#CPA vs CMA: Which is a better career option for you

[northstar-academy]

Top 7 Differences CPA Vs CMA: Salaries,Requirements, Career Paths

Which Exam Is Easier To Pass: CPA Or CMA?

If You're A Commerce Student And Want To Build A Career In Accounting, This One Question Always Comes To Your Mind, I.E., "Which Certification Is Better For Me; CPA Vs CMA?" Well, If You Are Struggling With The Same Question, We Are Here To Guide You Through The Right Path And Lead You Toward Success.     

This Is A Crucial Question For Your Career, So You Must Invest Time Into Thinking About It. In This Article, We Will Learn About The Merits And Demerits, Which Is Easy, The Salaries For Both These Courses, And Which One (CPA Vs CMA) Would Be The One Life-Changing Course For You. 

Introduction To CMA Vs CPA

CPA Is The Certified Public Accountant. It Is Also The Black Belt For Public Accounting Systems. At The Same Time, CMA, On The Other Hand, Is The Certified Management Accountant. It Generally Covers The Financial And Professional Accounting Of The Corporate World. 

Now, Let Us Discuss Both Of These Terms In Detail. 

What Is CPA?

Certified Public Accountant (CPA) Certification Accredited By AICPA Includes The Core Financial Accounting, Taxation, Auditing, Economics, Strategic Planning, Ethics, Business Laws, Cost Accounting, Statistics, And The Fundamental Difference Between The US International Accounting Systems. 

What Is CMA?

Certified Management Accountant (CMA USA) Accredited By IMA, Includes CFOs And Finance Managers, And Controllers. Its Core Functions Also Revolve Around Strategic And Operational Aspects Of Building An Organization, A Government Agency, Or NPOs (Non-Profit Organizations). CMA Is A Reputed Preference For Many Individuals Who Are In The Field Of Accounts & Management. 

Which Exam Is Harder: CMA Vs CPA? 

This Question Can Never Be Answered As It Will Remain Subjective. Some People Would Say That CPA Is Doable And Easier, And Others Will Say CMA Is The One They Would Like To Crack. All We Can Do Is Make It An Easier Choice For You. CMA Vs CPA Needs Some Discussion. 

The Thing About CPA Is That You Are Supposed To Sit For A 16-Hour Examination (That Is - The Four Sections Of The Exam). You Will Be Given 18 Months In Order To Crack All Four Parts Of This Examination. This Time Period Begins On The Very Day When You Give Your First Part Of The Exam And Pass. 

The Four Sections That Come Under CPA Are:

Auditing & Attestation (AUD)

Business Environment & Concepts (BEC)

Financial Accounting & Reporting (FAR)

Regulation (REG)

On The Other Hand, CMA Will Give You Three Years To Pass Two Sections Of The Exam. This Time Period Usually Begins On The Entry Into The CMA Program Day Itself. It Consists Of Two Main Parts, With Four Hours For Each Part. Another Fact Is That The Passing Rate Of CMA Is Lower Than CPA. 45% Candidates Are Able To Pass The Two Sections, Whereas, Collectively They Make Around 50% Passing Rate.

The Two Exam Parts That Come Under CMA Are:

Financial Planning, Performance, and Analytics

Strategic Financial Management

Career Paths After Acquiring The CMA & CPA Certifications

When It Comes To Job Opportunities For CMA Vs CPA, Both Have Various Options And Different Paths. Let Us Discuss Their Career Paths In Detail. 

A Licensed Certified Public Accountant (CPA) Can Work In Any Entity, Business, Or A Specific Firm, Such As:

Litigation support

Local or regional local firms 

National or international firms 

Providing tax, attic, or consulting services 

The Job Or Career Opportunities Of A Certified Public Accountant Are Given Below: 

Controller 

Public Accountant

Internal and External Auditor 

Financial Manager and Advisory Roles

On The Other Hand, CMA Also Holds A Vast Number Of Job Opportunities. A Certified Management Accountant Takes Care Of The Financial And Operational Parts Of The Organization. The Companies That Tend To Hire (Both In The US And Other Countries) CMAs Are Given Below:

Alcoa 

3M

AT&T

Bank of America 

Boeing 

Cargill 

The Job Opportunities That Come Under The Radar Of A Certified Management Accountant Are:

Financial Analyst

Cost Accountant

Financial Risk Manager

Various C-suite executive posts 

CFO

Difference Between The Salaries Of A CPA Vs CMA

If We Talk In Numbers, The Average Salary Of An Experienced Certified Public Accountant Is Around $66,000 Whereas The Average Salary Of A Certified Management Accountant Is Around $60,000 (As For Late-Career Holders). However, There Are Other Factors Too That Matter Over Salary. 

