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northstar-academy · 5 months

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Top 7 Differences CPA Vs CMA: Salaries,Requirements, Career Paths

Which Exam Is Easier To Pass: CPA Or CMA?

If You're A Commerce Student And Want To Build A Career In Accounting, This One Question Always Comes To Your Mind, I.E., "Which Certification Is Better For Me; CPA Vs CMA?" Well, If You Are Struggling With The Same Question, We Are Here To Guide You Through The Right Path And Lead You Toward Success.

This Is A Crucial Question For Your Career, So You Must Invest Time Into Thinking About It. In This Article, We Will Learn About The Merits And Demerits, Which Is Easy, The Salaries For Both These Courses, And Which One (CPA Vs CMA) Would Be The One Life-Changing Course For You.

Introduction To CMA Vs CPA

CPA Is The Certified Public Accountant. It Is Also The Black Belt For Public Accounting Systems. At The Same Time, CMA, On The Other Hand, Is The Certified Management Accountant. It Generally Covers The Financial And Professional Accounting Of The Corporate World.

Now, Let Us Discuss Both Of These Terms In Detail.

What Is CPA?

Certified Public Accountant (CPA) Certification Accredited By AICPA Includes The Core Financial Accounting, Taxation, Auditing, Economics, Strategic Planning, Ethics, Business Laws, Cost Accounting, Statistics, And The Fundamental Difference Between The US International Accounting Systems.

What Is CMA?

Certified Management Accountant (CMA USA) Accredited By IMA, Includes CFOs And Finance Managers, And Controllers. Its Core Functions Also Revolve Around Strategic And Operational Aspects Of Building An Organization, A Government Agency, Or NPOs (Non-Profit Organizations). CMA Is A Reputed Preference For Many Individuals Who Are In The Field Of Accounts & Management.

Which Exam Is Harder: CMA Vs CPA?

This Question Can Never Be Answered As It Will Remain Subjective. Some People Would Say That CPA Is Doable And Easier, And Others Will Say CMA Is The One They Would Like To Crack. All We Can Do Is Make It An Easier Choice For You. CMA Vs CPA Needs Some Discussion.

The Thing About CPA Is That You Are Supposed To Sit For A 16-Hour Examination (That Is - The Four Sections Of The Exam). You Will Be Given 18 Months In Order To Crack All Four Parts Of This Examination. This Time Period Begins On The Very Day When You Give Your First Part Of The Exam And Pass.

The Four Sections That Come Under CPA Are:

Auditing & Attestation (AUD)

Business Environment & Concepts (BEC)

Financial Accounting & Reporting (FAR)

Regulation (REG)

On The Other Hand, CMA Will Give You Three Years To Pass Two Sections Of The Exam. This Time Period Usually Begins On The Entry Into The CMA Program Day Itself. It Consists Of Two Main Parts, With Four Hours For Each Part. Another Fact Is That The Passing Rate Of CMA Is Lower Than CPA. 45% Candidates Are Able To Pass The Two Sections, Whereas, Collectively They Make Around 50% Passing Rate.

The Two Exam Parts That Come Under CMA Are:

Financial Planning, Performance, and Analytics

Strategic Financial Management

Career Paths After Acquiring The CMA & CPA Certifications

When It Comes To Job Opportunities For CMA Vs CPA, Both Have Various Options And Different Paths. Let Us Discuss Their Career Paths In Detail.

A Licensed Certified Public Accountant (CPA) Can Work In Any Entity, Business, Or A Specific Firm, Such As:

Litigation support

Local or regional local firms

National or international firms

Providing tax, attic, or consulting services

The Job Or Career Opportunities Of A Certified Public Accountant Are Given Below:

Controller

Public Accountant

Internal and External Auditor

Financial Manager and Advisory Roles

On The Other Hand, CMA Also Holds A Vast Number Of Job Opportunities. A Certified Management Accountant Takes Care Of The Financial And Operational Parts Of The Organization. The Companies That Tend To Hire (Both In The US And Other Countries) CMAs Are Given Below:

Alcoa

AT&T

Bank of America

Boeing

Cargill

The Job Opportunities That Come Under The Radar Of A Certified Management Accountant Are:

Financial Analyst

Cost Accountant

Financial Risk Manager

Various C-suite executive posts

CFO

Difference Between The Salaries Of A CPA Vs CMA

If We Talk In Numbers, The Average Salary Of An Experienced Certified Public Accountant Is Around $66,000 Whereas The Average Salary Of A Certified Management Accountant Is Around $60,000 (As For Late-Career Holders). However, There Are Other Factors Too That Matter Over Salary.

