is the accounting stuff in aca/acca etc comparable to cfa accounting or is it much harder ( as it seems reasonable to be)?
I am a CPA, not an ACA/ACCA. They are very similar, as best I can tell. Let me answer from a CPA’s point of view. If an ACA/ACCA has a different point of view, please detail.
CFA accounting and CPA accounting are very different. In CPA accounting, you are interested in the _ presentation _ and the _ accuracy _ of the financial statements. You are NOT interested in the _ analysis _ of, or the economic implications of the financial statements.
For presentation and accuracy purposes, you have to adhere to a relatively narrow set of rules, and promulgated by FASB or the IRS. Some of the rules are arcane, and have little economic reasoning. However, you have to be versed in them. One example is the post on 401k deductability. http://www.analystforum.com/forums/cfa-forums/cfa-general-discussion/91317643 (This is more of a tax concept, and not a financial presentation concept, but it still illustrates the way accountants view the world.)
For CFA accounting, you can make a lot of heuristics and generalizations, such as “If your income is less than $115,000, your IRA contribution is deductible.” That statement, in a broad sense, is correct. And if you were a private wealth advisor, you would be okay to say that. But as they say, the devil’s in the details. If a tax practicioner accountant said that, he would be dead wrong.
I guess you could say that the difference lies in the level of detail, and the fact that accountants are not interested in the USE of financial statements, but only in the REPORTING of financial statements.
I am from England. Do not know how CPA works, and will not be needing it since CPA concentrates on US GAAP as opposed IFRS. ACCA (Association of certified chartered accountants) and is more globally recognized and consitutes of about 13-15 exams. the first 5-6 papers of ACCA has a pass rate of about 60-80% , but the advanced levels have pass rates of 34-38%. ACA is mainly for the UK and concentrates on UK GAAP many of the big 4 sponsor you for it, and they are under the names ICAEW (Institute of chartered accountants of england and wales) and ICAS (can’t remember what does this one stand for). They are very respcted in UK and some other countries and if you are considering a job as a financial controller etc it is worth taking them.
I am a student with a Bachelors degree in accounting and finance under his belt, and am currently doing a masters degree in Finance. I passed CFA level 1 , passed 7 papers for the ACA, and planning to have CFA,ACA, FRM after my name. Personally I believe ACA,CFA or CPA,CFA is a deadly combination,
ok thanks nice to know! accounting is like greek to me
Accounting is like greek to everybody but accountants.
Your ‘everybody’ must’ve excluded Greeks, no?