Let Us Discuss The Salary Of A Certified Public Accountant First. Normally, A CPA Earns 15% More Salary Than That Of Non-CPA�S.

The Factors That Affect The Salary Of A Certified Public Accountant Are As Follows:

Size of the firm

Public or private accounting 

Your initial work experience 

A Certified Management Accountant Has 63% Of Compensation Under His Profits. Initially, He/She Might Earn A Little Less Than A Certified Public Accountant. 

The Factors That Affect The Salary Of A CMA Are Given Below: 

The age of CMA 

Initial work experience

Education level 

And the industry he/she works in

However, This Should Not Be Affecting Your Decision Of Pursuing CMA  Because It Is A Known Fact That A Late-Career Of A Certified Management Accountant Is Far Better Than A Certified Public Accountant As He/She Earns More. Not Only Salary But Consider Other Factors Of Life As Well, Such As Job Satisfaction, A Work-Life Balance, And A Comfortable And Rich Lifestyle. 

CMA Vs CPA Has Been Described Above. All The Main Points Are Also Mentioned In The Same. Read And Make Your Choice Accordingly. 

What Are The Requirements For Becoming A CPA Vs CMA ? 

Though, There Is Not Much Of A Difference When It Comes To Eligibility Criteria For CMA Vs CPA. But, We Will Still Learn About It In Order To Avoid Further Confusion. These Certifications Have Their Own Specific Requirements, And Both Of Them Are Described Below, Separately. 

CPA Requirements 

There Are Three Basic Requirements To Become A Certified Public Accountant And They Are Described Below. 

Education 

Must be a 4-year bachelor's and must have a degree of the same. 

Must have a minimum number of accounting and business credits.  

A total of 150 or more credit hours.

Exam 

Is supposed to pass all four steps of the Uniform CPA Examination. 

Experience 

Must have 1-2 years of accounting experience from a known organization. 

Other Requirements 

You might also be asked to give an ethics exam (which solely depends on the state that you are being certified)

When you receive the CPA license or certification, you are supposed to complete a total of 40 hours of Continuing Education (every year). 

CMA USA Requirements 

There Are Four Basic Requirements Under A CPA Program And They Are Discussed Below. 

Education 

Must have a Bachelor's degree from a recognized university/college or from any related professional certification. 

Exam 

Must complete and pass both CMA exams (that is, CMA part 1 and CMA part 2) 

Experience 

Must have a 2-year (continuous) experience in any professional Management Accounting or Financial Management organization. 

Ethics 

Must know and follow the IMA's Statement of Ethical Professional Practice. 

Other Requirements

CMA USA also wants you to have 30 hours of Continuing Education (every year) in order to maintain the certification. 

What Are The Estimates Of CPA Vs CMA Salary In India?

Salaries For CPAs And CMAs Are Quite Similar, With The CPAs Slightly More; However, Wage Categorisations Are Likely To Be More Evenly Matched With Time. Much Will Depend On Your Practice Location, Job Title, And Years Of Experience, As With Any Professional Salary Comparison. According To Industry Statistics, A CPA Earns 15% More Than A Non-CPA Accountant On Average.

CPA Vs CMA In India

In India, Both CMA And CPA Are Highly Regarded Certifications With Distinct Professional Prospects. On The Basis Of Many Characteristics Such As Eligibility Requirements, Time And Effort Involved, Cost Of Certification, Wage Difference, And So On, One Can Simply Distinguish Between The Two And Select Which One Best Suits Their Needs. CMA Is A Wonderful Choice If You Are Involved In Management Accounting, Strategic Planning, Financial Planning, Reporting, Analysis, And Decision-Making.

CPA, On The Other Hand, Is Better If You Consider Auditing, Tax, Reporting, And Regulation. While CPA Certification Covers A Wide Range Of Skills Such As Financial Accounting, Auditing, Taxation, Business Law, Ethics, And Economics, CMA Certification Focuses Primarily On Financial And Accounting Expertise Required In The Corporate World, Such As The Skills Needed By Finance Managers, Controllers, And CFOs.

CPA Vs CMA: 

CMA Is More Practical Than CPA And Includes Abilities That Are More Useful And Essential In The Corporate World. CMA USA Is Far Less Expensive And Time-Consuming Than CPA, And The Examinations Could Be Undertaken Even Before Graduation. In Fact, After Obtaining CMA, You Might Want To Pursue CPA As Well, Because The Fundamental Curriculum Of Both Courses Is Accounting-Related, And Having Both Can Help You Stand Out. A Dual Certification Can Be Obtained By Pursuing Both Certifications One At A Time.

