Difference Between CA and CMA - Course, Admission Process, Career Opportunities , Salary
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.
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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 difference between CA and CMA programmes.
Who is a Chartered Accountant (CA)?
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).
Who are Cost and Management Accountants (CMA)?
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.
Difference between CA and CMA Programmes
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. |
Career Opportunities for Chartered Accountants
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.
Career Opportunities After CMA Programme
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
Frequently Asked Question (FAQs) - Difference Between CA and CMA - Course, Admission Process, Career Opportunities , Salary
Question: What exactly does CA and CMA deal with?
Answer:
The CA program deals with taxation, accounting, audit, law, finance etc. Meanwhile, the CM course deals with cost management, cost accountancy, strategic planning etc.
Question: Which programme is more in demand in India CA or CMA?
Answer:
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.
Question: What is the full form of CA in commerce?
Answer:
The full form of CA in commerce is Chartered Accountant.
Question: Which course is more difficult CA or CMA?
Answer:
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
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Questions related to CA Foundation Exam
How many students give CA Foundation exam every year?
Every year, more than 90,000 students appear in CA Foundation exam in every session. The CA Foundation result Dec 2022 pass percentage will be released along with the CA Foundation result.
When is the mock test for the June 2023 session of CA Foundation exam?
CA Foundation mock test for June 2023 session will be conducted a few days before the exam.
When will ICAI conduct CA Foundation exam 2023?
ICAI will conduct CA Foundation exam 2023 from June 24 to June 30, 2023.
when ca foundation exam form for nov 2022 exam will open
Dear candidate,
I would like to tell you that the form are already open for November 2022 exam from 10th of August and the last date to submit the form is 31st August. Last date with the late fee is 7th November 2022.
You can view all these details on the official website of ICAI and also apply online by filling the form online. All the best.
I USED NON HB PENCIL TO FILL CIRCLES ON OMR SHEET IN CA FOUNDATION EXAM , WILL MY OMR SHEET CHECK ??
Dear aspirant,
Dont worry, if you have used NON-HB Pencil to fill circles on OMR sheet, OMR will be checked. Proper imprint is needed for the checking. So hopefully problem will not occur. Make sure from next time use pen or HB pencil and make the impressions or imprint more prominently.