ACCA vs CIA

In the field of finance and accounting, two qualifications stand out: ACCA (Association of Chartered Certified Accountants) and CIA (Certified Internal Auditor). Both qualifications have career avenues, but both cater to two different segments of the field of accounting. If you’re planning a career in accounting or in internal auditing, in this blog, we will simplify it for you to comprehend the most significant differences between ACCA vs CIA and will guide you towards choosing the right path for your career. In this blog, we will cover the basics of both qualifications, course structures, costs, and salaries, and what both qualifications mean for your career.

What is ACCA Certification?

The ACCA full form is Association of Chartered Certified Accountants, the largest worldwide institution in terms of chartered accountants. ACCA handles a variety of financial and management competencies in accounting. It is ideal for professionals who have a desire to work in a range of jobs in a range of industries in any region in the world.

Key Highlights:

• ACCA course duration will, in most cases, take 3 to 4 years to complete, depending on your present qualifications and your availability for studying.
• The ACCA syllabus covers financial accounting, management accounting, taxation, audit, and financial management.
• ACCA roles are varied and can include positions like auditor, tax consultant, management accountant, or financial analyst.
• The ACCA qualification fee is variable in terms of examination fee, tuition, and any additional expenses incurred. On average, it will range between $3,000 and $7,000, with variation in terms of study providers and exams taken.

What is CIA Certification?

The CIA is an acronym for Certified Internal Auditor and is awarded by the Institute of Internal Auditors (IIA). It is particularly for professionals who have an interest in becoming an expert in internal audits. Unlike ACCA, which is general and deals with a variety of aspects in terms of accounting, CIA addresses only the career in internal audits alone.

Key Highlights:

• The CIA duration is shorter in comparison to ACCA, with candidates taking between 1 and 2 years to pass it in most cases.
• The CIA training covers techniques in internal audits, controls, governance, and risk management.
• Certified Internal Auditor professionals most frequently work in compliance and risk management, and in such professions, their auditing skill is most valued.
• The CIA fee tends to be less than for ACCA, with certification examination fees and study materials costing between $1,000 and $2,500, depending on your study options.

Key Differences: ACCA vs CIA

When comparing ACCA vs CIA, several factors can have a significant bearing on your decision:

Scope of the Qualification:

ACCA is a general qualification and covers a variety of subjects in finance and accounting. It is most suitable for candidates who seek a range of jobs in finance, audits, taxes, and management accounting. CIA, on the other hand, is a specific and focused qualification concerning only internal audits and risk management.

Course Duration:

ACCA duration is longer, and it takes about 3 to 4 years to finish, depending on your current qualifications and pace of study. CIA duration, on the other hand, is shorter, with most candidates taking 1 to 2 years to finish it.

Career Path:

ACCA professionals have a general career path with career options in audit, taxes, financial management, and numerous others. CIA professionals, having a Certified Internal Auditor qualification, work most of the time in companies in internal audits, risk management, and compliance, and have a relatively specific career path.

Cost:

The ACCA cost is relatively high in comparison to CIA cost, with ACCA being a deeper certification that involves additional training and exams. In general, ACCA salary can be boosted with a broader variety of jobs, but CIA salary is competitive for an in-house auditing expert.

Choosing Between ACCA vs CIA

What Factors Should You Consider?

When deciding between ACCA vs CIA, several factors have to be considered:

1. Career Goals: In case you’re searching for a general-purpose accounting qualification with a view to opening doors in many finance jobs, then ACCA could be a preferable alternative. In case you’re particularly interested in internal audits and risk management, CIA is a more focused qualification in your direction of interest.
2. Time Commitment: In case you’re ready for a long-term study commitment, then a 3-4 year duration for an ACCA can suit your requirements. In case a shorter duration is your preference, then a 1-2 year duration for CIA can be a better alternative.
3. Cost Considerations: CIA is less expensive in terms of cost when compared to ACCA qualification. CIA can suit your budget when you’re budget-constrained or prefer a less expensive certification. That being stated, an investment in ACCA can pay dividends in terms of increased earning potential in your future career path.
4. Geographic Focus: ACCA is less restricted in terms of working abroad, with its acceptance widespread in many countries. CIA is most universally understood in the practice of internal audits but is most common in countries with a high density of companies with significant internal audit qualification departments.
5. Salary Potential: With its diversity in career opportunity, salary for ACCA will generally be fairly high, but CIA salary will be competitive, specifically for senior posts in internal audits. Salary for both qualifications will depend on factors such as work location and sector and experience.

Conclusion

Choosing between ACCA vs CIA depends on your career objectives, your availability, and your desired level of expertise in a single field. In case you have an interest in a general qualification with numerous career alternatives in finance and accounting, then opt for ACCA certification. Otherwise, CIA is a better alternative for a career in a single field, i.e., internal auditing.

FAQs on ACCA vs CIA

Which is better, ACCA or CIA?

It depends on your career objectives. ACCA opens a broader range of career avenues in a range of finance and accounting career options. CIA is specific and ideal for a career in internal audits and risk management.

How can I join CIA after ACCA?

After completing your ACCA, you can apply for CIA certification according to the requirements for qualification set out by the Institute of Internal Auditors (IIA), such as a minimum work experience in auditing and/or related professions.

Is CIA easier than CA?

CIA is a specialist and can, in a way, be regarded as less challenging in comparison to CA (Chartered Accountant) in that it involves nothing but internal audits and not a variety of financial and management topics. Nevertheless, both demand a strong understanding of their respective subjects.

Is CIA certification worth it?

Yes, CIA certification is in high regard for career positions in internal auditing. It can lead to successful career avenues in audit, risk, and compliance. Qualified internal auditors are in high demand, and thus, it is a wise investment for one to pursue such a career path.

Partham Barot is an ACCA-certified professional. showcasing his expertise in finance and accountancy. he’s revolutionising education by focusing on practical, real-world skills. Partham’s achievements underscore his commitment to elevating educational standards and empowering the next generation of professionals.