Let Us Discuss The Salary Of A Certified Public Accountant First. Normally, A CPA Earns 15% More Salary Than That Of Non-CPA�S.

The Factors That Affect The Salary Of A Certified Public Accountant Are As Follows:

Size of the firm

Public or private accounting

Your initial work experience

A Certified Management Accountant Has 63% Of Compensation Under His Profits. Initially, He/She Might Earn A Little Less Than A Certified Public Accountant.

The Factors That Affect The Salary Of A CMA Are Given Below:

The age of CMA

Initial work experience

Education level

And the industry he/she works in

However, This Should Not Be Affecting Your Decision Of Pursuing CMA Because It Is A Known Fact That A Late-Career Of A Certified Management Accountant Is Far Better Than A Certified Public Accountant As He/She Earns More. Not Only Salary But Consider Other Factors Of Life As Well, Such As Job Satisfaction, A Work-Life Balance, And A Comfortable And Rich Lifestyle.

CMA Vs CPA Has Been Described Above. All The Main Points Are Also Mentioned In The Same. Read And Make Your Choice Accordingly.

What Are The Requirements For Becoming A CPA Vs CMA ?

Though, There Is Not Much Of A Difference When It Comes To Eligibility Criteria For CMA Vs CPA. But, We Will Still Learn About It In Order To Avoid Further Confusion. These Certifications Have Their Own Specific Requirements, And Both Of Them Are Described Below, Separately.

CPA Requirements

There Are Three Basic Requirements To Become A Certified Public Accountant And They Are Described Below.

Education

Must be a 4-year bachelor's and must have a degree of the same.

Must have a minimum number of accounting and business credits.

A total of 150 or more credit hours.

Exam

Is supposed to pass all four steps of the Uniform CPA Examination.

Experience

Must have 1-2 years of accounting experience from a known organization.

Other Requirements

You might also be asked to give an ethics exam (which solely depends on the state that you are being certified)

When you receive the CPA license or certification, you are supposed to complete a total of 40 hours of Continuing Education (every year).

CMA USA Requirements

There Are Four Basic Requirements Under A CPA Program And They Are Discussed Below.

Education

Must have a Bachelor's degree from a recognized university/college or from any related professional certification.

Exam

Must complete and pass both CMA exams (that is, CMA part 1 and CMA part 2)

Experience

Must have a 2-year (continuous) experience in any professional Management Accounting or Financial Management organization.

Ethics

Must know and follow the IMA's Statement of Ethical Professional Practice.

Other Requirements

CMA USA also wants you to have 30 hours of Continuing Education (every year) in order to maintain the certification.

What Are The Estimates Of CPA Vs CMA Salary In India?

Salaries For CPAs And CMAs Are Quite Similar, With The CPAs Slightly More; However, Wage Categorisations Are Likely To Be More Evenly Matched With Time. Much Will Depend On Your Practice Location, Job Title, And Years Of Experience, As With Any Professional Salary Comparison. According To Industry Statistics, A CPA Earns 15% More Than A Non-CPA Accountant On Average.

CPA Vs CMA In India

In India, Both CMA And CPA Are Highly Regarded Certifications With Distinct Professional Prospects. On The Basis Of Many Characteristics Such As Eligibility Requirements, Time And Effort Involved, Cost Of Certification, Wage Difference, And So On, One Can Simply Distinguish Between The Two And Select Which One Best Suits Their Needs. CMA Is A Wonderful Choice If You Are Involved In Management Accounting, Strategic Planning, Financial Planning, Reporting, Analysis, And Decision-Making.

CPA, On The Other Hand, Is Better If You Consider Auditing, Tax, Reporting, And Regulation. While CPA Certification Covers A Wide Range Of Skills Such As Financial Accounting, Auditing, Taxation, Business Law, Ethics, And Economics, CMA Certification Focuses Primarily On Financial And Accounting Expertise Required In The Corporate World, Such As The Skills Needed By Finance Managers, Controllers, And CFOs.

