Discover the Top 11 Accounting Bodies Globally| Their Specialties and Features

A professional accounting body is an organization or association of accountants in a particular jurisdiction. Professional accounting bodies make sure that accountants working at companies all over the world, work in compliance with international and domestic regulation ethics, and codes of conduct. They are responsible for conducting exams for their members and also training them. Usually, the primary bodies in each country are affiliated with the International Federation of accountants(IFAC), while some of them act as specialist bodies. Here, in this article, we will discuss the top 11 Accounting professional bodies worldwide.

1. Specialties and Features of the Institute of Chartered Accountants of India  (ICAI):- 

1. To enter the Institute of Chartered Accountants of India (ICAI), one can either pass all three levels of the ICAI exams (Foundation, Intermediate, Final) and complete 24 months of practical training in addition or avail exemptions to the exams under a mutual recognition agreement (MRA). 
2. Qualifying members from recognized international accounting bodies like CPA Canada, ICAEW, CPA Australia, CPA Ireland, and others have the ability to join ICAI more easily through MRAs.
3. The CA Foundation Course can be started by the Aspiring Chartered Accountants after completing 12th grade or if they have a degree, they can join as an articled assistant for three years and get through with the required exams. 
4. While starting the articled training, ICAI requires 100 hours of training in information technology and a soft skills orientation. 
5. To augment application, analysis, and interpretation skills, a new educational scheme is being introduced, including a multidisciplinary case study at the final level and self-paced online modules for working students. 
6. ICAIs also works with Indira Gandhi National Open University (IGNOU) and the CA students can get a Bachelor’s or Master’s degree in Commerce by matching the CA examination grades with IGNOU credits. 
7. ICAI offers comprehensive study material, but many students also use coaching classes. 

Below are the top colleges or Universities to pursue ICAI

S. No.	Colleges	Location	Average fees
1.	The Institute of Chartered Accountants of India (ICAI)	Delhi	INR 10,000 to INR 50,000
2.	Shri Ram College of Commerce (SRCC)	Delhi	INR 90,000 to INR 3 Lacs
3.	Indian Institute of Finance and Accounts	Pune	INR 50,000

 

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2. Specialties and Features of the American Institute of Certified Public Accountants (AICPA):-

1. The American Institute of Certified Public Accountants (AICPA) dates its beginning to 1887 when it was formed as the American Association of Public Accountants (AAPA). By 1936 it had several name changes and mergers and became the American Institute of Accountants, allowing only Certified Public Accountants (CPA's) to become members in the future. 
2. The AICPA grew its committee structure over the years to 109 committees in 1970, when it reorganized into a task force model to work on targeted initiatives. 
3. In 2012 AICPA joined with the UK's Chartered Institute of Management Accountants (CIMA) to create the Chartered Global Management Accountant (CGMA) designation, which establishes global management accounting standards.
4. It sets standards for a variety of CPA service areas, including audit, ethics, and others, having surrendered responsibility for Generally Accepted Accounting Principles (GAAP) to the Financial Accounting Standards Board (FASB) in the 1970s. 
5. To become a CPA, you must pass the Uniform CPA Examination, developed by the Board of Examiners of AICPA, which is made up of regulators, educators, and psychometricians.

Below are the top colleges or Universities to pursue AICPA

S. No.	Colleges	Location	Average Fees
1.	The University of Texas	Austin, USA	40 Lacs
2.	University of Pennsylvania (Wharton)	USA	67 Lacs
3.	Brigham Young University (Marriott)	USA	12 lacs

 

