ICAG vs ACCA: Which is better with prospects?

If you want to practice finance, auditing and accounting, then you may need a professional certification of practice. To get to the top in accounting and finance, you may be wondering of the difference between ACCA and ICA, and which is the better choice.

This article is for you, if that has been your worry. Institute of Chartered Accountants – Ghana (ICAG), Association of Chartered Certified Accountants (ACCA) and Chartered Institute of Management Accountants (CIMA) are the well-recognized options in Ghana.

Candidates with high school certificate, HND, Bachelor’s or Master’s degree seeking a professional accounting certification can look at these objective analysis of ACCA and ICA and make a choice.

I have already compared ICAG vs CIMA, now let me get you up to speed with the points of difference between ACCA and ICA .

ACCA vs ICAG: Which Should I choose?

• Cost: ICAG costs lesser locally to study than ACCA.
• Difficulty Level: Both ICAG and ACCA require much work to pass.
• Recognition: ACCA is widely known internationally than ICAG.
• Convenience
• Career Prospects

Now let’s discuss ACCA and ICAG;

1. Cost

With the new fees in 2024, ICAG still charges GH₵300 for registration and an annual subscription of GH₵300 also. Level 1 ICAG exemption fee is Gh₵ 468 and Gh₵ 561 for level 2 papers.

ICAG exams fees ranges from Gh₵ 260 to Gh₵481 per paper. Level 1 exams fee cost Gh₵ 260, Level exams ICAG exams fee is Gh₵ 455 and level 3 costs GH₵ 481 per exam paper.

Compared to ICAG, ACCA charges £36 as registration fee, and an annual subscription of £107 for 2024. The 2024 exemption fee is £40 per paper for Applied Knowledge exams and £58 for Applied Skills exams.

So if you are a Ghanaian student, ICAG looks more affordable; however, your choice will depend on your career aspirations and which one you can afford.

2. Course Difficulty

Both ACCA and ICA are not an easy path to charter as an accounting professional. But the difficulty level can be subjective.

The investment of time in preparation, and the quantity of work can be overwhelming.

So, if you wish to register and sit for ACCA or ICA papers, you must know that both require a lot of time and practice to pass.

3. Convenience

While ACCA has 13 papers and ICAG has 14 papers, both structured in 3 levels. 2024 ICAG exams time table is structure in March, July and November. The actual date are yet to be released.

Unlike ICAG, ACCA is more flexible as it can be written 4 times a year, either as computer-based papers on-demand or in person.

4. Career Prospects

There are numerous career opportunities for holders of professional certificates in accounting and finance.

If you’ve a job already, ACCA or ICA qualifications could boost your earnings and chances of promotion.

If you’re at the entry level, having either of these can offer you equal benefits and opportunities. In the end, having either of these will not necessarily decide the path your career will take.

5. International Recognition

ICAG is recognized globally as a member of the International Federation of Accountants (IFAC), and has a close affiliation with ICAEW.

Nonetheless, ACCA still has the advantage of being more recognizable outside Ghana. This would prove useful especially when you need to work abroad.

So on international recognition, it depends on the career path you wish to take.

If you have an ACCA, you will be required to apply to ICAG and write some papers in order to be admitted into the practice.

Bottomline: ACCA vs ICAG

Both ICAG and ACCA are recognized internationally in the accounting profession, but ACCA is more superior in that regard. The Association of Chartered Accountants (ACCA) and the Institute of Chartered Accountants Ghana (ICAG) top accounting training institutions. ICAG is primarily recognized in Ghana, while ACCA is recognized world wide.