The finance and accounting world is full of choices, but there are two high-end professional qualifications: Chartered Accountancy (CA) and Certified Management Accountant (CMA). Though both these qualifications hold inherent merits, many people find a reason to switch from CA to CMA. Therefore, let’s talk about the same in this blog and disclose the knowledge about the CMA certification, career scopes, exam format, and syllabus.
CMA Certification
The Institute of Management Accountants (IMA), USA, provides the globally recognized certification of management accountants. The CMA program requires passing two exams about financial planning, analysis, control, decision-making, and ethics. After completion, candidates with this certification are regarded as credible professionals who have strong knowledge in strategic management, financial analysis, and decision-making.
CMA Career Opportunities
The CMA certification offers a host of career opportunities, which include financial planning and analysis, management accounting, cost accounting, and financial analysis. There is an increased demand for CMAs worldwide, and companies hold them in high esteem for their roles in financial planning and analysis. The areas where CMAs can work include manufacturing, healthcare, technology, consulting, and many more, and aside from that, they can also work in various jobs. Examples of such jobs are Finance Managers, Financial Analysts, and Management Accountants.
If you want to know more about CMA career options, read our blog on CMA Career Paths: What Do CMAs Do.
CMA Exam Format
The CMA exam consists of two parts, each containing 100 multiple-choice questions and two essay questions. The exam is computer-based, and candidates have four hours to complete each part. The exam tests a candidate’s knowledge in four areas – financial planning, performance, and analytics, strategic financial management, and ethics.
CMA Exam Pattern
The CMA has two parts. Both parts have 100 multiple-choice questions and two essay questions. The CMA exam is computer-based, and candidates are given four hours to answer all the questions in each part. The exam tests a candidate’s knowledge in four areas – financial planning, performance, and analytics, strategic financial management, and ethics. The exam is challenging, but proper preparation would ensure passing it and bagging the CMA certification.
CA and CMA Syllabus
The syllabus of CA covers a wide range of topics in accounting, auditing, taxation, and corporate laws. In contrast, the CMA syllabus is more focused on strategic management and financial analysis. Despite some overlaps in covered topics, the CMA syllabus is more management accounting and financial analysis based, while the CA syllabus is rather broad.
CA Career Opportunities
The CA qualification is highly valued in India, and most students choose it as a career either in finance or accounting. Careers for CAs are available in many roles, including firms of accountants, finance departments of companies, and the government sector. CAs can perform any job activity, like Auditors, Tax Consultants, and Finance Managers.
Is it worth quitting CA to pursue CMA?
Now that we have a good understanding of the CMA certification, career opportunities, exam format, and syllabus, we will now consider the question of whether it makes sense to quit being a CA to pursue CMA. And the answer will depend purely and simply on your career goals and aspirations. Therefore, if you are interested in strategic management, financial analysis, and decision-making, pursuing CMA would then make sense; however, if your interest and topics lean more towards accountancy, auditing, taxation, and corporate laws, CA is better suited for that.
Another aspect to look into is how much time and work is needed to get both qualifications. Getting CA is quite in-depth and demands lots of years in study and training, while the CMA can be secured fairly quickly with two exams. It might not be worth leaving CA if a lot of time and work already were spent pursuing it.
Conclusion
In conclusion, the decision to leave CA to continue with CMA should be made after considering one’s career goals, aspirations, and the time and energy that will go into obtaining both qualifications. In comparison, though both qualifications are valuable and offer various career options and prospects, the CMA certification is critical with an emphasis on strategic management and financial analysis, while the CA qualification is a comprehensive agenda.
Ultimately, the pursuit of a CMA program should be based on one’s passion for the subject matter and a desire to build a career in management accounting and financial analysis. Irrespective of the course stream, completion of a professional qualification like CA or CMA demonstrates individual commitment to the accounting and finance profession and unlocks several opportunities for personal and professional development. Do not hesitate to contact us at Zell Education if uncertainty lingers in terms of course selection. Our advisory and counselling team is committed to providing you with professional guidance, and we would be more than happy to help you determine the type of course that aligns with your goals and interests.
FAQs on Quitting CA to Pursue CMA:
Can I do CMA without CA?
Absolutely, you can do CMA without doing CA, as they are independent certifications with separate eligibility criteria.
Does CMA earn more than CA?
Salaries will depend upon the role, experience, and location, and in India, CAs generally get more due to higher demand, but CMAs can also get high earning potential in cost management roles.
Can a CA student do CMA?
Yes, CA students can do CMA either during their CA course or after completion of CA, taking full advantage of overlapping skills in finance and accounting.
Who is more powerful CA or CMA?
Power plays depend on the domain; CAs master in auditing and taxation, whereas CMAs lead in cost management and strategic finance.