3. Specialties and Features of the Institute of Chartered Accountants in England & Wales (ICAEW):-

1. To become a Chartered Accountant, you have to complete the ACA qualification with the Institute of Chartered Accountants in England and Wales (ICAEW).
2. This qualification involves four core elements: Modules include professional development, ethics, accountancy and finance, and practical work experience. 
3. Essential skills of communication, decision-making, and technical competence are built-in professional development, and ethics training, based on the ICAEW Code of Ethics, is incorporated into both coursework and exams. 
4. Practical work experience is about 3 to 5 years, consisting of at least 450 days under a training agreement with an approved employer in areas including accounting, audit, financial management, IT, insolvency, and taxation.
5. The ACA exams consist of 15 computer-based tests with 3 levels, Certificate, Professional, and Advanced. Professional and Advanced exams have open-book components and are scenario-based; Certificate exams are closed-book and offered year-round with quick results. 
6. High-performing candidates are awarded prizes at each exam level, with individual subject prizes and annual highest-score prizes across all levels.
7. Alongside traditional pathways, ICAEW also provides alternative routes to membership for certain EU professionals, those who meet the Statutory Audit Directive or the Recognition of Professional Qualifications Directive, and those from selected professional bodies via our Pathways to Membership program. 
8. The designation ACA (Associate Chartered Accountant) or FCA (Fellow Chartered Accountant), with FCA denoting advanced experience and at least ten years membership, is earned by ICAEW members.

Below are the top colleges or Universities to pursue ICAEW

S. No.	Colleges	Location	Average Fees
1.	European University	Cyprus	33 lacs
2.	PA college	Cyprus	21 lacs
3.	University of Liverpool	England	52 lacs

 

4. Specialties and Features of the Institute of Chartered Accountants of Scotland (ICAS):-

1. The Institute of Chartered Accountants of Scotland (ICAS) has over 20,000 members worldwide working in public practice, industry, commerce, the public sector, and academia. 
2. Students can become members by taking a training contract with an accountancy firm or, less often, in industry, gaining practical experience and taking exams to qualify as a Chartered Accountant (CA) – only ICAS members can hold this qualification in the UK. 
3. ICAS offers extensive professional education, training, and examination support – the only UK chartered accountancy body to oversee the entire training for its students. 
4. ICAS also has an additional designation, ICAS Tax Professional (ITP), in partnership with Tolley Tax Training, for those with tax specialization.
5. To join, students go through a three-year program comprising structured work experience and intense study. 
6. To be a candidate you need to have a UK degree (or an equivalent international qualification) and secure a training contract with an ICAS-authorized employer. 
7. There are mutual recognition agreements between ICAS and bodies such as the ICAEW, the Chartered Accountants of Ireland, and other institutes with similar status in Canada, Australia, New Zealand, South Africa, Hong Kong, and the United States. 
8. With these agreements, qualified members can become cross-members of other institutions if they meet certain requirements or take an aptitude test. 
9. ICAS is a body governed by a Royal Charter, which promotes the public interest by communicating high standards in education, member services, and professional conduct. 
10. It is a Designated Professional Body under the Financial Services and Markets Act and a Recognised Professional Body under the Insolvency Act and it has the authority to license members to undertake audit, insolvency, and investment business work under UK laws. 
11. Furthermore, as part of the leading accountancy bodies worldwide, ICAS is also a part of the Global Accounting Alliance (GAA) working with other leading bodies to promote quality and professionalism on an international level. 
12. Additionally, it co-founded Chartered Accountants Worldwide (CAW), an organization that brings together chartered accountants around the world, uniting a community of professional accountants practicing to the highest ethical and professional standards.

Below are the top colleges or Universities to pursue ICAS

S. No.	Colleges	Location	Average Fees
1.	University of Glasgow	United Kingdom	70 lacs
2.	Heriot watt University	Edinburg, UK	60 lacs
3.	University of Strathclyde	United Kingdom	62 lacs

 

