This article throws light upon the difference between certification courses available for Cost and Management Accountant and Chartered Accountant. Read below to know more details.
CA vs CMA: It has been a long-standing debate that which amongst CMA and CA is a better certification. Chartered Accountancy (CA) is offered by the Institute of Chartered Accountants of India (ICAI) and Cost and Management Accounting is offered by Insitute of Cost Accountant of India (ICMAI). Candidates, who have been aiming to pursue a career in taxation, accounting and auditing, are attracted towards either CA or CMA certification courses. There is ample scope of career opportunities after completion of any of these certifications. One can work as accountant, credit officer, manager, analyst and auditor, among other career fields. While these two courses offer lucrative career options, these differ with specific merits and demerits. In this article, we will discuss which among CA and CMA is a better career option.
Also Read: CMA vs CPA
Chartered Accountancy (CA)
CA is one of the most in-demand certification courses in India which guarantees a well-paying career. A CA-certification holder has been trained and imparted knowledge in taxation, accounting and auditing.
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The course of CA certification contains three stages:
- Common proficiency test (CPT): Candidates who have passed their Class XII boards are eligible for the CPT. This exam is held twice every year and can be attended only after the candidate has applied for CPT registration 60 days before the exam. If they clear the exam, they will be eligible for the one-year correspondence course where the candidate will be taught basic knowledge of Accounting, Mathematics, Mercantile Law, Statistics and Economics.
- Professional Competence Course (Theoretical): After passing the CPT and completing the one-year correspondence course, a candidate will become eligible for the Professional Competence Course. A candidate has to pass Class XII exams and correspondence course before becoming eligible for the 18-month Professional Competence Course.
- Final Course: A candidate would be eligible for the final stage exam after they have completed their graduation and passed the professional competence course. The pass marks in the Final Course examination along with relevant work experience is important and essential for getting ICAI membership. This confirms their CA certification.
The total course of CA is a minimum of four and a half years of examinations and training after which a student gets the ICAI certification of CA.
Here is a list of CA colleges across India.
Q: What are the maximum marks in CMA exam?
Maximum marks in the CMA exam is similar irrespective of the course level. Papers under all three course levels have a maximum of 100 marks. Candidates answering all the questions correctly will get 100 marks. In the CMA Foundation eaxam, each exam paper has 50 multiple choice questions. Each question fetches two marks. Whereas, the CMA Intermediate and CMA Final have different marking scheme with descriptive and objective type questions. Marks for each question of Intermediate or Final exam paper ranges from seven marks to 15 marks.
Q: What is the passing score for the CMA exam?
The passing score for all three levels of the CMA course levels are as follows:
- CMA Foundation Passing Score: Candidates securing a minimum of 40 per cent in all test papers and a 50 per cent aggregate score passes in the CMA Foundation exam.
- CMA Intermediate Passing Score: Candidates securing 40 per cent minimum score in each test paper of CMA Intermediate and 50 per cent in non-exempted papers of a particular group are considered pass.
- CMA Final Passing Score: Candidates securing 40 per cent minimum score in each test paper of CMA Final and 50 per cent in non-exempted papers of a particular group are considered pass.
Q: What is the mode of CMA exam?
CMA exam is conducted at three course levels, namely Foundation, Intermediate and Final. CMA exam for all three course levels are conducted as an offline centre based exam. In the past sessions, ICMAI, the conducting body of the CMA exam, had conducted the Intermediate and Final course exams as an online centre based exam. While the CMA Foundation was conducted as a remotely proctored exam from home. However, the mismanegement in the online exams led ICMAI to shift back to the offline centre based exam.
ICMAI may change the mode of the CMA exams in the upcoming exam sessions. Stay tuned to shiksha's CMA exam pattern article for key developments in the test structure from time to time (https://www.shiksha.com/accounting-commerce/accounting/cma-exam-pattern)
Cost and Management Accounting (CMA)
Due to the amalgamation of the world economies, there has been a steep rise in the demands of cost management professionals. The profession of Cost Accountancy is controlled, developed, promoted and regulated by the ICWAI (Institute of Cost and Management Accountants of India). The degree of Cost Accountant provided by the ICWA provides candidate with the knowledge of assimilation, collection, collation and analysis of financial information of an organization. In simpler terms, they help to manage the finances of any organization and provide a managerial decision within the available assets.
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Eligibility and details of the CMA Course
The CMA course is also divided into three levels. CMA course levels include:
- Foundation Course: The foundation course is the entry-level correspondence course essential for entering the next level of the CMA degree. It can be taken up just after passing your 10 board and requires six months.
