CMA US or CPA US: Which one to opt regarding Salary and Job Scope?
In today’s advancing accounting field, a mere academic accounting degree may not suffice to fulfil the desired career goal. To make it larger one must acquire optimum knowledge and accounting skill in a professional manner. Here comes the importance of internationally recognized professional accounting credentials to get better job prospects vis-à-vis a decent salary. In this regard, two such popular courses come in to play a bigger role namely Certified Management Accountant (CMA US) and Certified Public Accountant (CPA US) courses. While the former certification is offered by the Institute of Management Accountants (IMA), the later is provided by the American Institute of Chartered Public Accountants (AICPA). Although both the courses vary in their scope and target destinations, it is often coming to mind that which one to select for better career growth with reference to salary and job opportunities. Let us try to put some light to clear any possible dilemma in finding better options.
The Inclination
CMA USA to select if you have inclination for management accounting and wants to be a part of strategic management planning and decision-making processes of the organization. This certification orients you to focus on financial planning and control in relation to the performance.
On the other hand, if you are more inclined to auditing, taxation etc. in the public accounting domain, CPA US should be your cup of tea. Additionally, CPA US has a licensing procedure for independent practice.
Duration
CMA US exam has two papers to write while CPA US exam requires to clear a four-part exam which obviously indicate that the former certification demand shorter time to complete than the later course.
Eligibility
The eligibility criteria for CMA US are a graduation degree preferably with accounting major. On the contrary, CPA US require 120 credit points to write the exam and 150 credit points to be eligible for licensure. Very often a graduation degree from Indian universities may not suffice for the same and additional qualifications or post-graduation is required for the same.
Job Opportunities
The positions available for CMA US mostly in MNCs including Big 4s are Management Accountants, Relationship manager, Finance Manager Cost Accountants, Financial Analyst, Financial Controller, Chief Financial Officer etc. from entry level to seasoned accountants.
CPA US holders have wide span of lucrative positions from public to private sectors in various positions such as Internal/External Auditor, Budget Analyst, Tax Examiner, Business Systems Analyst, Finance Controller, Forensic Accountant, Financial Advisor etc. In addition, a CPA US license holder can pursue independent public accounting services as self-employed consultant.
Salary
In India, salary of both CMA US and CPA US vary depending on the working experience of the candidate as well as the status and pay structure of the employer. However, at entry level, the average salary of CMA US holder ranges from 5-7 lakhs per annum while for a CPA it is slightly on the higher side ranging in between 7- 10 lakhs/annum. Both CMA and CPA, with experience, gets a salary of 12 to 60 lakhs per annum within India and higher than that in the international platform.
Summary
Both the CMA US and CPA US courses are high end professional courses recognized across the globe. Both the courses have their own scope and perspectives but having greater job potentials. CPA US has an additional licensing procedure not applicable for CMA US. Based on the duration, eligibility, and inclination, one can go for the right course as per the suitability of his job profile and inclination.
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