CIMA vs CMA in India Which Course is Better

CIMA Vs CMA is a hot topic for professionals worldwide. Both of these professional qualifications can make you stand apart from non-certified professionals. Lets shed light on the differences they uphold.

CIMA or the Chartered Institute of Management Accountants has a broader base than the CMA. CMA has around 70,000 members and CIMA has 218 thousand members. A constant debate over CIMA Vs CMA is hence dependent on the global recognition and standards. However, the CMA USA course recognition is on the swift upsurge as the companies are getting more and more familiar with CMA USAs importance.

CIMA certification is acknowledged in the UK whereas CMA is more acknowledged in the USA. Altogether CIMA has a global recognition in most places around the world like the United Kingdom and Commonwealth countries whereas CMA or CPA is widely known around Canada, Australia, and the United States of America. 

Countries like China and the Middle East have seen a rapid presence of CMA or IMA courses. IMA has an active presence among these countries and is well established around China.

On the other hand, CIMA has collaborated with AICPA with a new qualification called CGMA. The business community is comprehensive and is extensive around qualification and designation.

CMA USA is more recognized in the United States of America, making it a more exotic credential to have on your Resume. Canada has its Version of CMS certification called CPA and in the Middle East, both the certifications have the same standing.

In India, both certifications have their own set of pros and cons. You can choose according to your choice. Here is a detailed view of CIMA Vs CMAon some topics. 

In India, CIMA has mutual reciprocal agreements or MOU with ICAI. It also has many alliances with other colleges and associations in accounting. The basic difference between CIMA Vs CMA is the mutual reciprocal agreement. 

In Canada, the CMA is subjected to changes due to CA/CMA/CGMA. You can also qualify for the CMA examination if you are a member of ACCA. The IMA has a strategic alliance with the same.

Educational requirements for both certifications may vary. For the CMA examinations, you need a bachelor's degree. Although if you are an ACCA member, you may be given an exemption. The CIMA is a complex program and is in itself a degree. Education stands the same in the argument on CIMA Vs CMA

Syllabus 

CMA USA Syllabus

Part 1: Financial Planning, Performance, and Analytics

• 15%External Financial Reporting Decisions
• 20%Planning, Budgeting, and Forecasting
• 20%Performance Management
• 15%Cost Management
• 15%Internal Controls
• 15%Technology and Analytics

Part 2: Strategic Financial Management

• 20%Financial Statement Analysis
• 20%Corporate Finance
• 25%Decision Analysis
• 10%Risk Management
• 10%Investment Decision
• 15%Professional Ethics

Certificate Level

• BA1 Fundamentals of Business Economics
• BA 2 Fundamentals of Management Accounting
• BA 3 Fundamentals of Financial Accounting
• BA 4 Fundamentals of Ethics, Corporate Governance, and Business Law
• Exam: 4 Objective type Exams

Certification: CIMA Certificate in business accounting CIMA cert BA

Operational level

• E1:Organizational Management
• P1: Management Accounting
• F1: Financial Reporting and Taxation
• Exam: 3 Objective type Exams and a Case study Exam
• Certification: CIMA Diploma in Management Accounting (CIMA dip MA)

Management level

• E2: Project and Relationship Management
• P2: Advanced Management Accounting
• F2: Advanced Financial Reporting
• Exam: 3 Objective type Exams and a Case study Exam
• Certification: CIMA Advance Diploma in Management Accounting (CIMA ADV DIP MA)

Strategic level

• E3 Strategic Management
• P3 Risk Management
• F3 Financial Strategy
• Exam: 3 Objective Type Exams and 1 Case study Exam

The format of the exam consists of a specific duration and questions. CMA is favorable to those who want to get qualified professionals in a short duration. CMA USA is divided into two parts and is expected to be completed within 3 years. However, if you take the course from NorthStar Academy, they will help you acquire the degree in 6-9 months, provided you are sincere. You get to take the exams in two parts:

Part 1: Financial Planning, Performance, and Analytics

Part 2: Strategic Financial Management

Both the parts have 100 MCQs carrying 375 marks (3 hours time to complete) and 2 essay questions carrying 125 marks (1 hour time to complete). You can take both parts with a gap of months and have to score 360 marks out of a total of 500 marks in both of them to get accredited as a CMA USA professional.

