Unlocking a Winning Combination: How CMA and ACCA Can Help You in Your Career?

If you want to supercharge your career in accounting or finance and want to be more than just another accountant in the room, then combining a CMA with an ACCA is the way forward.

And within the dynamic world of finance, it will give you the power to unlock so many new, exciting, and tremendous career challenges by bringing your professional life to a pedestal by bringing it alive! Let’s get right down to what ACCA is and how it can enhance your career prospects in the future!

ACCA – What is it?

The ACCA is one of the largest global bodies for professional accountants, with more than 230,000 members in over 180 countries. This highly regarded qualification allows you to prepare to get high-level roles in diverse industries by covering an excellent framework of knowledge about accounting, taxation, and financial management.

When you hold an ACCA certification, you are not merely securing a credential; you’re also acquiring a passport that allows you to pursue a wide range of career choices in the field of accounting and finance. 

ACCA – Features 

ACCA comes fully equipped with features that make it attractive for aspiring finance professionals:

• Global Acceptance: ACCA is recognized globally. This means that on a global scale, one is assured of having a chance to get employment in several places.
• Flexible Structure: You can study at your convenience with the option to appear for any of the multiple exam cycles throughout the year. You can choose how many papers you want to give in one sitting making it even more flexible.
• Wide coverage: The ACCA all-inclusive syllabus covers all that is in the syllabus of ACCA ranging from taxation, financial reporting and auditing, corporate law and ethics.
• PER: You must have three years of relevant work experience to achieve membership, giving you an edge in real life.

ACCA Career Opportunities

With an ACCA qualification in your toolkit, the career options are endless! Here are a few interesting roles you might pursue:

• Auditor and Compliance Specialist: ACCA professionals are in high demand for internal and external audit roles.
• Financial Accountant: Most ACCA members work in financial reporting within multinational corporations.
• Tax Consultant: ACCA gets you ready to be a tax expert or consultant for navigating complicated tax landscapes.
• Consulting and Advisory role: With a strong emphasis on compliance, ACCA graduates perform well in financial consulting and advisory roles.

Benefits of Pursuing an ACCA Degree

There are many advantages of investing in an ACCA qualification:

• High Employability: ACCA membership enhances your employability in various sectors, especially finance, audit, and taxation.
• Higher Salaries: ACCA professionals tend to receive good pay packages and are more rapidly promoted in their careers compared to their non-qualified peers.
• Global Network: Association to the ACCA network affiliates you with thousands of working professionals, which might potentially enhance your career opportunities by encouraging you to collaborate and grow. 

CMA – What is it?

The CMA is an internationally recognised professional qualification by the Institute of Management Accountants. It deals mainly with management accounting and financial management. 

With CMA certification, one gets a good opportunity to emphasize that their skills are good for developing financial planning and analysis; as well as decision support and analytics in an organisation.

If you want to know more about our CMA Program, please visit our blog What is CMA? Course Details, Duration, Syllabus, Fees, and Eligibility.

CMA – Features

The following are some of the main features offered by CMA certification:

• Two-Part Exam: The CMA program is divided into two parts:
• Part 1: Financial Planning, Performance, and Analytics – There are budgeting, forecasting, and also performance measurement under this section.
• Part 2: Strategic Financial Management – It deals with financial decision-making, risk management, and corporate finance.
• International Acceptance: CMA is internationally recognised. It has great recognition in the United States, the Middle East, and Asia. For that reason, it provides great opportunities to professionals in global career management.
• Work Experience Requirement in Practice: Two years of experience in finance or management accounting are required to earn the CMA designation. This makes CMAs not only theoretically aware but also practically knowledgeable.
• Continuing Professional Education: 30 hours of CPE every year is a requirement to maintain certification as a CMA. This will help professionals stay updated on current trends and best practices within the industry.