What Are The Aspects Of CPA Vs CMA Difficulty?

To Get Your CPA, You'll Have To Sit For 16 Hours Of Exams Spread Out Throughout The Four Sections. The CMA Exam, On The Other Hand, Is Divided Into Two Parts And Takes Eight Hours To Complete.

Despite This, The CMA Exam Has A Somewhat Lower Pass Rate, With About 45 Percent Passing Both Portions Together, Compared To Half (50 Percent) Or Better Passing Each Part Of The CPA Exam.

Candidates For The CMA Have Three Years To Complete Both Portions Of The Test. The Time Period Will Start On The Day You Started The CMA Program. You Have 1.5 Years To Complete All The Parts Of The CPA Exam If You Want To Become A CPA. The Time For The Exam Commences As Soon As You Sit For The First Part.

CPA Or CMA, Which Is Better In India? 

Because CPAs And CMAs Have Different Primary Areas Of Competence, Determining What Form Of Accounting You Want To Undertake Is Crucial.

CPAs Conduct And Sign Audits As Well As Tax Work, Including Representing Businesses During IRS Audits. Cost Accounting, Management Reporting, Financial Planning, And Analysis Are Among The Specialties Of CMAs.

In Manufacturing And Specific Jobs, Such As Plant Control And Management Accounting, CMAs Have An Advantage. However, At The Corporate Level And In Financial-Reporting Jobs, The Case Is The Opposite.

"A CPA Is A Route To Go If You Want Exposure To A Variety Of Sectors And Public Auditing Skills,". "The CPA Is Good If You Want To Work In The Very Same Work Each Day And Make An Impact At One Company, But The CMA Is Incredibly Relevant.�

Frequently Asked Questions  

1. Can We Do Both CPA Vs CMA? What About A Dual Certification?

A lot of students ask this question and, in fact, are able to choose the right path of dual certification. For CPAs, it is quite beneficial to pursue both the certifications one at a time. You can always do one certification, and after acquiring one can pursue the other one 

The reasons you should definitely go for a Dual Certification are: You will be a unique and valuable asset, standing out from your colleagues.  You will be able to pave a path to management.  A higher salary opportunity.  You will be able to serve your clients better.  You will have vast knowledge because of the overlapping courses.  So, we would suggest - totally go for it! 

2. Who Earns More: CPA Vs CMA ?

CMA has some major expertise more than the basic financial accounting hence earning slightly more than its counterparts. Though, this is not supposed to be an issue because even if the salary credits are higher, CPA is more reputed and better when it comes to late-career perks. 

3. Is CMA Harder Than CPA?

CPA is considered to be harder than CMA. Again, all this is based on personal opinion as well. Overall, the difficulty of the CPA exam is determined by the study resources you use, your experience, and your educational background. If you are confident enough for any one of them, then that course is for you! You wouldn't have to think about the difficulty level then.

4. Is CMA As Good As CPA?

CMA vs CPA both could prove to be career-driven accreditation and one is as good as the other one. So, the question of "who's better" should not even arise. Both CMA and CPA are highly regarded and in-demand career paths in the industry.

5. What Is The CMA Salary In India?

CMA salary in India ranges from ? 3.6 Lakhs to ? 40.2 Lakhs with an average annual salary of ? 7.0 Lakhs. Though, CMA in the USA and abroad provides a better outlook

6. Is CMA In Demand In India?

Yes, the CMA is an excellent career in India. As you can see from the information above, there are a variety of work prospects. You can also observe the numerous other advantages, such as raises in compensation, work security, and personal recognition. These are just a few of the reasons why people choose to pursue their CMA in India.

7. What Is The Salary Of CMA In Dubai?

For the current year, the average base wage in the UAE is $36,000. The CMA USA (Certified Management Accountant) seems to have a higher value in Dubai and other countries as well. 

Conclusion 

We Hope This Information Helps You In One Or The Other Way. Now That You Know About The Examination And Their Exam Difficulty Level, You Can Easily Choose And Pick Between The Two Courses, Or Even Go For Both Of Them! 

CMA USA Is Definitely Regarded As One Of The Best Certifications For Which You Should Take A Reliable And Comprehensive CMA Course And Clear It With Ease. On The Other Hand, CPA Certification Is Also No Less That Can Also Be Acquired With A CPA Certification Course From Top Institutes Like NorthStar Academy. 

