What is a Certified Management Accountant (CMA)?
CMA is one of the most reputed management accounting courses all over the world. It’s more popular in the USA and it has a presence in over 100 countries.
Most domains in finance concentrate about certification but CMA is different, it focuses on management accounting as well as financial management. Thus, CMA is more comprehensive than any other course in the financial domain.
Sitting for CMA is more convenient for students. It has over 100 examination centers all over the world and you just need to clear two exams to get certified. Even each exam is only of 4 hours duration.
What is the Association of Chartered Certified Accountants (ACCA)?
ACCA is one of the best accounting certification courses. ACCA has been training and educating students for a long time.
Over 436,000 students have already passed out doing ACCA and they all are employed in reputed companies. What makes ACCA more dignified is its presence over 180 countries.
Like CMA, the curriculum of ACCA is also very comprehensive. It not only deals with the finance domain, but it also emphasizes technical and management aspects of finance as well.
ACCA has a great global presence. Moreover, you would get a world-class education under a very short budget – which is rare. And once you complete the course, you would be recognized as one of the best accountants in the world. Even companies prefer ACCA professionals more than anyone in the accounting domain.
ACCA Vs CMA: The key difference between them
Even though there are multiple factors available for differentiating CMA Vs ACCA, below mentioned 4 key differences between them are considered as most important:
- Global presence: If you compare international recognition, ACCA is a better recognized course than CMA. Till now, ACCA has produced over 436,000 students in 180 countries. Whereas, CMA has produced only 40,000 members and has a global presence in over 100 countries.
- Salary difference: There is a huge difference in salary for ACCA or CMA qualified, if we compare ACCA with CMA. As previously we were mentioning that ACCA is much more globally recognized than CMA, in terms of salary CMA is much ahead of ACCA. If you complete your CMA, you would be able to get an average salary of almost 70,000 USD per year if you have experienced between 1 to 5 years in the domain. Whereas, for ACCA you would be able to earn on the average of 46,000$ per year. If you do the math, you can see completing CMA is much more beneficial to you than ACCA in terms of compensation.
- Pass percentages: To know which is tougher, you should consider the pass percentage and as you will see the CMA is much tougher than passing ACCA the pass percentages for CMA are near to 20% whereas pass percentages for ACCA are on an average of 40-50%. No wonder why CMAs get more salary than ACCA!
- Value addition: If you complete CMA, you would be treated as an expert in the field and many opportunities will open for you. ACCA is better enough but much older in perspective. Thus, Fortune 500 companies look for CMAs more than ACCAs.
|Mode/Duration of Exam||In CMA, you need to sit for two exams. Each exam will consist of 4 hours duration and each exam will contain 100 multiple choice questions and two 30 minute essay questions.||Other than the first 3 papers under Knowledge level, the duration of all exams is of 3 hours each. The first 3 papers under the Knowledge level are of 2 hours duration each.|
|Exam Window||CMA Exam Dates 2017 Jan 1 to Feb 28 May 1 to Jun 30 Sep 1 to Oct 31||ACCA is conducted in March, June, September, and December every year.|
|Job opportunities/Job titles||The top jobs for CMA are Management & Cost Accountant, Financial Accountant, Financial Risk Manager, Management Consulting & Performance Management, etc. People also hire CMA for their overall financial decision-making functions.||Once you complete ACCA, multiple opportunities will open up for you. You can join Accounting firms, Educational & Training companies, FMCG sectors, Financial Services & Consulting companies, and even in Healthcare.|
|Certification Organized by||CMA is approved and sponsored by Institute of Certified Management Accountants (ICMA). ICMA is affiliated by Institute of Management Accountants (IMA). ICMA has more than 40,000 members in 100 countries.||ACCA course is organized by the global body of Association of Chartered Certified Accountants. It was founded in 1904.|
|Eligibility||You need to have a bachelor’s degree.||1. You can apply for ACCA after 12th passed in the commerce field. 2.12th must be passed with 2 subjects by 65% and other of them should be 50% then you can apply for ACCA. 3. You can apply after completing a bachelor’s degree like B.Com and BBA.|
|Subjects||CMA has only one level, but the level consists of two parts. Each part consists of many subject areas. Let’s have a look at those. Part one: 1. External Financial Reporting Decision 2. Planning, Budgeting, and Forecasting 3. Performance Management 4. Cost Management 5. Internal Controls Part two: 1. Financial Statement Analysis 2. Corporate Finance 3. Decision Analysis 4. Risk Management 5. Investment Decisions 6. Professional Ethics||The subjects for ACCA are as follows – Fundamental Level: 1. Business Technology (F1) 2. Management Accounting (F2) 3. Financial Accounting (F3) Skills Level: 1. Corporate and Business Law (F4) 2. Performance Management (F5) 3. Taxation (F6) 4. Financial Reporting (F7) 5. Audit and Assurance (F8) 6. Financial Management (F9) Professional Level: (2 compulsory) 1. Strategic Business Leader 2. Strategic Business Reporting (2 optional) Advanced Financial Management Advanced Performance Management Advanced Taxation Advanced Audit & Assurance|
|Number of levels||CMA has only one level to clear. The level has two parts. Part one is about Financial Reporting, Planning, Performance, and Control and Part two is all about Financial Decision Making.||If you would like to qualify as an ACCA, you need to clear three levels –fundamental, skills professional. There is a total of 13 papers altogether.|
|Duration of the course||The course can be finished from 6 months to 4 years.||The course can be finished from 2.5 years to 5 years.|
|Course Fees||CMA coaching fees in India range from 1.25 to 1.50 lakes with CMA training and exam fees including||On average, the fee would be about 3 LPA and can vary significantly|
Cost Management Accountant courses (CMA)
The Cost Management Accountant (CMA) is one of the most competitive courses in the financial market. The CMA course will be a perfect choice for someone who dreams of making it big in the management accounting field. In recent days, the course has become a very common option between commerce students or those preparing to join the field of commerce.
Cost Accounting Management is a certificate course designed to prepare students to work in various sectors and corporate functions. In India, the credential for the CMA course is provided by the Institute of Cost Accountants of India ( ICAI).
Association of Chartered Certified Accountants courses (ACCA)
ACCA is a fast-growing international accounting organization. As an internationally recognized education and updated / Industry relevant content, ACCA certification is a great way to develop a career in accounting and finance. Students can attempt this with their graduation. This qualification is more attractive for its flexible examination scheme.
ACCA course is the leading international accounting authority. This certification is commonly regarded as a prestigious course in finance and accounting where ACCA lets you learn about international accounting and auditing practices. So, it makes it simple and eligible for you to look for work outside the country.
Which is Right for You?
When it comes to a designation, it depends on two factors here, where you want to work and how much income you want to make. Both designations are well respected and growing in global recognition, but the facts remain the same. If you want to work in the United Kingdom or a Commonwealth country, the ACCA may be a better choice. If you prefer to live and work in the Middle East, Asia, or in the Americas and earn a higher salary, then there is no question; the CMA is right for you.
There is no right or wrong answer, though. Only you can choose if the ACCA vs. CMA is right for you.
Still in the dilemma of which one to prefer. Contact us, as a leading coaching provider for ACCA, IFRS, CMA, Taxation, US SEC, IFRS, CFA and other accounting related courses we will guide you reach your dream goals.