5. Specialties and Features of the Malaysian Institute of Certified Public Accountants (MICPA):-

1. The Malaysian Institute of Accountants (MIA) is the Malaysian body responsible for regulating the profession and is under the Ministry of Finance and empowered by the Accountants Act of 1967. 
2. In Malaysia, MIA oversees the standards for accountants, and can only practice under the title of Accountant if they are qualified. As of 2016, MIA had 32,618 members, of whom 23,697 (73%) worked in commerce, public practice, government, or academia.
3. In order to become a professional accountant in Malaysia, one must meet some qualifications. Completed a recognized accounting degree and three years of relevant experience approved by MIA or full member of a recognized professional accountancy body.
4. In terms of educational pathways Malaysian universities and colleges provide many programs for those who wish to become accountants. UTAR, for instance, provides:
   • Bachelor of Accounting (Honours) – This is a four-year program and as long as graduates satisfy the work experience requirements, they can apply for MIA membership, without going through any further professional certification.
   • Bachelor of Commerce (Honours) in Accounting – This three-year program allows graduates to progress towards qualification as full members of professional bodies such as ACCA, CIMA, ICAEW, CPA Australia, and MICPA and also offers exemptions from exams of such bodies.
5. Degrees such as a Bachelor of Finance or Business Administration may give you an exemption from professional accountancy exams, but may not lead to full membership as directly as the main accounting degrees.
6. Requirements do change and prospective students should check these pathways with the university or the professional bodies regularly.

Below are the top colleges or Universities to pursue MICPA

S. No.	Colleges	Location	Average Fees
1.	Curtin University	Malaysia	20 lacs
2.	Monash University	Malaysia	22 lacs
3.	Swinburne University	Malaysia	20 lacs

 

6. Specialties and Features of the Institute of Singapore Chartered Accountants (ISCA):-

1. Singapore CA Qualification is Singapore’s national chartered accountant certification which was introduced by the Singapore Accountancy Commission (SAC) in 2013. 
2. Candidates can apply for membership in the Institute of Singapore Chartered Accountants (ISCA) to become Singapore Chartered Accountants after completing this program.
3. The qualification is internationally recognized and transferable. It is recognized worldwide through reciprocal agreements with leading global accounting bodies and along with leading CA qualifications in Australia, New Zealand, Ireland, Scotland, and the UK. 
4. Organizations such as CA Australia and New Zealand (CA ANZ), Chartered Accountants Ireland (CAI), the Institute of Chartered Accountants of Scotland (ICAS) and the Institute of Chartered Accountants in England and Wales (ICAEW) have agreed such agreements.
5. The program is unique in scope and relevance to Singapore and the Asian market while catering to the specific needs of the Singapore and broader Asian market.
6. Eligibility is broad: This qualification can be done by individuals with an accountancy degree, a non-accountancy degree, a Polytechnic Diploma, or current undergraduates.
7. The path to becoming a Singapore Chartered Accountant involves three main steps:
   
   • If necessary, complete the Foundation Programme.
   • Find employment with an Accredited Training Organisation (ATO).
   • Complete the Professional Programme and gain three years of relevant practical experience.

Below are the top colleges or Universities to pursue MICPA

S. No.	Colleges	Location	Average Fees
1.	National University of Singapore	Singapore	45 lacs
2.	Singapore Management University	Singapore	66 lacs
3.	James Cook University	Singapore	33 lacs

 

7. Specialties and Features of the Association of Chartered Certified Accountants (ACCA):-

1. The Chartered Certified Accountant designation, a globally recognized, legally protected title awarded by Royal Charter, is provided by the Association of Chartered Certified Accountants (ACCA). 
2. The qualification pathway consists of three levels of qualification: Applied Knowledge, Applied Skills, and Strategic Professional, and consists of 13 exams covering core topics including Financial Accounting, Management Accounting, Taxation and Financial Reporting.
3. Besides exams, candidates take the Ethics and Professional Skills Module (EPSM) and get three years of work experience.
4. If you’re new to accounting or don’t have the academic background needed for ACCA, then the Foundations in Accountancy (FIA) offers entry-level qualifications such as certificates and diplomas. 
5. Students of the FIA Diploma in Accounting and Business are able to be exempted from the first three ACCA exams on completion. 
6. In addition, ACCA provides additional certification in special areas like International Financial Reporting (Cert IFR), Public Sector Accounting Standards (Cert IPSAS), and International Auditing.
7. ACCA has also launched further qualifications with academic institutions such as Oxford Brookes University and the University of London, with a BSc (Hons) in Applied Accounting, an MSc in Professional Accountancy, and a Global MBA aimed at full ACCA members. 
8. These academic degrees together with the ACCA certification give members additional value to their credentials making career mobility and international opportunities for accounting and finance roles easier.

