Regarding pursuing a career in accounting and finance, two popular options that come to mind are ACCA and CMA US. Both qualifications offer promising career paths and are globally recognised, but which one is the right fit for you?
In this blog, we will compare ACCA and CMA US, their eligibility requirements, exam structure, career prospects, and other relevant factors to help you make an informed decision. Read more and join the best commerce institute in Kerala to make your accounting journey easy!
Eligibility Requirements
The fullform of ACCA is Associated charted certified accountants. It has flexible eligibility criteria, allowing anyone with a high school diploma or equivalent to enrol in the course. However, to become a member of ACCA, candidates must pass 13 exams, finish professional ethics module and should have three years of relevant work experience.
The fullform of CMA US is Certified Management Accountant. It requires a bachelor’s degree from an accredited institution and two years of relevant work experience. Alternatively, candidates can also complete their work experience requirement after passing both parts of the exam.
Exam Structure
ACCA course has a four-level exam structure consisting of 13 exams in total. The first three levels are Applied Knowledge, Applied Skills, and Strategic Professional, which must be completed sequentially. The fourth level comprises Advanced Financial Management and Advanced Performance Management papers. Candidates can choose to take one or both papers. You can attempt papers according to your convenience.
ACCA syllabus is relevant and up-to-date. You can become an industry expert with professionally ready skills if you follow this syllabus.
ACCA exams are computer-based and conducted in four sessions annually- March, June, September or December in more than 400 centres worldwide. You can also write the exam on demand comfortably sitting at home with your internet connection.
CMA US syllabus has a two-part exam structure, which can be taken in any order. Each part consists of 100 multiple-choice questions and two essay questions. The exam tests candidates’ knowledge and skills in areas such as financial planning and analysis, risk management, and internal controls.
Career Prospects
ACCA has a global presence, with members working in over 180 countries. ACCA members can work in various industries, including accounting, finance, audit, and taxation. Some popular job roles for ACCA members include financial analyst, tax manager, audit manager, and chief financial officer (CFO).
CMA US course is more focused on management accounting, with members working in areas such as financial planning and analysis, budgeting, and decision analysis. Popular job roles for CMA US members include financial analyst, financial manager, controller, and chief financial officer (CFO).
Other Factors
ACCA and CMA US also differ in terms of their exam fees, membership fees, and continuing professional development (CPD) requirements. ACCA exam fees are low compared to CMA US.
Both qualifications require their members to complete CPD requirements to maintain their certification. ACCA members must complete 40 hours of CPD per year, while CMA US members must complete 30 hours of CPD per year.
ACCA and CMA US qualifications are both highly respected certifications in the accounting and finance industry. ACCA offers more job opportunities, while CMA US focuses on management accounting. The eligibility requirements, exam structure, and fees differ between the two qualifications, so it’s essential to consider your personal circumstances when deciding. Ultimately, the right choice depends on your career aspirations and interests. ACCA may be the better choice if you want to work in various accounting and finance roles. If you are interested in management accounting and want to focus on financial planning and analysis, CMA US may be the right fit for you.