CPA Vs CMA:

CMA Is More Practical Than CPA And Includes Abilities That Are More Useful And Essential In The Corporate World. CMA USA Is Far Less Expensive And Time-Consuming Than CPA, And The Examinations Could Be Undertaken Even Before Graduation. In Fact, After Obtaining CMA, You Might Want To Pursue CPA As Well, Because The Fundamental Curriculum Of Both Courses Is Accounting-Related, And Having Both Can Help You Stand Out. A Dual Certification Can Be Obtained By Pursuing Both Certifications One At A Time.

What Are The Aspects Of CPA Vs CMA Difficulty?

To Get Your CPA, You'll Have To Sit For 16 Hours Of Exams Spread Out Throughout The Four Sections. The CMA Exam, On The Other Hand, Is Divided Into Two Parts And Takes Eight Hours To Complete.

Despite This, The CMA Exam Has A Somewhat Lower Pass Rate, With About 45 Percent Passing Both Portions Together, Compared To Half (50 Percent) Or Better Passing Each Part Of The CPA Exam.

Candidates For The CMA Have Three Years To Complete Both Portions Of The Test. The Time Period Will Start On The Day You Started The CMA Program. You Have 1.5 Years To Complete All The Parts Of The CPA Exam If You Want To Become A CPA. The Time For The Exam Commences As Soon As You Sit For The First Part.

CPA Or CMA, Which Is Better In India?

Because CPAs And CMAs Have Different Primary Areas Of Competence, Determining What Form Of Accounting You Want To Undertake Is Crucial.

CPAs Conduct And Sign Audits As Well As Tax Work, Including Representing Businesses During IRS Audits. Cost Accounting, Management Reporting, Financial Planning, And Analysis Are Among The Specialties Of CMAs.

In Manufacturing And Specific Jobs, Such As Plant Control And Management Accounting, CMAs Have An Advantage. However, At The Corporate Level And In Financial-Reporting Jobs, The Case Is The Opposite.

"A CPA Is A Route To Go If You Want Exposure To A Variety Of Sectors And Public Auditing Skills,". "The CPA Is Good If You Want To Work In The Very Same Work Each Day And Make An Impact At One Company, But The CMA Is Incredibly Relevant.�

Frequently Asked Questions

1. Can We Do Both CPA Vs CMA? What About A Dual Certification?

A lot of students ask this question and, in fact, are able to choose the right path of dual certification. For CPAs, it is quite beneficial to pursue both the certifications one at a time. You can always do one certification, and after acquiring one can pursue the other one

The reasons you should definitely go for a Dual Certification are: You will be a unique and valuable asset, standing out from your colleagues. You will be able to pave a path to management. A higher salary opportunity. You will be able to serve your clients better. You will have vast knowledge because of the overlapping courses. So, we would suggest - totally go for it!

2. Who Earns More: CPA Vs CMA ?

CMA has some major expertise more than the basic financial accounting hence earning slightly more than its counterparts. Though, this is not supposed to be an issue because even if the salary credits are higher, CPA is more reputed and better when it comes to late-career perks.

3. Is CMA Harder Than CPA?

CPA is considered to be harder than CMA. Again, all this is based on personal opinion as well. Overall, the difficulty of the CPA exam is determined by the study resources you use, your experience, and your educational background. If you are confident enough for any one of them, then that course is for you! You wouldn't have to think about the difficulty level then.

4. Is CMA As Good As CPA?

CMA vs CPA both could prove to be career-driven accreditation and one is as good as the other one. So, the question of "who's better" should not even arise. Both CMA and CPA are highly regarded and in-demand career paths in the industry.

5. What Is The CMA Salary In India?

CMA salary in India ranges from ? 3.6 Lakhs to ? 40.2 Lakhs with an average annual salary of ? 7.0 Lakhs. Though, CMA in the USA and abroad provides a better outlook

6. Is CMA In Demand In India?

Yes, the CMA is an excellent career in India. As you can see from the information above, there are a variety of work prospects. You can also observe the numerous other advantages, such as raises in compensation, work security, and personal recognition. These are just a few of the reasons why people choose to pursue their CMA in India.

7. What Is The Salary Of CMA In Dubai?

For the current year, the average base wage in the UAE is $36,000. The CMA USA (Certified Management Accountant) seems to have a higher value in Dubai and other countries as well.

