The fundamentals of cost accountancy are in the CMA India course. The fundamentals of auditing are explained in the ACCA course. CIMA is the course with core subject as cost accountancy. CMA India and ACCA focus on practical skills. And CIMA focuses on digital skills. There is relevance in the subjects of CMA and CIMA. But, ACCA is a different qualification with fundamentals of accounting. Does personalization educate the learner about ACCA vs CMA – Which is the right one for you? CMA final subjects are close to the job skills. The subjects are corporate law and compliance, strategic financial management, direct tax laws and international taxation, indirect tax laws and practice, strategic cost management – decision making, corporate financial reporting, strategic performance management and business valuation, and cost and management audit.
CMA vs ACCA which certification is the best to Choose? Is the question that brings comparison? There are four levels in the CIMA course. And they are Certificate level, operational level, managerial level and strategic level. The subjects such as project and relationship management, advanced financial reporting, advanced management accounting, risk management, strategic management and financial strategy are included in the managerial level and strategic level. Skills level comprises corporate and business law, taxation, performance management, financial reporting, and audit and assurance. This blog analyses the subjects and job roles for better discrimination among Indian qualifications and global qualifications.
CMA India with CIMA:
CMA -CIMA are similar, aren’t they? Well, it is essential to understand the difference. CIMA offers exemptions to MBA, ICWAI, ICMAB and ICMAP professionals. CIMA has five levels of examination with sixteen papers. The period taken to complete is three years to four years. In the case of CMA, the time taken to complete is three years. CIMA professionals have expert knowledge in risk management, business management, financial accounting, and management accounting. CMA qualification is suitable for beginners, and CIMA is to fast track the career to the next level. The exemptions for CMA after completing CIMA are for most of the subjects. The return on investment for the qualifications is as per the job role and growth. The difference between CMA & CIMA is the experience and professional knowledge. So, the age and the educational qualification matters a lot before deciding about the courses to be completed.
CMA India with ACCA:
CMA India influences more than 4318 students per year. They appear for the CMA examination as their self-reflection states that Cost and management accountancy is helpful to become top-notch professionals. CMA has three levels, and ACCA has two levels. If the professionals do ACCA after completing CMA, then they get exemption from 14 examinations. The combination of Indian certificate and global certificate is valuable only with potential experience. The job profile and experience add value to the different certifications.
How is the domestic job market?
CMA qualification has high demand in PSUs in India. The responsibilities of CMA are pricing decision, budgeting, cost management, raising capital, financial analysis, and investment decision. The job roles focus on costing, finance, taxation and MIS. As CMA is the qualification approved by the Indian parliament, there is a preference for students with CMA qualifications. International certifications with equivalence are given secondary importance in India.
How is the global job market?
There is a huge demand for CMA professionals in MNC companies. The American entities that have the guidelines of USGAAP create job opportunities for CMA professionals in the BPO industry in India. The difference between Indian cost accounting and global cost accounting certification is the techniques of cost accountancy and cost auditing. As there is MOU with the UK, there is a recognition for Indian CMA in foreign countries. Indian CMA institute has MOU with other foreign countries like SAARC countries, Australia, Middle East, UK, and the US. The membership from the equivalent course provides exemption and recognition.
Conclusion:
CMA with CIMA is comparatively the best subject for cost accountants as both have the fundamentals of cost accounting. ACCA is the additional qualification for working in foreign countries. For studying CMA, experience is not required. But, for pursuing CIMA, three years of experience is essential. For Indian accounting qualifications, experience is not essential. Whereas for global certifications: ACCA and CIMA professional experience of three years in relevant job profile is needed. So, it is wise to start with Indian CMA and study as per the job requirement.
