Studying plays a vital role in an individual life. Most people dream of studying higher education and settling in the best designations. Education helps individuals reach their goals and settle in the future.
CA and CMA are the higher education courses that an individual pursues after higher-secondary education.
Key Takeaways
- CA (Chartered Accountant) is a professional who specializes in accounting, auditing, and taxation. In contrast, CMA (Cost and Management Accountant) specializes in cost management, financial analysis, and strategy.
- The CA course is administered by the Institute of Chartered Accountants of India (ICAI), while the CMA course is issued by the Institute of Cost Accountants of India (ICAI).
- CA professionals are more in demand for audit and taxation services, while CMA professionals need cost management and financial analysis.
CA vs CMA
CA (Chartered Accountant) is awarded to individuals who have completed the necessary education and training in accounting, auditing, and taxation. CMA (Certified Management Accountant) is awarded to individuals who have completed education and training in management accounting and related subjects.
Chartered Account (CA) is a course that an individual can choose after secondary education. CA course was established in Scotland in 1854 to settle the accounts. The accountants in Scotland have initiated the professional accounting body.
An individual who took up the CA course should focus in-depth. After the CA course, an individual can work in the private sector and manage the jobs like financial reporting, auditing, taxation, forensic accounting, business recovery, accounting processes, and many others.
CA is a hard course where an individual must focus and desire to complete the course. People with passion choose this course.
Certified Management Accountant Course (CMA) is a management course that an individual can choose after secondary education. CMA is similar to CA, where the ultimate aims are different.
CMA is a professional-certified course where an individual can get credentials in the management accounting and financial accounting fields. CMA certificate manifests that an individual gains knowledge in financial planning, analysis, control, decision-making, support, and professional ethics.
Comparison Table
| Parameters of Comparison | CA | CMA |
|---|---|---|
| Meaning | CA is the higher education course chosen by an individual after secondary education. | CMA is a certified course where an individual chooses after secondary education. |
| Abbreviation | Chartered Account (CA) is a managing course in finance. | Certified Management Accountant (CMA) is a certified course in several kinds of management. |
| Established | CA course had established in 1854 in Scotland. | CMA course had established in 1959, May. |
| Course Time | The duration of the CA course is up to 5 years, where an is interested in taxation and accounting subjects. | CMA course had completed in 6 months in the US, where it takes 3-4 years in India. |
| Job | After the CA course, as a Chartered Account, an individual can manage forensic finance, corporate finance, business recovery, taxation, auditing and, an individual can give suggestions, trustworthy information about financial records. | As a Certified Management Accountant, an individual can work as a chairman, managing director, financial control, marketing manager, finance manager, cost manager and many others. |
What is CA?
CA is the higher study course that an individual chooses after secondary education. An individual can take the CA course after pursuing ICAI in the 12th standard. Chartered Account (CA) was chosen by a limited number of people wanting to become financial accountants.
Chartered Account (CA) had established in Scotland in 1854. CA had a professional accounting body that Scotland people had entrenched for accounting purpose.
An individual should focus in-depth on the subject compared to the other courses. As a Chartered Accountant, an individual can advise people about the truths and information of financial records.
The CA course lasts 5 years, and an individual should concentrate on the studies in deep.
The people who are interested in accounting subject choose this course. Once the CA course had completed as a Chartered Accountant, an individual can work in Corporate Finance, Business Recovery, Taxation, Forensic Finance, Auditing, and Financial Reporting.
An individual can acquire knowledge of the finance and marketing courses in CA.
An individual can gain the knowledge skills like high-level strategic skills, helping society, various career choices, playing a responsible role, a visible path for the future, analyzing and solving problems, and demanding their choice by choosing the CA course.
What is CMA?
CMA is a certified professional course established in 1959 by the parliament. Certified Management Accountant (CMA) had chosen by an individual after secondary education. CMA had some similarities compared to CA.
CMA is a professional certificated course where an individual can get credentials in the management accounting and financial accounting fields.
The time for the Certified Management Accountant (CMA) course had 6 months in the US, and the certificate is recognized globally. An individual can complete the CMA course in 3-4 years in India, and the certificate is certified in India.
CMA course is hard to crack where a person should focus on their aims.
Certified Management Accountant (CMA) is a bit easier course when compared to CA. As a Certified Management Accountant, an individual can possess knowledge of financial planning, analysis, control, decision-making, support, and professional ethics.
An individual can grasp management designations in the private and public sectors. After the CMA course, an individual can work as a Managing director, Marketing Manager, Financial Controller, Cost Controller, Chief Financial Officer, Chief Internal Auditor, and many other designations.
Main Differences Between CA and CMA
- CA, known as Chartered Accountant, is a course based on finance and accounts. CMA, a Certified Management Accountant, is a course based on management in accounting and management in financing.
- CA course was established in 1854 in Scotland, whereas CMA was established in May 1959.
- The duration of the CA course had 5 years. On the Other hand, the CMA course can complete in 6 months in the US and 3-4 years in India.
- Both are professional accountant courses, but CMA is a bit easier when compared to the CA course.
- As a Chartered Accountant (CA), an individual can manage forensic finance, corporate finance, and business recovery where, whereas a CMA graduate can work as a managing director, financial controller, or marketing manager.
- https://www.sciencedirect.com/science/article/pii/S1044500500901422
- https://www.tandfonline.com/doi/abs/10.1080/09638180020024070
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