CMA India VS ACCA Making The Right Choice

Commerce students often find themselves in tricky situations when it comes to selecting their academic journey after 12th grade. You should decide things wisely without getting carried away by peer pressure or counseling sessions done by family members. You must be sure of what your true calling is. Choose the best finance course that is in sync with your career goals. Know whether it is a CMA India or ACCA course that can benefit you and what segment of the finance industry makes you passionate ask yourself, decide, determine, and then take the plunge. This blog will help you decide between CMA India and ACCA. 

 

Key Takeaways

• CMA vs. ACCA: syllabus, exams, and more

• Duration

• CMA India Vs. ACCA: Job Opportunities

• Salary

CMA vs. ACCA: syllabus, exams, and more!

CMA emphasizes the vital aspects of budgeting and lets you control financial forecasting while dealing with voluminous data. A CMA's mind is behind every big business decision. Both CMA India and ACCA offer promising job prospects in India. Compared to other accreditations, CMA offers a quicker route to comprehensive financial expertise. You can easily gain professional skills and industry knowledge after completing such courses. 

CMA India

The CMA India course covers three levels. According to the CMA Course Curriculum 2022, you need to prepare yourself to take the exam in 2024. 

The Foundation Course consists of four papers, which include:

The course covers the fundamentals of business law and business communication.

Fundamentals of Financial and Cost Accounting 

Fundamentals of Business Mathematics and Statistics 

Fundamentals of Business Economics and Management 

The intermediate course covers topics such as:

Business Laws and Ethics

Financial Accounting

Direct and Indirect Taxation 

Cost Accounting

Operations Management and Strategic Management 

Corporate Accounting and Auditing 

Financial Management and Business Data Analytics 

Management Accounting 

The Final Course is inclusive of topics and concepts like:

Corporate and economic law

Strategic financial management

Direct Tax Laws and International Taxation 

Strategic Cost Management 

Cost and Management Audit 

Corporate Financial Reporting 

Indirect tax laws and practices 
 

ACCA

There are mainly 3 levels in the ACCA exam: 

Applied Knowledge 

Applied Skills 

Strategic Professional 

There is an additional Ethics and Professional Skills module. 

Here's a look at the subjects in ACCA that are part of the course:

Applied Knowledge Level: 

At this level, you need to learn about the various subjects, like:

Business and Technology 

Management Accounting 

Financial Accounting 

Applied Skills Level:

This level comprises subjects such as: 

Corporate and business law

Performance Management

Taxation

Financial Reporting 

Audit and Assurance 

Financial Management 

Strategic Professional Level:

This level is divided into two modules: the Essential and the Optional. 

The two subjects in the Essential Module are compulsory, while the Optional Module, comprising four subjects, lets candidates choose any two subjects.

The Essential Module Comprises:

Strategic Business Leader

Strategic Business Reporting

The Optional Module Includes: 

Advanced Financial Management 

Advanced Performance Management 

Advanced Taxation 

Advanced Audit and Assurance 

Duration

ACCA involves 13 exams, which can usually take two to three years to complete. CMA consists of 2 exam parts, and students complete it in 12�18 months while working. 

Eligibility

If you want to get admission to the CMA course, consider these eligibility criteria:

Having a Bachelor�s degree from a recognized college or university, 

An IMA-approved professional certification. 

As a prospective student, you should consult the official ACCA website or local ACCA affiliates. This can help you determine the specific eligibility requirements for your location. You must fulfill the following criteria to enroll in the ACCA course:

18 years or more in age, 

10+2 education or its equivalent completed,

At least 65% marks in English and Accounts/Mathematics subjects

A minimum score of 50% in all other subjects.

CMA India Vs. ACCA: Job Opportunities

Different sectors value individuals who hold the CMA certification:

IT

Public sector undertakings 

Logistic Companies

Automobile Companies 

Manufacturing Industry 

FMCG 

Engineering 

Hospitality 

BFSI Sector 

Power Sector and Telecommunication 

Healthcare and Pharmaceutical companies 

Consultancy Firms 

Big 4s, etc.

