Today we are giving the answer for one frequently asked question. So many CA Students had asked regarding CA CMA & CS Courses. CA Students commonly ask questions like 1. CA with CMA or CA with CS which is better?, 2. I’m doing CA and now I want to additional course for Additional qualification/Knowledge – So which is better, CMA in addition with CA or CS in addition with CA which is best and which has scope? etc. CA Students are generally curious to know whether CMA or CS will give them extra benefit along with their CA. CA itself a tough course and CS is also a very complicated course, so can I crack the CMA & CS easily? Also, the advantages and disadvantages of CMA, CS, and CA?
We all know that Finance is a growing field with huge opportunities in India and abroad. Regardless of the size and scale of an organization, all are required to track their financial data and maintain books of accounts. All of these require finance professionals. Finance professionals occupy center stage in every organization and are powerful figures in companies. If you want to choose finance as your main domain of expertise then you need to get a professional degree from any recognized educational institute.
About ICAI, ICMAI (Cost) & ICSI
Chartered accountant (CA), Company secretary (CS) and Cost and Works Accountant (CWA) are managed by Institutes of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India (ICSI) and Institute of Cost accountant of India (ICAI) respectively. All these institutes are under the jurisdiction of the Ministry of Corporate Affairs. These independent institutes are set up by a separate act in parliament and managed by that. Here you can find How to become Chartered Accountant in India, How to become Cost Accountant in India and How to become Company Secretary in India.
About CA, CMA & CS
A Chartered Accountant can practice in the area of accounting, corporate law, auditing, taxation and other corporate financial areas. Our statutory law has made certain audit compulsorily to be done by a chartered accountant like company audits, bank audits and income tax audits. After passing out CA final exam, a chartered accountant can open up his own firm with a permission of ICAI to practice in all these areas.
Similarly a Cost and Works Accountant can practice in cost audit, internal audit and corporate finance. But such CWA practitioner cannot take company audit, bank audit and income tax audit. This is where CWA lacks behind in comparison to a chartered accountant in practice as the area of company audit, bank audit and income tax audits are wider than cost audit.
A Company Secretary can practice in corporate law, corporate finance and other legal matters. Companies act has made it mandatory for certain companies to provide compliance certificate from a company secretary in practice. A company secretary can be appointed and provide compliance certificate to such companies. Compare to chartered accountant, such profession has less scope of practice.
CA with CWA/CMA
You can do CWA/CMA in addition to CA. The advantages & disadvantages of CMA with CA are as below.
Advantages of CMA with CA
- Both course subjects are similar.
- Additional qualification is always better than only one qualification.
- Students can shift one course to other and can easily manage the course.
- If an interviewer need to select either a CA or a CA with CWA/CMA, obviously he would be prefer the CA with CWA/CMA.
- Both courses are complementary and supplementary to each other.
- 70% of syllabus for both courses are same.
- Doesn’t need extra coaching for CWA.
Disadvantages of CA with CWA/CMA
- Doing both can be a reason for not completing either of the both.
- Need to put extra effort.
- Actually CA can do the most part the job what a CMA do.
- It would disturb your mind. (Mind will become pressure cooker)
- Same syllabus and same subjects. So you would be feel bored.
CS In addition with CA
After interviewing so many CA, CMA & CS Professionals
We got the Answer.
The Answer is
CA with CS is best.
- Corporate companies needs CA’s with CS than CA with CMA/CWA.
- In addition, you will do a study of subjects like general and commercial laws, labor laws, securities law and taxation laws from a different perspective in CS than you would in CA. CS to focus on polishing a professional’s knowledge about the procedures of these laws, while CA’s curriculum focuses on the essence of the law.
- With the introduction of the new Companies Act 2013, there are vast changes in the way India Inc. now looks to these professions. Instead of hiring two people they can get one person with the holistic knowledge and experience.
- While studying, since they have a few overlapping subjects, you might have the added advantage and a better grip over these subjects as you had already read them for your other course.
- Disadvantage would be high pressure exams, gap of less time between CA and CS exams.
- Another disadvantage if you are studying would be that you might not get leave from your firm (the place of articleship) for the entire duration till December.
If you need help with CA preparations, contact SuperProfs‘ CA Exam Expert. Also, you may begin your preparation with CA Free Trial Classes. Now students from all over India can learn from India’s Most Experienced Professors online and achieve their dream career.
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