Are you interested in a career in Accountancy? Chances are that you are drifting between two coveted words in the accounting dictionary- CA Vs CMA. The coveted charter -jewels of the accountancy sector, it is necessarily the most confusing choice to make, since both the charters come with their own set of skills and are sought-after by the industry and employers. In case you have been caught in the web of confusion as to which charter to pursue greater success, know that both courses come with a set of specific skills which equips you for a career in Accountancy.
CA Vs CMA: The skill set
Both the courses equip you with different kinds of skill sets. The CA course emphasises accounting, law, auditing, taxation, and finance whereas the CMA course focuses on cost management, cost accounting, economics, internal controls, corporate finance, etc. CA is regarded as more difficult but has a higher earning potential, but CMA is an industry-focused career that calls for time and expertise to get high-paying positions. So, choosing either would be a great idea, provided you are ready to commit for a tumultuous time ahead until you complete the course.
CA Vs CMA: Exams
The CA exams cover a broader range of topics in comparison to the CMA exams. If you plan to become a CA, it will take you almost 5 years, while the duration of CMA is approximately 3-4 years.
CA Vs CMA: Salary
Salary, the most common word in any professional’s dictionary! Let’s discuss that now. Without stretching the gum, let’s get down to business. The average salary of a Chartered Accountant in India is 8,06,154 INR pa while a Certified Management Accountant makes 5,50,000 INR average income pa. While the figures are just suggestive know that pay differs from company to company, geographical location, experience, etc. The figures are a cumulative average of data collected by market research. Both the courses command high-paying jobs and additional charters and degrees always help you rise up the ladder in a career in accountancy.
CONCLUSION
So, the answer comes down to plain simple math. Evaluate yourself and understand what your skills are and what aspects of the accountancy interest you more and choose your career accordingly. Either way, CA and CMA degrees require complete commitment and only those that have the passion for what they choose to survive.
But passion alone will not put you through. Preparation is the key to success! And Siddharth Agarwal Classes is the institute which helps you in preparing your best for assured success.
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