CA Vs CMA: Choosing the better certification between Chartered Accountancy (CA) and Cost and Management Accounting (CMA) is an important decision. Both courses offer career opportunities in the financial sector, but there are important differences between them. If you also want to make a career in this field, then definitely read these things given below.
Chartered Accountancy (CA)
CA certification is one of the most prestigious and sought after courses in India. This course provides in-depth knowledge in taxation, accounting and auditing.
course structure
CA course is divided into three stages:
Common Proficiency Test (CPT): This exam can be given after passing class 12th. After passing this, one has to complete one year correspondence course.
Professional Competency Course: After passing CPT, one has to do 18 months professional competency course.
Final Course: Final examinations are required after graduation.
career opportunity
There are various career options available for professionals working as CAs, including auditors, tax consultants and finance managers. Along with this, the starting salary is good.
Cost and Management Accounting (CMA)
CMA certification is also important, but it focuses primarily on cost management and financial analysis.
course structure
CMA course is divided into three levels:
Foundation Course: This can be started after class 10th and lasts for about six months.
Intermediate Course: It takes about 12 months to pass this level after the foundation course.
Final Course: The final level requires 36 months of practical training.
career opportunity
CMA professionals generally work in cost and financial management. There are good career prospects for them too, such as cost controller and internal auditor.
Main differences between CA and CMA
CA (Chartered Accountant) has very good knowledge in the field of taxation, accounting and auditing. Cost and Management Accounting (CMA), on the other hand, typically collects, analyzes, and interprets an organization’s financial information. To get admission in CA course, candidates are required to pass only class 12th, and after that graduate level studies can be completed. Foundation course can be done after class 10th, but for intermediate and final examination, it is necessary to pass class 12th and graduate degree from a recognized university.
To obtain membership of ICAI, it is necessary to pass the final examination and also acquire the necessary work experience. This exam is often considered more challenging than ICWA. However, there are no specific qualifications prescribed for membership, and it is relatively easier to obtain than CA. The job profile of CA has various opportunities and generally the starting salary is higher than ICWA. In contrast, the job profile of a Cost and Works Accountant is limited to cost and financial management, and its salary is slightly less than CA.
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Tags: education news, entrance exams
FIRST PUBLISHED: October 10, 2024, 18:36 IST