CMA Vs CPA Is Something The Comparison Between The Two Is Supposed To Make Your Decision Easier. If You Still Have Any Doubts, Contact Us Or Comment Below. We Hope That You Choose Wisely.

#CMAUS #USCMA

[upliftpro]

US CMA course or MBA – Which course is better after B.com in year 2021?

USA CMA

US CMA course or MBA, which of the two is better? Are you confused on choosing the right course? In this article, we help you to provide insights on US CMA course and MBA.

When it comes to different career options for a commerce graduate, the most common careers after B.Com includes US CMA, MBA, M.Com, CA to name a few. Among these, US CMA is one such impressive international course in field of management and accounting.

CMA stands for Certified Management Accountant and is offered by the Institute of Certified Management Accountants (IMA). Earning the US CMA can give you the career boost you are looking for .They also have an excellent absorption rate all over the world. Currently, CMA has presence in over 100 countries including the United States (US).

The major difference between US CMA qualification and a MBA degree is that the US CMA is a professional certification while the MBA is an academic degree. There are some key differences between these that you should know before choosing either path.

Career path of US CMA vs. MBA

US CMA is an international qualification and is one of the best course for students seeking jobs outside India. US CMAs can occupy positions such as Research Analyst, Cost Accountant, Financial analyst, Finance manager or Financial C-Suite roles. They often become experts in field of accounting and finance departments of an organization.

On the other hand, MBAs works in different business functions of an organisation including strategy, finance planning, and management consultant. MBA degree is well suited to a professional who looks to enter in to broader areas of business functions.

Eligibility for US CMA course vs. MBA

Both US CMA and MBA require a bachelor’s degree as basic eligibility. However, Students who are pursuing their bachelors are eligible to take the CMA exams. Another, key requirement of US CMA course is that students have to meet the CMA work experience requirements. These include

Two years of professional experience in accounting or finance

For fresher’s the experience requirement may be completed within 7 years of passing the examination.

Course details – US CMA course vs. MBA

Regarding US CMA course details , the course has just 2 parts which can be cleared in 7 to 9 months’ time. One key advantage is that you can complete the course without disturbing your current commitments. This is highly beneficial for working professionals who wishes to up skill and accelerate their career paths.

It is seen that students who are finishing undergraduate degree take the CMA Exam and then complete the certification process once you have qualified the work experience criteria.

These days most of the US CMA course institutes provide live online classes which adds flexibility to this program.  Uplift Pro is one such premier institute in India offering live interactive online classes. They have a pass rate of 85% as compared to worldwide pass-percentage for CMA US is 45%.

In contrast, a full time MBA course has two years of duration. This may extend if you plan to complete the course through distance or part-time learning. Thus earning a US CMA certification has a competitive advantage on completing the course faster than a MBA degree.

US CMA course fee vs. MBA course fee

Course fee is an important criteria largely due to ever-rising tuition rates. In general, a MBA from a premium B-School, it costs INR 20 lakhs to INR 50 lakhs. Even a Tie2- 2 institution in India charges a minimum of 5 lakhs to 8 lakhs.

In case of US CMA course fee, one needs to spend a maximum of INR 1.5 lakh (inclusive all) to be a US CMA. But the interesting thing is that one gets 5 to 10 times more exposure in the international job market and MNCs within India being a US CMA compared to an MBA Finance. Thus US CMA course fees is affordable.

Salary after US CMA course vs. MBA

CMA US is in great demand in all sectors. CMAs are also being recruited by MNCs like Accenture, Amazon, Deloitte and so on for the managerial positions.

The below image depicts the US CMA Salary in India.

The salary structure of a MBA professional depends on the brand name of the business schools from where you attain your MBA degree. It is found that there is a high pay gap between students who complete degree from premier institute like IIM, ISB, and IIFT than compared to a tier 2 college. The truth lies in the fact that many top companies recruit students from only these top business schools.

Typically, an average Indian passing out from a tier 2 college gets an annual package staying from INR 3 lakh, which may vary depending on location and companies.

IMA’s 2021 Global salary survey on CMA

The latest Global Salary Survey 2021, from IMA (Institute of Management Accountants) revealed that a median salary of a CMA professional is above 58% higher than non-CMAs and MBA. The study was based on a sample population of 3,085 respondents from 79 countries across the globe.

In the study, It was found that the difference in total compensation between CMAs and non-CMAs (including MBA) worldwide is nearly US$29,000; a strong reason why a US CMA course is a career changing qualification.

