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 various aspects of the cost accountant vs chartered accountant debate. Get to know CA or CMA which is better

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

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:

1. 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.

2. 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.

3. 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.

4. 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.

5. 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:

1. Chief Financial Officer (CFO)

2. Financial analyst

3. Director of finance

4. Accountant

5. Senior financial analyst

6. Chairman

7. Academic and teaching

8. Managing director

9. CEO

10. Financial controller

Salary Difference Between CA and CMA

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.

Steps to Become Chartered Accountant

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.

• Clear the class 12 exam with a minimum of 50% marks.
• Register and clear the CA Foundation Exam.
• Register and clear CA Intermediate both groups
• Complete CA practical training and other certification requirements
• Appear and clear CA Final for both the groups

Steps to Become Certified Management Accountant

Given below are few simple steps on how to become a certified management accountant.

• Register for the CMA Foundation course and clear the examination.
• Register for the CMA Intermediate course and clear the examination.
• Complete the required practical training.
• Register for the CMA Final course and clear the examination.
• Become a member of the Institute of Cost Accountants of India (ICMAI).