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Are you interested in finance and accounting and want to create a career out of it?
Well, there are various courses like CA, CS, ACCA, CFA, CPA, CMA and much more. The accounting sector provides several options to study through a range of certifications. You can select the one that best meets your academic and practical needs.
Along with accounting, the finance industry is also advantageous in today's professional world for you to pursue. The question is, which accounting or finance qualification should you seek to land your ideal job?
When it comes to careers in accounting, many students and professionals often find it difficult to choose between the Certified Management Accountant (CMA), Certified Public Accountant (CPA), and the Association of Chartered Certified Accountants (ACCA) programs.
What is CMA (Certified Management Accountant)?
The CMA is a programme developed by the Institute of Management Accountants (IMA) to empower professionals with the knowledge and abilities necessary to thrive in critical topics of financial management and reporting. A CMA is often hired by a firm to assist with financial management, concentrating on aspects like - budgeting, financial strategy, and analysis.
This position is appropriate for people interested in business management, as the CMA demands a thorough awareness of the inner workings of various financial activities and laws. CMAs can also serve as consultants, analysts, and managers.
What is CPA (Certified Public Accountant)?
The American Institute of Certified Public Accountants (AICPA) offers the CPA programme. Companies generally use CPAs as financial consultants, auditors, and tax preparers. CPAs must have strong technical expertise and often work with complex financial and accounting systems. This role is ideal for people who appreciate problem-solving and are keen to take on new challenges.
What is ACCA (Association of Chartered Certified Accountants)?
Finally, the ACCA is a certification which assists accounting professionals in gaining a thorough grasp of the legislation and standards that regulate the accounting sector. Members of the ACCA engage in auditing, taxation, finance, banking, and risk management.
They must possess good analytical and communication abilities and a thorough grasp of accounting concepts and ACCA requirements.
While all three provide significant advantages, each has its specialities and benefits, so understanding the differences is critical for making an informed decision.
|
Parameters |
ACCA |
CPA |
CMA |
|
Focused topics |
Accounting, costing. Financial Management, Audit, Tax |
Investment banking, hedge funds and portfolio management |
financial planning, Control, decision support, and professional ethics |
|
Offered by |
ACCA |
AICPA |
IMA |
|
Exam fees (All levels) |
Rs 3,60,000 |
Rs. 3,50,000 |
Rs. 1,00,000 - 2,00,000 |
|
Exams papers |
3 Levels (13 exams) |
4 Exams Auditing & Attestation Business (AUD) Environment & Concepts (BEC) Financial Accounting & Reporting (FAR) Regulation (REG) |
3 levels (20 exams) |
|
Qualification required/ Eligibility |
After Grade 10 |
12+ 4 years of education required |
Graduation + 2 years of professional experience |
|
Difficulty level |
Less difficult than CPA and CMA |
Most Difficult |
More difficult than ACCA |
|
Time to complete |
2-3 years |
6 months - 1.5 years |
3 years |
|
Passing percentage |
50% |
50- 55% |
45% |
|
Job profiles |
Management consultant, Financial planner, Tax Consultant, Financial Accountant |
Financial forensics, Business valuation, Personal financial planning, IT Consulting |
Financial analyst, Cost accountant, budget analyst, Cost controller, Finance manager, and Accountant |
The average salary of ACCA is 8 LPA in India and 25 - 75 LPA (USA). While you can expect an average salary CPA of 6 LPA in India and 40- 80 LPA (USA). At last, for CPA you can expect an average salary of 7 LPA in India and 25- 50 LPA (USA) in the USA.
Which one is better: ACCA, CPA or CMA?
To practise auditing and other comparable professional services in the United States, you must be a CPA (US), making ACCA less useful. Furthermore, because CMA focuses on management accounting, its scope is narrower than that of acca vs cpa.
However, these qualifications have a long history around the globe, and recruiters may value you regardless of what you hold.
So, when deciding between CMA, CPA, and ACCA, consider the various roles that each qualification can provide. It is also crucial to analyse the qualification criteria and expectations, as they have huge differences. Finally, it's up to you which qualification suits your career goals and interests.
FAQs:
1. Is CMA difficult than CA?
Determining the difficulty between CMA, CPA, and CA depends on individual preferences and strengths. CA is noted for its comprehensive syllabus and stringent exams, especially in auditing and taxation. CMA focuses on management accounting and financial strategy, while CPA encompasses a broad range of accounting knowledge, including auditing and regulation. Each certification presents unique challenges, with cma vs cpa difficulty often debated among professionals, reflecting differences in focus areas and testing formats.
2. What is the difference in salary between CFA and ACCA certified professionals?
Pay differences between CFA and ACCA certified professionals reflect the different career paths and industries each degree is recognized in; CFAs often earn higher in investment roles and ACCAs in accounting and finance professions.
Also, Read : Companies Hiring CFA Professionals with Competitive CFA Salary Offers