Figure 1:  Median salary and Total compensation by region, CMA VS. NON-CMA

Summary

Based on the above parameters, we can clearly say that US CMA is better than the MBA for the B.COM graduates in the following manner:

Duration of course

Salary and Job opportunities

Flexibility of the course

Choose the best US CMA institute in India, Africa, and Middle East – Uplift Pro

Uplift Pro is one of the top training institutes for the US CMA, US CPA US CIA courses in India, Africa, and Middle East. Uplift Pro is also an Indian partner of GLEIM, US and an IMA US authorized CMA US study center.

Our team consists of seasoned professionals and entrepreneurs from IIEST, IITs, London Business School, and ULCA who have decided to provide a strong backup to young ambitious students and professionals to reach their desired career destinations in an organized way.

Some of the exclusive features include.

A. Authorized partner of IMA US CMA course in India

B. Live online classes ensuring that the regular office working hours is least impacted

C. 1:1 personal support from our 30 plus years of experienced CMA certified faculties. We have a pass rate of 80% in US CMA course exams

D. Affordable US CMA course fees with special discount in your IMA fees.

E. “Till you pass” guarantee assuring that you may attend our live online classes at no extra cost until you pass

F. Comprehensive coverage of US CMA course details including authorized GLEIM CMA study materials , class mock session,  IMA registration and job assistance.

For more details please write us here: info@upliftprofessionals.in

Request for Live Demo class / contact at +91-8787088850 to book your seats now.

[cpausaonliningtraining]

IS IT VALUABLE TO PURSUE CPA AFTER COMPLETING INDIAN CA?

Yes, it’s valuable to pursue CPA after completing Indian CA as most of the MNCs are looking for CPAs.

There are many career options for aspirants who want to expertise in the field of finance, accounting, taxation, business etc. that offer good pay and better employment opportunities. Out of many courses, CPA (Certified Public Accountant) and CA (Chartered Accountant) designations conferred to qualified accountants.

Certified Public Accountant (CPA):

A Certified Public Accountant (CPA) is a professional who has passed the Uniform CPA exam administered by AICPA (American Institute of Certified Public Accountants). The designation of CPA enforces good professional standards in the field of accounting. CPAs are experts in US federal income tax, US GAAP, and many other areas of US financial and accounting laws. The CPA certification is respected all over the world, and it’s US designation certifying the professionals in the US accounting to perform taxation and auditing tasks.

Chartered Accountant (CA):

A Chartered Accountant is a professional who has passed the CA exam and the required education in his or her country of certification. There are many organizations that provide education and examination for CAs. A few examples include the Institute of Chartered Accountants of Scotland (ICAS), the Institute of Chartered Accountants in England and Wales (ICAEW), Institute of Chartered Accountants of India (ICAI) and the Canadian Institute of Chartered Accountants (CICA.)

Chartered Accountants in Canada, Australia, New Zealand, Mexico, and Ireland have a reciprocity agreement with the United States. If they can pass an equivalency exam, they can work in the U.S. as CPAs. CAs are experts in IFRS and other international accounting standards. Though they may have a good grasp on US GAAP, they aren’t as trained in this area as CPAs are.

Career Paths: CPA vs CA

Both Certified Public Accountants and Chartered Accountants focus on providing financial services for the clients – either large corporations or small businesses. Areas of expertise include financial reporting, taxation, auditing, and business/managerial accounting. Both CPAs and CAs work in the public and private sectors.

The CPA degree paves countless opportunities to work for some of the most renowned companies around the world.

Becoming a CPA can lead to several career options:

Public Accounting: In public accounting firms, CPAs provide services encompassing accounting, auditing, tax, and consulting services for clients of any size. The auditing of financial statements of public and private companies is a highly coveted job.

Business, Government, and Not-for-Profits: In this broad field, CPAs can hold a variety of positions ranging from financial analysts and staff accountants to CFOs. They are responsible for recording, analyzing, and reporting financial information for organizations. Additionally, they perform budgeting and internal auditing functions.

Specialist: CPAs also provide services in specialized areas. CPAs assist organizations by conducting risk assessments as well as analyzing, implementing systems improvements and revisions, in managing their information technology, including the massive amounts of data collected.

Financial Advisor: CPAs also serve as financial advisors to individuals by making informed financial decisions on their behalf to help them, manage their finances related to home purchases, college savings, starting a business, and retirement planning.

The CPA certification paves countless opportunities to work for some of the most renowned companies around the world.