Conclusion

We Hope This Information Helps You In One Or The Other Way. Now That You Know About The Examination And Their Exam Difficulty Level, You Can Easily Choose And Pick Between The Two Courses, Or Even Go For Both Of Them!

CMA USA Is Definitely Regarded As One Of The Best Certifications For Which You Should Take A Reliable And Comprehensive CMA Course And Clear It With Ease. On The Other Hand, CPA Certification Is Also No Less That Can Also Be Acquired With A CPA Certification Course From Top Institutes Like NorthStar Academy.

CMA Vs CPA Is Something The Comparison Between The Two Is Supposed To Make Your Decision Easier. If You Still Have Any Doubts, Contact Us Or Comment Below. We Hope That You Choose Wisely.

#CMAUS #USCMA

#cma #cma course #certified management accountant

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vishnuiasacademy · 2 years

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US CMA vs ACCA: What is the difference?

US Certified Management Accountant (US CMA):

US Certified Management Accountant is a designation that signifies expertise in strategic management and financial accounting. US CMA certification builds on the proficiency of financial accounting by adding management skills that aid in making strategic business decisions. IMA (Institute of Management Accountants) issues the US CMA certification. US CMAs (Certified Management Accountants) work in the areas of management decision-making, financial analysis and planning. Many auditors, accountants, and financial analysts earn the designation of US CMA to advance in their careers.

Association of Chartered Certified Accountants (ACCA):

The Association of Chartered Certified Accountants (ACCA) is a leading global professional accounting body founded in 1904, which offers the Chartered Certified Accountant qualification to learners who want to build a career in finance. Individuals who are Chartered Certified Accountants must be members of the ACCA and also they must comply with certain additional regulations such as carrying liability insurance, having a practicing certificate, etc.

Get to know more differences between US CMA and ACCA from the below video.

Exam Format of US CMA: The US CMA exam is completely computerized, and you can take this exam at many Prometric centres all over the world. It’s essential to schedule the exam dates in one of the testing windows. Choose which suits you.

Testing Window Exam Dates Jan-Feb 1st January to 28th February May-Jun 1st May to 30th June Sep-Oct 1st September to 31st October There are two parts in the US CMA exam consisting of 100 MCQs (Multiple Choice Questions) and two essay scenarios. One must have to answer 50 percent of the MCQs correct to unlock the portion of the essay questions.

Note: The multiple-choice questions are worth a weightage of 75% of your total score.

There are two parts in the US CMA exam.

Part:1 – Financial planning, Analytics, and Performance

Part:2 – Strategic Financial Management

Each US CMA exam is 3 hours long for MCQs and the second section is of one hour, which consists of essay type questions. So, the total testing duration is 4 hours.

Question type No. of Questions Duration Avg Time per Question Multiple choice 100 3 hours 1.8 minutes Essay 2 1 hour 30 minutes US CMA exam (part1 + part2) consists of 200 MCQs and 4 essay questions.

Exam Format of ACCA:

The ACCA consists of three important particulars which are: 4 entry-level papers, 13 ACCA papers and also two outline modules which are based on professional ethics. There are four papers of the FIA or Foundation in Accounts which is an entry-level certificate and three initial papers of the ACCA. Then there are 13 ACCA papers which are further divided into two main groups – nine fundamental 4 professional papers. The candidate has a choice of whether he/she wants to finish off with the FIA or further pursue the ACCA qualification.

ACCA covers the following subjects at the knowledge and professional level:

Financial Reporting Cost and Management Accounting, Financial Management, Performance Management etc Auditing Taxation Law Ethics and other relevant theories As mentioned before there are 13 papers which are divided into Fundamental Level consisting of 9 papers and Professional Level consisting of 4 papers. Candidates can also apply to waive off part or all of the given papers but only at the Fundamental Level. You basically first have to give the four FIA (Foundation in Accounts) papers as an entry-level certificate and then proceed to giving the 13 ACCA papers.

The ACCA exam isn’t computerized although some papers might be computerized but not all. This particular examination is offered about four times in a year.

The ACCA exam is also computerized in India and during the pandemic, there is remote proctoring.

