If numbers excite you and you find yourself drawn towards the complex financial documents lying around you, it might be a sign from the universe! You are one of the few who is cut out to traverse the elaborate and fascinating world of accountancy and make a career out of it.
At this point you might be battling the ever persistent question of – CA vs CMA, with regards to the following parameters:
- CA vs CMA salary
- CA vs CMA in India
- CMA careers
- CMA career path
Understanding the Courses
Before resolving the CA vs CMA dilemma, it is important to understand the difference between the two different courses.
Chartered Accountant (CA)
Chartered Accountant (CA) is a three-year program for ambitious and talented candidates, who are looking to obtain practical knowledge from a recognized CA training facility. Chartered accountants work across all sectors including private, public and government sectors.
The exam is divided into three levels:
- Common Proficiency Test (CPT)
- Integrated Professional Competence Course (IPCC)
- Final Examination
These exams test the candidate on a variety of topics ranging from accounting, mercantile law to basic quantitative aptitude. With a pass percentage of 3-7%, it is one of the most challenging courses to undertake, but also one of the most rewarding.
Certified Management Accounting (CMA)
Certified Management Accounting (CMA) is a complete program that focuses on financial and accounting management. It includes topics ranging including cost management, corporate finance, economics, performance management, internal controls. Apart from that, it includes decision analysis, financial reporting, strategic planning and organizational management.
The CMA course focuses mainly on the following – Business Applications, Business Analysis, Strategic Management and Management Accounting and Reporting.
CA vs CMA – Resolving the Dilemma
The “CA vs CMA” question cannot be answered with a black and white logic. It is really not possible to say without any doubt that one is head and shoulders above the other in quality.
While we talk about CA vs CMA in India, CA is the outright mass choice. As the qualification of choice, the majority of the accounting enthusiasts opt the CA course. However, CMA is slowly emerging in prominence in India. More and more institutes are offering guidance and edging students on the path towards a CMA qualification.
Often the differentiating factor for people while choosing a career path boils down to salary. Now when we talk about CA vs CMA salary we must take into consideration the employer locale. In India, mostly all the concerns open up their doors to CA while some organizations treat CA and CMA on equal footing. This means that in India, there is not a major gap in salary between the two at entry level. However, most of the foreign recruiters pay a higher salary to CMA qualified applicants.
While we have explained earlier in the article regarding employment opportunities for a CA, it is worthwhile to take some time and analyze the CMA career path. CMA careers include audit assignments, certification provider and “Valuer” for financial valuation of agencies. Moreover, they find employability in investment planning, profit planning, project management and overall managerial decision-making process.
So while resolving the CA vs CMA dilemma, it is worthwhile to note that while CA is definitely a safe bet as an accepted and well-established qualification, CMA is the qualification for tomorrow. With the advent of GST its impacts on all corresponding financial decisions, as an aspirant the CA vs CMA decision becomes all the more complex and vital.
In conclusion, it is up to the aspirant to weigh the financial, time and other costs related to the two courses and reach a decision regarding the CA vs CMA decision. Both courses are equally prestigious and challenging to complete. It is for the aspirant to decide, the purpose for which he wants to earn the qualification and proceed accordingly.
At SuperProfs, we probably provide the best guidance and support from the best minds in the industry. As a result, you learn on the go 24*7 with HD video lectures and multiple devices supported. Also, you get to interact with peers and the guides.
Few Important Links for CMA Aspirants
|About CMA Course||CMA Foundation Syllabus||CMA Inter New Syllabus||CMA Final New Syllabus|
|CMA Inter Study Material||CMA Foundation Study Material||CMA Final Study Material||Best Books for CMA Final|
You can watch a few demo lectures by SuperProfs for CMA and see if you would want to consider subscribing to our video series for a better shot at clearing the CMA examination.