Mentioned below are some of the best jobs in India for a CPA:

Senior Financial Analyst

Risk and Compliance Professional

Corporate Controller

Accounting Software Developer

Information technology Accountant

Personal Financial Advisor

Finance Director

A Chartered Accountant can pursue a career in the following firms:

Internal Auditing

Forensic Auditing

Tax Auditing

A career in Accounting and Finance

Managing Treasury function

Statutory Audit under applicable statutes

Taxation Advisory (Both Direct and Indirect)

Finance Controller, Bookkeeping

Conclusion:

When it comes to which course is best between CPA and CA, we can say both are good in their places. If you pursue CPA, you can go through international laws, standards, and principles, whereas if you pursue CA, you will get to know more about Indian standards, accounting laws, and principles. One of the greatest advantages of CPA is that CPA credential is recognized globally. Hope these detailed insights of CPA and CA help you choose the best course suitable for your career. If you still have any queries, feel free to comment below.

Simandhar Education:

Simandhar Education is the official partner of Becker professional education and channel partner of AICPA.

The largest  training provider for  US CPA, US CMA , IFRS and EA courses in India. Learn how to clear your CPA exams with extremely satisfying results by getting proper guidance and knowledge through our online courses and video tutorials taught by industry experts. We’re here to provide you with all the help you need to ace your CPA, CMA exams. We are just a call away for any assistance. Contact us@ 91 9390584166.

[upliftpro]

US CMA vs. US CPA course – Top differences updated in 2021

Almost all finance and accounting students face challenges in choosing their career path. A question arises whether I need to pursue a certification course like US CMA course or US CPA course? Which among them is better? What are the key differences between a US CMA course and US CPA course? Can (or should) I get both? Let’s understand some of the major differences between US CPA and US CMA certifications.

CMA stands for Certified Management Accountant and is offered by the Institute of Certified Management Accountants (IMA). Earning the US CMA can give you the career boost as they have an excellent rate of absorption all over the world. Currently, CMA has marked its presence in over 100 countries including the United States (US). The US CMA course is pursued by students who are keen in learning budgeting and management accounting.

On the other hand, CPA stands for Certified Public Accountant and is offered by American Institute of Certified Public Accountants (AICPA). The students have to pass the US CPA exam in India as well as meet the state’s licensing requirements to get the US CPA license. Generally, students who are interested auditing, management accounting, accounts handling, taxation takes this certification course.

When it comes to different career options for a commerce graduate, the most common careers after B.Com includes US CMA, MBA, M.Com, CA to name a few. Among these, US CMA is one such impressive international course in field of management and accounting. Earning the US CMA can give you the career boost as they have an excellent rate of absorption in all over the world. Currently, CMA has marked its presence in over 100 countries including the United States (US).

The major difference between US CMA qualification and a MBA degree is that the US CMA is a professional certification while the MBA is an academic degree. There are some key differences between these that you should know before choosing either path.

The most common differences between US CMA course and US CPA course are explained below.

Eligibility details – US CMA vs. US CPA

When it comes to course eligibility, students must have a bachelor’s degree as basic eligibility. However, Students who are pursuing their bachelors are eligible to take the US CMA exams. Another, key requirement of US CMA course is that students have to meet the CMA work experience requirements. These include –

1. Two years of professional experience in accounting or finance

2. For Fresher’s the experience requirement may be completed within 7 years of passing the examination.

The students pursuing the US CPA course must should have a Bachelor degree in Commerce and Masters with minimum 120 credit points. Further, the students should complete 150 hours of the CPA course semester.

Course details – US CMA course vs. US CPA course

The US CMA course has just 2 parts which can be cleared in 7 to 9 months’ time. On key advantage is that you can complete the course without disturbing your current commitments. This is highly beneficial for working professionals who wishes to up skill and accelerate their career paths.  It is seen that students who are finishing undergraduate degree take the CMA Exam and then complete the certification process once you have qualified the work experience criteria.

The two parts of US CMA exam are –

A. Part 1: Financial Planning, Performance, and Analytics

B. Part 2: Strategic Financial Management

In case of US CPA, the course has 4 parts and takes nearly 9-12 months to complete the course with continuous exam window now due to pandemic. The four sections of a US CPA exam include the following.

A. Auditing and Attestation (AUD)

B. Business Environment and Concepts (BEC)

C. Financial Accounting and Reporting (FAR)

D. Regulation (REG)

Duration and exams

To earn your CPA, Candidates appearing for exam is required to score of 75 or more on each section to pass, and each section must be passed within an 18-month window, which begins as soon as the candidate passes the first exam. CPA exam scoring is treated with a high level of importance, due diligence, and attention to accuracy.

