More often than not students and their parents are confused between Certified Management Accountant (CMA) and Certified Public Accountant (CPA). Many a time, people misconstrue both the same with different names. However, it is not. CPA and CMA have different roles to play and responsibilities to fulfil. Reputed institutions are undertaking CMA and CPA courses in Kerala. They may be approached to have a thorough idea about the job prospects and employment scenario. At the same time, you can get a general understanding after reading this article.
Are you here to know the details before deciding about joining the CPA or CMA course? We will elaborate on the basic aspects related to the courses. Subsequently, you can introspect your tastes and abilities for finalizing the one to opt for.
Who is a Certified Management Accountant (CMA)?
CMA is a skilled and educated professional, who will be analyzing various financial scenarios and trends to implement productive strategies for the organization. He or she will not solely depend on the numbers or calculation of profit for reaching the decision. Rather will carry out exhaustive probability studies based on economic indices to reach upon a decision. And advice the management accordingly. It’s a challenging, as well as, reputed position in a business entity.
Institute of Management Accountants (IMA) in association with the Institute of Certified Management Accountants (ICMA) monitors, regulates and undertakes the course. CMA is categorized into two they are CMA India and CMA USA. The candidate must possess a bachelor degree, preferably in finance, accounting or similar stream, to register for the CMA India course in Kerala (for that matter anywhere in the world). A CMA qualified professional can become Senior Accountant, Risk Manager, Corporate Controller, Chief Financial Officer (CFO) and so on.
Who is a Certified Public Accountant (CPA)?
Although CPA sounds almost similar to CMA, it is an entirely different profession if you consider the duties performed. The CPA course also deals with a wide array of subjects, complicated calculations, and a difficult set of exams. Unlike a CMA, a Certified Public Accountant (CPA) will deal with numbers and calculations. He or she will be performing taxation calculations, auditing and preparing audit reports and so on. They don’t undertake the formulation of financial strategies for the growth and development of the company. A candidate with a bachelor degree in any stream can join the Certified Public Accountant (CPA) course. The career path of CPA is internal auditor, auditor, financial planner, and tax consultant and so on.
Time Required for Qualifying CPA and CMA Course
The time required for qualifying the course will depend on different factors including the dedication of the student and quality of the coaching institution. Well established management schools undertaking CMA and CPA courses in Kerala aim at higher pass percentage through the custom-tailored coaching process.
The CMA course can also be completed in the time duration of about four years. The work requirement of two years is another aspect you need to comply with. The exam pattern is difficult with a vast syllabus. Necessitating support from professional tutors to complete the course successfully.
The total time required for the student to qualify the CPA course, excluding the time s/he spent in obtaining a bachelor degree, is about four years. The student must have 02 years work experience to get the CPA certification, which enables him or her to use it whilst applying for jobs. Note that, supportive coaching institutions are essential to clear the exam, as the pass percentage of CPA course is extremely low. Further, you have to be determined and hardworking.
Pay and Benefits of CMA and CPA Qualified Professionals
Both professionals enjoy enviable pay and benefits. That has been the main point that has been driving students to CMA and CPA courses. The payment of CPA qualified professionals is observed to be higher than CMA during the initial phase of employment. The matter of paramount importance is that the qualification fetches you phenomenally higher payment than those without the subject qualifications.
The payment of both CMA and CPA course graduate tends to turn equal during employment, as one gains experience and expertise in the field. Both qualifications have global recognition. Therefore, you can use it for obtaining a job anywhere in the world. Consequently, the payment will also depend on the location/ country where you seek employment.
The Conclusion
Although appear similar, CMA and CPA are different accounting qualifications intended to function differently. A candidate with the said qualification can join multinational companies and international organizations with the skills and knowledge s/he possesses. Join CMA or CPA courses today to be among the most deserving lot.
You can consult us to discuss CPA and CMA job prospects, career path, the promotion probabilities, and other requisite info. Do contact us today to have an in-depth idea about the courses and the best institutes to join.
