Quitting CA To Pursue CMA USA

If the path to be­coming a CA does not align with your goals, consider the e­xciting CMA certification alternative. This positive­ step warrants careful thought before­ fully committing.

A CMA programme can significantly e­nhance your career prospe­cts, providing recognition and possibilities globally. Diverging from the­ CA path, a CMA opens more opportunities. Having this cre­dential enables pursuing positions in multinational corporations worldwide. Moreover, the­ CMA certification can be obtained directly, with an e­xam given by the IMA or Institute of Management Accountants.

Key Takeaways

• CA vs CMA USA

• CMA Job opportunities

• Eligibility Criteria

US CMA Eligibility

To apply for this professional qualification, two things are required:

• A Bachelor's degree or a qualifying professional certification.
• Two years of relevant work experience in the relevant field is required.

USA CMA Exam

When you are considering the exam format, you will mainly be writing it through two papers. These two papers will have two parts. These parts include:

• MCQs or Multiple-choice Questions, and
• Essay writing questions

These types of questions will be seen in both the papers that make up the exam as a whole. These two papers mainly cover the following range of topics:

• Financial Planning, Performance, and Analytics
• Strategic Financial Management

There are six further subtopics that you will be covering in the two papers. These are:

Paper 1: Financial Planning, Performance, and Analytics:

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

Paper 2: Strategic Financial Management:

• Financial Statement Analysis
• Corporate Finance
• Decision Analysis
• Risk Management
• Investment Decisions, and 
• Professional Ethics.

You have four hours to complete each paper. You need to score at least 360 marks in each exam.

CMA Job opportunities

You can look for a wide range of finance and accounting jobs with the Certified Management Accountant certification. These include:

• Chief Financial Officer
• Treasurer
• Chief Executive Officer
• VP Finance
• Business Analyst
• Internal Auditor
• Cost Controller
• Cost accounting
• Senior Accountant, and
• Finance Analyst

CA vs USA CMA

When comparing Chartered Accountant and Certified Management Accountant certifications, consider what suits your career goals the best. The main aspects include:

• Recognition:

CA is recognised mainly in India, while CMA US is known globally, offering a broader range of jobs worldwide.

• Exam Structure:

You need to go through 2 parts when writing for the CMA exam. These include:

• Strategic Financial Management, and 
• Financial Planning, Performance and Analysis.

To become a CA, you will need to pass three levels. These include:

• Foundation level
• Intermediate level or IPCC, and 
• Final level.
• Fee:

The fee for a CMA certification course is around INR 1.3 lakhs per year. For CA, the fee can be around INR 1 lakh per year for five years.

• Main Subject Focus:

The main focus of the subject matter you will cover in CMA and CA also differs. Knowing the exact subjects can help you clear the confusion and decide which one between CA and CMA is the right choice for you.

The US CMA certification will help you focus on:

• Performance
• Cost management
• Corporate finance
• Organisational management
• Cost accountancy
• Financial reporting, and
• Management

Professional qualifications like CA require you to mainly focus on:

• Accounting
• Law
• Finance
• Auditing
• Financial management, and
• Taxation
• Course Duration:

Any course you sign up for pursuing the CMA certification will take around 6 to 12 months. In contrast, if you want to become a CA, the required course will take you 5 years.

• Job Roles:

As a candidate with a management accounting certificate, you can be hired by any company as their:

• Financial Analyst
• Internal Auditor
• Strategic Manager
• Cost Accountant
• Financial Advisor, and
• Business Analyst

If you pursue chartered accountancy, you will be able to work as:

• Tax Manager
• Internal Auditor
• Financial Accountant
• Statutory Auditor, and
• Accounting Manager

Considering the above facts will help you choose the certification that best fits your personal and professional goals.

Transitioning from CA to Pursue USA CMA Certification

You always plan how to build a rewarding career. While planning is crucial, being flexible is equally important, as sometimes, things do not go as planned. In that case, you can always improvise and go for whatever option seems best for you at that point. The same thing applies when you are trying to become a CA. The path to pursuing CA can present challenges and setbacks. This is why it is important to recognise the alternatives available to you. These include national and international certifications and designations like CMA. Transitioning from CA to CMA offers new opportunities for your career. You can easily make use of such certifications in your resume to secure jobs and salaries that might even prove to be better than CA for you.

Even if you do not face any major issues or setbacks in your journey of becoming a CA, you might just feel that it does not suit your work interests. For example, two years into your preparation for becoming a CA, you may realise that you are more interested in financial analysis and strategic management. In that case, you always have the option to complete your CA and then proceed for the CMA USA. This way, you can secure double certification that will only help you. Otherwise, you can also stop with CA altogether and go for CMA.

Other than this, if you are at a crossroads where you are confused about what to choose between the two, going directly for US CMA can be a good idea. It gives you an international certification that opens up job opportunities in management accounting and financial sectors. Firms where you can secure jobs include Apple, IBM, Microsoft, and Deloitte.

You can also decide based on the time you have to dedicate to the qualification. If you have enough time for training and studying, you can opt for CA. However, if you want to secure job opportunities worldwide, CMA can assist you with that. You may also need to think about the time you have already invested in case you want to leave the CA program to pursue alternative credentials.

Conclusion

Deciding to transition from CA to CMA USA can open up new career opportunities, offering an international certification that enhances your profile. Whether you’re shifting focus or seeking better job prospects, CMA USA can be a powerful choice. At NorthStar Academy, we provide expert coaching to help you navigate this transition successfully, ensuring you gain the skills and knowledge required for a rewarding career in management accounting. Reach out to us to start your CMA USA journey today!