The topic of US CMA vs Indian CMA always sparks curiosity among aspiring professionals whenever it is discussed. Many believe that both are similar with hardly any differences.
So, selecting one out of these two, Indian CMA vs US CMA can be challenging because both of them offer unique advantages and cater to different markets.
So, let us explore more aspects of CMA India vs CMA USA to help you make a smart decision and shape the future of your accounting career.
Table of Contents:
Overview of CMA India vs CMA US
Both the US CMA (Certified Management Accountant) and Indian CMA (Cost and Management Accountant) certifications are valuable, but they differ in focus, recognition, and specific career paths. So, understanding what each certification offers will help one align best with career ambitions.
What is CMA USA?
The US-based CMA qualification is awarded by the Institute of Management Accountants (IMA). The certification is globally recognized all across the world. CMA US equips professionals with financial management and strategic management skills necessarily looked for by the top employers, making it a sought-after credential for those who ask, what is CMA USA?
The CMA US professionals find jobs in multinational corporations, financial institutions, and management consultancies. These accounting and finance professionals work as financial analysts, controllers, and CFOs making it a valuable asset for those aspiring for leadership roles in finance and accounting.
What is CMA India?
The Indian CMA is issued by the Institute of Cost Accountants of India (ICMAI). It is a statutory body under an act of Parliament in India. The certification is highly valued in sectors like manufacturing, public sector undertakings, and government organizations in the Indian market.
If you’re wondering what CMA India is, it focuses on cost and management accounting, financial management, taxation, corporate laws, and strategic cost management, providing a deep understanding of cost optimization and financial analysis. They are well-equipped to handle roles such as Cost Accountants, Financial Controllers, CFOs, and advisors in diverse industries across India.
Detailed Comparison Of CMA USA with CMA India
Understanding CMA USA vs CMA India will help professionals make informed decisions that align with their CMA aspirations and goals.
US CMA vs Indian CMA Authority
- US CMA Authority
The US CMA certification is awarded by the US-based Institute of Management Accountants (IMA).
- Indian CMA Authority
The Indian CMA certification is issued by the Institute of Cost Accountants of India (ICMAI), a statutory body under the Parliament Act in India.
Indian CMA vs US CMA Eligibility Criteria
- Indian CMA Eligibility Criteria
The candidate must be a 12th pass to enter the CMA foundation Level and a graduate for CFA inter.
- US CMA Eligibility Criteria
You must have a Bachelor’s degree from an accredited university, and pursuing graduation still qualifies you for the US CMA.
CMA USA vs CMA India Syllabus
- US CMA Syllabus
The US CMA syllabus is divided into two parts: CMA USA Part 1 Syllabus includes Financial Planning, Performance, and Analytics, and Part 2 consists of Strategic Finance Management.
- CMA India Syllabus
Candidates in the CMA India course must pass 20 subject papers covered in the CMA India Syllabus, unlike CMA USA Syllabus, including four in the CMA India Foundation level and eight in the CMA India Intermediate and CMA Final course levels.
CMA US vs CMA India Duration
- US CMA Duration
The CMA US Certification takes a year or less than that to complete. US CMA Duration also reduces when you study hard to crack it with dedication and determination.
- CMA India Duration
The India-based CMA certification takes 53 to 64 years to complete.
CMA US vs CMA India Cost Comparison
- US CMA fee
The CMA program charges $300 for entrance, $495 for the exam, and $295 for IMA membership from professional members. US CMA fee for Students and Academic Members, $225 for entrance, $370 for the exam, and $49/$160 for membership. There are discounts and scholarships available in certain cases which reduces the fees significantly for the candidates. Roughly, US CMA costs without tuition support come out to Rs. 60,000 – Rs. 70,000 (for students) and Rs. 130,000 – 140,000 (for Professionals).
- Indian CMA fee
Indian CMA Foundation registration costs INR 6,000, CMA Intermediate registration costs INR 22,000, and CMA Final registration costs INR 25,000 which totals INR 53,000. Examination fees are separate from the registration fees. So, Indian CMA will cost less than Rs. 100,000 without tuition support.
CMA USA vs CMA India Job Opportunities
- CMA US Jobs Opportunities
CMA US Job posts are Cost Accountant, Financial Risk Manager, Corporate Controller, Chief Financial Officer, and many others but in India and in many other developed countries CMA India-qualified professionals are in more demand.