- Intermediate Course: The intermediate course exam has to be passed after the foundation course. It takes 12 months to complete and involves correspondence mode or Oral coaching mode.
- Final Course: This is the final stage of the course where the student received the ICWA degree which involves 36 months of practical training and 12 months of correspondence or oral mode of coaching before the ICWA exam.
After completion of the final course, the student would be eligible for the Cost and Works Accountant certified by the ICWAI. The job prospects are good as every company requires a cost accountant and with further experience and training, one can hold top management positions in companies as cost controller, chief internal auditor and many more.
CMA vs CA: Pass Percentage
Typically, CA has a better pass percentage as compared with CMA India. However, a key point to be noted here is that CA has a greater audience than CMA. In the previous sessions, CMA pass percentage has constantly been below 20 per cent. On the other hand CA pass percentage for Inter and Final courses marginally exceeds 20 per cent.
Q: Is it easy to pass CMA exam?
If the preparation is right, CMA is not as hard as students complaint about the same. If the pass percentages is compared with ICAI CA exam, CMA pass percentage is comparatively less. However, the number of candidates appearing in CA Final if compared with CMA Final course is huge. The pass percentage of CMA Final course in December 2022 term stood at 6.85% for both the groups, and 17.77% for candidates who onlyu appeared for Group IV exam.
Out of 3751 candidates who appeared in both the groups of CMA Final course, 373 test takers passed the exam for only one course group, while 257 candidates passed the exam for both the groups of CMA Final course in December 2022 term.
Q: What are the test papers for CMA Intermediate course level?
CMA Intermediate course level has two different groups. Candidates can either take the test papers for both groups or a single group. The test papers included in the CMA Intermediate course level are as follows:
CMA Intermediate Course Group - I
- PAPER 5: Business Lawns and Ethics (BLE)
- PAPER 6: Financial Accounting (FA)
- PAPER 7: Direct and Indirect Taxation (DITX)
- PAPER 8: Cost Accounting (CA)
CMA Intermediate Course Group - II
- PAPER 9: Operations Management and Strategic Management (OMSM)
- PAPER 10: Corporate Accounting and Auditing (CAA)
- PAPER 11: Financial Management and Business Data Analytics (FMDA)
- PAPER 12: Management Accounting (MA)
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Differences between CMA and CA
The table below mentions the key differences between CMA and CA:
| CA |
ICWA |
|---|---|
| The CA is equipped with thorough knowledge of Taxation, Accounting and Auditing. |
The Cost and Works Accountant is generally involved in collating, Collecting, assimilating and analysing the financial information of an organisation. |
| It can be attended only after passing Class XII board and completed after graduation from any university. |
The Foundation course can be completed after X board but the Intermediate and Final examination requires completion of Class XII and foundation courses of CMA/CAT/ICSI orb Graduation in any discipline other than fine arts. |
| The membership of ICAI requires you to complete the final examination and required work experience along with it. It is very hard to acquire as the exam is more tough than ICWA |
There is no prescribed requirement for membership. It is comparatively easier to acquire than CA. |
| The CA has a broader horizon in terms of job profile and gets paid more than ICWA initially |
The job profile is limited to cost and financial management for the Cost and Works Accountant and gets paid little less than CA. |
| The certification of CA doesn’t allow higher study in management institutes. |
The degree of ICWA allows acquiring higher education in foreign institutes. |
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Student Forum
Anything you would want to ask experts?Answered 2 days ago
You can find centre based on your preference while booking the exam. CMA exam offers different centres while booking the exam as the candidate should select according to their choices.
The examination centre in Nellore are typically provided on the exam entry card are hall ticket to each candidate p
V
Beginner-Level 5
Answered a week ago
To apply, follow these steps:
Visit the ICMAI website and click on the 'Online Admissions' tab.
- Select the examination course and fill in your personal and educational details.
- Generate an OTP, which will be sent to your registered email address.
- Enter your login credentials and start filling out
V
Beginner-Level 5
Answered 3 weeks ago
Pursuing CMA Intermediate and an MBA simultaneously is feasible but challenging due to the time and effort both programs demand. CMA focuses on technical financial and accounting skills, while an MBA develops managerial and strategic competencies. Together, they enhance career prospects, especially
Contributor-Level 10
Answered 3 months ago
Individual companies determine the specific qualifications required for a CFO position. Applicants with a CMA certification may have an advantage over those without, assuming all other qualifications are comparable. However, passing the CMA exam does not guarantee a CFO position. Other factors, such
Contributor-Level 10
Where can I find the centre allotment list of Nellore district for CMA exams?