Introduction: The Career Crossroads
Students and early professionals often face one big question: Should I pursue a university degree or go straight for a professional qualification like ACCA or CIMA?
Both routes lead to rewarding careers — but they differ in cost, time, recognition, and real-world impact.
Understanding the Two Paths
🎓 College Degree in Accounting or Finance
A Bachelor’s degree (BSc Accounting, BA Finance, or BBA) offers a broader academic experience — covering business, economics, management, and basic accounting. It’s ideal for students who want to explore multiple business fields or plan to pursue postgraduate study (MBA, MSc, etc.).
📘 Professional Accounting Qualifications
ACCA, CIMA, CPA, and AAT are internationally recognised certifications that prove your competence in accounting, finance, and business management. They focus on applied knowledge and can be studied while working, offering real-world relevance and faster job readiness.
Comparison Between Degree and Accounting Qualification
| Category | Professional Accounting Qualification (ACCA, CIMA, CPA, AAT, etc.) | University / College Degree (BSc Accounting, BA Finance, BBA, etc.) |
| 🎯 Purpose | Designed to make you job-ready — develops real-world skills employers trust globally. | Focuses on academic understanding of business and finance; a good foundation but less job-specific. |
| ⏳ Duration | Around 2–3 years, depending on pace and exemptions. | Usually 3–4 years for a bachelor’s degree. |
| 🌐 Recognition | Global passports to accounting — e.g., ACCA is recognised in 180+ countries, CPA dominates in the US, and CIMA opens doors to management roles worldwide. | Recognition depends on the university’s ranking and country’s education system. A degree from the UK or US has strong global appeal. |
| 💼 Career Focus | Tailored for finance, audit, and business roles — you can qualify for Big 4, investment, or management positions without a degree. | Broader — opens pathways in marketing, HR, economics, or entrepreneurship; accounting is only one part of the curriculum. |
| 📈 Earning Potential | ACCA and CIMA professionals in the UK earn on average £45,000–£70,000 per year post-qualification, and US CPAs can exceed $80,000+. | Graduates in Accounting/Finance typically start around £28,000–£35,000 (UK) or $50,000 (US) — salaries rise with experience or postgrad study. |
| 🧠 Learning Style | Modular, flexible, and case-study-based — mirrors real business problems. You can work while you qualify. | Structured, semester-based learning — more theory, essays, and research; less direct workplace application. |
| 💸 Cost | Lower — you mainly pay for exams and membership. An ACCA qualification costs roughly £2,000–£3,000 in total if self-studied. | Higher — tuition for a UK or US degree can reach £30,000–£60,000 or $40,000–$120,000. |
| 🧳 Global Mobility | Qualifications like ACCA and CPA are accepted across Europe, Middle East, Asia, and North America — you can build a mobile career. | Degrees are recognised globally, but sometimes require additional accreditation to work in regulated professions abroad. |
| 🚀 Employability | 9 out of 10 employers in accounting firms prefer candidates with or pursuing professional certification. | Highly employable in diverse sectors, but may still need a professional credential to progress in finance. |
| 🧩 Progression Path | After qualification, you can earn designations like Chartered Accountant (CA), Chartered Management Accountant (ACMA), or CPA, and move into CFO or Director roles. | You can pursue a Master’s, MBA, or then join a professional body (e.g., ACCA or CIMA) to specialise later. |
| 🕒 Flexibility | Study anytime, anywhere — ideal for working professionals or career-switchers. | More rigid — set academic terms and attendance requirements. |
| 🏆 Best For | Those who want a hands-on route into finance and accounting, and faster entry into professional roles. | Those who want a broader academic experience or are still exploring different business career options. |
Which Option Is Right for You?
| If you want to… | Best Route |
| Start working early and build expertise quickly | Professional Qualification |
| Experience university life and learn broadly | College Degree |
| Work internationally across sectors | Professional Qualification (ACCA/CIMA/CPA) |
| Enter consulting, business management, or MBA | College Degree first, then ACCA or CIMA later |
Combining Both for Career Success
Many top finance professionals combine the two.
According to the Financial Reporting Council, 65% of FTSE 100 CFOs hold an accounting qualification, while 69% of S&P 500 CFOs have at least a bachelor’s degree.
This shows that having both academic depth and professional credibility gives the strongest advantage in global finance.
Real-World Scenarios
- Scenario 1: A student completes a BSc in Accounting, then starts ACCA to boost employability — typical route for university graduates.
- Scenario 2: A working professional without a degree pursues CIMA while working, becoming a chartered management accountant in under three years.
Both paths can lead to senior finance roles — the difference lies in timing, cost, and learning style.
🧭 How to Decide
If your goal is to enter the accounting profession faster, a professional qualification is the direct route.
If you prefer a broader education and might explore other areas like marketing or management, a degree first may be right for you.
And for long-term leadership roles, combining both remains the gold standard.
Frequently Asked Questions (FAQs)
1. Can I do ACCA or CIMA without a degree?
Yes, you can start ACCA or CIMA after completing high school (A-levels or equivalent). Many students begin early and qualify by their mid-20s.
2. Is ACCA better than a Bachelor’s degree?
They serve different purposes — ACCA is a professional credential proving your accounting expertise, while a degree offers a broader academic base. Many employers value having both.
3. How long does it take to complete ACCA or CIMA?
Usually 2–3 years, depending on your exemptions, study pace, and exam schedule.
4. Which pays more — ACCA or a degree holder?
Qualified accountants (ACCA, CIMA, CPA) typically earn higher salaries than degree-only holders, especially in senior finance or management roles.
5. Can I get exemptions in ACCA after my degree?
Yes. Many UK and US degrees offer up to 9 paper exemptions in ACCA, helping you qualify faster.
6. Which is better for global opportunities — ACCA or CPA?
ACCA is more globally recognised (180+ countries), while CPA has stronger presence in the US and multinational corporations.
7. Can I study a professional qualification while working full-time?
Yes — that’s one of the biggest advantages of qualifications like ACCA and CIMA. They are modular, flexible, and designed for working professionals. You can study part-time, take one paper at a time, and still progress steadily toward full qualification.
8. Are professional qualifications accepted by employers worldwide?
Definitely. ACCA, CIMA, and CPA are globally recognised and respected by top employers — including the Big 4 (PwC, EY, Deloitte, and KPMG). These credentials demonstrate technical competence and global financial understanding, making them highly portable across regions.
9. Can I pursue a master’s degree after completing ACCA or CIMA?
Yes. Many universities in the UK and globally offer Master’s top-up programmes for ACCA or CIMA members. For example, you can complete an MSc in Accounting or MBA in as little as 6–12 months with credit exemptions for your prior learning.
10. Which is more difficult — a degree or a professional qualification?
They test different abilities. Degrees assess academic knowledge and research, while qualifications test your practical problem-solving and application skills. Most students find professional exams more challenging due to their focus on real-world scenarios and self-discipline required.