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Difference Between CA and CMA - CA is an acronym for Chartered Accountant and CMA is the short form of Certified Management Accounting. Students can choose both CA and CMA courses right after completing their 10+2 exams. The Institute of Cost Accountants of India regulates the CMAs in India and the Institute of Chartered Accountants of India regulates and controls CA.
Although the curriculum for both CA and CMA courses have much in common. The syllabus for CA intermediate exam and CMA intermediate exam syllabus are very different. The CA programme primarily focuses on accounting, law, audit, taxation, and finance. Whereas, the CMA course deals with cost management, cost accountancy, economics, corporate finance, internal controls, financial reporting, organizational management, etc. In this article, we will discuss the various aspects of the cost accountant vs chartered accountant debate. Get to know CA or CMA which is better
A Chartered Accountant (CA) is a professional person that is hired by individuals as well as companies to perform financial transactions. These professionals perform auditing of financial statements, filing of corporate tax returns, and providing financial advice.
In general the CA’s help with the financial needs of any business. A Chartered Accountant can also choose a profession to specialize in. A CA is hired to help more in the external appearance of the company. In other words, they assist and advise the shareholders as well as the investors with their financial knowledge and requirements. To become a CA an individual must complete three levels from the Institute of Chartered Accountants of India (ICAI).
The full form of CMA is Cost and Management Accounting. As the name suggests the CMA is responsible for the administration, allocation, and management of funds in the company or a business. The CMA profession is highly paid and rewardable. CMA is basically responsible for the internal development of the organization and also taking decisions on what steps are necessary for the internal development of the company,
To become a CMA in India, an individual needs to complete the CMA foundation course, intermediate followed by CMA final course.
Areas | CA Programme | CMA Programme |
Admission | A person needs to give entrance for a CA Foundation course after 10+2. Or there is a direct entry route for graduates. | Students after successfully qualifying the 10+2 exam can enroll themselves in the CMA Foundation course. They don’t need to appear for any entrance exam. |
Year of formation | Established in 1854 in Scotland | Established in 1854 |
Course structure | The CA course structure has been divided into three levels:
| The CMA course structure has been divided into three levels: |
Duration | The complete duration of the CA course is 4.5 years including articleship training. | The complete duration of CMA course is a minimum of 3-4 years. |
Salary | A Chartered Accountant just after passing out can receive an average salary of around 6-7 lakhs. Whereas, candidates who have passed CA exams in their first attempt can receive up to 10-12 lakhs. Salary of Rank holders can go above 25 lakhs. | The average salary received by CMA is Rs. 5-7 lakhs which increases over time. |
Careers prospects | Job options for CA:
| Job options for CMA:
|
Demand in Market | Chartered Accountants can be hired by companies as well as individuals. There's a very high demand for CA’s in the market. | Only large scale companies need to appoint CMA’s. Hence, their demand is very limited. |
There are many benefits of taking up a CA course from ICAI. The auditor’s position is highly respected and also the demand for CA continues to increase. Some of the advantages of CA course in India are:
Road to enter the corporate world
After successful completion of a CA programme an individual can enter the corporate world and handle the finance and accounting department of the company.
Exposure in industrial and public service jobs
A CA can join industry or Government organizations. They can perform as a business consultant developing, reporting and analyzing the information required to make business decisions.
CA can also work as global accountant
A CA can offer their financial reporting services globally. They can also detect or prevent any fraud by scanning the financial statements of big MNCs. They can also work as an appraiser and evaluate and check the assets and liabilities.
Practice in the education sector
A CA can also work as a lecturer in universities and colleges. They can also start their own education center.
Perform higher education
If a CA wants to practice as a lecturer or professor they can also choose to do higher studies at a university or college.
There are no specific career or job opportunities for CMA. This is because every industry requires a CMA. CMA’s are always in demand in the public and private sectors, development institutions, banking and finance as well as education and research. Some of the common professions for CMA are:
Chief Financial Officer (CFO)
Financial analyst
Director of finance
Accountant
Senior financial analyst
Chairman
Academic and teaching
Managing director
CEO
Financial controller
CA is considered more difficult than the CMA course. It is because of the difference in the curriculum of both the courses. While CA focusses more on all areas of finance such as accounting, law, taxation and auditing, the CMA focusses on areas of costing such as cost accounting, cost management, cost control etc. This difference in curriculum and focus of the course causes the change in the salary. This will help one further in deciding upon which is best CA or CMA.
