Confused between US CMA vs CIMA in India? Explore differences in scope, salary, and career opportunities to choose the best course for your future.
Updated: August 12, 2024
Read time: 22 min read
By: NorthStar Academy
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US CMA Vs CIMA UK: Which Certification Course is better to pursue in India - A Detailed Overview
To become a Certified Management Accountant, individuals must complete a CMA course and pass the relevant exams. When considering a CMA course, it is important to choose the right program that aligns with your career goals and study preferences. A Certified Management Accountant often takes on roles such as a cost accountant, where they analyze and manage financial costs within an organization.
In addition to traditional accounting roles, a Certified Management Accountant can also pursue positions as a business analyst, focusing on financial strategies and business improvements. Achieving the status of a certified accountant opens various career opportunities, including roles in financial management and strategic planning.
If you have a knack for management and accounts and aspire to be certified globally as a professional management accountant, certifications like CMA USA and CIMA can help. CIMA vs. CMAis a common conflict encountered by professionals who want to globally accredit their work goals. How do I compare both qualifications? Which one will suit you?
In this blog, we will target the scope of CMA USA and CIMA certifications in India, and learn more about CIMA vs. CMA.
Both certifications are accredited by the Institute of Management Accountants (IMA). CIMA stands for Chartered Institute of Management Accountants, which is a designation from the UK. CMA is the Chartered Management Accountant in the USA.
What is the difference between CMA and CIMA?
Particulars
CMA USA
CIMA, UK
Educational requirements
Bachelor's degree
12th pass or more
Format of the exam
2 exams with 2sections
12 exams, which include 9 Objective Tests and 3 Case Study exams
CIMA vs. CMAis a hot topic for professionals worldwide. Both of these professional qualifications can make you stand apart from non-certified professionals. Let's shed light on the differences they uphold.
Global Network and Membership
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 global recognition and standards. However, CMA USA course recognition is on the rise as companies become more and more familiar with CMA USA's importance.
Global Acknowledgment
CIMA certification is acknowledged in the UK whereas CMA is more acknowledged in the USA. Altogether,
CIMA has global recognition in most places around the world like the United Kingdom and Commonwealth countries whereas CMA or CPA is widely known in Canada, Australia, and the United States of America.
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. CMA on some topics.
Agreements
In India, CIMA has mutual reciprocal agreements, or MOUs with ICAI. It also has many alliances with other colleges and associations in accounting. The basic difference between CIMA and CMAis 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 them.
Education
Educational requirements for both certifications may vary. For the CMA examinations, you need a bachelor's degree. However, 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
CIMA Syllabus
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) 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
Exam: 3 Objective Type Exams and 1 Case study Exam
Format of the 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 period. 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 parts have 100 MCQs carrying 375 marks (3 hours to complete) and 2 essay questions carrying 125 marks (1 hour 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, you have 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.
To understand the CIMA vs. CMA exam costs, the CMA examination is short and fast; it is cheaper than the CIMA. The fees for the CIMA are higher than CMA. The study materials for the latter are also cheaper than those for the CIMA. The average fee for the CMA USA is around US $2,000 or $2500, and the CIMA is US $6,800.
A Detailed Overview of CIMA Vs CMA Salary
The 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 21,00,000 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 skills to work in financial management, planning, control, analysis, decision-making, support, and problem-solving in 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 and CMAbothhave different salary compensations.
What is the difference in the CIMA Vs CMA difficulty?
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 take 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. 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 USA's official body, is actively growing and becoming more and more known among Indians in the financial management field.
What are some of the vital CIMA exemptions for CMA USA Qualified?
Professionals who are already working and have a social and family life do not want to invest time in studying. If you want to be certified for the CIMA and you are already 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 take the examination.
Learning recognition
CIMA respects and recognizes your early learning or prior learning. They exempt you from learning the same concepts and moving ahead with other subjects, work, and life.
Finish the 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 don't 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 India's top tutors in this field.
