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 program 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 you to pursue 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.
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
- 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
- Technology and Analytics.
Paper 2: Strategic Financial Management:
- Financial Statement Analysis
- Corporate Finance
- Decision Analysis
- Risk Management
- Investment Decisions
- Professional Ethics.
You have four hours to complete each paper. You need to score at least 360 marks in each exam
CMA USA 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
- Finance Analyst
CA vs USA CMA
| CA | CMA USA |
| Recognition: India, the Middle East, and few other countries | Recognition: Globally Recognized |
| Exam Structure: Foundation level Intermediate level Final level | Exam Structure: Strategic Financial Management Financial Planning, Performance, and Analysis. |
| Focuses On: Taxation, Audit, Accounting, Risk Management | Focuses On: Financial Management and Management Accounting |
| Salary: 8-10 LPA | Salary: 6-7 LPA |
| Jobs: Tax Manager, Internal Auditor, Financial Accountant | Jobs: Financial Analyst, Internal Auditor, Cost Accountant |
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 recognize 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 to 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 realize 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 with 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 with 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 the financial sector. 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
Now that you know all about the CA and US CMA certifications, you can make a better-suited decision if you are considering quitting CA to pursue US CMA. The first step is to understand the pros and cons that they have. Then, you should compare both and choose which one fits better with the kind of career that you want to make.
You might think that changing or leaving one path to pursue another is unstable or uncertain. But you should know that it can become much easier with the help of institutes and organizations engaged in the field. You can also consult NorthStar Academy to clear out this confusion of yours. Here, you will receive the guidance of M Irfat, the founder, CEO, and lead instructor. He has been teaching CMA aspirants for more than 20 years now and has gained certain incomparable insights and expertise. Whether you're considering dropping or switching courses or certifications, he has helped countless candidates navigate similar transitions.
If you feel the need for expert counseling, NorthStar Academy is your go-to. Contact us today!
Frequently Asked Questions
Is US CMA easier than CA?
The US CMA exam is generally said to be much easier when you compare it to the CA. This is in terms of the time and the difficulty level of the two exams. For US CMA, it will only take you 6 to 9 months. For CA, it will take you around 5 years. Your syllabus would also be much shorter and easier for the US CMA.
Can I do CMA USA after CA?
Yes, you can do CMA USA even after CA. You can start US CMA during CA as well. This is because you can improve your profile with the US CMA, an international certification course.
Who earns more CA or US CMA?
In general, you will see that, as a CA, you will have better earnings. However, you can see a difference in this from time to time. This is mainly because your salary is based on your personal work experience and the company you are working for.