Particulars | CA | CMA |
Average Salary for 1-10 years experience (Ambitionbox data) | Rs. 2 Lakh pa - Rs. 15 Lakh pa | Rs. 1.40 Lakhs - Rs. 20 Lakhs pa |
Average Salary | Rs. 6.5 Lakh pa | Rs. 6 Lakh pa |
While the CA exam may appear tough with proper planning, preparation and guidance one can clear it. Here are the short steps on how to become a chartered accountant.
Given below are few simple steps on how to become a certified management accountant.
Both CA and CMA courses are difficult but CA is more vast than CMA. CA focuses on everything related to accounting in detail whereas CMA is focused only on cost accounting related subjects
Dear Aspirant!
CA stands for Chartered Accountant in commerce. A Chartered Accountant is a professional who specializes in accounting, auditing, and financial management. To become a CA, individuals typically undergo rigorous education, training, and examinations. They play crucial roles in financial decision-making and ensuring compliance with financial regulations.
Both the programmes are in demand in India but CMA’s are hired by only large scale companies whereas CA’s are hired by individuals and all types of companies.
The CA program deals with taxation, accounting, audit, law, finance etc. Meanwhile, the CM course deals with cost management, cost accountancy, strategic planning etc.
Whether CMA is better than CA depends on one's personal preference and interest in addition to the career goals. Both are considered prestigious exams.
Hello aspirant,
Students must register with BoS by September 1, 2024, and finish the four-month study session. Additionally, provisional registrations for students who passed their tenth class have begun at ICAI.
For more information you can visit our site by clicking on the link given below.
Thank you
If you chose chartered accountant (CA), then you have to write several exams and practical training. Here are some exams to write in your road to pursue CA, that are conducted by ICAI.
Dear aspirant !
Hope you are doing well !
CA Foundation Exam Pattern 2024 – Details
Candidates must successfully clear their 10th and 12th exams from a recognized educational institute . Also, the minimum mark they need to attain in their 12th standards is 50% aggregate. There is no age restriction to apply for the CA foundation.
The details of this exam is given below ;-
Hope it helps you !
Thanking you !!
A breach of contract refers to the failure of one party to fulfill its responsibilities under the terms of a contract, that leads to legal consequences and potential remedies for the non breaching party. In simple terms, it's when one party doesn't do what they promised to do in a contract.
A breach of contract can take various forms, including:
Hello,
I'm assuming you mean that you wrote wrong question booklet number in CA Foundation Maths exam and then corrected it using a whitener and wrote the correct number over it. If this is the case, then you don't need to worry as such mistakes happen a lot among students every year and as we cannot replace the OMR sheet, the invigilators suggest to use whiteners.
It's perfectly normal and acceptable. You need not worry about anything.
Hope this helps,
Thank you
Budget analysis, in a nutshell, entails thoroughly analyzing the details of a financial budget. The budget analysis aims to better understand and manage revenue. Budget analysts assist in the achievement of financial targets, the preservation of profitability, and the pursuit of long-term growth for a business. Budget analysts generally have a bachelor's degree in accounting, finance, economics, or a closely related field. Knowledge of Financial Management is of prime importance in this career.
The invention of the database has given fresh breath to the people involved in the data analytics career path. Analysis refers to splitting up a whole into its individual components for individual analysis. Data analysis is a method through which raw data are processed and transformed into information that would be beneficial for user strategic thinking.
Data are collected and examined to respond to questions, evaluate hypotheses or contradict theories. It is a tool for analyzing, transforming, modeling, and arranging data with useful knowledge, to assist in decision-making and methods, encompassing various strategies, and is used in different fields of business, research, and social science.
An underwrite plays crucial roles in the finance and insurance industry and works for mortgage, loan, and insurance companies. He or she analyses applications for insurance policies and assess the risk capacity to decide whether to approve application or reject. He or she assesses and evaluates the risk of another party for a fee in the form of commision or premium.
Underwriters have strong analytical skills and they understand the insurance principle to evaluate the health of potential clients. They collaborate with agents, brokers, and to their clients to collect information and explain the insurance product details. They work on all kinds of insurance like mortgage, health insurance, life insurance, automobile, and several other kinds of insurance.
Finance Executives manage money, overseeing a company's income, expenses, and investments. They monitor financial transactions, create and assess reports like cash flows, and strategies to enhance profit margins and reduce expenses. Their role is crucial for staying competitive and making wise market decisions in response to current dynamics.
