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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
The full form of CA in commerce is Chartered Accountant.
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:
It's great that you're aiming for the prestigious IAS position. To become an IAS officer, focus on consistent preparation, covering the UPSC syllabus, practicing answer writing, and staying updated with current affairs. Best of luck on your journey!
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 underwriter evaluates insurance, loan, or investment applications to assess risk and decide on approval terms. They analyse data, set premiums or terms, and ensure policies align with regulations. Key skills include analytical thinking, attention to detail, and communication. Underwriters help financial institutions manage risk and maintain profitability by making informed decisions on which risks to accept.
An Operations Manager ensures smooth business operations by overseeing departments like HR, finance, and supply chain. They implement processes, manage teams, maintain quality, ensure compliance, and plan strategically. Strong leadership, communication, and business knowledge are essential. Typically, they hold a degree in business or an MBA, playing a vital role in improving organisational efficiency and performance.
A Finance Executive manages a company’s financial operations, including monitoring income, expenses, and preparing financial reports. They develop strategies to improve profits and reduce costs, ensuring financial stability. The role demands strong accounting and analytical skills, attention to detail, and the ability to meet deadlines, making it ideal for proactive individuals with a solid finance background.
A Product Manager drives a product’s success by planning strategy, analysing markets, and collaborating across teams. They focus on user needs, guide development, and monitor performance. With tech advancements like generative AI, PMs now enhance innovation and decision-making. Adaptability and continuous learning are key in this evolving, high-impact career.
An Account Manager plays a key role in bridging the gap between a company and its clients, ensuring smooth communication and fostering long-term partnerships. They are responsible for managing and nurturing client relationships, understanding their needs, and crafting tailored strategies to achieve mutual goals. Account Managers also gather and analyse client feedback to drive service improvements, while promptly addressing and resolving any issues that arise.
A Bank Probationary Officer (PO) is an entry-level managerial role in the banking sector, involving responsibilities like handling customer queries, managing loans, overseeing cash flow, and supervising clerical staff. The role requires formal attire and offers opportunities for promotion to higher positions. After probation, the officer may specialise in areas like credit or risk management.
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 monitors and tests products to ensure they meet quality standards in industries like manufacturing and pharmaceuticals. They inspect materials, conduct tests, document defects, and suggest improvements. Key skills include technical knowledge, attention to detail, and analytical ability. Typically requiring an engineering degree, they can advance from junior to senior roles overseeing quality processes and teams.
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 drives a product’s success by planning strategy, analysing markets, and collaborating across teams. They focus on user needs, guide development, and monitor performance. With tech advancements like generative AI, PMs now enhance innovation and decision-making. Adaptability and continuous learning are key in this evolving, high-impact career.
Individuals who opt for a career as product designers are responsible for designing the components and overall product concerning its shape, size, and material used in manufacturing. They are responsible for the aesthetic appearance of the product. A product designer uses his or her creative skills to give a product its final outlook and ensures the functionality of the design.
Students can opt for various product design degrees such as B.Des and M.Des to become product designers. Industrial product designer prepares 3D models of designs for approval and discusses them with clients and other colleagues. Individuals who opt for a career as a product designer estimate the total cost involved in designing.
An individual in textile engineering jobs is creative and innovative that involves the application of scientific laws and principles in everyday work responsibilities. Textile engineering jobs include designing fiber processing systems and related machinery involved in the manufacturing of fiber, cloth, apparel and other related products.
From design to manufacture, garment technologists oversee every stage of clothing production. Individuals are actively engaged in determining the perfect fabric and ensuring that production remains inside the budget. Garment Technologists operate very closely with the designing team, pattern cutters and consumers.
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