CMA vs CA: Scope, Salary, Difficulty Level, Pass Percentage

CMA and CA courses are closely related fiels of professional studies. Accounting aspirants often go for either of these professional courses to pursue a career in accounting. This article provides complete information on the difference between the CMA and CA courses.

Difference between CMA and CA; Check Which Course is Better

CA vs CMA: Choosing between Chartered Accountancy (CA) and Cost and Management Accounting (CMA) is a critical decision for students pursuing careers in finance and accounting. CMA and CA courses are closely related fiels of professional studies. Accounting aspirants often go for either of these professional courses to pursue a career in accounting. CA, offered by the ICAI, focuses primarily on taxation, auditing, and accounting. In contrast, CMA, regulated by the ICMAI, emphasises cost management, financial analysis, and managerial decision-making. A significant legal distinction noted in the sources is that currently, only CAs are authorised to perform tax audits in India. While CA is generally considered more difficult to acquire and often offers higher initial pay, CMA provides specialised expertise for cost control and is recognised for higher studies in foreign management institutes. Both professional certifications lead to lucrative roles such as auditors, analysts, and managers. Scroll down to know more about CA vs CMA.

Also Read: CMA vs CPA

Chartered Accountancy (CA)

CA is one of the most in-demand certification courses in India which guarantees a well-paying career. A CA-certification holder has been trained and imparted knowledge in taxation, accounting and auditing.

Eligibility and details of CA certification course

The course of CA certification contains three stages:

• Common Proficiency Test (CPT): Candidates who have passed their Class XII boards are eligible for the CPT. This exam is held twice every year and can be attended only after the candidate has applied for CPT registration 60 days before the exam. If they clear the exam, they will be eligible for the one-year correspondence course where the candidate will be taught basic knowledge of Accounting, Mathematics, Mercantile Law, Statistics and Economics.
• Professional Competence Course (Theoretical): After passing the CPT and completing the one-year correspondence course, a candidate will become eligible for the Professional Competence Course. A candidate has to pass Class XII exams and a correspondence course before becoming eligible for the 18-month Professional Competence Course.
• Final Course: A candidate would be eligible for the final stage exam after they have completed their graduation and passed the professional competence course. The pass marks in the Final Course exam along with relevant work experience is mandatory to obtain ICAI membership. This confirms their CA certification.

The total course of CA is a minimum of four and a half years of examinations and training after which a student gets the ICAI certification of CA. 

Here is a list of CA colleges across India.

Cost and Management Accounting (CMA)

Due to the amalgamation of the world economies, there has been a steep rise in the demand for cost management professionals. The profession of Cost Accountancy is controlled, developed, promoted and regulated by the ICWAI (Institute of Cost and Management Accountants of India). The degree of Cost Accountant provided by the ICWA provides candidates with the knowledge of assimilation, collection, collation and analysis of financial information of an organisation. In simpler terms, they help to manage the finances of any organisation and provide managerial decisions within the available assets.

Eligibility and details of the CMA Course

The CMA course is also divided into three levels. CMA course levels include:

• Foundation Course: The foundation course is the entry-level correspondence course essential for entering the next level of the CMA degree. It can be taken up just after passing your 10 board and requires six months.
• Intermediate Course: The intermediate course exam has to be passed after the foundation course. It takes 12 months to complete and involves correspondence mode or Oral coaching mode.
• Final Course: This is the final stage of the course where the student receives the ICWA degree, which involves 36 months of practical training and 12 months of correspondence or oral mode of coaching before the ICWA exam.

Also Check: ICMAI CMA Foundation 3 Months Study Plan

After completion of the final course, the student would be eligible for the Cost and Works Accountant certification by the ICWAI. The job prospects are good as every company requires a cost accountant and with further experience and training, one can hold top management positions in companies as cost controller, chief internal auditor and many more.

Also Check: All about CMA Courses, Exams, Eligibility, Fee and Career Scope

CMA vs CA: Pass Percentage

Typically, CA has a better pass percentage as compared with CMA India. However, a key point to be noted here is that CA has a greater audience than CMA. In the previous sessions, CMA pass percentage has constantly been below 20 per cent. On the other hand CA pass percentage for Inter and Final courses marginally exceeds 20 per cent.

Also Check:

• CA Pass Percentage
• CMA Pass Percentage

Differences between CMA and CA

The table below mentions the key differences between CMA and CA:

Read More:

• CMA Exam Difficulty: Tips to Overcome Challenges, Pass Percentage
• Difference between Cost Accounting and Financial Accounting: Skills and Courses
• CMA Foundation Chapter-Wise Weightage
• CMA Intermediate Chapter-Wise Weightage
• CMA Final Chapter Wise Weightage
• How is the CMA Exam Score Determined?
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