Choosing a career is one of the most important decisions a person ever makes. Among the many options available, when you have chosen commerce in Class 12 or opted for B.Com in college, CA and CMA are two of the most sought-after courses. While many people aspire to become Chartered Accountants, others aim to become Certified Management Accountants.
Chartered Accountancy (CA)
CA certification is one of the most prestigious and sought-after qualifications in India. It provides in-depth knowledge in taxation, accounting, and auditing. The CA course is divided into three stages:
Common Proficiency Test (CPT): This exam can be taken after passing the 12th standard. Upon passing, candidates must complete a one-year correspondence course.
Integrated Professional Competence Course (IPCC): After passing the CPT, candidates undertake an 18-month Professional Competence Course.
Final Course: After completing graduation, candidates must sit for the final exam.
Career Opportunities
Chartered Accountants have a range of career options, such as becoming auditors, tax consultants, or finance managers. In addition, the starting salary for CAs is generally very competitive.
What is CMA?
The CMA (Certified Management Accountant) is an advanced designation offered by the Institute of Management Accountants (IMA). It certifies that the holder possesses the skills necessary to be a certified management accounting professional. The programme is designed to equip finance professionals and students with the abilities needed to effectively communicate and apply specialised financial and accounting knowledge.
This includes analysing and interpreting managerial information, understanding the fundamental processes involved in planning, managing, and controlling business enterprises and emphasising cost and management accounting concepts essential for organisational planning, budgeting and control. The CMA course is divided into three levels:
1. Foundation Course: This can be started after completing class 10 and has a duration of around six months.
2. Intermediate Course: This level takes approximately 12 months to complete after the foundation course.
3. Final Course: The final level requires 36 months of practical training.
Career Opportunities
CMA professionals typically work in cost and financial management roles. They have promising career prospects, including positions such as cost controller and internal auditor, with opportunities for good salaries.
Steps to Become a CMA
Becoming a Certified Management Accountant (CMA) is an excellent way to advance your career. To begin, you must pass the CMA exam. You can take the exam after completing your 12th year of education, but to obtain the final certification, you will need at least a bachelor’s degree and two years of relevant work experience.
The CMA exam consists of two parts: Part 1 and Part 2. The total score for the exam is 500, and to pass and receive a certificate of completion, you must achieve at least 360 marks.
Difference Between CMA and CA
CA is centred on financial accounting and monetary principles, while CMA focuses on managerial accounting and strategic management. CMA covers financial planning, performance, and analysis, whereas CA deals with areas such as taxation and business law. CMA is considered a more advanced course that is practical and applies knowledge to the business field.
In terms of course duration, the CA qualification takes about five years to complete, while the CMA course can be completed in approximately 6 to 9 months. Although both are professional qualifications, the CMA exam can be passed more quickly than the CA exam.
Comments
0 comment