CMA USA vs CMA India: Differences, Scope & Careers

CMA USA and CMA India are two different professional certifications administered by the Institute of Management Accountants (IMA) and the Institute of Cost Accountants of India (ICMA), respectively, in the field of commerce. CMA USA is an international course with a focus on Management Accounting and Financial Management, while CMA India is an Indian course with a focus on Cost and Management Accounting, Taxation, and Cost Auditing. While CMA USA can be completed within 6-12 months, CMA India takes 3.5-4 years to complete.

Both courses have different eligibility requirements, syllabus, work exposure, and salary expectations. The choice of which is better for an individual is subjective and depends on various factors such as preferred location, course duration, work expertise, budget, and the industry or sector one wishes to work in.

WHAT IS CMA USA?

CMA USA is the Certified Management Accountant credential administered by the Institute of Management Accountants (IMA), USA, focusing on Management Accounting and Financial Management.

The profession offers various job positions, such as:

• Financial Analyst
• Management Accountant
• Cost Accountant
• Chief Financial Officer (CFO)

The job market for CMAs is expanding, with projections indicating a growth rate of approximately 5.8% for accounting jobs through 2033, resulting in over 81,000 new positions. Therefore, its significance has been increasing in recent years.

CMA USA is recognized in over 150 countries, including regions outside of North America, such as Europe, China, and the Middle East.

WHAT IS CMA INDIA?

CMA India, or Cost and Management Accountant, is a certification in India that focuses on Cost and Management Accountancy. It is administered by the Institute of Cost Accountants of India (ICMA).

The certification offers the following job positions:

• Cost Accountant
• Cost Auditor
• Internal Auditor
• Finance Manager
• Chief Financial Controller

The demand for CMAs is increasing due to their strategic financial management skills. CMA India is primarily recognized in India and is more localized compared to CMA USA. Professionals with CMA India find job opportunities in countries where there is an Indian diaspora or where Indian companies operate.

CMA USA CURRICULUM

The Certified Management Accountant certification involves professional courses from the Institute of Management Accountants (IMA), USA, and is recognized in over 150 countries. The profession focuses on Management Accounting and Financial Management. The course is divided into two parts: Part I and Part II, each with six subjects.

Part I:

Part II:

The exams are conducted three times a year. Students can select their preferred exam window:

• January-February
• May-June
• September-October

The exam duration is four hours: the first three hours are for Multiple-Choice Questions (MCQs), and the final hour is for Essay  Questions.

To unlock the Essay Question section, candidates must correctly answer at least 50 out of the 100 MCQs.

CMA USA offers several professional benefits, including:

• Higher earning potential
• Career versatility
• Global recognition
• Networking opportunities
• Strategic thinking

CMA INDIA CURRICULUM

CMA India, or Cost and Management Accountant, is an Indian professional course administered by the Institute of Cost Accountants of India (ICMA). CMAs are professionals who perform services related to costing, pricing of goods and services, and the preparation, verification, and certification of cost accounting and related statements.

Some roles of CMAs include:

• Corporate Decision-Making
• Resource Management
• Performance Management
• Financial Reporting & Strategy
• Risk Management

The CMA certification is becoming increasingly important in India due to the growing demand for professionals with skills in financial planning, analysis, and strategic decision-making.

The curriculum of CMA India includes three levels: Foundation, Intermediate, and Final. Students can start preparation for CMA after their 12th boards. Those with a degree can directly join at the Intermediate Level. Exams are held twice a year, in June and December.

An alternative pathway for students after completing their 12th is the CMA CAT (Certificate in Accounting Technicians) program, a diploma course designed as an entry-level accounting qualification. Those who successfully complete the first part of CMA CAT can directly progress to the CMA Intermediate level, bypassing the CMA Foundation. Additionally, CMA CAT equips students with the skills to manage accounts, prepare tax returns, and handle various compliance filings under laws such as the Companies Act, Income Tax, GST, Customs Act, and documentation for export and import.

The CMA CAT course, developed by the Institute of Cost Accountants of India in consultation with the Ministry of Corporate Affairs, Government of India, is aligned with the Qualification Pack BSC/Q8103 - Accounts Assistant of the BFSI Sector Skill Council of India (BFSISSC).

CMA CAT Part-1

Paper 1 - (100 Marks)

Section A : Fundamentals of Financial Accounting (60 Marks)
Section B : Applied Business and Industrial Laws ( 40 Marks) 

Paper 2 - (100 Marks) 

Section A : Financial Accounting -2 (50 Marks) 
Section B : Statutory Compliance (50 Marks)

Total 100 MCQ s each questions will carry 1 mark

There will be no negative marking for wrong answers.  

DIFFERENCE BETWEEN CMA USA AND CMA INDIA

Eligibility Comparison: Both CMA USA and CMA India can be pursued after clearing 12th boards. For CMA USA, it is mandatory for students to hold a degree (which can be obtained through correspondence). For CMA India, students with a degree (except in arts or music) can directly start at the Intermediate Level.

CMA USA vs CMA India Salary: A qualified CMA USA professional in India starts with a salary of ₹6 LPA, which can range up to ₹20 LPA, with an average salary of ₹12 LPA. The salary package differs depending on the country of employment.

The prospective salary of CMA India ranges from ₹8 LPA to ₹60 LPA, with an average salary of ₹24 LPA.

CMA USA vs CMA India: Which is Better?

The decision of which course is better is subjective and depends on the individual. However, the following factors will help in making the decision:

• Location: Whether one plans to work in India or abroad.
• Budget: CMA USA is more expensive than CMA India.
• Time: CMA USA can be completed in 6-12 months, while CMA India takes 3.5-4 years.
• Work Expertise: CMA USA focuses on Management Accounting and Financial Management, while CMA India focuses on Accounting, Costing, and Strategic Management.
• Industry or Sector: CMA USA is relevant in sectors like Manufacturing, Financial Services, Technology, and Consultancy. CMA India is focused on Accounting, Manufacturing, Energy, Education, etc.

FAQs

1.     How does CMA USA compare to CMA India?
Both are globally recognized, but they differ in scope, duration, and geographical recognition.

2.     Can CMA India professionals work in the USA?
Yes, CMA India professionals can work in the USA.

3.     Which country offers the best opportunities for CMAs?
The United States of America offers the best job opportunities for CMAs.

4.     Is CMA India recognized internationally?
Yes, CMA India is recognized internationally, especially in countries with a significant Indian presence.

5.     Is a degree mandatory for CMA USA candidates?
Yes, a degree is mandatory, which can be obtained via correspondence or a regular course.

6.     Does CMA USA have recognition in India?
Yes, CMA USA is recognized in India, especially in foreign companies operating in India.

7.     Which is easier to pass: CMA India or CMA USA?
CMA USA is generally considered easier to pass than CMA India.

8.     What is the minimum duration to complete CMA USA?
It takes about 6-12 months to complete CMA USA.