CA, CS, and CMA, are no doubt all excellent professions for you to choose from, but you have to make a choice, right? They are all professions that required you to work in the finance sector. They have a lot of similarities but have several differences too.
CA is mainly about finance, auditing, and taxation. CS involves a detailed structure for corporate law and corporate secretaries. While CMA offers an in-depth study on accounting and cost management. Which is better CA, CS, CMA? Which one is best suited for your dreams, aspirations, and goals?
To make this choice, first, it is very important that you have good knowledge of these three outstanding professions. After that, you can decide what you want your future to look like. Is there a possibility that you can choose them all? Read on to know the answers.
Table of Content
- CA – Chartered Accountant (Course, duration, scope, career, salary)
- CMA – Cost and Management Accountant (Course, duration, scope, career, salary)
- CS – Company Secretary (Course, duration, scope, career, salary)
- CA CS CMA – Which is Better?
- CMA VS CA – Comparison
- CMA VS CS – Comparison
- CS VS CA – Comparison
- CA CS CMA – How to Choose?
- How to pursue CA CS CMA altogether?
CA – Chartered Accountant
What is CA?
Chartered Accountant is one of the most popular professions in India. It is also one of the toughest. It demands a high level of study and preparation, but the rewards are also tremendous. Being a CA brings you a great deal of respect along with terrific job prospects and a great salary.
The reason why a chartered accountant receives a lot of respect is not for the designation or the salary but for the excessive amount of effort it takes to be one. It is truly one of the toughest professions in India and you can not proceed ahead without digesting this fact.
If you are a chartered accountant, your work would be to manage the finances of an organization or an individual and provide financial advice and money management. It includes budgeting, auditing, taxation, and making business strategies. The role pertains to a great deal of responsibility and management, after all, the finances of a company are in your hands.
CA Course
CA Course involves three levels of studying namely CA foundation, CA intermediate, and CA final. A candidate has to complete all these levels i.e. study the syllabus and pass the examination for all three levels to become a CA. Along with this he/she will have to go under a practical training of three years to learn and experience the field practically.
Duration
It takes a minimum of 4.5 years including three years of practical training to complete the course and become a CA.
Scope
The scope for a chartered accountant in India is no doubt very high. Every firm needs a CA. Every organization needs someone to manage its finances, file taxes, and do audits. The world revolves around money. Chartered accountants are always high in demand. The opportunities to work are endless.
Career Opportunities
A CA can explore multiple job roles for example:
-
- Financial accounting
- Cost accounting
- Auditing
- Tax management
- Consultancy
Average Salary
The average salary for a fresher in CA is 7 lakhs and can go up to 25 lakhs.
Check out Syllabus and Subjects for CA – All Levels
CA FOUNDATION
CA INTER GROUP 1
CA INTER GROUP 2
CA FINAL GROUP 1
CA FINAL GROUP 2
CMA – Cost and Management Accountant
What is CMA?
CMA stands for Cost and Management Accountant. It is one of the most promising certifications in the financial sector in India. In India, the Institute of Cost Accountants of India grants the certification in CMA. A certified cost and accountant, works in the financial sector, for example, he/she calculates and decides the cost of various things we buy daily, a plane ticket, a clothing item, deciding the cost of a product before launching it in the market and managing it thereafter according to the market conditions.
CMAs working in organizations or various corporations will manage all the financial decisions and budgeting, they decide what to pay the employees, prepare budget sheets and handle overall costing in the firm. So, basically, it all has to do with money and cost hence the financial sector.
CMA certification has gained huge popularity in recent areas. It is a very viable course for someone looking to work in this sector. It offers a very good flow of income, high growth opportunities, a vast number of fields to work in, and a huge amount of respect.
CMA Course
CMA Course involves three levels of studying namely CMA Foundation, CMA Intermediate, and CMA final. A candidate has to complete all these levels i.e. study the syllabus and pass the examination for all three levels to become a CMA. Along with this, they will have to go under a practical training of three years to learn and experience the field practically.
Duration
It takes about 3-4 years to complete the course and become a CMA.
Scope
The scope for a cost and management accountant is comparatively low in India as not every firm or organization requires a cost audit. Only large-scale companies appoint CMAs these days hence the demand is a bit low but is on a rise presently and in coming years is expected to increase.
