CA and CMA both are accounting qualifications that provide specific knowledge to the students. CA or CMA does have any best opportunities abroad? MOU with foreign universities helps for recognizing Indian certifications abroad. This recognition opens job opportunities to the students. ACCA is a course that is equivalent to CA in the UK. CMA USA is a qualification that is equivalent to Indian CMA. Chartered accountants learn about Indian taxonomy. Their demand has been scattered over multiple sectors. The role of a chartered accountant is to groom multiple industries in India with tax planning and financial planning. Tax is the associated term because it has an impact on profits, investment and capital structure. Finance is a vast subject, and tax is an intensive subject that relates the documents and calculations necessary for tax planning. Auditors check the financial statements and tax-related documents to prepare the audit report.
CMA Jobs abroad from the job portal shows seventy-six vacancies. Cost accountants role is quite different from chartered accountants. They work for big industries with large production and services. They take decisions on pricing and cost control strategies. Their plans and decisions contribute to the potential profit. Cost accountancy deals with historical calculations and pre-defined calculations. Financial accountants deal with historical calculations. Cost accountancy work for internal process. Financial accountancy work with an internal and external process. The blog roll-out the carpet for reaching top positions in the Companies. The life of Indians in a foreign country is an interesting story. CA and CMA placements: All you need to know is the equivalent qualifications, opportunities, and challenges in your professional career.
Equivalent qualifications to CA and CMA:
ACCA, CMA, USA and CIMA are the qualifications that stand at par with Indian standards. The following points elucidate the working environment for different qualifications.
• ACCA course is recognised as a professional qualification in 180 countries.
• ACCA professionals handle manufacturing functions, banking functions, fund management and statutory auditing. They work for private and public firms.
• Chartered accountants also work for clients from different sectors. The domain knowledge helps focus on the core business area.
• A certified ACCA professional deals with international accounting, financial analysis, and finance controlling.
• Chartered accountants work independently with freedom of thought in India. They follow and analyse the IAS and GAAP.
• Chartered accountants work for a period of three or five years on a contract basis. They collaborate with businesses around their location. If the textile industry and food industry is prominent in your locality, then chartered accountants create collaborations with them to provide audit insights to them.
• After completing the ACCA course, the students need to get 3 years and 36 months of relevant experience. ACCA professionals work as consultants and financial analysts in top MNC Companies. They work with Singapore, the UK, Dubai, and the USA.
• ACCA professionals follow the rules and regulations and implement the policies.
• Chartered accountants follow the rules and regulations and work like a Gazette officer.
• CMA USA and CIMA UK are global certifications for cost accountants. ACCA has an agreement with CIMA and ICAI, India. The strategic alliance of ACCA help the professional to acquire dual qualifications ACCA and CIMA. US recognize CMA completed students. UK accept CIMA students for cost accountant career.
• Indian CMA is equally valued in some countries like the Middle East, Australia and SAARC countries.
• CMA USA has no article ship training.
• CMA India has article ship training. The Indian course is now re-modelled to global acceptance. The sophisticated classrooms, online examination, case study based questions, MCQ questions, open-book examination and frequent examinations are the measures to raise the standard of Indian CMA.
Opportunities and challenges to CA and CMA:
The following points explain the learning perspective and nature of the job of chartered accountants and cost accountants.
• The life of Indians in foreign countries shows that they learn global qualifications and understand international concepts. CA intermediate level certificate is valued like the emirates level seven certificate. Chartered accountants and Cost accountants need to clear the global certificates if they want to be recognised in the respective country.
• Cost accountants’ domain experience help them to understand the MNC companies. In India, US Companies and UK Companies have their subsidiary Companies. So, as a part of their work, they get involved in international accounting. Cost accountants get more foreign opportunities by qualification and experience.
• The job nature of a chartered accountant is different. They work independently as a consultant. Their experience helps chartered accountants for planning the financial system, risk assessment and aid in forensic auditing. Chartered accountants scope is high in India and it is comparatively less in foreign countries. Chartered accountants hold different roles such as internal auditor, forensic auditor, tax auditor, statutory auditor, financial reporter, share valuer, consultant, liquidator, and financial accountant. From these roles, share valuer, forensic auditor, liquidator, and financial accountant are the roles that attribute to financial reporting and risk management. These roles open up foreign opportunities for chartered accountants.
Salary of CA, CMA and ACS in 2022:
• ICAI placement record shows that the average salary offered to CA in 2021 is 7.36 lakhs. Out of India, the value of CA depends upon the country, position and responsibilities. The chartered accountants getting an offer out of India receives 75 lakhs approximately. Experience and skill is the need of the hour for finance professionals. The most demanding skill is budgeting, forensic auditing, and risk assessment.
• In India, Cost accountant receives an average salary of seven lakhs per annum. United Kingdom, Canada, Switzerland, Ireland, Luxembourg, United States, Japan and Australia are the countries that pay a high salary for cost accountants as per the prevailing demand. USD 165,000 to USD 104,000 stood as the average salary for a cost accountant working in foreign countries last year.
• In India, the average salary for a Company secretary ranges from 1.5 lakhs to 21.4 lakhs per year. ICSA, UK is the legal qualification in the United Kingdom. This Course is easy to pass and provides an opportunity for international jobs. If the member of ICSI wants to pursue ICSA, he needs to write only three papers. The three papers are corporate governance, chartered secretary’s case study, and corporate secretarial practice. After getting experience Company secretaries are paid on a global scale in foreign countries.
Chartered accountants and cost accountants think about the competition in the accounting profession. CMA Course is going global with the course structure and course syllabus. If there is demand, the competition shoots up and end with a positive result. Universities and professional institutes train the students with extensive knowledge to match the formula demand and supply. The growth of professional courses CA, CMA and ACS rise to give a shoulder to growing industries.