The CMA program, also known as Certified Management Accountants, provides a global standard for financial professionals and management accountants seeking to enhance their career prospects within a year. Just like CPA course in Delhi, it is also regarded as one of the premier qualifications in accounting and management, the US CMA course is administered by the Institute of Management Accountants (IMA) across nearly 150 countries. Meanwhile, the CMA program in India is overseen by the Institute of Cost Accountants of India.
Both the Indian and US versions of the CMA program equip students with the necessary knowledge and skills to excel in financial accounting and strategic management. Nevertheless, there exist distinct dissimilarities between the US CMA and Indian CMA courses, encompassing the governing body, duration of the program, and curriculum. This blog will focus on discussing the Indian CMA and US CMA course details to understand the differences.
Regulated By Different Institutes
The CMA program in the United States is governed by the Institute of Management Accounts (IMA). The institute not only oversees its operations but also serves as a hub for learning, knowledge sharing, research, and the advancement of ethical and best business practices in the fields of management accounting and finance. On the other hand, the Institute of Cost Accountants of India is responsible for overseeing the CMA program in India.
Structure & Syllabus
The CMA programs in the United States and India exhibit variations in terms of course duration, test structure, and syllabus. In the United States, the CMA program can be completed within a timeframe of 6 to 9 months. In contrast, in India, the program requires three years for its completion. These disparities highlight the divergent time commitments associated with pursuing the CMA certification in each respective country.
Level Of Recognition
Distinguishing CMA India from the US CMA is the level of recognition attributed to each qualification. While the US CMA enjoys a global reputation and is widely respected, the Indian CMA qualification is primarily recognised within India. Furthermore, the Indian CMA qualification may impose limitations on employment opportunities abroad, unlike the US CMA, which does not face such constraints.
The nature of the job, the employer, and the geographical location are all crucial in establishing the salary. In terms of geographic scope, the US CMA has a wider range due to its recognition worldwide. Moreover, since a US board offers the course, many multinational corporations and other organizations with US operations often hire professionals holding this qualification.
In India, a newly certified CMA without prior experience can anticipate an annual salary under 5 lakh rupees. However, with time and experience, remuneration tends to increase as individuals progress in their careers.
The US CMA exam format consists of a four-hour duration, during which candidates are required to complete 100 multiple-choice questions (MCQs) and two essay questions within a thirty-minute timeframe. The syllabus for the US CMA exam is divided into 12 distinct topics which are relevant to the two parts of the course.
In contrast, to apply for the CMA program in India, individuals need to possess a Class 12 certificate and have completed six months of article ship. For individual papers, a minimum score of 40% is required, while an overall average of 50% is necessary for intermediate groups.
The regulatory body overseeing CMA India is the Institute of Cost Accountants of India (ICWA). Their mission is to advance, manage, and promote the field of cost accounting in India.
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