The CMA (Certified Management Accountant) and ACCA (Association of Chartered Certified Accountants are both highly reputable accounting certifications, with their own focus & benefits. CMA is like a masters in the field of financial management, it gives an insight into corporate financing and internal Job roles. Including, and going deeper into fields like: corporate accounting, financial management which will enable you a broader path opening up career opportunities across sectors including public practice and cooperation finance. Both are worldwide recognized certifications, and they can open a wide range of opportunities for your career but focus on different professional goals or areas. Knowing the differences between them can assist people in selecting which one is right under their career plan.
In this article the readers will be able to know about the following:
- Introduction of CMA and ACCA
- What is CMA
- What is ACCA
- CMA vs ACCA Difficulty Analysis
- CMA vs ACCA Salary
- ACCA vs CMA India
- CMA vs ACCA Difference
Introduction of CMA and ACCA
The CMA (Certified Management Accountant) and ACCA (Association of Chartered Certified Accountants), both certificates are a credential for diverse sectors in the accounting career. CMA is all about management accounting and financial strategy; it prepares professionals for roles in internal corporate sides like an area of FP&A.
ACCA is a comprehensive global accounting qualification, covering all aspects of financial accounting (especially for those looking to work in audit and assurance) & taxation which makes it extremely advantageous as compared to ICB. Each recognition is internationally renowned and highly valued in its individual domain, promising powerful job avenues and promotion.
What is CMA?
The CMA (Certified Management Accountant) designation is geared toward accounting professionals working in financial management and management accounting. This program is for those who want to further their careers in internal corporate roles that require robust skills in financial planning, analysis and strategic decision-making. The CMA certification, from the Institute of Management Accountants (IMA), covers cost management, internal controls and financial strategy making it ideal for a career in corporate finance or management accounting.
What is ACCA?
ACCA (Association of Chartered Certified Accountants)— A global accounting body providing an all-rounded certification in accountancy and finance. The ACCA qualification cover topics in financial accounting, auditing and taxation, and management accounting opening up more career options for its pass outs who can work as auditors or consultants to accountancy firms; the regulatory backdrop of corporate finance.
CMA vs ACCA Difficulty Analysis
While the ACCA (Association of Chartered Certified Accountants) is tough, in comparison to that merely obtaining a CMA would be considered easy but there are some reasons why this concept might not keep true for everyone. The CMA is a bit harder, but it normally has two parts in the management accounting process, financial strategy and strategic decision-making. Thus you can break these topics down into small areas with concentration study over 1 to hopefully no more than 2 years. On the other hand, ACCA provides a more detailed curriculum across multiple levels including financial accounting and reporting, audit & assurance, taxation as well as management. Every level of the ACCA exams is based on what you have learned in previous levels. There are many topics to be understood better & thus it normally takes longer time for preparation which can range anywhere within a span of 3–4 years.
CMA vs ACCA Salary
There are several factors that must be considered when determining why a CMA (Certified Management Accountant) salary would ideally stack up against or even outperform the salaries offered to ACCAs, and we will consider some of these differences here. As a rule, CMAs specializing in management accounting and financial planning & strategic decision-making are highly paid when seeking corporate finance roles like top level managers or CFOs of corporations.
ACCA ACA professionals have more extensive accounting education in the financial-reporting and auditing tax field of studying opportunities are also available to various industries other than public practice like corporate finance adviser or even consultants. In most localities, ACCA qualified people should expect to receive a salary better than non-professionals because of the wide scope of their qualification and its suitability for various accounting and finance roles.
The exact salary can vary widely based on location, level of experience, and the specific industry in which the individual is employed. The salary of CMA is Rs. 1.25 to 1.50 LPA and ACCA is Rs. 3 LPA.
ACCA vs CMA India
Although both ACCA (Association of Chartered Certified Accountants) and CMA are very esteemed professional qualifications in India, they target separate career paths in the broader accounting/financial field. With a curriculum that includes financial accounting, auditing, taxation and management among others the ACCA is relevant to public accountancy practice coins in all three sectors at large.
On top of that ACCA offers large diversity in terms of opportunities around the globe across a broad set of industries as part employment or investment opportunity. In contrast, the CMA is better suited for fields in corporate finance and cost accounting or internal financial strategy as it primarily focuses on management accounting, financial planning and strategic management.