Related Article: Scope of US CMA Course in India 2021 Benefits of US CMA Certification:

Benefits of ACCA Certification:

Career scope for US CMA:

US CMAs are uniquely qualified for different positions in the industry. Here are the few job areas of US CMA:

Financial reporting Performance management Internal controls Planning and budgeting Cost management Investment decisions Profitability analysis Skills gained while pursuing the US CMA certification enable the professional to connect the concepts of accounting to finance applications. Moreover, US CMAs hone financial data analysis and accounting, which can be leveraged to make strategic business decisions and to improve performance. In addition, US CMAs are experts in budgeting and cost management.

Related Article: What is US CMA Course? Career Scope for ACCA:

There are multiple career options available for ACCA professionals too. An ACCA can work as a management consultant, financial planner and so on. Their work is related to the inspection of the accounting service of public and private entities. They usually also deal with international accounting standards. They need to have the certification before the inspection. Other than auditing, taxation, etc. ACCA can mark their presence globally across the field of finance, controlling, and financial analysis. ACCA India has no authority for signing, and hence he cannot mark his signature on audit reports. Similarly, he cannot set up his auditing firm as well. However, an ACCA India professional can carry out auditing jobs in the UK.

Why should one pursue US CMA?

US CMAs work in accounting, corporate finance, and strategy teams in a company. They can parse data from many sources to inform performance improvement. Besides, they contribute to strategic business decisions.

Certified Management Accountant work experience can be summarized as follows:

Create strategies to improve various external and internal risks. Identify investment management opportunities. Arrange financing and funding options. Supervise lower-level accountants. Monitor and administer compliance. US CMA is in great demand in the Finance, Banking, Private, and Government sectors. In India, the most common industries to employ US CMAs include:

Educational Services Medical and health services Manufacturing Mining Construction Transportations Insurance and real estate Communications and utility services Why should one pursue ACCA?

AICPA is an extremely prestigious body for Certified Public Accountants, and the Uniform CPA exam that is conducted by the AICPA is looked upon with high regard since it is the highest qualification that a CA (Chartered Accountant) can achieve. Therefore, CPA is a very prestigious credential. CPA receives a valid license that allows them to practice in the USA successfully. They also enjoy other advantages of getting to work with large organizations, public accounting departments, and also in various reputable American MNCs.

Earning a CPA license demonstrates a commitment to the profession and often shows potential candidates for management and leadership positions. The CPA is less confusing and feasible as compared to the ACCA, and this is computerized. CPAs are multi-talented professionals as they get to perform various specialized jobs like international financial reporting, tax advisory services, business and management, and also information technology.

Conclusion:

When it comes to a designation, it depends on two factors here, where you want to work and how much income you want to make. Both designations are well respected and growing in global recognition, but the facts remain the same. If you want to work in the United Kingdom or a Commonwealth country, the ACCA may be a better choice. If you prefer to live and work in the Middle East, Asia, or in the Americas and earn a higher salary, then there is no question; the CMA is right for you.

Simandhar Education:

Simandhar is the official partner of Becker and AICPA – The largest Training provider for US CPA, US CMA, IFRS and EA, HRCI courses in India.

Learn how to clear your CMA exams with extremely satisfying results by getting proper guidance and knowledge through our online courses and video tutorials taught by industry Experts. We’re here to provide you with all the help that you need in order to ace your CMA exams. We are just a call away for any assistance. Simandhar Education is the leading training provider for the CMA USA in India. Contact us@ 91 9390584166.

#cpa #cpacourse #cma #cmacourse #cmacertification

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upliftpro · 3 years

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Why Choose US CMA course over CMA India

When it comes to choosing the best accounting certification, the most common debate is the merits of CMA India versus US CMA course . Both US CMA and CMA India are prestigious accounting designation that gives an edge to the career of an account professional. Let us have a close look at both the course for a transparent understanding :

US CMA Course

The Certified Management Accountants (US CMA) is a globally recognized certification combining management and financial accounting. The US CMA course is one of the most in-demand accounting certifications, and that demand is expected to increase over the next decade.

The US CMA course certification is offered by the Institute of Management Accountants ( IMA US ) an association of accountants and financial professionals in business.

US CMA course overview :

US CMAs are important assets in all types of organizations. The analyze the operating results, review performance, audit operations and resolve issues that enhance the strategic objectives of an organization. US CMAs are value creators and not just merely an accountant who adhere to compliance to the profession.

