Candidates are frequently perplexed when deciding between CA and CMA because they are unaware of which one is more popular. However, both courses are regarded as among the most difficult exams in India. It is entirely dependent on the student’s interests.
A Chartered Accountant (CA) deals with financial issues such as taxation, auditing, and general financial management, whereas a certified management accountant (CMA), is responsible for financial accounting and strategic management.
A candidate can start their CA or CMA course as soon as they pass 12th standard, but many people are not well aware of CMA. Are you also looking to start your journey with one of these courses but don’t know much about them?
In this article, we will cover topics like CA vs CMA, which course is more in demand, and more!
CA vs CMA India
CA vs CMA: Is your mind also juggling between these two terms and you do not know the difference between the two?
The following is the difference between CA and CMA course:
| Particulars | Chartered Accountant (CA) | Certified Management Accountant (CMA) |
| Focus area | The main focus is on taxation,auditing and financial management | The main focus is on cost and strategic management |
| Requirement | Hiring a CA is mandatory for any firm | Hiring CMA is not mandatory but it is done on the basis of requirement |
| Duration | 4.5 years | 3-4 years |
| Salary | The average salary for a CA is 7-9 lakh | The average salary for a CMA is 4-6 lakh |
| Career Opportunities | A CA can work as the the following:Internal auditAdvisor in direct and indirect taxationStatutory audit and many more | A CMA can work as the following:Chief Financial Officer (CFO)Financial AnalystFinancial PlanningSenior Accountant and many more |
| Conducted by | Institute of Chartered Accountants of India (ICAI) | Institute of Management Accountants (IMA) |
Which Is Better CA or CMA?
Both the courses, CA and CMA, are professional courses and both are related to accounting, but it depends on the individual, in which field one is interested. CA takes about 5 years to get completed, whereas it takes only 3-4 years to complete CMA.
CA candidates have more job opportunities because they are needed as soon as the company is formed, whereas CMA candidates are only needed by large scale companies.
The company’s cost audit can only be performed by CMA, who has that authority. Even though CMA has begun to take off in India, its application is still very limited whereas CA is a well-established course with a lot of scope.
Which Programme Is More in Demand in India CA or CMA?
The CAs are much more in demand than the CMAs, as it is compulsory to hire a CA. Due to their extensive training and qualifications in fields like taxation, auditing, law, finance, and accounting, among others, chartered accountants are in high demand in the business world.
Companies are actively looking for candidates who can handle a variety of tasks related to their businesses as a result of the growing market dynamism. CAs, with their knowledge and experience in these various fields, are thus ideal for this scenario.
Only the companies that have been notified are required to keep cost records and have those records audited by qualified cost accountants. Cost audits are not required for every company.
Only businesses that operate on an extremely large scale are required to hire cost auditors. Therefore, there are fewer options available for CMAs than for CAs.
FAQs: CA VS CMA
1. Is CMA equal to CA?
No, CMA deals with cost accountancy, corporate finance, cost management, financial reporting, etc., whereas CA deals with taxation, risk management, auditing, etc. CA has more in-depth knowledge.
2. Is CMA tougher than CA?
No, CA is tougher than CMA as it has a vast syllabus. One can become a CMA within 3-4 years whereas a CA aspirant has to wait for 5 years to become a CA.
3. Are CA and CMA salaries the same?
No, CA gets a higher salary than the CMA. A CA’s average salary is 7-8 lakhs, while a CMA’s salary is 5-6 lakhs. So, CAs earn more than CMAs.
Conclusion
Although both a CA and a CMA are accounting designations, there are significant differences between them in terms of the skills required to succeed in the field of accountancy. CMA is an emerging course and still has a long way to go, whereas CA is an established course and has a high demand.
We hope we were able to clear up any confusion about CA VS CMA and were able to make it clear which course is more popular.