Below are the top colleges or Universities to pursue ACCA

S. No.	Colleges	Location	Average Fees
1.	Birmingham city university	the United Kingdom	15 lacs
2.	Curtin University	Australia	20 lacs
3.	Toronto School of management	Canada	7 lacs

 

8. Specialties and Features of Chartered Accountants Ireland (CAI):-

1. The Irish Chartered Accountant (ACA/FCA) must be a member in good standing with Chartered Accountants Ireland (CAI) and meet the standards of the 2017 Mutual Recognition Agreement (MRA) to qualify for the International Qualification Examination (IQEX). 
2. It includes a number of pathways including completion of CA Proficiency 1 (CAP1) and CA Proficiency 2 (CAP2) with an appropriate bachelor’s or master’s degree.
3. Candidates must also pass CAI’s Final Admitting Examination and have at least five years of relevant work experience: before and after earning their ACA/FCA credential and CAI membership, three years previous, and two years later.

Below are the top colleges or Universities to pursue CAI

S. No.	Colleges	Location	Average Fees
1.	Trinity College	Ireland	15 lacs
2.	National University of Ireland	Ireland	13 lacs
3.	Dublin City University	Ireland	15 lacs

 

9. Specialties and Features of the Chartered Institute of Management Accountants (CIMA):-

1. The Chartered Institute of Management Accountants (CIMA) is a globally recognized qualification for careers in business and finance with over 250,000 members in around 180 countries. 
2. CIMA professionals work in corporate finance, financial analysis, project finance, and so on. As well, based on a partnership with the CPA (USA), it offers the CGMA (Chartered Global Management Accountant) designation, which increases employability and global recognition. 
3. CIMA has over 4,500 global training and recruitment partners, which generate lots of networking opportunities. 
   It is flexible and cost-effective and in some countries, it grants preferential immigration status. 
4. Taking CIMA exams is possible throughout the year and CIMA’s syllabus runs through the Certificate, Operational, Management, and Strategic levels, with a focus on key business, finance, and strategy topics.

Below are the top colleges or Universities to pursue CIMA

S. No.	Colleges	Location	Average Fees
1.	Harvard University	United States	57 lacs
2.	University of Oxford	England	80 lacs
3.	University of Cambridge	England	35 lacs

 

 10. Specialties and Features of Certified Practising Accountant Australia (CPA Australia):-

1. You must first apply for Provisional Membership by submitting your academic documents and completing an application to become a Chartered Accountant (CA) through CA ANZ’s CA Program. 
2. Provisional membership is available if you have a qualification of an Australian or New Zealand bachelor’s degree and, in some cases, you may be required to sit an ethics exam. 
3. Once you have been accepted as a provisional member you can enroll in the CA Program and start studying the Graduate Diploma of Chartered Accounting (GradDipCA) and begin a three-year Mentored Practical Experience (MPE) with an approved employer. 
4. You can complete this practical experience before, during, or after the GradDipCA course. If you complete the 3 years MPE after completing the required subjects and then apply for full membership with CA ANZ, it takes about 40 business days to process.

Below are the top colleges or Universities to pursue CPA Australia

S. No.	Colleges	Location	Average Fees
1.	University of New South Wales	Australia	21 lac per annum
2.	Australian National University	Australia	21 lac per annum
3.	University of Sydney	Australia	20 lac per annum

 