The US CMA course exam covers two papers :

You require12-18 months to complete both parts, on average.

Who can take the US CMA exam ?

– Bachelor’s degree or professional accounting certification required

– 2 years of work experience required

– Up to 3 years allowed to complete both parts

US CMA exam structure

The US CMA course exam is conducted online at the Prometric centres worldwide. There are two parts in the exam and you need not write them in the specific order. One can register first for the CMA US Paper 2 exam if he or she prefers.

The exam windows are : January – February / May-June and September -October. Each paper of the CMA exam has 100 MCQs and 2 essay questions . You have to answer at least 50% of your MCQs to open up the essay question portion of the exam.

The global pass rate for US CMA course is 50% . Approximately 4000 CMAs are granted every year on an average.

US CMA course is globally recognised certification mainly in countries like Asia, Middle East US and China . It is a worthwhile credential whether you’re looking to begin your career or give it that next-level boost, and you’re going to need to know everything about the certification process.

For additional reading on US CMA course fees. Please click here.

CMA India

The Institute of Cost Accountants of India, previously known as The Institute of Cost & Works Accountants of India (ICWAI), is a statutory professional accountancy body in India with the objects of promoting, regulating and developing the profession of Cost & Management Accountancy. ICMAI abbreviation is used on formal documents.

CMAs Overview

It is a primary qualification of ICMAI which includes the completion of three levels – Foundation, Intermediate and Final followed by three years of practical training . Students who have passed degree examination of any recognised university or equivalent are eligible for admission directly to Intermediate level. The CMA India covers 20 papers :

CMA Foundation

Paper 1: Fundamentals of Economics and Management

Paper 2: Fundamentals of Accounting

Paper 3: Fundamentals of Laws and Ethics

Paper 4: Fundamentals of Business Mathematics & Statistic

CMA Intermediate

Paper 5: Financial Accounting

Paper 6: Laws, Ethics and Governance

Paper 7: Direct Taxation

Paper 8: Cost accounting and financial management

Paper 9: Operation Management Information System

Paper 10: Cost and Management Accounting

Paper 11: Indirect Taxation

Paper 12: Company Accounts & Audit

CMA Final

Paper 13: Corporate Laws and Compliance

Paper 14: Advanced Financial Management

Paper 15: Business Strategy & Strategic Cost Management

Paper 16: Tax Management and Practice

Paper 17: Strategic Performance Management

Paper 18: Corporate Financial Reporting

Paper 19: Cost and Management Audit

Paper 20: Financial Analysis & Business Valuation

Exam Structure

ICMA exams are held twice a year in June and December in various examination centres in India and overseas centres. And Results are declared in the month of August and February for June term and December term exams respectively.

A student has to pass three levels of examination and complete three years of practical training to be eligible to apply for associate membership of the institute.

CMA India being an Indian accounting certification is more suitable for students in India working for the Indian companies focusing on Indian corporate laws.

It also takes longer time to clear all the 20 papers for an average students. CMA US, as it is an internationally acclaimed qualification, isn’t easy because if it was easy you wont be valued being a CMA US.

Choose the best US CMA institute in India, Africa, and Middle East – Uplift Pro

Uplift Pro is one of the top training institutes for the US CPA, US CMA, US CIA courses in India, Africa, and Middle East. Uplift Pro is also an Indian partner of GLEIM, US and an IMA US authorized CMA US study center.

Our team consists of seasoned professionals and entrepreneurs from IIEST, IITs, London Business School, and ULCA who have decided to provide a strong back to young ambitious students and professionals to reach their desired career destinations in an organized way.

Some of our exclusive features include.

A. Authorized partner of IMA US CMA course in India

B. Live online classes ensuring that the regular office working hours is least impacted

C. 1:1 personal support from our 30 plus years of experienced CMA certified faculties. We have a pass rate of 80% in US CMA course exams

D. Affordable US CMA course fees with special discount in your IMA fees.

E. “Till you pass” guarantee assuring that you may attend our live online classes at no extra cost until you pass

F. Comprehensive coverage of US CMA course details including authorized GLEIM CMA study materials , class mock session, IMA registration and job assistance.

