this person could get caught out through ACCA's Student Records audit and that'd likely be the end of him/her ever becoming/retaining his ACCA.

dbran

mozattack wrote: »

Easy,

Friend of mine worked in a bank for years and did ACCA on the side through night courses. His employer signed the relevant experience form and now he is ACCA qualifed.

This is fine so long as they dont want to ever engage in public practice. AFAIK they would not be entitled to a practicing cert unless they worked in public practice for two years post qualification.

censuspro

Anyone know the reason for the ICAEW supposed demise???

smcgiff

censuspro wrote: »

Anyone know the reason for the ICAEW supposed demise???

This started about 10 years ago - and ACCA were claiming it was because they introduced the options at final level. However, it goes deeper than that as evidenced by one of the big four* in the UK training with ICAS and not ICAEW, also other big four opening up to ACCA to various degrees.

Considering how 3 of the big four still take ICAEW's its a concern for the ICAEW at how little new students they take in. They are still the biggest in the UK, but top heavy with older members.

*E&Y UK

dbran

Hi

I understand the reason for the main switch to the ICAS was as a result of the monitoring and compliance regime that was being set by the ICAEW and the Joint Monitoring Unit in the UK at the time.

Some inspectors charged with monitoring were taking an almost unreasonably harsh draconian approach to the practical application of accounting and auditing standards in their reviews of ICAEW regulated firms. Firms were being pulled up and read the riot act on some rather trivial technical auditing points that were being found on files. It is on this basis that some firms decided to become regulated by the Scottish institute instead of the equivalent English institute.

When I was working in the UK this was much talked about.

dbran

Slasher

mozattack wrote: »

For ACA, you have to spend 3.5yrs minimum in practice ...

Not strictly correct. It is possible to qualify with ICAI (or "Chartered Accountants Ireland", as they call themselves now, the adventurous rascals!!) while working in "industry". The employer has to register with the ICAI and a member of the Institute has to sponsor the trainee. I don't know what the take up on this scheme is.