11. Specialties and Features of the Hong Kong Institute of Certified Public Accountants:- 

1. The Hong Kong Institute of Certified Public Accountants (HKICPA) Qualification Programme (QP) is the principal route through which the Hong Kong Institute of Certified Public Accountants (HKICPA) awards the status of Certified Public Accountant (CPA) in Hong Kong. 
2. The QP is open to accounting and nonaccounting graduates and has been constructed to develop a sustainable pool of well-rounded CPAs through an elaborate and multi-level structure of education, examination, and practical experience. 
3. The program consists of three progressive levels: the Associate Level (10 foundational modules), the Professional Level (4 advanced modules), and the Capstone Level. 
4. The Capstone consists of three intensive three-day workshops followed by a final examination that simulates real-world challenges and assesses the candidates’ preparedness to enter the profession. 
5. It also has a supervised work experience requirement in the QP, to make sure candidates develop practical skills under the tutelage of a CPA. 
6. Vertical learning pathways, or 'verticals', are how the QP develops key competencies in areas such as financial reporting, management accounting, audit, and taxation from the basics to professional excellence.

Below are the top colleges or Universities to pursue Hong Kong Certified Public Accountants

S. No.	Colleges	Location	Average Fees
1.	The University of Hongkong	Hong Kong	15 lacs per annum
2.	Chine University of Hong Kong	Hong Kong	27 lacs per annum
3.	The Hong Kong University of Science and Technology	Hong Kong	25 lacs per annum

The above-mentioned are some of the prestigious Accounting professional bodies in the world. Almost all of them offer huge value after you obtain your license by passing exams. But as exciting is the value of their license, so are the fees to obtain training for those exams. Missing out on those opportunities just because of the fees is a reason we do not entertain, as we will help you cover your expenses for studying in such prestigious organizations. At Wemakescholars we help students in obtaining higher education at quality institutes by helping them with an education loan. We have expertise in dealing with education loans as we process nearly 1000 files every day. Clear yourself of any doubts by requesting a callback from our team. Once you request a callback, our financial officer will get back to you in no time with the best education loan offers, customized for you. 

FAQ

1. What are accounting professional bodies?

Accounting professional bodies are organizations or associations that regulate and support the accounting profession in several jurisdictions. Often the accountants are required to become members to legally practice as accountants in that area. By country, these bodies have various professional designations, such as Chartered Accountants (CA), Certified Public Accountants (CPA), Chartered Certified Accountants (CCA), and so on. Some nations have a single accounting body, others have several, all focused on specific areas, such as financial accounting or cost and management accounting. For example, India has two major accounting bodies: Financial accounting done by the Institute of Chartered Accountants of India (ICAI), and cost and management accounting by the Institute of Cost Accountants of India.

2. What is the role of an accounting body in a country?

Accounting bodies have a significant role in national development in reducing transparency; accountability and informed decisions. Financial reporting and disclosure are essential for public and private organizations' assessment of performance and sustainability, and they facilitate reporting and disclosure. In addition, these bodies help in decision-making by delivering the financial implications of the different investments and policies. They also foster financial inclusion by assisting small and medium-sized enterprises (SMEs) to obtain financing and thus create jobs and drive economic growth. Accounting bodies also serve the purpose of advancing sustainable development by measuring and reporting social, economic, and environmental impacts to assist policymakers in combatting challenges and promoting long-term growth.

3. Can accounting bodies help with international career opportunities?

Accounting bodies are indeed able to provide a globally recognized certification, international network, and training of global accounting standards which greatly enhance international career opportunities. Professionals who can work across borders are accepted in all parts of the world and get certified by ACCA (Association of Chartered Certified Accounts), CPA (Certified Public Accountant), and ICAEW (Institute of Chartered Accountants in England and Wales). In addition, these bodies connect members with global employers, exposing members to International Financial Reporting Standards (IFRS), and preparing members for international roles. Second, CPD programs help the members to continue to be competent in keeping with international regulations and compliance, adding to the members' global employability.

4. Which is the largest accounting body in the world?

The Institute of Chartered Accountants of India (ICAI) is the largest accounting body in the world having over 1.25 million as of February 2024 as membership. It includes over 396,000 qualified Chartered Accountants, and more than 862,000 students pursuing CA qualifications under ICAI’s rigorous training programmes. With a strong focus on developing skilled professionals who contribute to many industries globally, the organization has a major role in shaping the global accounting profession. Of course, this is a huge membership that is a huge indicator of global prominence and the high demand for its comprehensive education and training framework.

