ACCA vs CA vs CMA
There are many professional certifications for people who would like to work management or accounting roles, and it can be confusing sifting through a lot of conflicting advice about which qualifications should be pursued. In this discussion, we will explore a number of the most common qualifications such as the CMA USA, ACCA, and CA certifications. Understanding the differences in ACCA vs CA vs CMA is important, as these top professional qualifications can lead to high-profile career roles and very high earning potential.
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Ten Important Facts About ACCA
Before considering the differences between ACCA and CA, it is a good idea to know some background information about the ACCA.
The Association of Chartered Certified Accountants (ACCA) is a major professional organization in the accounting profession all around the world. The ACCA qualification has become one of the most recognized qualifications in accounting over the years, and students often take ACCA qualification to advance their careers. The ACCA exams are notorious for being intense, and students will need commitment and hard work to succeed with the qualification.
Here are a few interesting facts about ACCA;
ACCA is known as the Global Chartered Accountants because it has recognition and respect in over 180 countries throughout the world.
The ACCA exam is hard work and gets progressively harder at each stage. If you enroll in an online course, I am sure it will make your confidence to clear it mainly on the first attempt easier!
ACCA is an international accounting qualification and designed for people to work anywhere in the world, with clients as an ACCA member spread around the globe.
The course runs in stages; Knowledge, Skills, and Professional, totaling 13 exams.
To qualify as an ACCA exam candidate, you should have studied mathematics, English and Accounts at 12th-grade level.
ACCA paves the way towards a broad set of careers maybe you want to be an Auditor, Forensic Accountant, Tax Accountant, Risk Manager or something completely different!.
The ACCA exams take place four times per year (March, June, September, and December) which allows for more flexibility with scheduling important exams.
The ACCA qualification enables professionals to acquire knowledge, skills, and ethical values to have a successful and meaningful accounting and finance career.
Presently, ACCA has more than 200,000 members and 500,000 students around the world demonstrating ACCA's global presence and recognition.
To be successful as an ACCA professional, it is necessary to have strong analytical and decision-making skills because analytics and decision-making are the basis of accounting and financial management.
Top 10 facts about CA
Chartered Accountancy (CA) is one the most popular career choice in India in the finance and accounting space. The qualification has a reputation for being tough, guaranteed if you are good at CA your career will progress. CAs are accountable for managing the finances of companies and are also involved in auditing, budgeting, taxation and strategic planning. They are thoroughly trained and become very expert in their fields of accounting and finance.
Below, find some important information regarding Chartered Accountancy (CA):
The Institute of Chartered Accountants of India (ICAI) is the official body that advices the professional course of CA certification.
Obtaining a CA certification allows for higher studies such as MBA, CFA and many other professional courses.
The CA certification exam consists of Foundation, IPCC(Intermediate) and Final.
Articleship is a part of the CA syllabus and also serves as practical training.
CAs can pursue a career as a Tax Advisors, Forensic Auditors, Financial Consultants, etc.
Because there is no restrictions and flexibility in the CA profession, if candidates need or decide to take time to study and update their knowledge on new amendments it is possible to step away from their professional career for that time and return when they are ready.
CA certification is also recognized within India.
There is no fixed study cutoff time which allows candidates to create a course of study to their study habits.
It is possible to pursue CA Foundation while pursuing a Bachelor's degree; however, as a matter of principle, you have to graduate on commerce in order complete the certification.
CA salaries are approximately ₹7 LPA to ₹10 LPA (depending on experience and industry).
The Top 10 CMA USA Facts
A highly regarded professional credential that is accepted all over the world is the CMA USA. Obtaining this certification can lead to a variety of job options and lucrative pay potential. Forecasting, budgeting, financial control, and reporting are among the main duties performed by professionals with a CMA USA certification in financial planning and analysis.
According to the Institute of Management Accountants' (IMA) regulations, a candidate must have a bachelor's degree and at least two years of relevant work experience in order to be eligible for the CMA USA certification.
The first portion & the second portion are both sections of the CMA exam. To become certified by CMA USA, you must pass both exam sections.
Additionally, candidates need to have at least two years of relevant job experience.
The (IMA) administers the CMA USA exam three times a year.
Professionals must finish 30 hours of Continuing Professional Education (CPE) every year in order to maintain their CMA USA accreditation.
Professionals who hold a CMA USA certification have access to a variety of lucrative professional options.
Professionals with CMA USA might work as corporate controllers, accounting managers, financial analysts, and more.
Candidates can access mid- and senior-level roles as well as a variety of profitable career prospects after obtaining the CMA USA credential.
The CMA USA certification permits professionals to work worldwide while enjoying high-paying career options.
Prior to taking the Certified Management Accountant USA examination, a thorough understanding of fundamental accounting and tax principles is necessary.
Prior to comparing ACCA and CA, it's critical to understand the major details mentioned above.
Is ACCA Superior to CA?
A number of elements are taken into consideration while comparing ACCA and CA.
For instance, ACCA is globally recognized, providing access to employment prospects around the globe, while CA is mostly known in India and has a limited global reach.
Although ACCA professionals frequently have access to larger earning possibilities, both qualifications can greatly advance your career by providing prestigious employment responsibilities and alluring compensation.