- CMA India Job Opportunities
There are thousands of job opportunities to work in India as an Analyst Inventory Accounting, Stock Analyst, Credit Manager, Internal Auditor, Financial Analyst, and many others. The demand for CMA India professionals is also rising overseas.
CMA US vs CMA India Salary
- US CMA Salary
The average salary for a Certified Management Accountant (CMA) in the US is $124,000, with a median total compensation of $139,000, which is 58% higher than those without a CMA designation. So, pursuing a US CMA career can significantly enhance your earning potential.
- CMA India Salary
The average salary for a Certified Management Accountant (CMA) in India ranges from ₹3.6 lakhs to ₹40.2 lakhs per year, depending on experience and position. Those with no prior experience can expect an annual salary of ₹5,00,000.
US CMA vs Indian CMA Difficulty and Pass Rate
- US CMA Difficulty and Pass Rate
The CMA US exam is challenging for aspirants as it has a pass rate of around 50% showcasing CMA difficulty.
- India CMA Difficulty and Pass Rate
The CMA US exam is challenging but what is more difficult is to pass India CMA. The pass rate for Indian CMA is slightly lower than CMA US generally to the extent of 10%-15%, so candidates must study hard to complete the course.
Which Is Better, CMA US or CMA India?
Consider your preferences before selecting any course, CMA US vs Indian CMA. You should see which one suits your career goals, geographical preferences, and desired earning potential to make an informed decision about CMA USA or CMA India, which is better?
Evaluate Your Career Goals
As a professional, if you want to pursue your career internationally then, there is no need to do CMA India as it is more rigorous than CMA US, so it is better to spend a year to get CMA US certification and pursue a career globally. Also, consider CMA US vs CMA India Salary so that you can have better earning potential.
Consider Location Preferences
CMA India is only preferred by employers in India and its neighboring countries. As a result, CMA US professionals will seek more international career opportunities all across the globe and have better-earning potential due to the conversion rate of the currency.
Determine Your Skill Set To Advance Your Career
The US CMA course focuses on financial planning, analytics, and strategic decision-making, so you should enroll for it if you want to build your career in management roles. However, the Indian CMA is cost accounting-centric, making it ideal for roles that require cost management and control expertise.
Understanding Financial Commitment And Planning
It is crucial to understand the total cost of pursuing any course along with other important details so that the fee may not dig a hole in your pocket. Both CMA India vs CMA USA are professional certifications, so you need to pay the price to earn them.
Find A Mentor For Professional Advice
It is generally observed that the mentorship structure guides your study throughout the course. Right guidance helps you navigate the preparation for CMA exams with less stress. Mentors ensure a clear understanding of complex topics and improve your chances of success.
Take A Look At Your Personal Circumstances
It will be beneficial if you pick a course that suitably aligns with your lifestyle and personal commitments or you must amend your current lifestyle to take out enough time and devote yourself towards your CMA preparation.
Conclusion
At last, it can be concluded that understanding the unique aspects and opportunities of each certification is crucial. CMA US offers a globally recognized qualification with a focus on financial management and strategic decision-making, while CMA India, is highly valued within India and its neighboring regions. Evaluating your career goals, geographical preferences, financial commitment, and personal circumstances will guide you in making the best decision for your future. Both certifications CMA India vs CMA US have their own merits, so consider where you want to take your career and choose the right path.
FAQ’s
Is CMA USA Recognised in India?
Yes, CMA USA is recognized in India and students/professionals with CMA US are working in top MNCs and Big 4 Consulting Firms in India.
Is the US CMA equal to the Indian CMA?
No, we cannot say that both are equivalent as there are significant differences in their curriculum leading to distinct career paths.
Can I do CMA India and CMA USA together?
Yes, you can do both simultaneously, just make sure that you have enough time and can put in the required effort. It is also important to consider the cost-efficiency factor.
How long should a student study for CMA?
It needs rigorous study sessions on average, part 1 requires 170 study hours, which you can cover in 10-13 weeks, and Part 2 takes 130 hours and 8-11 weeks. It is suggested to study for at least 12 hours each week.
How many attempts are there for CMA USA?
Once you are registered with IMA, you can attempt exams unlimited times but make sure to complete it within 3 years of your registration.
