Chartered Accountants vs Certified General Accountants
Chartered accountant is a professional designation given to individuals who meet extensive criteria which is a combination of academics, examination and experience. After receiving post secondary education and training, they are further required to clear modules on taxation, audit, management and financial accounting. In addition to that they must gain professional and practical experience in the field of finance and business. This will require a minimum of three years of relevant job experience, under the provision of an accredit chartered accountant.
Certified General Accountant is another accounting domain which requires candidates to gain a certification by enrolling in the Professional Applications and Competence Evaluation. It also combines education qualifications with examination and practical experience. In total a CGA program contains 19 courses, two business cases alongside a series of examinations spread across five levels. In order to become a CGA, you will need to have at least an undergrad degree and 2 years of minimum work experience.
There are substantial differences in both accounting fields but the work can be more or less the same, depending on the nature of the business. For starters, CAs are widely recognized and respected as it has become a field in itself. Clearing the courses requires immense focus and determination, where an individual must possess the appropriate prerequisites such as a bachelor degree in the relevant field. The salaries of CAs are much higher than CGAs as the field covers broadly all accounting concepts and further entertains everything a business has to offer. CGAs may not require prerequisites but must have a commerce degree. They too earn decent wages but their degree is a certification rather than a diploma, which means that they are not as versatile as CAs. However, they can also carry out all duties for an organization, including auditing, if they can obtain a license as a public accountant. In order to do so, they will need to gain 500 public accounting hours per year. Moreover, CGA gives individuals greater flexibility due to the coursework involved, which can be easily completed online.