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CMA India or CMA USA : Picking the Right Path
CMA India or CMA USA : Picking The Right Path
Unsure whether to choose CMA India or CMA USA?
Let’s look at the differences and similarities between the two.
CMA India and CMA USA are professional qualifications. CMA India, offered by the Institute of Cost Accountants of India (ICMAI), focuses on operating efficiency, and management accounting. On the other hand, CMA USA, provided by the Institute of Management Accountants (IMA), emphasizes global management accounting principles applicable across various industries and countries.
Choosing between CMA India and CMA USA depends on your career goals and geographical scope. Besides this, the duration of the two courses and cost involved also affect the decision substantially. Conversely, if you aspire to work in multinational corporations or desire a broader understanding of management accounting principles that are recognized globally, pursuing CMA USA could be the better option.
What is CMA USA?
When considering CMA USA, prioritize understanding its global management accounting principles and industry applicability. The Certified Management Accountant (CMA) qualification offered by the Institute of Management Accountants (IMA) in the United States is recognized by employers in over 150 countries including India. It focuses on strategic financial management and decision-making skills that are crucial in today’s dynamic business environment.
CMA USA equips professionals with the expertise needed to thrive in highly sought-after financial planning and analysis roles. The certification covers a wide range of topics including financial reporting, risk management, internal controls, data governance and budgeting.
CMA USA is a single level examination and contains two exams to qualify. Furthermore, CMA USA holders are often sought after by multinational corporations due to their strong foundation in financial management and strategic planning across various industries.
What is Indian CMA?
The Indian CMA is offered by the Institute of Cost Accountants of India (ICMAI). This qualification focuses on cost accounting and management accounting. CMA India further equips a professional with knowledge of Indian taxation, laws, accounting and auditing making it a valuable asset for professionals to apply for wider roles in companies within India.
The Indian CMA program consists of three levels: Foundation, Intermediate, and Final. To enroll in the Foundation course, you must have completed high school. The Intermediate course requires a bachelor’s degree in any discipline or CMA foundation pass out, while the Final course necessitates completion of the Intermediate stage. Each stage includes subjects like Financial Accounting, Laws and Ethics, Taxation, and Strategic Performance Management.
Upon successful completion of the Indian CMA program and fulfilling the requisite practical training, you can become a certified Cost and Management Accountant. This certification opens doors to a wide range of career opportunities in industries such as manufacturing, banking, consultancy, and more. ICMAI is aggressively tying up professional institutes, enabling CMA India-qualified candidates to pursue foreign courses.
CMA India Vs CMA USA: Comparison Based on Different Criteria
Let’s talk about the key differences between the CMA USA and CMA India.
| Criteria | CMA India | CMA USA |
| Eligibility | Students who cleared class 12th can start with the CMA foundation and graduates can start directly via the CMA Intermediate level | Students who cleared class 12 can start, study, and clear CMA USA exams. A bachelor’s degree or equivalent needs to be submitted as and when a student receives it. |
| Duration | 5 years | 8-10 Months |
| Recognition | Recognized by the Institute of Cost Accountants of India (ICAI) and globally by IFAC | Globally recognized in over 150 countries |
| Program Cost | Costs around 3.5 Lakh (including coaching fees and ICMAI fees) | Costs 1.4 Lakh for students currently pursuing graduation or post-graduation. Costs 1.7 Lakh for candidates who have already completed graduation.This includes average coaching fees & IMA fees.CMA USA offers scholarships that can reduce this cost to 60,000 overall. |
| Difficulty & success rate | Considered almost as difficult as the CA course. With an average pass rate of 18% | Moderate level difficulty. With an average pass rate of 50% |
| Practical experience | Requires 15 months of experience. However, the student is paid a stipend of 8000 to 12000 per month depending upon the city | Requires 24 months of work experience. Candidates are paid a proper salary averaging 30,000 to 40,000 per month |
If you aspire to work in multinational corporations or seek opportunities abroad, CMA USA might be the better choice due to its international recognition and broader acceptance. On the other hand, if your career plans are more focused on the Indian market, CMA India could provide specific knowledge and networking opportunities tailored to the local industry.
Duration is also a big difference between CMA India and CMA USA. Students seeking a short-duration course CMA USA may serve them better. For working professionals seeking to add value to their profession, CMA USA is preferred. As CMA India requires dedication and time, something a working professional cannot manage while employed.
Whichever course you end up choosing, you need to work on your skill sets to earn better and progress faster in your career.
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A Team Commerce Academy offers comprehensive study materials, experienced instructors, and personalized assistance to help you succeed in your CMA USA exams. Whether you are a working professional or a student looking to enhance your career prospects, A Team Commerce Academy is the perfect choice for your CMA USA preparation. Take the first step towards achieving your career goals and enroll with A Team Commerce Academy today!
FAQs
The CMA USA certification generally holds more value globally due to its international recognition and higher standards compared to CMA India. However, CMA India is also respected within the Indian market and can provide valuable insights into the local business environment.
Yes, CMA USA is recognized and valued in the Indian job market, especially in multinational companies and organizations with international operations. Employers often appreciate the rigorous curriculum and practical knowledge that CMA USA holders bring to the table. IMA institute regularly ties up with Indian companies like Wipro as their approved employers who employ CMA USA candidates in bulk to maintain approved employer status.
Yes, you can pursue CMA USA after completing CMA India. Having a CMA USA qualification can be beneficial as it demonstrates your commitment to continuous learning and professional development.
The difficulty level of the CMA USA exam is generally considered to be lesser compared to CMA India. The CMA India exam covers a wider range of topics and requires a deeper understanding of the subject matter. However, with proper preparation and dedication, both exams can be successfully cleared.
While article ship CMA India is paid a stipend which may range between 8000 to 12000 p.m. which increases substantially to 50,000 as the candidates qualify CMA India. But CMA USA is paid between 30,000 to 40,000 p.m. as a fresher. Further salary growth depends upon the upskilling and performance on the job.
Yes, CMA USA is aggressively hired by banks and insurance companies within India and abroad due to their expertise in Management accounting and corporate finance.
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