CMA Vs CA: Which one to Choose?

CMA vs CA: CA focuses on financial accounting, auditing, taxation, and corporate law. Whereas, the CMA specialises in managerial accounting, focusing on cost control, budgeting, financial forecasting, and strategic decision-making. 

CA have diverse career options, including public practice (auditing, tax consulting) and on the other hand, CMA excel in roles like cost controller, financial analyst, business partner, and management accountant.

CMA vs CA Highlights

There is a major difference between CMA and CA in terms of preparation, career roles, and services offered, but at the same time, both are the two most prestigious qualifications in the finance world. Aspirants can check the table given below to understand the basics of CMA vs CA: 

Read More: How to become CMA?

CMA vs CA Overview

Chartered accountants work in different areas of the economy, dealing with the accounts of an element, furnishing monetary guidance, and assisting with cash the board. This can be for a business or an individual. The Chartered Accountancy Course base length for an individual joining after Class XIIth (for example, through CPT Route) is 4.5 years.

The base length of the Chartered Accountancy Course for an individual joining after graduation is three years.

The certified management accountant (CMA)  accreditation, which the Institute of Management Accountants (IMA) gives, expands on monetary bookkeeping capability by adding the board abilities that guide in settling on essential business choices dependent on financial information. It is a three-year-long course with three levels, namely Foundation, Intermediate, and Final.

Read More: Best CA final institutions in India

CMA vs CA Eligibility Criteria

Each study's protocol has rules for who can or can't take part in the examination. Some of the prerequisites required to pursue these two courses are given below, and it's essential to follow these criteria to excel in the study.

Eligibility criteria for the CA course is as follows:

For the Foundation Course:

• You should have a total of Class 10 or an identical degree of training from the perceived board. 
• Likewise, you should have finished your Senior Secondary Examination (10+2) or comparable from a perceived assessment board. 
• Alternatively, you are eligible to apply if you have a National Diploma in Commerce Education award issued by the AICTE or a State Board of Technical Education.

For Intermediate Course:

• For the intermediate level, you probably finished your Class 12. 
• You ought to have passed the Foundation course from the Institute of Cost Accountants of India (ICAI)
• You should likewise hold a college degree in any discipline, however, Fine Arts.

Final Course:

• The intermediate level must be passed before students become eligible for the CA Final level.

Eligibility criteria for CMA:

• Any aspirant who has finished 10+2 in any stream (counting Science, Math, and Commerce) is qualified to enrol for the CMA course.
• Competitors should get at least 60% total in the 10+2 level to be eligible for this course.
• For direct passage to the transitional level, the student should acquire at least 60% imprints in graduation. 
• In any case, if the student is a Commerce graduate, the base imprint required is 55%.

CMA vs CA Subjects

Subjects of CA are divided into three levels.

• Foundation: Principles and Practices of Accounting, Business Law & Business Correspondence and Reporting, Business Mathematics and Logical Reasoning and statistics, Business Economics & Business and Commercial Knowledge
• Intermediate: Accounting, Business Laws, Ethics and Communication, Cost Accounting and Financial Management, Taxation, Advanced Accounting, Auditing and Assurance, Enterprise Information System & Strategic Management
• Final: Financial Reporting, Financial Management, Advanced Auditing, Professional Ethics, Corporate Laws, Environmental Laws, Strategic Cost Management, Indirect Tax Laws, Indirect Tax Management.

Subjects included in CMA are:

• Foundation: Fundamentals of Economics & Management, Fundamentals of Accounting. Fundamentals of Laws and Ethics, Fundamentals of Business Mathematics & Statistics,
• Intermediate: Financial Accounting, Laws, Ethics and Governance, Direct Taxation, Cost accounting and financial management, Indirect Taxation, Company Accounts and audit, Operation Management Information System.
• Finals: Corporate Laws and Compliance, Strategic Financial Management, Strategic Cost Management- decision-making, Corporate Financial Reporting, Strategic Performance Management & Business Valuation, Direct Tax Laws and International Taxation.

Read More: CA Jobs Details

CMA vs CA Job Profiles

Chartered Accountants are quite possibly the most pursued specialized experts in the realm of money. They offer their administrations in keeping up with and auditing the financial strength of a business. Contracted Accountants today have obtained significant situations openly, just as private areas.

Getting the CMA affirmation will open many chances for you in the homegrown market, just as the worldwide market. In addition to improving your financial, bookkeeping, and executive skills, it will help you stand out from the crowd in your vocation. Some of the significant job roles include Finance Manager, Financial Analyst, Financial Risk Manager, Financial Controller, Cost Accountant, Chief Financial Officer, and many more.

Read More: CMA Jobs Details

CMA vs CA Salary 

The average salary of a CMA  graduate is INR 7 LPA. the following significant table shows the salary of different job roles:

Read More: CMA Salary Details

A CA graduate earns INR 7.89 LPA on average. The following table shows the salary of different job roles. 

Read More: CA Salary Details

CMA vs CA Which one to choose?

Management studies can be interesting. Regardless of which course one takes, one learns more about living. Irrespective of the course selected, both courses will assure excellent career growth and offer many advantages. Pursuing CMA provides you with a gateway to various career prospects related to management and work in multiple private and government sectors. On the other hand, CA graduates are often hired by consultant companies, big firms, and many others.

Surplus job scopes: CMA and CA offer excellent job prospects in both the private and public sectors. However, this is based on the skill set and knowledge that aspirants possess.

Better professional growth: While the two courses differ, CMA offers career growth in management, human resource, and others, while CA offers career growth in Finance Companies, Investment Houses, Legal Firms, Patent Firms

Choosing one of them and putting in the hard work and effort needed to achieve more critical things depends on the aspirants and their keen interests.

Read More: CPA vs CA