CMA India vs ACCA Which One Should You Choose

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 a course and becoming a certified management accountant. 

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

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 this globally recognized 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

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 of age or older
• 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.

Read More :

• US CMA Exam Pattern 2024 A Complete Guide
• US CMA Job Opportunities 2024
• US CMA Exam Windows: A Complete Guide 2024

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

Once you complete ACCA, you can make a great career in finance and accounting to fit in job titles like:

• Financial Accountant
• 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.

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 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. Once you complete CMA, there will be lucrative jobs for you.

Strategic planning and financial management skills make CMAs highly sought after. Corporations and start-ups highly value them, commanding generous salaries. You need to understand the key differences between ACCA and CMA, compare them, and the best choose course in the financial domain as per your career goals.

You may find slightly broader career prospects with ACCA and make a great career in management accounting. 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.

The ACCA certification provides:

• Global Exposure
• More recognition
• 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. You can always communicate, network, and talk with those who have already passed the ACCA. 

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. Choosing between ACCA and CMA should never be a complicated one once you are clear on your career aspirations. 

Read More :

• Complete Your US CMA Dream Course Using the IMA Scholarship
• 10 Career Options After Qualifying US CMA
• CMA USA vs CFA vs MBA in Finance | Which one you should choose

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! 

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