The organizations hiring CMA professionals include:

CEAT 

Capgemini 

Indian Oil 

Accenture 

Vedanta 

Tata Motors 

PwC

Larsen & Toubro 

TVS 

Godrej Agrovet 

Ford 

and the list is long. 

CMA-certified professionals can fill in important job titles, such as:

Cost Advisor

Financial Controller

Business Analyst 

Cost Controller 

Research Analyst

Risk Manager

Dean of Finance 

CFO 

CMD 

and the like.

Once you complete ACCA, you can fit in job titles like:

Financial Accountant 

Auditor

Management Accountant 

Tax Specialist 

Treasury Manager 

Financial Analyst 

Financial Controller 

Forensic Accountant 

and the like. 

ACCA members find opportunities in sectors like:

Corporate and SME sectors 

The financial services sector 

Internal audit sector 

Public practice and the SMP sector 

Public sector

Sharing services and outsourcing 

The following are the top companies that hire ACCA professionals:

Accenture 

Ernest and Young 

Barclays

Morgan Stanley 

Deloitte 

Alter Domus 

Expedia Group 

HSBC 

KGMG

Embassy Group 

Tata Grant Thornton 

and the list is long.

Salary

For a CMA in India, the average annual income is INR 6 lakhs per year, and the highest salary of a CMA in India can go up to INR 22 lakhs per year. 

When you earn an ACCA certification, your average yearly income will vary between INR 6.4 and INR 39.5 LPA as an ACCA member. For a fresher and an ACCA affiliate, the salary range will vary from INR 2 LPA to INR 20 LPA. 

CMA India vs. . ACCA Scope

CMA and ACCA certifications are highly respected, and no matter which organization you join, you will be a cut above the rest. These certifications present attractive career prospects. While ACCA enjoys greater global recognition at the moment, CMA's appeal is growing rapidly due to its cost-effectiveness and accessibility. 

Strategic planning and financial management skills make CMAs highly sought after. Corporations and start-ups highly value them, commanding generous salaries.

You may find slightly broader career prospects with ACCA. However, with CMA, you can enjoy convenience and abundant opportunities. When you obtain CMA certification, you can enjoy international recognition in more than 100 countries. There will be excellent job opportunities for you across the globe, with fantastic compensation. 

Why is ACCA the best?

The ACCA certification provides:

Global exposure, 

More recognition, and 

Wide range of career opportunities. 

It equips you with technical skills and practical experience for success in the public and private sectors. This qualification is recognized worldwide. After passing the exam, you can work anywhere. Major international organizations highly regard the ACCA, and these professionals are in greater demand globally.

A Tip for Students: Do you dream of scaling new heights early in your career? Choose the staple BCom bachelor�s degree to have a good base in accounting and finance. To make things happen as you want, you can simultaneously pursue ACCA, which will enable you to be much ahead of your peers in the professional sphere. You not only gain knowledge and a practical edge, but you also confidently enter the job world and scale up your career as a youngster. 

Once you start early, you can weigh job options, consider capitalizing on the global aspect of the ACCA certification, and look for top jobs all over the globe. So, plan your course preparation well, and master the art of executing your plan like your own boss. Hard work and true intentions always find a way. 

Conclusion

As you can see from this CMA India vs. ACCA comparison, both subjects have specific strengths and benefits. Are you looking to excel in the CMA India or ACCA exam? NorthStar Academy, the premier online training institute, can be your best bet! 

Whether you need comprehensive study materials from globally popular content partners, expert faculty, practice test papers, or personalized mentoring from top mentors, you can get it all here. The revision kits make you more confident about taking the real exams. The live interactive sessions make studying such rigorous courses so interesting. If you need immediate assistance from experts, you can make good use of WhatsApp communication to clarify doubts. 

You can pass on the very first attempt, as well as obtain assistance regarding career, resume creation, and job placement. Enroll now and get all the benefits that you need. Have any questions before choosing the right course? Contact us directly on WhatsApp!