Hey, are you confused between two interesting courses in the corporate world which have their own place? Okay, both courses are known to be the hardest courses, and require a genius IQ from you. Someone who chooses between two of these, i.e. The CA and CMA need to be involved in playing with the numbers.
Every student has a different skill and interest so we can simply direct you on both the courses, their position, their rewards, their length, the demands of the industry and other relevant factors after studying which you have to decide the career choice is best from your perspective.
Therefore we have drawn some conclusions after a lot of analysis and deep study which will be useful to you in choosing between CA and CMA as a profession.
Let’s look first at the simple introduction of the two courses
CA (Chartered Accountancy)
You must have known already that Chartered Accountancy is the most reputed course in the field of commerce. ICAI, and only ICAI has the authority to award the CA degree.
CA is also considered to be the hardest course in the world, and the Indian Chartered Accounting body, i.e. ICAI is recognized as the world’s second-largest accounting agency.
CA is well known in the business world for winning high bonuses and also held responsible for managing the company’s financial and legal matters. The career is daunting as a CA also needs updating itself with the laws and case studies that have been amended.
Because of CA’s professional expertise in different fields such as accounting, auditing, taxes, finance, corporate law, he is eligible for appointment on various job profiles such as internal auditor, fund manager, financial advisor, etc.
In addition to the above, only Chartered Accountants in India are allowed to audit an organization’s financial statements.
CA course is divided into three levels-CA Basic, CA Intermediate and CA Final along with three years of practical training. This practical training is also a mandatory part of CA curriculum that makes a CA student a true professional. Studies of CA go far beyond book learning experience. Here the students were prepared to face real-life challenges.
In the CA Course the cumulative length is a minimum of 4.5 years including 3 years of articleship preparation. Upon qualifying for the 12th Standard, one may register for his CA Foundation entrance test.
Chartered Accountants are extremely experienced in various fields and even enjoy F.S monopoly. Auditing, thus demand in the corporate world is increasingly growing. Companies are finding an employee who can perform the various tasks and CA’s are considered ideal for this job profile.
A CA can work on the multiple Job Profiles such as –
- Statutory Audit.
- Internal Audit
- Advisor in Direct or Indirect Taxation
- Handling Transfer Pricing
- Financial and Accounting Management
- Investment Decisions
- System Audit (after clearing DISA/CISA)
- Handling the Companies Legal Matters etc…
An average salary of 6-7 lakhs has been offered to a fresher Chartered Accountant which increases with experience and ability. However, generally, 10-12 lakhs are given to the candidates who fell out at the first attempt, and up to 25 lakhs are given to Rank Holders.
Those who want to pursue Chartered Accountancy can take the guidance of a number of institutions available in our country.
CMA (Cost and Management Accountant)
CMA is largely Cost Accounting focused. The main subject of CMA research is financial and funds management. Their work description is to keep and manage the cost records, goods / services pricing, cost records verification, etc.
Though CMA has begun to emerge in India, its reach is still very small. Yet we may claim that this is a path to the future. CMA is the only person allowed to conduct the firm’s cost audit.
CMA course, similar to CA, is also divided into three tiers – CMA Formation, CMA Intermediate, and CMA Final. The students are eligible for enrollment in the CMA Foundation course after qualifying for 10 + 2 test.
The length of the course at CMA is at least 3-4 years. CMA training is a mandatory part of this course, too.
As we have already discussed that 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 for CMA is very limited but it is expected that the demand will rise with the passage of time.
A CMA can appoint on the below-given job profiles –
- Cost Accounting
- Cost Auditing
- Financial Planning
- Determine the Prices of Goods and Services.
These are some basic job profiles where the CMA can be appo
A CMA’s average wage is about 3-4 lakhs, which increases with time and depends on one’s skill as well.
You have to get clarity about both the courses with the above discussion. As far as we advise if you’re looking for a course today, you need to go with Chartered Accountancy, which is growing rapidly, and if you’re planning to say in the future after 10-15 years, you can select CMA, which is expected to expand over time.
Nonetheless, we leave it this to decide yourself by considering the monetary terms, Work Availability, Depth and Information as well as Opportunities. We at PR Academy, offer CMA Coaching Classes and also CA Coaching Classes in Coimbatore. Click here to enquire about the classes.