Career Opportunities
Here are some career prospects that you can pursue:
- Financial Manager
- Cost Accountant
- Financial Analyst
- Chief Financial Officer
- Corporate Controller
- Chief Investment Officer
- Financial Controller
Average Salary
The average salary for a CMA fresher in India is 5-7 Lakhs per annum. High positions such as CFO (Chief Financial Officer) can earn up to 40Lakhs per annum.
Check out Syllabus and Subjects for CMA – All Levels
CS – Company Secretary
What is CS?
CS stands for Company Secretary which is a very significant and one of the top positions in a company. A company secretary is the one who handles all legal aspects of the company. He is also responsible for maintaining and auditing tax returns, advising the company on its financial health, and making sure that the company complies with legal and statuary regulations.
CS Course
CS Course involves three levels of studying namely CS Executive Entrance test, Executive Program, and Professional Program. A candidate has to complete all these levels i.e. study the syllabus and pass the examination for all three levels to become a CS. Along with this, they will have to undergo practical training to learn and experience the field practically.
Duration
It takes about 3 years to complete the course and become a CS.
Scope
The scope for a company secretary is quite high as there is a need for one in all firms and organizations. A company secretary is a very integral position in an organization and is essential for tax, legal, and investment aspects.
Career Opportunities
Here are some career prospects that you can pursue:
- Assistance to the Board of Directors
- Company Registrar
- Legal Advisor
- Corporate Policymaker
- Chief Administrative Officer
- Principal Secretary
- Corporate Planner
- Chairman
- Managing Director
- Administrative Assistant
- Administrative Secretary
- Investor Capital Market Relations
- Contents Coordinator
Average Salary
The average salary for a CS fresher in India is 6 Lakhs per annum and can go up to 25 Lakhs.
Check out Syllabus and Subjects for CMA – All Levels
CA CS CMA – Which is Better?
Now that you have good knowledge about CA CS CMA, let’s do a more detailed comparison between them.
CMA OR CA – Which is better?
CA VS CMA – Comparison
| Parameters | CA | CMA |
| Focus | finance, auditing and taxation | accounting and cost management |
| Demand | Services of a CA are required by all kinds of firms like manufacturing companies, MNCs, startups, service companies, banks, NGOs, the public sector etc. | Services of a CMA are only required by large scale production/services companies, the public sector and MNCs. |
| Legal Requirement | CAs are a legal requirement and hence mandatory. | CMAs are not a legal requirement but a business requirement hence optional |
| Global opportunity | CAs are more useful in your own country like India | CMAs have opportunities to work globally |
| Work Opportunity | Can work in several different kinds of organisations in several different areas or department | Can work in several different kinds of organizations in several different areas or department |
| Organisation to Work in | manufacturing companies, MNCs, startups, service companies, banks, NGOs, public sector, government departments, statuary organisations etc. | CMA firms, government organizations, public sector, banks, universities, NGOs etc. |
| Job Profile | Statutory Audit.
Internal Audit Advisor in Direct or Indirect Taxation Handling Transfer Pricing Financial and Accounting Management Investment Decisions System Audit (after clearing DISA/CISA) Handling the company’s Legal Matters etc. |
Cost Accounting
Cost Auditing Financial Planning Determine the Prices of Goods and Services. Management Accountant Finance Analyst Cost Accountant Accounting Manager Senior Accountant Corporate Controller Chief Financial Officer (CFO) |
CS OR CMA Which is better?
CMA VS CS – Comparison
| Parameters | CS | CMA |
| Focus | corporate law and corporate secretaries | accounting and cost management |
| Demand | CS is usually required when the business is quite a large scale and the burden of compliances increases, but they are needed in all kinds of large firms | Services of a CMA are only required by large scale production/services companies, the public sector and MNCs. |
| Legal Requirement | Companies that have a paid-up share capital of 10 crores or more are mandatory to have a company secretary. | CMAs are not a legal requirement but a business requirement hence optional |
| Global Opportunity | CSs have opportunities to work globally | CMAs have opportunities to work globally |
| Work Opportunity | Can work in several different kinds of organizations in several different areas or department | Can work in several different kinds of organizations in several different areas or department |
| Organisation to Work in | Can work in any corporates and organisation and handle all legal aspects | CMA firms, government organisations, public sector, banks, universities, NGOs etc. |
| Job Profile | Assistance to the Board of Directors
Company Registrar Legal Advisor Corporate Policymaker Chief Administrative Officer Principal Secretary Corporate Planner Chairman Managing Director Administrative Assistant Administrative Secretary Investor Capital Market Relations Contents Coordinator |
Cost Accounting
Cost Auditing Financial Planning Determine the Prices of Goods and Services. Management Accountant Cost Accountant Accounting Manager Senior Accountant Corporate Controller Chief Financial Officer (CFO) |
CS OR CA – Which is better?
