ACCA, CMA, or CA: Which One Should You Choose?

Finance and accounting is the most essential part of the business. It is money and sound management of financial reserves that help a company not just ensure profit maximization, but also aid its expansion and growth plans. A career in accounting and financial management is not only an interesting pick but also pays handsomely to skilled individuals. If you are a person intrigued by finance and wealth management, pursuing finance and accounting certification courses will take you a long way. If you are wondering about ACCA, CMA, or CA: which one should you choose, this article is for you.

An ACCA certification will open up a plethora of opportunities for you. You can not only go ahead and pursue a master’s specialisation in financial accounting but also set up your own business or consultancy to work with big business organisations to manage their accounts. These finance certificate courses will pave numerous paths in diverse fields. Chartered Accountants (CA) and Association of Chartered Certified Accountants (ACCA) courses are extremely in demand these days, especially among individuals who want to pursue careers in accounting and finance. It is a field held in high regard across India and the world.

However, by considering that the total pass percentage for CA exams is in single digits, it is difficult to obtain a CA degree. As highly detailed and well-recognized, the CA course has an inflexible framework, making it very difficult to follow for those who want to work and learn at the same time. On the other hand, ACCA is a global chartered accounting certification that can open up opportunities for the Big 4 accounting firms as well as MNCs in India and internationally. In this article, you will explore ACCA vs CMA, the difference between ACCA and CA, and the difference between CMA and CA. You will also look at some of the best online finance and accounting courses to master these certificates.

Also Read: How to Pursue a Course in US CPA or CA in India?

Association of Chartered Certified Accountants courses (ACCA)

ACCA is a fast-growing international accounting organisation. As an internationally recognized education and updated, Industry-relevant content, ACCA certification is one of the best ways to develop a career in accounting and finance. You can attempt this one of the finance and accounting certificate courses with your graduation. This qualification is more attractive as you get flexibility in examination. ACCA course is

As a leading international accounting authority, ACCA offers ACCA certification commonly regarded as a prestigious course in finance and accounting. It will let you learn about international accounting and auditing practices. So, it makes it simple and eligible for you to look for work outside the country.

Also Read: Best Tips to get hired after completing CA

ACCA Eligibility

To be eligible for ACCA courses, you should meet the following requirements:

• You can apply for ACCA after 12th with commerce and have passed subjects like English, Account, and Mathematics.
• You must have passed class 12th with two subjects by 65% and 50% for other subjects.
• You can apply after completing a bachelor's degree like B.Com, BBA, and BMS.

Duration of ACCA Course

ACCA has two exams each year and you can set up a maximum of four papers in a session so that you can finish all the exams in 2 years. Practical work will have to be completed in the next 1 year. In other words, the duration of the certification will be 3 years.

ACCA Course Fees

The fee structure of ACCA courses can vary from college to college depending on numerous factors. On average, the fee would be about Rs. 3 Lakhs per annum.

ACCA Courses Online

There are multiple online finance and accounting courses that will equip you with skills for working as an ACCA-certified accounting professional. Some of the benefits of the ACCA courses online are you can study ACCA courses at your own convenience. You can save money in ACCA online classes and also save time such as communication costs and materials. You will get access to online reading materials that help you with the ACCA examination

Also Read: Finance Courses after 12th - Eligibility, Duration, Institutes

Cost Management Accountant courses (CMA)

The Cost Management Accountant (CMA) is one of the most competitive finance and accounting certification courses in the financial market. CMA is divided into three levels - CMA Foundation, CMA Intermediate, and CMA Final. The CMA course is a perfect choice for those who dream of making it big in the management accounting field. In recent days, the course has become a very common option for commerce students or those preparing to join the field of commerce.

Cost Accounting Management is a certificate course designed to prepare students to work in various sectors and corporate functions. In India, the credential for the CMA course is provided by the Institute of Cost Accountants of India (ICAI).

CMA Eligibility

• You must have passed 10th and 12th to apply for the CMA foundation level. If you have studied a diploma in commerce education by AICTE, you will be eligible for the CMA course.
• For the intermediate level, you must have completed class 12th education and the foundation course of the ICAI. You also must have an undergraduate degree in any discipline other than fine arts.
• You must have passed the intermediate level to become eligible for the CMA Final level.

