CA, ACCA or CMA: which accountancy qualification should you choose in Pakistan?
The short answer
CA (ICAP) is the hardest, the longest and the most valued in Pakistani practice: the qualification of audit partners and most CFOs, with mandatory training and low pass rates at the upper levels. ACCA is a UK-based global qualification, examined worldwide, more flexible in pace and exemptions, widely accepted in industry and abroad, but not a licence to sign audit reports in Pakistan without further ICAP examinations. CMA (ICMA Pakistan) is the management accounting qualification, oriented to cost and management roles in industry, shorter and cheaper than CA, and strong in manufacturing and public-sector finance. Choose CA if you want practice, audit or the top of corporate finance in Pakistan and can commit five to six years; ACCA if you want flexibility, a global credential or to work abroad early; CMA if your target is management accounting in industry. Exemptions run in both directions between them, so the first choice is not final.
How do the three compare?
| CA (ICAP) | ACCA | CMA (ICMA Pakistan) | |
|---|---|---|---|
| Body | Institute of Chartered Accountants of Pakistan | Association of Chartered Certified Accountants, UK | Institute of Cost and Management Accountants of Pakistan |
| Levels and papers | PRC (5), CAF (about 8 to 9), CFAP (about 6), MSA (2) | Applied Knowledge (3), Applied Skills (6), Strategic Professional (4), plus the Ethics module | Several levels of papers across cost, management and financial accounting, law, tax and strategy |
| Format | PRC objective on computer; the rest written | Computer-based throughout, objective at the lower levels and constructed-response above | Written and computer-based as the scheme provides |
| Training | About three to three and a half years, mandatory, with an approved firm or organisation | Three years of relevant experience, which can be gained anywhere and before, during or after the exams | A period of practical experience as the scheme requires |
| Duration from intermediate | Five to six years passing every sitting; longer on average | Three to four years, flexible | Three to four years |
| Difficulty | Highest; CFAP pass rates are low | Moderate at lower levels, demanding at Strategic Professional | Moderate |
| Cost | Moderate in rupees; fees per paper and tutor fees | Higher, fees in pounds sterling per paper plus tuition | Lowest |
| Recognition in Pakistan | The standard for audit practice and senior finance | Wide in industry and the large firms; not a Pakistani audit licence on its own | Strong in industry, manufacturing and the public sector |
| Recognition abroad | Gulf strong; UK, Ireland, Canada and Australia by reciprocal arrangement with conditions | Global; recognised by employers in most countries | Regional, with some reciprocal arrangements |
Which suits which student?
| If you | Consider |
|---|---|
| Want to be an audit partner, a CFO of a listed company, or a tax practitioner in Pakistan | CA. There is no substitute in practice. |
| Want to work abroad soon, or for a multinational, and want flexibility of pace | ACCA, possibly with CA later through exemptions. |
| Want management accounting, costing or finance roles in industry or the public sector | CMA, or ACCA. |
| Are a strong student able to commit five to six years and a training contract | CA. |
| Are working and need to study part-time on your own timetable | ACCA or CMA; CA's training contract and session structure fit a full-time route. |
| Have limited funds | CMA first, or CA, which is cheaper than ACCA in fees; ACCA's fees are in sterling. |
| Are a graduate with a relevant degree | CA at CAF with exemptions is the shortest route to the most valued credential. |
How do exemptions run between them?
- ACCA to CA: ICAP grants exemptions from PRC and a set of CAF papers to ACCA affiliates and members under its reciprocal arrangement; the remaining CAF and all CFAP papers and the training are still required. Many Pakistani CAs began with ACCA.
- CA to ACCA: ACCA grants substantial exemptions to ICAP students and members, often leaving only the Strategic Professional papers.
- CMA to CA and back: paper-by-paper exemptions exist in both directions under the bodies' arrangements.
- All arrangements change. Each body revises its scheme and its reciprocal table; check the current table at the body you are moving to before assuming a paper is exempt.
The first choice is not final, but it is not free
Moving between qualifications costs time and fees, and exemptions never cover the top levels or the training. Choose for the career you want at thirty, not for the entry test you find easiest at eighteen.
Where does each begin?
- CA begins at PRC after intermediate or A Levels, directly or through the QAT; the entry rules are in CA entry requirements and QAT and the papers in PRC explained.
- ACCA begins at Applied Knowledge after intermediate, or with exemptions after a relevant degree, with registration directly with ACCA and tuition at approved providers.
- CMA begins at the foundation level after intermediate, with registration at ICMA Pakistan.
- The first papers overlap. Introductory accounting, business mathematics, economics and business fundamentals are examined at the start of all three, and the PRC practice banks serve the first level of any of them.
The full CA route, level by level, is in CA in Pakistan explained.