CMA vs ACCA Difference
Accounting Certifications: CMA and ACCA are both well known accounting certifications however with different proficiencies. CMA is more concentrated on areas such as management accounting and financial strategy, so it may be best suited for students looking to get into roles in internal corporate finance or strategic management. Whereas the ACCA actually sounds better for a wider accounting education where students learn financial accounting, auditing, and taxation which helps them get jobs at public accounting firms or any other sectors too.
Aspect | CMA (Certified Management Accountant) | ACCA (Association of Chartered Certified Accountants) |
|---|---|---|
| Focus | Management accounting, financial planning, and strategic management | Comprehensive accounting education including financial accounting, auditing, and taxation |
| Target Roles | Corporate finance, management accounting, internal financial strategy | Public accounting, auditing, taxation, financial management, and consulting |
| Certification Body | Institute of Management Accountants (IMA) | ACCA (Association of Chartered Certified Accountants) |
| Number of Exams | Two parts: Part 1 (Financial Reporting, Planning, Performance, and Control) and Part 2 (Financial Decision Making) | Multiple levels: Applied Knowledge, Applied Skills, and Strategic Professional |
| Work Experience Requirement | Two years in management accounting or financial management roles | Three years of relevant work experience in accounting or finance |
| Exam Duration | Each part is 4 hours long | Each level varies, typically 3 hours per paper at Applied Knowledge and Applied Skills, and 3 hours per paper at Strategic Professional |
| Preparation Time | Typically 1-2 years, depending on study pace and prior knowledge | Typically 3-4 years, given the extensive syllabus and multiple exam levels |
| Cost | Generally lower overall cost compared to ACCA | Higher overall cost due to multiple levels and required materials |
| Global Recognition | Widely recognized for internal corporate roles globally | Globally recognized for a broad range of accounting and finance roles |
| Core Competencies | Cost management, internal controls, financial strategy | Financial accounting, auditing, taxation, financial management, business strategy |
Conclusion
There is no particular option that fits every denomination, deciding between CMA vs. ACCA depends on your career goals and passion. The CMA is targeted towards those who want to work in management accounting and internal financial strategy within organizations. Whereas ACCA offers a broad accountancy knowledge-base which could make you eligible for bigger types of accounting & finance jobs. Either certification can provide skills and opportunities, thus choosing between the two depends on your prospective longer-term career aims in addition to whether you wish to work specifically within auditing or all other areas of accounting.
CMA VS ACCA FAQs
Q1. What is the main focus of the CMA compared to the ACCA?
Ans. The CMA focuses on management accounting, financial planning, and strategic management within organizations. The ACCA covers a broader range of topics including financial accounting, auditing, taxation, and management accounting. This makes the CMA more specialized, while the ACCA offers a more comprehensive accounting education.
Q2. CMA vs ACCA which is better for a career in public accounting?
Ans. The ACCA is generally more suited for a career in public accounting due to its extensive coverage of financial accounting, auditing, and taxation. The CMA, while valuable, is more focused on internal management and strategic financial roles. ACCA’s broad curriculum is tailored for those seeking roles in audit firms or public accounting practices.
Q3. How long does it typically take to complete each certification?
Ans. The CMA can typically be completed in 1 to 2 years, depending on study pace and exam schedule. The ACCA generally takes 3 to 4 years, given its extensive syllabus and multiple exam levels. Both timelines can vary based on individual circumstances and prior knowledge.
Q4. What are the key differences in exam structure between CMA and ACCA?
Ans. The CMA exams consist of two parts, each focusing on different aspects of management accounting and financial decision-making. The ACCA exams are divided into Applied Knowledge, Applied Skills, and Strategic Professional levels, covering a wide range of accounting and finance topics. This means the ACCA has a more extensive exam structure compared to the CMA.
Q5. Is one certification more valuable than the other in the global job market?
Ans. The value of each certification depends on your career goals and location. The CMA is highly regarded for internal corporate roles and management accounting, while the ACCA is valued globally for a broad range of accounting and finance positions, including public accounting. Both certifications are respected, but their relevance can vary based on industry and geographic region.
