Thursday, 12 October 2017

CMA IMA vs ICWAI|CMA vs US CMA: Which Qualification should You Go For?

US CMA vs Indian CMA - Which Is The Right One For You? 



CMA (USA) today in India, is considered one of the best professional qualifications in the field of finance. You can check for yourself the CMA (USA) job application by visiting one of the job portals such as Naukri, Timesjobs, Monster, etc., with MNC and Fortune 500 companies having good opportunities for students in compensation for this course. Just do a search with CMA (United States) and see the list of jobs available, the maximum openings you will see from companies, as well as the wage packages that these companies can offer.

To become a CMA (USA), you must delete 2 parts; Part 1 (FINANCIAL REPORTS, PLANNING, PERFORMANCE AND CONTROL) and Part 2 (FINANCIAL DECISION-MAKING) that could be completed by 6 months if the student is a high-quality student. For an average student, it usually takes about 8 to 12 months to complete the certification.

If you had friends or family members, working with financial companies, they could give you a clear picture.

If you would like to know more about the scope and values ​​of CMA (USA) in India, I would like to let you know that there is a FREE webinar coming this Sunday, open to all and that anyone could attend by sitting House.
CMA / CWA is much more exclusive and knowledge-based according to Indian standards. CMA US is like a mini MBA - a one-year course and two exams.

While CMA India has its equivalent course to CA or CIMA UK. A much more difficult course with a success rate of about 1%, duration (excluding foundation) min - 2 years, number of documents 16.

Moreover, Indian companies, mainly UPE, do not value CMA US as such, compared to CWA / CMA. In addition, the scope of practice is not open to CMA US.

Another point to note, one can never join a high-ranking public service in India (ex-Indian accounting department) by CMA US degree.
There was an interesting debate on the merits of the CMA granted by IMA (US) to that of the India Institute of Cost Accountants of India (ICAI) or better known by its former name ICWAI. Here is my attempt to compare the two. Your thoughts and comments are welcome.

Institute of Accountants of India (ICWAI)


ICWAI has recently changed its name to the Institute of Accountants of India (ICAI). It is an institute formed by a law passed by the Indian Parliament. Members are allowed to practice and perform a cost audit, an excise audit and a VAT audit. Their members are active in industry and public accounting.

Knowledge Base Coverage

According to my Indian readers, ICWAI offers a rigorous program - in addition to covering basic strategy, management and accounting, it also focuses on regulation. This makes sense because in India, accountants need to be well informed on these issues given the many regulations that affect companies.

Structure of the examination and years required to obtain the title

The minimum theoretical time required for ICWAI and CA courses (including article courses) is 2 years and 4 years, assuming the candidate can take the first test.

Candidates for ICWAI have only two chances of passing the exam during the year and this rigidity makes the process much longer. On average, ICWAI / CA students take 5 to 7 years to pass their exams.

The CMA course is not limited by legal limits

The course of accounting and cost management is a course where you study costs and management, as key areas. Costing and management are areas that are not based on law but are world-recognized theories. Therefore, the CMA program is not limited by legal limits.

Whether in the United Kingdom, the United States or India - the key program remains the same.

The key syllabus remains the same, regardless of the version of the course you are pursuing. This is different from other courses such as chartered accountants or the company secretary who are bound by legal boundaries.

Which version of the course is the most recognized?

Whichever version of your choice - India, United States or United Kingdom - you will learn the same. There is a memorandum of understanding between these institutes, which makes these courses at par and, therefore, they are almost the same. However, since the CMA course originates in the United Kingdom, CIMA (UK) is the most recognized course in the world. However, let me tell you, the other courses are totally on par with it now.

CMA IMA vs ICMAI: Which Certification is Better?

Why should you prefer CMA from ICMAI, if you want to settle in India?
If you are in India, CMA from ICMAI is what I would recommend. The reason is simple, CMA will provide you with knowledge on topics such as accounting, taxation and law, from the Indian point of view - which will be more useful in the Indian scenario, while if you do the British or American version , you may not be able to have the Indian Perspective knowledge of the above domains. So, it would be a disadvantage, if you want to settle in India.

Conclusion: If you want to settle in India, do CMA from ICMAI. Similarly, if you want to settle in other countries, make yourself CMA from that country.