CS VS CA – Comparison
| Parameters | CS | CA |
| Focus | corporate law and corporate secretaries | finance, auditing and taxation |
| Demand | CS is usually required when the business is quite a large scale and the burden of compliances increases, but they are needed in all kinds of large firms | Services of a CA are required by all kinds of firms like manufacturing companies, MNCs, startups, service companies, banks, NGOs, the public sector etc. |
| Legal Requirement | Companies that have a paid-up share capital of 10 crores or more are mandatory to have a company secretary. | CAs are a legal requirement and hence mandatory. |
| Global Opportunity | CS have opportunities to work globally | CAs are more useful in your own country like India |
| Work Opportunity | Can work in several different kinds of organizations in several different areas or department | Can work in several different kinds of organizations in several different areas or department |
| Organisation to Work in | Can work in any corporates and organisation and handle all legal aspects | manufacturing companies, MNCs, startups, service companies, banks, NGOs, public sector, government departments, statuary organisations etc. |
| Job Profile | Legal expert
Compliance officer Senior advisor Corporate planner Strategic manager Expert in corporate law Corporate governance |
Statutory Audit.
Internal Audit Advisor in Direct or Indirect Taxation Handling Transfer Pricing Financial and Accounting Management Investment Decisions System Audit (after clearing DISA/CISA) Handling the company’s Legal Matters etc. |
CA CS CMA? How to Choose?
To best decide which certification is most suitable for you, what matters are your skills and interest. The common factor in all three certifications is that you must have a love of numbers and like to play with them. Other factors are what you want your future to look like, what kind of job, salary, and opportunities you are looking for.
Don’t always go for the one with the maximum scope and the higher salary, though they are a great parameter in decision making, but keep in mind your own skills and interests. It’s you who has to do the job in the end and you will be able to ace it only if you have what it takes.
Carefully read about all the information mentioned above and pick the one that resonates with you the most.
Check out courses, study material, mock test papers, and more at TopLad!
How to Pursue CA CS CMA All Together?
Can you pursue CA CS CMA altogether? Is it possible?
Yes! You can. It is possible to take all three-course and acquire all three certifications, but you can imagine the hard work and excessive amount of effort it will take. Just completing one of these certifications is a challenge and takes multiple attempts by many, but to clear all three?
If you really have a love for numbers. If you want to do all three and think you can, then you very much should. But, only take a decision like this knowing you are capable. Completing all three certifications will open so many doors for you. It’s hard to even imagine and the best part? It will make you stand out and shine among your peers, having all other similar qualifications. These courses are all quite similar in subjects and syllabus so that is a plus point.
If after careful consideration of what you want and what you are capable of, you decide to go for all three, here is how you can do it.
So how to do it?
- Start with clearing CA foundation exam. Then you will be exempted from giving CS foundation exam as candidates who have cleared CA foundation are not required to sit for the CS foundation
- After that clear CA intermediate and you will be exempted from giving CMA foundation, hence 4 exams are done.
- After that go for CMA intermediate and clear it.
- Apply and go for CA article ship training and get exempted from CMA article ship training. CA training gives you maximum scope in terms of work opportunities.
- During your training, you can give the CS Executive exam and clear it.
- Complete your CA article ship and apply for exemption from CMA article ship
- Now, all that’s left are the final exams of all three courses. Study hard and clear all of them
- If you were not able to get an exemption from CS article ship then you will have to complete it now.
- After this, you will have certification in CA CS & CMA!
In this article, we have provided you with everything you need to know about CA, CS, and CMA. Now it’s your decision to make a choice that best resonates with you and your abilities.