The ACCA is a good option if you want to pursue a job abroad. However, for individuals who wish to work in India, a CA is the best option. Since both degrees concentrate on accounting and finance, your choice should be based on whether you intend to work domestically or overseas.
It's crucial to remember that CA is regarded as more difficult than ACCA, and its tests are typically more difficult. However, many candidates choose CA because of the great employment chances.
The following section looks at the main distinctions between ACCA and CA in case you're still not sure which route to choose.
The distinction Between ACCA and CA
Candidates frequently inquire about the differences between ACCA and CA. We've produced a thorough ACCA vs. CA table to aid in your comparison. Examine it thoroughly, consider the main ideas, and decide which course is ideal for you.
ACCA vs CA - Major Differences:
Full Name:
ACCA - Association of Chartered Certified Accountants
CA - Chartered Accountant
Affiliated Body:
ACCA - Global recognition in 180 + countries
CA - Recognition is regional to India and to some extent, UAE
Exam Pattern:
ACCA - 3 levels - Applied Knowledge - Applied Skills - Strategic Professional
CA - 3 levels - Foundation - IPCC/Intermediate - Final
Cost of Studies:
ACCA - Approx. ₹ 2-3 Lacs a year
CA - Approx. ₹ 1 Lacs a year
Key Areas of the Qualification:
ACCA - Reporting, Performance Management, Global Audit, Financial Management, Taxation, Commercial Law and Corporate Law, IFRS
CA - Financial Management, Auditing, Taxation, Reporting, Cost Management, IAS and broader spectrum across commerce fields
Eligibility:
ACCA - 12th standard + bachelor level degree (BBA, B.Com, BMS, etc.)
CA - 12th standard with commerce
Course Duration:
ACCA - Approx. 2 years
CA - Approx. 5 years
Number of Papers:
ACCA - 13 papers
CA - 20 papers
Articleship / Work Experience:
ACCA - No compulsory articleship
3 years of relevant work experience
Job Roles:
ACCA - CFO, Forensic Accountant, Auditor, Tax Specialist
Now that we know how ACCA and CA differ from one another, let's compare CMA USA and CA.
The distinction between CA and CMA USA
The main distinctions between CA and CMA USA are shown in the table below. To make an informed choice, have a peek!
CMA USA vs CA – Major Differences:
Full Name:
CMA USA: Certified Management Accountant
CA: Chartered Accountant
Recognition:
CMA USA: Worldwide recognised in more than 100 countries
CA: Recognised mostly in India
Exam Structure:
CMA USA: 2 parts – Part 1: Financial Planning, Performance & Analysis; Part 2: Strategic Financial Management
CA: 3 Levels – Foundation, IPCC / Intermediate, Final
Cost:
CMA USA: Around ₹1.3 lakh per annum
CA: Approx. ₹1 lakh per annum
Area of Focus:
CMA USA: Cost Accounting, Performance Management, Cost Management, Corporate Finance, Financial Reporting, Organizational Management.
CA: Financial Management, Accounting, Taxation, Law, Auditing, Finance.
Course Duration:
CMA USA: 6–12 months
CA: 5 years
Potential Job Roles:
CMA USA: Cost Accountant, Financial Analyst, Financial Advisor, Internal Auditor, Cost Auditor, Business Analyst, Strategic Manager.
Internal Auditor Financial Accountant Accounting Manager Tax Manager Statutory Auditor
Now that you are aware of the distinctions between ACCA and CA, as well as between CMA and CA, let's examine the main differences between the two.
Indian CA vs. ACCA Salary Comparison
You may be asking if ACCAs or CAs make more money.
A chartered accountant (CA) in India usually makes a little more than an ACCA. An ACCA often makes between ₹5 and ₹6 lakhs annually, but a CA typically makes between ₹6 and ₹7 lakhs. If an ACCA works in a nation with higher wages, such the USA or Europe, this trend may reverse. Although the wage gap usually stays the same, both ACCAs and experienced CAs see large pay gains.
CMA USA ACCA Exemptions
The contrast between ACCA and CMA has already been covered.
It's crucial to remember that during the past ten to fifteen years, many students have sought to improve their careers by earning the highly regarded accounting credentials known as CMA USA and ACCA.
In terms of exclusions, applicants to the CMA USA program who have already earned an ACCA do not require a bachelor's degree. In other words, a candidate can still pursue CMA USA as an ACCA member even if they have completed ACCA after the 12th standard without having a bachelor's degree. Candidates must, however, confirm that they fulfill all further prerequisites for enrollment in the CMA USA course.
Candidates must provide an official letter attesting to their eligibility as ACCA members in order to be eligible for this exemption. The Institute of Management Accountants (IMA) must then authorize the exemption.
In conclusion
For those who want to work in accounting or finance, the most prestigious professional certificates are ACCA, CA, and CMA USA. In order to assist candidates in making well-informed judgments, this article has outlined the main distinctions between ACCA and CA, CA and CMA, and ACCA and CMA.
Passing the corresponding tests, which are notoriously difficult, is necessary to obtain these certificates. Candidates can enroll in prestigious institutions like iProledge Academy to become ready efficiently.
