CA vs CMA is itself a question for the commerce students. CA and CMA are fascinating courses that have their own place and value in the corporate world. However, both courses are considered to be the toughest. If you choose the course between CA and CMA, you must be interested in numbers.
The student requires a high-level IQ if you want to do any of them. However, we can only guide you about the courses, their duration, industry demand, average CMA and CA Salary, and other relevant factors.
Moreover, this article is drafted by the CA Wizard team, with deep research, which might help you choose between CA and CMA.
Let’s have a look at the basic details of both the Courses.
1. Chartered Accoutancy (CA)
If you are from the commerce stream, then this is one of the most opted courses by the students. The CA exams are regulated and conducted by the Institute of Chartered Accountants of India (ICAI). Hence, ICAI is the only regulating body that gives the degree for CA exams.
Moreover, the CA in India holds a responsible position and is responsible for managing financial and legal matters of the company. Moreover, the CA have knowledge in various financial fields like auditing, accounting, taxation and laws, so many job opportunities are open for them in all these fields.
However, in India, the CA can only audit the organization’s financial statement.
Let’s have a look at the basic details of this course:
CA Course Structure:
The CA course is divided into three levels, i.e., CA Foundation, CA Intermediate and CA Final. However, To become CA in India student must pass all these exams with an aggregate of 50% in level. Moreover, along with this, the student has to complete three years of Articleship training.
Moreover,The CA studies far beyond bookish knowledge. The students must be prepared to face real-life challenges.
The total duration of the CA Course after the 12th is 5 years, and the minimum duration after graduation is 4.5 years. Hence, you can become CA in Just 5 years if you pass all the levels on the First attempt. However, if the student fails in any attempt, the duration will increase by 6 months.
The Chartered Accountant in India holds a responsible position and is always high in Demand. After the introduction of GST, new laws and Taxation policy, the Demand for CA has increased rapidly. However, every organization requires an individual who can manage all the finance; CA is the best fit for this job.
Various job opportunities are offered to a CA Student:
- Internal Auditor
- Banking and Insurance
- Advisor in Direct and Indirect tax
- Handling Transfer pricing
- Auditing Financial Statement
- Handling Accounts
- System Audit
- Handling the company’s legal matters
The average CA salary in India for fresher is 7-8 lakhs, which increases according to their skills and experience. An experienced CA in India earns about 30-40 lakhs.
Cost and Management Accounting (CMA)
Cost and Management accounting only focuses on cost accounting management. The cost accountant of India is responsible for conducting the exam for CMA. The CMA course is divided into three levels CMA Foundation, CMA Inter and CMA Finals. Moreover, there are 20 Papers in CMA total of all three levels. To get the CMA degree student must pass all these three levels with an aggregate of 50%.
However, the scope of the CMA is less than CA; it has just started in India, but the CMA is the only person who can audit the cost accounts in India.
As mentioned above, the course is divided into three levels- CMA Foundation, CMA Inter and CMA Finals. The students who have the class 12th examination with a recognized board are eligible to appear in the CMA exams. Along with the course, the training is also important in CMA.
The total course duration of CMA is 3 years. Similarly to CA, every single attempt will increase the course duration.
As talked above, the Demand for CMA is very limited, but it is expected to increase soon. Only large-scale companies require a CMA for the cost audit.
Again, there are fewer opportunities for a CMA; let’s have a look :
- Cost Accounting
- Cost Auditing
- Financial Planning
- Determine the prices of Goods and services
The average salary of a CMA in India is about 3-4 lakhs; it gradually increases with time as per the Demand and skill of the candidate.
Above, we have mentioned all the details related to both courses. Moreover, before concluding, let’s look at the difference between CA vs CMA in brief, which will help you better understand the course.
Difference between CA vs CMA
|Course Structure||3 Levels|
|Duration||The total duration of the course is 5 Years||The total duration of the course is 3 years|
|Course Fees||The total course fee is 2-3 lakhs||The total course fee is around 50-60 thousand.|
|Makret Demand||The market demand for CA very high and still increasing.||The market demand for CMA is limited but can have a high scope in fututre.|
|Average Slaary||7-8 Lakhs (Fresher)||3-4 Lakhs (Fresher)|
In the above article, we have mentioned all the relevant and important details related to CA and CMA. This article will help students to choose the right course between CA and CMA. Moreover, CA and CMA are both the toughest course, but both these courses are valuable and worthful. Please choose the best course that fits your choice and work hard to earn your degree.