CA & CMA: The Difference
The quest for finance experts has remained on the spike not just in India but throughout the globe. Chartered accountancy as well as Cost and Management accountancy happen to be too well known options for students in commerce in the nation. There are also the most in-demand courses in the world of corporate jobs. This article highlights all the differences you need to know between CA and CMA.
There are various variations between a CA and CMA. Both happen to be accounting designations and the qualifications the student would require for success in the professional field of accountancy remain the same. CA refers to the abbreviation for chartered accountant and CMA refers to the abbreviation for Certified Management accountant.
A CA qualification refers to a program for talented and ambitious candidates, and students who happen to be eager to possess a winning career ahead. Usually, it happens to be a 3 Year program where the student is likely to obtain practical knowledge from a reputed CA training institution.
On the contrary, CMA refers to a complete program that concentrates on accounting and financial management. The CA program usually deals with accounting, taxation, law, audit, and finance. On the other hand, the education of Certified Management Accountants incorporates corporate finance, economics, cost management, decision analysis, internal controls, performance management,organisational Management,strategic planning and financial reporting.
The points that are mentioned below, are some essential criterion that CA and CMA candidates should follow:
Education: All candidates, whether in CA or CMA, need to have a bachelor’s degree from a reputed college or university in any area.
Employment: Chartered accountants usually can work on certain job profiles like statutory audit, internal audit handling, transfer pricing, indirect or direct taxation, financial and accounting management and investment decisions among everything else.
On the other hand, cost and Management accountants deal with Cost auditing, cost accounting, business applications, financial planning, strategic management, business analysis as well as management reporting and accounting among others.
Both the CMA and the CA are capable of fulfilling all financial and business needs with the sole concentration being on accounting and financial management, although the course of subjects studied in the qualifications vary from one another. The chartered accountant and the CMA both happen to be excellent accounting designations, however, it is entirely up to the student to choose his ideal course for his career.
