CA VS CMA: Are you perplexed choosing between CA and CMA which has high demand? Well, both the courses are considered as toughest courses and one requires to have a brilliant IQ to crack them. A person who is choosing between these two, i.e. CA vs CMA course must be interested in playing with the numbers. It depends on student interest. Here is a simple guide for you to choose between CA vs CMA under various categories. Go through the blog completely to know in detail.
Basic Introduction About CA (Chartered Accountant)
You might be knowing that CA is the most reputed course in the commerce stream. Institute of Chartered Accountants of India (ICAI) is the only authority to give the CA degree and conduct the exam. ICAI is the second largest accounting body throughout the world.
Chartered Accountant (CA) A is well known for earning high incentives in the corporate world and also held responsible for handling the financial and legal matters of the company.
The profession is challenging because a CA always requires to update himself with the amended laws and case studies. A person who is an expert in CA is aware of various domains say accounting, auditing, taxation, finance, corporate laws.
A candidate is eligible to get appointed on various job profiles such as Internal Auditor, Portfolio Management, Finance Advisor, etc.
Basic Introduction About CMA (Cost and Management Accountant)
CMA Exam is completely based on Cost Accounting. CMA studies primarily focus on Financial and Accounting Management. Their job profile is to maintain and handle the cost records, pricing of the goods/services, verification of cost records, etc.
But every company is not required to get the cost audit done, very few companies which are dealing at a very large scale are required to get the cost auditing done.
Although CMA has started emerging in India, still their scope is very limited. But we can say it is a course for the future. CMA is the only authorized person to do the cost audit of the company. There are numerous books available for CMA as well. You can be exam ready with a huge collection of CMA Books available online.
A Brief Comparison between CA vs CMA
Here you can check the detailed comparison between CA Vs CMA Exam. It will help you to understand better about both exams.
|Course Structure||CA course is divided into three levels.
One can enroll for the entrance examination of the CA Foundation after qualifying 12th standard.
|CMA course is divided into three levels.
The students after qualifying 10+2 examination are eligible to enroll themselves into the CMA Foundation course.
|Duration||The total duration in the CA Course is a minimum of 4.5 years including 3 years of articleship training.||The duration of the CMA course is a minimum of 3-4 years. Training in CMA is also a mandatory part of this course.|
|Demand in Market||Chartered Accountants are highly knowledgeable in various domains hence there demand is rapidly increasing in the corporate world.
Companies are looking for a candidate who can handle the multiple tasks and CA’s are deemed to be perfect for this job profile.
|Every company is not required to get the cost audit done. Companies working on a very large scale are required to appoint the cost auditors.
Hence, the demand of CMA is very limited but it is expected that the demand will rise with the passage of time.
|Job Profile||A CA can work on the multiple Job Profiles such as –
||A CMA can be appointed on the following job profiles –
|Average Salary||A fresher Chartered Accountant can be offered an average salary of 6-7 lakhs which increases with the experience and ability.
However, the candidates who passed out in the first attempt are usually offered 10-12 lakhs and Rank Holders gets to offer up to 25 lakhs.
|The average salary of a CMA lies between 3-4 lakhs which increases with the passage of time and also depending upon one’s ability.|
Going through the difference between CA vs CMA, you must have got a complete idea of the courses. According to the experts, in the current market CA has a lot of scope and demand. But if you are planning for future say after 10-15 years then you can opt CMA which is expected to grow with the passage of time. Choose the best between CA vs CMA. You can excel in both the exams with a wide range of CA Books available online.