How the CMA and ACCA Qualification Help You in Your Career

How the CMA and ACCA Qualification Help You in Your Career


Accreditation and qualification as CMA and ACCA are probably the most recognized credentials in accounting and finance. Being both qualified gives a great chance for career development since this is a unique blend of financial skills and strategic business skills. Those with these qualifications are truly eye-catching among their peers in corporate finance, consulting, auditing, and management. Hence, combining in-depth knowledge about strategic financial management through CMA and compliance, taxation, and international accounting standards focusing on ACCA becomes a powerful asset in today’s competitive job market.

What is ACCA?

ACCA is a global body that produces a total of 230,000 members in more than 180 countries. It is an all-encompassing framework of knowledge about accounting, taxation, and financial management that allows the students to be equipped for high-level roles across industries. The association is highly sought after by those persons who are looking towards careers in accounting, auditing, and finance because it provides practical experience requirements that are easily doable in real-world applications.

Key Features of ACCA

  • Global Acceptance: ACCA is accepted worldwide, so it gets more professionals due to opportunities around the world.
  • Flexible Structure: The student can take exams at different times in a year as there are several sitting options for every exam.
  • Comprehensive Syllabus: Covers taxation, financial reporting, auditing, corporate law, performance management, and ethics.
  • PER (Practical Experience Requirement): Applicants must secure three years of competent work experience to attain membership.

Career Opportunities with ACCA

  • Auditor and Compliance Specialist: ACCA professionals are in great demand to work on internal as well as external auditing.
  • Financial Accountant: Many members work on financial reporting for multinational companies under the banner of ACCA.
  • Tax Consultant: In addition, ACCA prepares professionals to be tax specialists or consultants.
  • Consulting and Advisory Roles: With its great compliance focus, ACCA professionals do great in financial consulting and advisory services.

Advantages of Pursuing ACCA

  • High Employability: ACCA membership boosts employability across industries, especially in finance, audit, and taxation.
  • Higher Earnings: ACCA professionals often enjoy higher salaries and rapid career progression compared to non-certified peers.
  • Global Network: Membership provides access to a global network of professionals, further enhancing career prospects.

What is CMA?

The Certified Management Accountant is an internationally recognized credential offered by the Institute of Management Accountants. Management accounting and strategic financial management are specializations when equipping the candidate with various skills in terms of data-driven decisions to handle financial performance in organizations. In this regard, CMA was valued, particularly for corporate finance and leadership roles, in industries such as banking, manufacturing, and technology.

Key Features of CMA

  • Two-Part Exam Structure: CMA is divided into two parts:
    • Part 1: Financial Planning, Performance, and Analytics
    • Part 2: Strategic Financial Management
  • Focus on Management Accounting: CMA emphasizes budgeting, forecasting, financial strategy, and risk management.
  • Global Recognition: It is especially recognized in the United States, the Middle East, and Asia.
  • Practical Work Experience Requirement: CMA requires two years of professional experience in finance or management accounting.

Career Benefits of CMA

  • Corporate Leadership Roles: CMA holders are equipped to take on leadership roles such as CFOs, Financial Controllers, and Treasurers.
  • Strategic Decision-Making Skills: CMAs are known for their ability to align financial strategies with business goals.
  • Salary Premium: Surveys by IMA show that CMAs earn around 30% more than non-certified peers.
  • Valued in Global Markets: CMA’s focus on analytics and strategic management is valued across industries globally.
ACCA and CMA

Factors to Consider When Choosing CMA after ACCA

Many professionals consider doing CMA after ACCA in order to complement their qualification and career prospects. There is a reason two certifications could be good companions: they cover two different aspects of finance and accountancy. Here are the key considerations in case you would like to do CMA after ACCA.

1. Complementary Skill Sets

ACCA specializes in accounting standards, financial reporting, auditing, and compliance, whereas CMA concentrates on strategic management, financial planning, and performance analysis. Collectively these certifications make the professional highly versatile since they assure the preparation of a professional for both an operational and a strategic role.

2. Broader Career Opportunities

Of course, both ACCA and CMA certifications open various career paths in auditing, taxation, compliance, and consulting. CMA has further led to holding leadership or high-level positions like CFOs or Directors of Finance. Using any one of these two qualifications, professionals can pursue corporate finance, strategy consulting, and risk management type career opportunities.

3. Global Recognition and Mobility

Both ACCA and CMA are recognized worldwide, which means the ease of relocation or working across different international borders. This particular skill set in accounting standards (ACCA) and strategic management would be very desirable to any multinational corporation. Employment opportunities within and outside the country may be gained upon passing these exams.

4. Increased Earning Potential

Professionals who hold two qualifications must be paid higher as compared to those who have only one qualification. CMA after ACCA increases the revenue because it offers candidates with dual qualifications. The reason is based on the fact that the issues of compliance, as well as financial management, are met in a complete professional. Organizations are willing to pay for professionals who have all-round knowledge of the issues.

5. Time and Study Management

ACCA is a longer program, which may take about 2-3 years to complete, whereas CMA can be done in 6-12 months. As such, candidates may find it easier to pursue CMA after ACCA because so much overlap exists between the financial concepts learned, and they would thereby be able to “get down to the more strategic aspects of CMA”.

Conclusion

Therefore, the combination of CMA and ACCA unlocks a winning combination for finance professionals. There is more depth of finance report, audit, and compliance coming from ACCA and complementary skills in strategic management, financial planning, and leadership coming from CMA, opening up the door to higher paying jobs or career advancement into leadership roles and global mobility. Regardless of whether it is to be an auditor, consultant, corporate financier, or even a chief financial officer, obtaining this dual qualification would ensure that they are as rounded as possible in terms of their knowledge and as competitive as possible in the labor market.

ACCA and CMA FAQs

Can I pursue CMA after completing ACCA?

Yes, CMA is a great complement to ACCA. Many professionals pursue CMA to build on the technical accounting skills gained from ACCA by adding strategic management expertise.

What are the key differences between ACCA and CMA?

ACCA focuses on accounting standards, auditing, and compliance, while CMA emphasizes strategic financial management, budgeting, and performance analysis.

How long does it take to complete both ACCA and CMA?

ACCA takes 2-3 years to complete, while CMA can be completed in 6-12 months. The total time will depend on how quickly candidates clear their exams and meet the practical experience requirements.

What types of jobs can I get with both ACCA and CMA?

With both qualifications, you can pursue roles such as Financial Controller, CFO, Auditor, Tax Consultant, or work in corporate finance and strategy consulting.

Does having both ACCA and CMA increase salary potential?

Yes, holding both certifications increases salary potential significantly. Professionals with dual certifications are equipped for both technical and leadership roles, making them highly valuable to employers.