CMA – Career Benefits

There are many benefits of investing in a CMA qualification:

• Leadership Opportunities: The CMA is best suited as a leader within an organization, especially for the Chief Financial Officer (CFO), Financial Controller, and Finance Director. Strategic skills achieved from the CMA program position the individual at high levels of leadership up the management chain.
• Greater Salary Potential: CMAs, according to IMA surveys, are typically better paid than those who are not certified. The investment in acquiring the CMA usually pays back as it enhances the prospects for more income.
• Strategic Decision-Making Ability: CMAs have extensive knowledge and skills that will put financial strategies in consonance with business objectives. As such, they will add value to organisations in actionable insights about financial performance.
• Versatility Across Industries: The CMA qualification can be applied to any sector: banking, manufacturing, technology, and consulting. The flexibility provides CMA professionals with various career paths and opportunities to pursue.
• Networking Opportunities: The IMA and the CMA community offer professionals in finance and accounting access to a network of individuals. Such networks open opportunities for mentorship, job referrals, and collaboration on best practices.

Choosing CMA after ACCA: Factors to Consider

Sets of Complementary Skills

ACCA provides you with a solid grounding in accounting, while CMA is focused on management accounting and strategic financial management. This combination provides a versatile set of skills for both operational and strategic roles in any organisation.

Opportunities for a Broader Career Path 

Holding both ACCA and CMA means holding diverse career opportunities for you. ACCA gears you up to accounting roles and compliance. CMA leads to leadership positions such as financial planning and corporate strategies. Hence, enhancing significant career prospects.

Recognition and Mobility Around the World

Both ACCA and CMA hold high stature globally, providing opportunities to work across any continent. The combination of two credentials appeals more to MNCs and attracts individuals who are quite strong and equipped with global accounting and strategic management aspects.

Potential for Increased Earnings

A combination of ACCA and CMA will augment better pay because clients are ready to pay those employees more since they mastered both qualifications. CMAs earn higher sums than otherwise unqualified members, so if you’ve got a qualification like ACCA with you, the value doubles.

CMA Qualified: What can ACCA do for them?

For those who have already secured a CMA qualification, it will give them more specialized knowledge on global accounting standards, tax regulations, and audit practices for those qualifying CMA. Such added expertise would complement the focus of the CMA, which is strategic and management accounting, thereby making it an asset. 

With both qualifications, the professionals end up being quite versatile and are better positioned to perform diverse roles on a global level in corporate finance, consulting, and accounting, thus setting them apart as comprehensive finance experts.

Professional Benefits of ACCA After CMA

The acquisition of the ACCA qualification after the CMA enhances a professional’s technical base, especially in terms of standards of financial reporting, corporate law, and audit compliance. While CMA gives the professional some strategic insights into budgeting and performance management, decision-making, and so on, ACCA provides a strong regulatory and compliance layer. 

The combined expertise is extremely valuable for multinational companies and firms that operate in various jurisdictions as it reflects global standards against which such roles are required.

ACCA professionals’ careers are enhanced as the CMA professionals are ideal for senior positions that demand both strategic and regulatory expertise.

Why CMA-qualified People Should Take the ACCA Exam?

The ACCA offers a chance for CMA holders to go beyond their strategic finance skills and reach the technical aspects of global compliance and reporting standards. Many companies, especially companies with a global presence, have increased demands for professionals with skills in both management and technical accounting. 

The CMA’s strengths in performance analysis and financial planning are complemented by ACCA’s global knowledge of accounting and compliance. Thus making for an excellent profile that can impress employers who seek flexible professionals in high-level finance activities.

Conclusion 

By putting together CMA and ACCA, one achieves a good combination of strategic and technical skills, wider career scope, greater international mobility, and higher remuneration. These two qualifications get finance professionals to leadership and global opportunities. Combining these two might just be the step you need to take to grow your financial career.

FAQs

Is it possible to pursue CMA after completing ACCA?

Yes, many professionals go for CMA after ACCA for enhanced strategic management and better judgment skills.

How do ACCA and CMA differ?

While the ACCA has global accounting standards, audit, and compliance, the CMA has strategic management and financial analysis.

What is the completion time for both ACCA and CMA?

ACCA would be around 2-3 years whereas CMA is achievable in 1-2 years. This again varies from person to person to the speed of study and schedule of their exam.

What is the salary potential of having both the ACCA and CMA?

An individual having both ACCA and CMA can earn higher sums of money, somewhere in the range of ₹12-18 lakhs a year, which may differ based on experience and place.

Partham Barot is an ACCA-certified professional. showcasing his expertise in finance and accountancy. he’s revolutionising education by focusing on practical, real-world skills. Partham’s achievements underscore his commitment to elevating educational standards and empowering the next generation of professionals.