After completing B.com, students think about the global and Indian qualifications. Why Indian students should not opt for ACCA? Is this the question that cracks the minds of many students? Read further to make the right decision. Before experiencing the advantages of the Indian qualification students opt for the global qualification. Indian qualification like CA/CMA and ACS gives conceptual clarity, ease the complex part of the subject, and enhance confidence. After completing the Indian qualification, it is good to go for global qualification. Indian qualification provides conceptual clarity. The global qualification provides competitive skills. The blog walks the readers through valid discussions on the difference between Indian and international qualifications, the difference between Indian CMA and US CMA, and the advantages of Indian qualification.
Difference between Indian and global qualifications:
The following points explain the difference between Indian and global qualifications.
Pass percentage:
ACCA course shows a pass percentage of 84. The pass percentage rate of the CIMA course is 50 to 60. CMA US examination has a pass rate of 50 per cent. CMA India examination has a pass rate of 20 per cent. The pass percentage of Indian CA differs every year. It is around 12 to 20 per cent. The pass percentage of the ACS course is around 20 per cent.
Coaching:
ACCA course has learning partners. The institutes offer coaching with experienced professionals. TIME, Loyola Institute of Business Administration, RR Academy, and Edureka are the best institutes of training for the ACCA course. Edupristing, Simaandhar and Miles are the best coaching centres for US CMA. CIMA coaching is offered by the following institutes: IMS pro-school, SSB Global Academy, and the Indian School of Commerce. RR Academy offers the best coaching in CA, CMA, ACS and ACCA courses. The experienced faculty members train the students to understand the complexity of the subject.
Fees:
The cost of the ACCA course in India is between INR 1, 80,000 to 3, 00,000. The cost of a US CMA course in India is between 1, 65,000 to 1 80000. The price for a CIMA course in India is between 2.5 lakhs to 5 lakhs. Registration fees for CMA courses in India are 53000. Registration fees for the CA course are 53,000. The cost for CA coaching in India is around 2, 50,000 to 300000. The registration fee for the ACS course is INR 40,300. The registration fee and coaching fee for Indian qualifications are comparatively less. CA, CMA and ACS are the regional courses of India. The students get Indian courses at a reasonable cost and best faculties.
Opportunities:
After completing ACCA a student can work as a financial planner, management consultant auditor, and tax analyst. CMA course prepares a student for the post of financial risk manager, chief financial officer, management accountant, and financial analyst. A chartered accountant is suitable for the following roles: Certified information systems auditor, financial risk manager, chartered financial analyst, statutory auditor and tax analyst. Company secretaries are suitable for the following job roles: chief executive officer, chief financial officer, and legal expert. A company secretary can offer the following services: corporate governance and secretarial services, financial market services, corporate laws advisory and representation services, and management services. Indian qualifications offer conceptual clarity and diverse experience to professionals.
Exemption in the subjects:
The CA intermediate passed students get an exemption of five papers in ACCA. CA final cleared students receive a paid exemption of four papers in the ACCA course. CMA-qualified students also get an exemption of 9 papers in the ACCA course. CA students get an exemption of four papers in the CIMA examination. CMA-qualified students get an exemption of 16 papers in the CIMA course. CA and CMA finalists receive a paper-by-paper exemption in the CPA exam.
Difference between Indian CMA and US CMA:
- CMA US examination has a pass rate of 50 per cent. CMA India examination has a pass rate of 20 per cent.
- Indian CMA has three parts. US CMA has two parts. Indian CMA is for beginners and working professionals. US CMA is for students with a dream to pursue a career in international finance. The candidate must have experience of two years in financial management or management accounting. The experience can be before or after the completion of the CMA examination. Indian CMA students must undergo an article ship training of ten months before writing the CMA final-level examination.
- US CMA examination offers specialised knowledge for candidates working in multinational companies with exposure to international financial practices. Indian CMA is for candidates with an interest in Indian management accounting, regulatory compliances and financial planning.
- The examination of US CMA is one time for a year. The examination of Indian CMA happens two times a year.
- Cost and Management accountants with an interest in improving the Indian industries and corporate climate, prefer to do Indian CMA. Cost and management accountants with an interest in the operations in multiple nations and branches prefer to do the US CMA.
- Candidates with US CMA pursue the following roles: financial analyst, management accountant, business consultant, financial manager, and chief financial officer. Qualification and experience take the candidates to high positions after the US CMA. In foreign countries, the planning part consists of budgeting, decision-making, cost control, and competition analysis.
- Indian CMA works as a cost accountant, senior accountant, management accountant, cost auditor, corporate controller, chief financial officer and financial analyst. In Indian companies, cost control strategies and strategic management are essential parts. The difference between Indian and foreign companies is the cost strategies and competition analysis. Indian CMA offers knowledge of cost strategy and conceptual clarity in the subject. US CMA offers knowledge of competition analysis and financial management. It is a crucial part of the companies with international operations.
Advantages of Indian qualification:
Indian qualification provides the following competitive edge to the students:
- Indian qualification provides conceptual clarity in the subject.
- Indian qualification enhance practical knowledge. Indian qualification applies to the Indian companies. So, students gain practical knowledge in the subject at a young age.
- Indian qualifications help the students to understand tax, cost management, and investment with a knowledge of Indian challenges. The experience in the Indian job market is helpful for the students to handle vast tasks.
- Indian qualification allows professionals to serve India. The students with Indian qualifications contribute to the economic development of India.
- Indian qualification offers diverse experience in different departments of the company. Professionals with diverse experience understand the consequences of the operations in multiple departments.
- Students with Indian qualifications are hard workers. Professional training and experience make employers in top companies hire students with Indian qualifications.
Final Words:
The global qualification gives exposure to the global environment and challenges. However, the Indian qualification is the regional qualification suitable for Indian students.