Finance Executives establish strategic financial goals, objectives, and performance criteria. Strong accounting and analytical skills are fundamental to this role. While often working fixed hours, they may extend their work hours to meet deadlines. This career is well-suited for individuals with a keen understanding of finance, attention to detail, and the ability to navigate complex financial landscapes.
A product manager is a professional who determines what a product should do and how it should look like. A product manager analyses customer needs and combines them with company goals to develop a product that satisfies everyone. He or she works in coordination with different departments like engineers, salespersons, and product designers to ensure everyone works towards achieving the company's goals.
A product manager develops strategies and plans to help the employees work towards a common goal that is to develop a product that the customers demand. He or she plays the role of the first point of contact in the organisation for anyone who needs to know about the product. Concerning larger programmes, they work with Technical Program Managers to deliver results.
Operations manager is tasked with supervising the financial and business experts involved in the production of goods and services. A career as operations manager needs to supervise many divisions and coordinate daily activities. The role of operations manager is to oversee and manage diverse activities which is part of a profession as an operations manager.
All levels of an organisation's operational activities are overseen by an operations manager. He or she is in charge of selecting candidates, imparting instruction, and managing quality control programmes. Operations managers also develop plans for process improvements to ensure that everyone finishes their work on schedule. He or she must regularly evaluate budgets, manage costs, and analyse data and statistics.
A stock analyst is an individual who analyses and evaluates various stocks and securities in the financial market. He or she in the stock analyst career forecasts stock market results, normally with an emphasis on the securities that a company or firm invests in. He or she also prepares scientific reports on financial forecasts, predictions, and recommendations based on a stock's expected profit.
Individuals who enjoy learning and data processing, are good problem solvers, and have a strong work ethic will excel in the stock market analyst sector. Students can pursue a BBA (Bachelor of Business Administration), MBA (Master of Business Administration), M.Stat (Master of Statistics) to opt for a career in stock market analysis
A Researcher is a professional who is responsible for collecting data and information by reviewing the literature and conducting experiments and surveys. He or she uses various methodological processes to provide accurate data and information that is utilised by academicians and other industry professionals. Here, we will discuss what is a researcher, the researcher's salary, types of researchers.
Welding Engineer Job Description: A Welding Engineer work involves managing welding projects and supervising welding teams. He or she is responsible for reviewing welding procedures, processes and documentation. A career as Welding Engineer involves conducting failure analyses and causes on welding issues.
A Quality Assurance (QA) Manager, synonymous with a Quality Assurance Manager, holds a pivotal role in ensuring products meet predefined standards. Responsible for planning, directing, and formulating control policies, the QA Manager safeguards company efficiency and profitability. By scrutinizing products for flaws and ensuring compliance with internal and external requirements, they uphold quality, validating the effectiveness of quality assurance teams in maintaining high standards before product release.
A quality controller plays a crucial role in an organisation. He or she is responsible for performing quality checks on manufactured products. He or she identifies the defects in a product and rejects the product.
A quality controller records detailed information about products with defects and sends it to the supervisor or plant manager to take necessary actions to improve the production process.
A Production Manager oversees manufacturing processes, ensuring timely and budgeted delivery of products. Responsible for safe, cost-effective production meeting quality standards, their role adapts to the production system. Also known as an Operations Manager, they manage human and material resources, contributing to efficient production and service delivery.
A product manager is a professional who determines what a product should do and how it should look like. A product manager analyses customer needs and combines them with company goals to develop a product that satisfies everyone. He or she works in coordination with different departments like engineers, salespersons, and product designers to ensure everyone works towards achieving the company's goals.
A product manager develops strategies and plans to help the employees work towards a common goal that is to develop a product that the customers demand. He or she plays the role of the first point of contact in the organisation for anyone who needs to know about the product. Concerning larger programmes, they work with Technical Program Managers to deliver results.
A QA Lead is in charge of the QA Team. The role of QA Lead comes with the responsibility of assessing services and products in order to determine that he or she meets the quality standards. He or she develops, implements and manages test plans.
A Structural Engineer designs buildings, bridges, and other related structures. He or she analyzes the structures and makes sure the structures are strong enough to be used by the people. A career as a Structural Engineer requires working in the construction process. It comes under the civil engineering discipline. A Structure Engineer creates structural models with the help of computer-aided design software.
The Process Development Engineers design, implement, manufacture, mine, and other production systems using technical knowledge and expertise in the industry. They use computer modeling software to test technologies and machinery. An individual who is opting career as Process Development Engineer is responsible for developing cost-effective and efficient processes. They also monitor the production process and ensure it functions smoothly and efficiently.
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