Duration of CMA course

The duration of the Cost Management Accountant course is flexible. This means that the time taken to complete the CMA program will rely on the degree of concentration and commitment of the student. The course can be finished from 6 months to 4 years. In India, students normally take at least 3-4 years to complete the course, while in the US, the course will be completed in just six months.

CMA Online Course

You can access online CMA classes at your own convenience. You do not even have to wait for your teacher or class to start like you would in a traditional classroom environment. CMA online courses provide a comprehensive understanding of accounting, finance, and management. It is one of the most widely recognised certifications in the business world, proving the ability of a person to make financial decisions for a firm.

CMA Course Fees

CMA coaching fees in India can range from Rs. 1.25 Lakhs to Rs. 1.50 Lakhs including CMA training and exam fees. CMA USA course fees are different for both students and professionals. In recent years, the CMA course has gained great attention worldwide. A professional CMA has great job prospects in firms such as the ‘Big Four’ and even government departments. Therefore, one must consider pursuing the CMA course.

Chartered Accountant Courses (CA)

Chartered Accountant is one of the sought-after courses for commerce and finance graduates. The Institute of Chartered Accountants of India (ICAI) is the only authority to hold CA exams and offers a CA degree. ICAI is the second-largest accounting organization in the world. Chartered Accountant is a well-known profession for earning high salaries in the finance industry and also responsible for managing the company's financial and legal matters.

The profession is difficult as a CA always needs to be updated with the latest laws and case studies. A person who is an expert in Chartered Accountants is aware of different domains, such as accounting, auditing, taxation, finance, and corporate law.

CA Eligibility

To be eligible for CA courses, you must meet the following criteria:

• If you have passed 10+2 in any stream with at least 55% marks, you are eligible for CA common proficiency course (CA CPC), which is a Level 1 or Foundation course, and sit for CA CPT.
• After completing Level 1 or UG/PG qualification, you are eligible for CA IPCC or Level 2 (Intermediate) course.
• Once you cleared Level 2 and 2.5 years of articles or trained under official practicing for CA, you will be qualified for the CA final.

Duration of CA Course

The duration of the CA course is 4.5 years, divided into three stages - CA Foundation, CA Intermediate, and CA Final.

CA Certification Fee Structure

The CA certification training is the first step to be cleared in the CA courses. Registration for these courses can be made twice a year in June and December. The total cost for the foundation course is Rs 10,900, which includes application fees, membership fees for the journal, and exam fees.

CA Online Course

Online Chartered Accountancy courses can be as beneficial (or even more so) as a typical CA coaching class. A CA course aims to provide in-depth knowledge and skills required to excel in various areas of finance and accounting. The CA foundation course has been divided into four papers. In the CA Intermediate course, on the other hand, students need to clear eight papers of the accountancy course. The CA Final course has been divided into two groups and eight papers.

Also Read: How to Become CA In India?

Difference Between ACCA and CA

If you are planning a career in ACCA or CA, it is necessary to understand the difference between ACCA and CA in the Indian context. The table below will help you better understand whether CA or ACCA is better for you on a set of characteristics for your consideration:

If you want to build a career in India or set up your own business, you should go with CA courses, but if you are planning to set up outside India, then ACCA would be a better choice. But as far as today's scenario is concerned, CA is better than ACCA in every aspect, whether it is industry demand, reach, credibility, earnings, and others.

Difference Between CMA and CA

Understand the difference between CMA and CA to determine the best choice for you. The below table shows the important difference between CMA and CA:

ACCA VS CMA

Explore the best career in India and abroad by understanding the difference between CMA and ACCA. The table below shows CMA or ACCA which is better that will help you decide which one is best suited for you and your career.

Conclusion

As you get an understanding of ACCA or CMA which is better, and learn about the difference between CMA and CA, you can pursue the courses which suit your career goals best. Once you reach a certain point after knowing all the finance courses and their benefits, you can definitely determine in which direction you should go.