5. What are the most recognized accounting bodies worldwide?

There are various accounting bodies recognized globally, for their professional standards, highly certified processes, and influence. It is a prominent body and one of the largest memberships in the world with a membership of the Institute of Chartered Accountants of India (ICAI). They are an inspiration in terms of setting benchmarks in accounting practices and options for careers in all industries and different regions. ACCA, headquartered in the UK, is a worldwide body having accredited qualifications in over 178 countries. Management accounting and financial leadership are the subjects that the Chartered Institute of Management Accountants (CIMA) specializes in. The CPAs who are members of this institute are represented by the American Institute of Certified Public Accountants (AICPA) which is located in the US and gives the prestigious CPA certification. Like the ICAEW, the Institute of Chartered Accountants in England and Wales (ICAEW) is internationally renowned for its high standards and wide-ranging training. CPA Australia has a large presence in the Asia Pacific and provides a globally recognized CPA designation.

6. What is the first largest accounting body in the world?

Founded in 1887, the American Institute of Certified Public Accountants (AICPA) is generally regarded as the first leading accounting body. It was a major force in developing the accounting profession in the United States and subsequently in the global standards. One of the most prestigious accounting certifications throughout the world was the Certified Public Accountant (CPA) designation introduced by the AICPA. Generally Accepted Accounting Principles (GAAP) are based on the work of the organization and ensure that financial reporting is consistent and reliable. As time went on, the AICPA broadened its scope to include auditing, tax, and advisory services consistent with its role in a modern profession. It is an organization that has set its foundations early and made its contributions in the accounting field. Yet while newer accounting bodies have arisen globally, the AICPA is a major force in the world of professional accounting, helping to set standards for excellence and newness in the field.

7. Which is the best accounting body in the world?

There is no single 'best' accounting body in the world, with the determination of which accounting body is the best in the world is based on many factors including geographical influence, industry needs, and career goals. Top for international mobility seekers is ACCA (Association of Chartered Certified Accountants) because it has global recognition and a huge network that is highly respected among professionals. The Institute of Chartered Accountants in England and Wales (aka ICAEW) is a lot more rigorous in training and is considered very good in the financial and corporate worlds. In the United States, the AICPA (American Institute of Certified Public Accountants) is the benchmark for public accounting excellence. In the meantime, however, the CIMA (Chartered Institute of Management Accountants) is a good choice for those intending to work in the field of management accounting. Different niche requirements of the accounting profession are considered by each organization as 'best.' Depending on your location, industry focus, and long-term professional aspirations, there can be a great choice between the right body.

8. Which is the largest accounting body in the world?

The Association of Chartered Certified Accountants (ACCA) is the largest worldwide accounting body with over 241,000 professionals and over 542,000 students across 178 countries. The ACCA, founded in 1904, has continually expanded and its qualifications have always been internationally recognized. It has a comprehensive syllabus that covers financial accounting, auditing, taxation, and strategic management, to enable its members to be prepared for various careers. Acca has a global reach and offices and partnerships in many countries where professionals can work in different sectors and regions. It has gained a reputation as a market leader because of its focus on ethical standards and continuous professional development. The ACCA has positioned itself as the go-to accounting body with a robust certification process, as well as international mobility.

9. What are the Top 5 accounting bodies in the world?

The Association of Chartered Certified Accountants (ACCA) is the largest worldwide accounting body with over 241,000 professionals and over 542,000 students across 178 countries. The ACCA, founded in 1904, has continually expanded and its qualifications have always been internationally recognized. It has a comprehensive syllabus that covers financial accounting, auditing, taxation, and strategic management, to enable its members to be prepared for various careers. Acca has a global reach and offices and partnerships in many countries where professionals can work in different sectors and regions. It has gained a reputation as a market leader because of its focus on ethical standards and continuous professional development. The ACCA has positioned itself as the go-to accounting body with a robust certification process, as well as international mobility.