On the other hand, a US CMA course candidate gets 3 years for clearing both parts of the US CMA exam and the time starts from the day of the registration.

As per the latest analysis from Uplift Pro, the pass rate of US CMA worldwide to clear both Parts I and Part II is 45% while, the average pass percentage for US CPA exam is nearly 50.

That being said, never get confused on pass percentage. Research has shown that students who gets good training and guidance have high pass rates. Uplift Pro is one such premier institute in India offering live interactive online classes. They have a pass rate of 85% in both US CPA exams and US CMA exams.

Job opportunities

In India a fresh US CPA starts with a minimum monthly salary of 50,000 INR in a Big4 or MNC. The salary of a CPA increases at a higher rate than his non-certified peers. A CFO in India earns within INR 8 Lakhs to 50 Lakhs per month. In Middle East countries a CPA at an entry-level with less than a year experience can expect to earn an average annual salary of AED 85,000 (including perks and other benefits).

In case of US CMA course, a fresh candidate in India can get a starting salary of INR 4-8 lakhs per year. This can go up to nearly INR 80 Lakhs once you become a CFO of a company.

The latest Global Salary Survey 2021, from IMA (Institute of Management Accountants) revealed that a median salary of a CMA professional is above 58% higher than non-CMAs and MBA. The study was based on a sample population of 3,085 respondents from 79 countries across the globe.  It was found that the difference in total compensation between CMAs and non-CMAs (including MBA) worldwide is nearly USD 29,000; a strong reason why a US CMA course is a career changing qualification.

US CPA vs. US CMA Course fees

Another key difference in choosing the course lies in the course fees. The US CMA exam has an entrance fee and a registration fee for each exam part. As of May 2021, US CMA certification cost is approximately USD 1,000, which includes all the fees. This doesn’t include the cost of a review course for studying.

The US CPA exam in India fee is generally around USD 1,200 for all four sections. However, that may slightly vary based on number of sections you appear for the exam and also varies state by state.

On an average the US CPA certification cost comes at around USD1, 500, considering the exam fees, application fees, and licensing fee.  Again, this does not include the cost of a review course for studying.

US CPA vs. US CMA – Comparative Table

Choose the best US CPA and US CMA institute in India, Africa, and Middle East – Uplift Pro

Uplift Pro is one of the top training institutes for the US CMA, US CPA US CIA courses in India, Africa, and Middle East. Uplift Pro is also an Indian partner of GLEIM, US and an IMA US authorized CMA US study center. Our team consists of seasoned professionals and entrepreneurs from IIEST, IITs, London Business School, and ULCA who have decided to provide a strong backup to young ambitious students and professionals to reach their desired career destinations in an organized way.

Some of the exclusive features include –

A. Authorized partner of IMA and Gleim in India

B. High pass rate of 85 %

C. Live online classes ensuring that the regular office working hours is least impacted

D. 1:1 personal support from our 30 plus years of experienced CMA and CPA certified faculties

E. Affordable course fees

F. “Till you pass” guarantee assuring that you may attend our live online classes at no extra cost until you pass

G. 100 % placement assistance for jobs

[cpausaonliningtraining]

DIFFERENCE BETWEEN CPA AND CA

There are many career options for aspirants who want to expertise in the field of finance, accounting, taxation, business etc. that offer good pay and better employment opportunities. Out of many courses, CPA (Certified Public Accountant) and CA (Chartered Accountant) designations conferred to qualified accountants.

But, which one is better? Let’s go in detail about both the courses.

Certified Public Accountant (CPA):

A Certified Public Accountant (CPA) is a professional who has passed the Uniform CPA exam administered by AICPA (American Institute of Certified Public Accountants). The designation of CPA enforces good professional standards in the field of accounting. CPAs are experts in US federal income tax, US GAAP, and many other areas of US financial and accounting laws. The CPA certification is respected all over the world, and it’s US designation certifying the professionals in the US accounting to perform taxation and auditing tasks.

Chartered Accountant (CA):

A Chartered Accountant (CA) is a professional who has passed the CA exam. Many organizations provide an examination for CAs such as Institute of Chartered Accountants of India (ICAI), Institute of Chartered Accountants of Scotland (ICAS), Canadian Institute of Chartered Accountants (CICA), and Institute of Chartered Accountants in England and Wales (ICAEW). The Chartered Accountants in Australia, Canada, Ireland, New Zealand, and Mexico have a reciprocity agreement with the U.S. They can work as CPAs in the United States by clearing the equivalent exam. Besides, CAs are experts in international accounting standards and IFRS.