To qualify for the CIMA examination youve to pass 12 papers. It consists of 9 objective-type tests (each 90 minutes long) and 3 essay/case studies questions (each 3 hours long). All these papers are divided into three pillars, where each pillar has 3 objective exams and one essay exam. The number of papers for the CIMA Vs CMA can make professionals opt for the CMA USA. 

The time duration for the same is 3 years and one is required to practice, endorse, and verify each from their guides or superiors. A CIMA professional can achieve the certification with effort, time, and commitment. 

Exam Costs

To understand the CIMA Vs CMA exam costs, the CMA examination is short and fast, its cheaper than the CIMA. The fees for the CIMA are higher than CMA. The study materials for the latter are also cheaper than the CIMA. The average fee for the CMA USA is around the US $2,000 or $2500 and CIMA is US $6,800. 

CMA's average salary is around $33,500 which is approximately Rs.21,30,000 whereas the CIMA's salary is around $33,000 which is approximately 21,00,00 rupees. These figures may vary according to your experience, expertise, country, company, and skills.

Both courses are beneficial for management professionals who want to enhance their skills and knowledge of the financial sector. If you have the skill to work in financial management, planning, control, analysis, decision, support, and problem-solving around the financial sector, these certifications can help. 

To work comprehensively in accounting and business, CIMA can be beneficial. It can help you with the current trends of the industry and accelerate your career in the business field. The CIMA Vs CMA both have different salary compensation. 

Both certifications have different difficulty levels. As discussed, CMA can be completed within 6-9 months whereas CIMA takes around 3 years to complete. You also have to give more exams in the CIMA whereas in CMA you only have to pass two papers.

It depends on the candidate's interest and passion that can help them decide which courses are better. Both are related to the business field but offer extensive and comprehensive services. Both courses are beneficial for management professionals who want to improve their abilities and knowledge in the financial sector. 

These certificates can help you if you have skills in financial management, planning, control, analysis, decision-making, support, and problem-solving. CIMA certification can help you perform more effectively in accounting and business. It can help you keep up with industry developments and advance your career in business.

We hope the basic differences between the CIMA Vs CMA are clear. 

CIMA and CMA India- CIMA certification is recognized in the United Kingdom, although CMA certification is more widely recognized in the United States. Both certifications are becoming increasingly popular in India as the corporate world demand is becoming more specific.

There are numerous job opportunities for both certifications in India. In order to acquire these certifications, there are a lot of institutes that claim to provide the best course for these. However, you should choose the best institute like NorthStar Academy as our CMA USA course comes with a well-planned curriculum covering all the vital aspects. You get the desired support from India's top mentors in this field, like M Irfat Sir.  

IMA, CMA USAs official body, is actively growing and becoming more and more known among Indians in the financial management field.

Professionals who are already working, and have a social and family life do not want to invest time studying. If you want to be certified for the CIMA, and you are already a CMA USA qualified, you are awarded many exemptions. You do not have to waste your time learning the same concepts and chapters and can get CIMA certified easily. 

Less Exam stress

You do not have to write the exams that you completed in the CMA qualification and this will lessen your stress for the exam. You just have to study the remaining basics and give the examination.

Learning recognition

CIMA respects and recognizes your early learning or prior learning. They exempt you from not learning the same concepts and moving ahead with other subjects, work, and life.

Finish Course Early

You will be able to finish the course early. As time is valuable, you only have to pay for the things you study. If your course duration is around nine months, you may finish it in four and only pay for those months.

A candidate is exempted from the topics and modules that were already covered in the CMA (USA) qualification. There will be a certain set of examinations that you dont have to write or give.

As we read through the article, there is no better qualification between CMA USA and CIMA options. Both have their own sets of protocols that a professional needs to follow and conquer. However, you might find a small preference for the CMA USA certification as it is a foreign qualification. The companies might get a little picky and choose the CMA USA professionals. 

If you finally have developed an interest in the CMA USA credential, join the course without any delay and get certified as an essential part of an organization. For queries related to the course contact NorthStar Academy today and get all your doubts cleared.

We provide the best study material for our courses (12-sectioned books) and make you market-ready professionals under the guidance of Indias top tutors in this field.

Our CMA USA course is one of the top courses we provide along with the CPA, ACCA, CA, etc.Instead of CIMA Vs CMA, it is up to the candidate or professional to decide where they want to invest for their individual career possibility as both courses will be ultimately helpful.

Connect with the experts to know more: +918147470707