Alternative Courses to do Along with CA Career Options in 2024

You might think of Chartered Accountancy as the ideal course for you to pursue after high school if you are a commerce student. But is it the only option for you? No, there are several other great paths for you to explore in the dynamic world of professional accounting and finance certification courses. The glory of Chartered Accountant certification is undoubtedly appealing. However, it brings numerous challenges your way, making it difficult for you to build your career. Therefore, if you are seeking certification courses after completing your high school education, have graduated with a degree other than CA, like an MBA, or are a CA dropout, it's time to explore the various alternative courses available for CA. These courses may be completed along with the CA course. The passing rate for the Chartered Accountant course is quite low due to the challenging path it lays for candidates. However, when you choose one of the alternative courses for CA qualification, your path will be much easier. Choosing a unique career path among your peers might sound scary at first. But as soon as you learn about these courses in detail, you will realize that they offer the same or even more value than the CA certification. You can also complete these courses within a shorter timeframe than CA.Curious to know about the best alternative courses for CA or those comparable to the CA qualification? This blog will assist you in selecting the most suitable accounting and finance certification to accelerate your career in the global industry, by introducing the best courses one can pursue instead of the CA course.

Key Takeaways

• Alternative Courses to do  Along with CA Career

• Uniform CPA Examination

• US CMA Exam

• ACCA Exam

• CFA Exam

Top 5 Alternative Courses for CA

Certain global authorities offer prestigious certifications in the field of finance. These courses for a CA student, aspirant, or CA Final student furnish you with specialized skills and knowledge in varying sectors of the finance field. Additionally, these courses provide access to the global job market, enabling you to pursue a career as fulfilling as that of a CA. So, if you wish to have your dream career without going through the thorough process of passing the highly competitive CA exam, explore the below-listed courses that are just as good as CA. The list will not mention traditional courses like an MBA or CS course. Instead, it will list the most advantageous courses that are recognized internationally. 

US CPA Course

The US CPA certification course, offered by the American Institute of Certified Public Accountants, ranks among the top CA alternative courses. It is an internationally recognized certification that is regarded as CA or even higher. So, you can pursue the US CPA course if the CA path does not attract you. Being a CPA will offer you the best career opportunities, as this certification opens doors to entering the BIG 4 and other leading MNCs easily in India, as well as other leading nations across the globe like the USA, Canada, New Zealand, and Australia. 

Eligibility

• One hundred fifty credit points: 120 coming from a bachelor's degree and 30 from postgraduate education.
• 2 years of relevant work experience

Uniform CPA Examination

You must pass the following four parts of the Uniform CPA examination to be rewarded with the prestigious title and certification of the US CPA. The course covers the following syllabus:. 

1. Attestation and Auditing (AUD)
2. Financial accounting and reporting
3. Regulation (REG)
4. Optional paper (any one)

• Business Analysis and Reporting (BAR)
• Information Systems and Controls (ICS)
• Tax Compliance and Planning (TCP)

Career Prospects

Being a CPA will offer you the following options for a career in this field that are much more diverse as compared to a CA degree:

• Public Accountant
• CFO
• Finance Analyst
• Finance Manager
• Tax Analyst
• Internal Audit Expert

 

US CMA

The next name on this list of alternative courses for CA in India is the Certified Management Accountant Certification by the Institute of Management Accountants. It is a great course to do along CA or instead of it. The US CMA course aims to equip candidates in 12 advanced finance and accounting areas. The US CMA certification is your go-to option if you dream of building a career in the Big 4. Additionally, it allows you to find high-paying opportunities at other leading companies worldwide. 

Eligibility

• Bachelor's degree
• 2 years of relevant work experience

US CMA Exam

The CMA exam is divided into two parts. Each CMA examination section comprises six advanced subjects in the finance and accounting stream. 

CMA Part I: Financial Planning, Performance, and Analytics

• External Financial Reporting Decisions
• Planning, budgeting, and forecasting
• Performance Management
• Cost Management
• Internal Controls
• Technology and analytics

CMA Part II: Strategic Financial Management

• Financial statement analysis
• Corporate Finance
• Decision Analysis
• Risk Management
• Investment Decision
• Professional Ethics

Career Prospects 

The CMA course has the best alternative career options for CA aspirants and students. CMAs usually perform the following roles: 

• Finance Analyst
• Cost Controller
• Business Analyst
• CFO
• Finance Manager
• VP Finance

ACCA

CA dropouts or students pursuing CA courses and wanting to acquire other qualifications can also opt for the ACCA certification by the UK's Association of Chartered Certified Accountants. ACCA course is no different from the courses listed above. This accounting course will also offer you the most amazing opportunities in the global finance and accounting job market. The top employers in India, as well as in other leading nations around the world, are looking for ACCAs to offer them highly regarded positions in their companies. You can also pursue ACCA after completing your CA degree to build a successful career in accounting. Also, you can study for ACCA and CA together if you find it possible. 