CPA Exam Format:

There are four sections in the CPA exam:

Regulation (REG)

Auditing and Attestation (AUD)

Financial Accounting and Reporting (FAR)

Business Environment and Concepts (BEC)

The AICPA administers the CPA exam. The total duration of the exam is 16 hours (4 hours for each section).

Multiple-choice questions vary from being one sentenced to paragraph length questions with 4 potential answers. Whereas, the Task-based simulations require the candidates to type in answers, and may include journal entries, research questions, reconciling accounts, filling out a form with multiple questions, or filling out report sections. Written communication tasks test the ability of a candidate through writing; these are essential in the business environment.

CA Exam Format:

There are 3 exam levels in Chartered Accountancy.

Level-1: CA Foundation

Level-2: CA Intermediate

Level-3: CA Final

Level-1: CA Foundation is an entry-level exam for the students who have passed their class-12. It’s an offline mode of exam and 4 months of study is a must to appear for this exam. The candidates who passed this level-1 are allowed for level-2 (CA Intermediate) exam.

Level-2: CA Intermediate exam of Chartered Accountancy is for the candidates who cleared the CA foundation exam. Besides, the candidates who also qualified for the CA CPT are also eligible for the CA Intermediate exam.

Level-3: CA Final exam is conducted for the candidates who passed the CA Intermediate exam and have completed at least 2.5 years of articled training.

Career Paths: CPA vs CA

Both Certified Public Accountants and Chartered Accountants focus on providing financial services for the clients – either large corporations or small businesses. Areas of expertise include financial reporting, taxation, auditing, and business/managerial accounting. Both CPAs and CAs work in the public and private sectors.

The CPA degree paves countless opportunities to work for some of the most renowned companies around the world.

Becoming a CPA can lead to several career options:

Public Accounting: In public accounting firms, CPAs provide services encompassing accounting, auditing, tax, and consulting services for clients of any size. The auditing of financial statements of public and private companies is a highly coveted job.

Business, Government, and Not-for-Profits: In this broad field, CPAs can hold a variety of positions ranging from financial analysts and staff accountants to CFOs. They are responsible for recording, analyzing, and reporting financial information for organizations. Additionally, they perform budgeting and internal auditing functions.

Specialist: CPAs also provide services in specialized areas. CPAs assist organizations by conducting risk assessments as well as analyzing, implementing systems improvements and revisions, in managing their information technology, including the massive amounts of data collected.

Financial Advisor: CPAs also serve as financial advisors to individuals by making informed financial decisions on their behalf to help them, manage their finances related to home purchases, college savings, starting a business, and retirement planning.

The CPA certification paves countless opportunities to work for some of the most renowned companies around the world.

Mentioned below are some of the best jobs in India for a CPA:

Senior Financial Analyst

Risk and Compliance Professional

Corporate Controller

Accounting Software Developer

Information technology Accountant

Personal Financial Advisor

Finance Director

A Chartered Accountant can pursue a career in the following firms:

Internal Auditing

Forensic Auditing

Tax Auditing

A career in Accounting and Finance

Managing Treasury function

Statutory Audit under applicable statutes

Taxation Advisory (Both Direct and Indirect)

Finance Controller, Bookkeeping

Conclusion:

When it comes to which course is best between CPA and CA, we can say both are good in their places. If you pursue CPA, you can go through international laws, standards, and principles, whereas if you pursue CA, you will get to know more about Indian standards, accounting laws, and principles. One of the greatest advantages of CPA is that CPA credential is recognized globally. Hope these detailed insights of CPA and CA help you choose the best course suitable for your career. If you still have any queries, feel free to comment below.

SIMANDHAR EDUCATION

Simandhar Education is the leading training provider in alliance with Becker professional education for professional courses like US CPA, US CMA, CIA, EA , IFRS and HRCI. Simandhar is present in India, Nepal, Sri Lanka, Bangladesh, Argentina, Philippines, UK & Ireland. Simandhar offers training under the guidance of experts with vast industry experience.

Learn how to clear your CPA exams with extremely satisfying results by getting proper guidance and knowledge through our online courses and video tutorials taught by industry Experts. We’re here to provide you with all the help that you need in order to ace your CPA, CMA exams. We are just a call away for any assistance. Simandhar Education is the leading training provider for the CPA Exam in India. Contact us@ 91 9390584166.

Hurry up !!

CPA exam now in India and Simandhar Education will help you to achieve it.