Accreditation and qualification as CMA and ACCA are probably the most recognized credentials in accounting and finance. Being both qualified gives an excellent chance for career development since this is a unique blend of financial and strategic business skills. Those with these qualifications are eye-catching among their corporate finance, consulting, and management peers. 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 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 looking towards careers in accounting 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 has more professionals due to the opportunities around the world.
- Flexible Structure: The student can take exams at different times a year as every exam has several sitting options.
- Comprehensive Syllabus: Covers taxation, financial reporting, 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
- Financial Accountant: Many members work on financial reporting for multinational companies under the banner of ACCA.
- Tax Consultant: ACCA also 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.
Why Choose ACCA?
- High Employability: ACCA membership boosts employability across industries, especially in finance and taxation.
- Higher Earnings: ACCA professionals enjoy higher salaries and rapid career progression than non-certified peers.
- Global Network: Membership provides access to a global network of professionals, further enhancing career prospects.
ACCA Course Eligibility Criteria
You can join an ACCA course without any specific educational background. Still, the minimal eligibility criteria are as follows:
- Good English at an intermediate level. If you want to enhance your language skills, you can enroll in our English Path courses.
- Two A-Level and three GCSEs or any other equivalents may comprise English and Math.
- If you do not have these qualifications, you can start with the Foundations in Accountancy (FIA) route and then progress to the ACCA qualification.
What is US 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 that equip candidates 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 the banking, manufacturing, and technology industries.
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 such as CFOs, Financial Controllers, and Treasurers can take on leadership roles.
- 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.
US CMA Exam
The US CMA Qualification comprises two exams, which you must pass within 12 months:
- CMA Part 1: Financial Planning, Performance, and Analytics
- CMA Part 2: Strategic Financial Management
You qualify as a Certified Management Accountant if you pass both exams. Moreover, two important additions to your resume result from completing a CMA course:
- Improved problem-solving skills
- Sharper analytical skills
CMA training courses will give you just the skills and credentials to start your exciting career. If you are looking to become a master management accountant, then look at the CMA course eligibility criteria below.
US CMA Course Eligibility Criteria
To gain the CMA certification, you have to follow the following criteria:
- IMA membership for CMA.
- Pass both parts of the CMA Exam (Part 1 and Part 2).
- Earn a bachelor’s degree from an accredited college or university.
Note: If your bachelor’s degree is not in accounting, you can still qualify by earning a professional certification.
Factors to Consider When Choosing CMA after ACCA
Many professionals consider doing CMA after ACCA to complement their qualifications 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 if you want to do CMA after ACCA.
1. Complementary Skill Sets
ACCA specializes in accounting standards, financial reporting, and compliance, whereas CMA concentrates on strategic management, financial planning, and performance analysis. 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 taxation, compliance, and consulting. CMA has led to holding leadership or high-level positions like CFOs or Directors of Finance. Using any one of these two qualifications, professionals can pursue career opportunities in corporate finance, strategy consulting, and risk management.
3. Global Recognition and Mobility
ACCA and CMA are recognized worldwide, meaning the ease of relocation or working across different international borders. This particular skill set in accounting standards (ACCA) and strategic management would be desirable to any multinational corporation. Employment opportunities within and outside the country may be gained upon passing these exams.
4. Increased Earning Potential
Professionals with two qualifications must be paid higher than those with 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 completely professional. Organizations are willing to pay for professionals with all-around 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 be able to “get down to the more strategic aspects of CMA”.
Conclusion
Therefore, combining CMA and ACCA unlocks a winning combination for finance professionals. More depth of finance report and compliance comes from ACCA and complementary skills in strategic management, financial planning, and leadership from CMA, opening the door to higher paying jobs or career advancement into leadership roles and global mobility. Whether to be a 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 is the difference between ACCA and CMA?
ACCA focuses on accounting standards 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, 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, 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 technical and leadership roles, making them highly valuable to employers.