Eligibility

• You only need to attain a 10+2 education qualification.

ACCA Exam

The ACCA body divides this examination into three levels. These three levels consist of thirteen separate tests.

Applied Knowledge Level

• Business and Technology (BT)
• Management Accounting (MA)
• Financial Accounting (FA)

Applied Skills Level

• Corporate and Business Law (LW)
• Performance Management (PM)
• Taxation
• Financial Reporting
• Financial Management
• Assurance and Audit

Strategic Professional Level

• Compulsory Subjects
• Strategic Business Leader
• Strategic business reporting
• Optional Subjects (two to be chosen)
• Advanced Financial Management (AFM)
• Advanced Performance Management (APM)
• Advanced Taxation (ATX)
• Advanced auditing and assurance

Career Prospects

• Forensic Reporter
• Finance Manager
• CFO
• Auditor
• Tax Analyst
• Public Accountant

FRM

Moving forward, this list of alternative courses for CA brings us to the FRM course, another excellent course to pursue in place of CA. The Global Association of Risk Professionals offers this accounting and finance course. It is the best path for you to enter the international risk management landscape. Your vast knowledge and abilities in various aspects of risk management set you apart from your peers. It is a short-term course. Therefore, you can pursue CA and FRM together as well. 

Eligibility

• A high school diploma or a 10+2 educational qualification is required.
• 2 years of relevant work experience

FRM Exam

The FRM exam consists of two parts with the following subjects:

Part 1

• The foundations of risk management
• Quantitative Analysis
• Financial Markets and Products
• Valuations and Risk Models

Part 2

• Market Risk
• Credit Risk
• Operational Risk and Resiliency
• Treasury and Liquidity Risk Management
• Risk Management and Investment Management
• Current Issues in Financial Markets

Career Prospects

After completing the course, you can enhance your career prospects with the following common roles for FRMs :

• Treasury Risk Manager
• Credit Risk Manager
• Risk Analyst
• Market Risk Manager
• Investment Analyst
• Quantitative Analyst
• Portfolio Manager
• Claims Manager

CFA

When looking forward to pursue a course in addition to CA or better than the CA qualification, you will definitely come across the CFA course. CFA is the Chartered Financial Analyst certification. The CFA Institute awards this certification. If you want to have a successful career in financial services, you must do so. The many career opportunities it provides convinces numerous students and young professionals to opt for this course as an alternative to CA course. 

Eligibility

• Bachelor's degree
• 4 years of relevant work experience

CFA Exam

The CFA Exam consists of three levels, with each level containing the following subjects:

• Ethical and Professional Standards
• Quantitative Methods
• Economics
• Financial Reporting and Analysis
• Corporate Finance
• Equity Investments
• Fixed Income
• Derivatives
• Alternative Investments
• Portfolio Management and Wealth Planning

Career Prospects

The CFA course will add value significantly to your career. CFAs perform the following roles: 

• Equity Research Analyst
• An investment banking analyst
• Wealth Management Advisor
• Financial Analyst
• Portfolio Manager
• Credit Analyst
• Investment Product Analyst
• Financial Risk Manager

In the end

You may or may not find the challenging Indian CA or CS course as attractive as your peers. Therefore, please do not force yourself into pursuing courses like CA and CS. You will only waste precious years of your life if you start your CA journey without having enough interest in it. Instead, you can choose any one of the alternative CA courses for a better career in accounting. The courses to consider listed above will offer you similar benefits. They are also more beneficial for you than completing a CA course. They can be pursued for a shorter duration than the Chartered Accountancy course. Also, you can pursue these courses alongside your CA degree. Some of these also have a lower total cost. However, they are equal when it comes to opportunities. The top courses offer you global opportunities.

Certifications will not come to you with just traditional high school or graduation degrees. You need to pass their respective examinations. Choose expert courses from NorthStar Academy to start your preparation for a new career. Our founder, M. Irfat Sir, and a team of CPAs, CMAs, FRMs, ACCAs, CFAs, and other accredited teachers will help you achieve your goal effortlessly. So, do not worry if CA or becoming one of the Company Secretaries is not the right option for you. You can choose to prepare for an alternative to Chartered Accountancy and acquire these certifications even in the middle of completing your CA journey and building your dream career.