CA

Hi Divya, Yes, you are right. But, before you decide you should know both of them thoroughly. CA (Chartered Accountancy), is one of the oldest and one of the most reputed professional courses currently being offered in India. Best part about CA is it is internationally recognised and India CA's are considered one of the best in the World in terms of Accounts and understanding and interpreting the Law. CA is considered one of the toughest exams in the world. Now, I will move on to the real life importance of CA. CA is more practical life and mind puzzling and much more in the direction of interpreting the statutes to conclude their practical implications. Indian economy is widely based on this profession. A CA does not have a cap on his income and there is no concept of retirement, rather CA's value increase with time. But the biggest challenge in this profession is, it is as much as experience oriented but also there is always a need to keep ourselves up to date with various changes in the law. CMA (Cost & Management Accountant), is on emergence in India, but the demand is still very low and hence, the regulating body keeps the result way too low, so as to control the number of CMA's in the country. CMA is more based on analytical skills and understanding the Concepts of Cost related issues and better management decisions. In India, modernization has taken a lead but still most of the industries do not focus on Cost cutting and better management which is why they do not feel any need of CMA's and hence, the demand is very low. CMA's are paid well but jobs are few. But this profession is in great demand overseas. Now, let me answer your question:
Monetary Terms CA is better. Job Availability CA is better. Scope and knowledge enhancement CA is better (there is way too much to learn, which is nearly impossible for a single human being to comprehend)
Opportunities CA is better. (Unlimited, as a CA performs and works in 100's of fields and also as per some laws, they are allowed to perform functions of a CMA too but not vice versa.

Hi Rail, Both CA and ACCA have almost same course. CA follow Indian accounting standards although new syllabus has included IFRS as an elective paper. But, ACCA purely follows International accounting standards (IFRS)
In India Acca is still in growing pace but CA is the most respectable degree of commerce. ACCA is an international degree and is valid across the globe. A further difference is mentioned below:
I) Relevance:CA from ICAI is the only one qualification that allows a person to practice as a Chartered Accountant in India, while ACCA is the one qualification that can be called a truly global Chartered Accountancy qualification. In India also ACCA students are getting placed easily in Big 4 and MNCs. Ii) Toughness: CA being regarded as one of the toughest qualification to pass has its own value and standing. ACCA is by no means easy to pass and Indian students will definitely have to switch from the rote learning methods to one based on understanding and application. But the absence of group system will take away the frustration attached to doing CA and make it easier to pass. Iii) Cost: Being a UK qualification, ACCA is far costlier than doing CA. Iv) Average salary: Both the professions do not gave much difference in pay scale. CA command average salary of 3-9 Lacs pa. On the other hand ACCA command 4-10 Lacs pa. Thank you.