Request for Live Demo class / contact at +91-8787088850 to book your seats now. New US CMA batch to start soon.

#us cma #us cma course details #about us cma course #us cma course fees

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promarketo-blog · 5 years

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CPA Vs 2020 CMA: Which Accounting Designation is Right for You?

What is a CPA?

Certified Public Accountants commonly known as CPAs are individuals who are licensed to practice public accounting duties. Anyone from a taxing, accounting consultancy to a business adviser or auditor can be qualified to be a CPA.

Similar to CMAs, CPAs have to pass rigorous testing standards and fulfill several prerequisites to even resister for the test.

The skill set of a CMA and CPA differentiates them from one another. CMAs are trained to be strategic and forward-thinking partners in business, while CPAs are mostly focused on taxation, auditing, and the day-to-day accounting activities.

CPAs can be involved in public accounting, tax accounting, internal auditing, forensic accounting or financial planning.

What is a CMA?

CMA stands for Certified Management Accountant. This certificate is earned by someone who has an extraordinary knowledge about finance and accountancy.

The Institute of Management Accountants (IMA), are responsible to offer this degree. They are the ones who test, administer and decide who has the capability to be a CMA.

The IMA works with the ICMA which also stands for Institute of Certified Management Accountants to help with the program registrations. ICMA is the main body who is responsible for any alterations in the examination pattern.

The job of the CMA is to analyse the data and gauge if a decision can affect the financial status of the company positively. CMAs perform special methodical financial analysis based on facts and figures to come to a proper decision.

Some common career paths for CMAs include designations like Cost Accountant, Corporate Controller, Risk Manager, Staff and Sr. accountant, Chief Financial Officer (CFO), Accounting Manager, or VP of Finance.

CMA vs CPA Exam

If you are wondering how to get a CMA certification, you will need a CMA exam passing score. This exams longs for you to prepare for this exam in advance, as the test is far from easy. With the right tools and will to do more, Certified Management Accountant course prior to test may help you. You can also know how to pass the CMA exam on your first attempt.

To appear for these exams and be a CMA/CPA, you are required to meet several other prerequisites. We have answered numerous CMA multiple choice questions covering various topics.

These exams are quite challenging. Pass rate for CMA is only 40% for the 1st Part and 50% for the 2nd Part.

These are not the only aspects that differentiate these two fields from each other. There is more under the surface. Let’s unveil them.

First and foremost, we will discuss the CMA exam structure.

The Exam consists of two parts:

Part One: Financial Planning, Performance and Analytics

Part Two: Strategic Financial Management

Let us learn about them in detail.

CMA Exam: Part One

There are a few upcoming changes in the CMA exam in 2020. These changes are made after analysing the work CMAs outside the classroom.

Part one will consist of 6 competencies including:

Cost Management 15%

Internal Controls 15%

Technology and Analytics 15%

External Financial Reporting Decisions 15%

Planning, Budgeting, and Forecasting 20%

Performance Management 20%

It becomes evident that based on these changes the ICMA ( The Institute responsible for developing the exam) have a veto power on analytic skills like data reporting and critical decision making.

This change does not convey the unimportance of Internal Auditing, rather conveys that the IMA wants CMAs to focus more on the management of controls.

CMA Exam: Part Two

Changes not only took place in the first part, but were made in the second part of the CMA Exam 2020 too. Part Two will also cover the 6 following competencies:

Risk Management 10%

Investment Decisions 10%

Professional Ethics 15%

Financial Statement Analysis 20%

Corporate Finance 20%

Decision Analysis 25%

CPA Exam

Unlike CMA, CPA Exam consists of 4 parts;

BEC: Business Environment & Concepts

FAR: Financial Accounting & Reporting

AUD: Audit & Attestation

REG: Regulation

Let us understand the relevance of each one.

Business Environment and Concepts (BEC)

BEC is a deep dive into the Business Environment. This environment may include Government, Finance Sector, Technology Sector, Competitors etc. The main focus of this part is macro and microeconomics, which is broken down in the below mentioned competencies:

17–27% Corporate Governance

17–27% Economic Concepts and Analysis

11–21% Financial Management

15–25% Information Technology

15–25% Operations Management

Financial Accounting and Reporting (FAR)

This section of the exam also known as FAR, is the most extensive section covering the most amounts of competencies. This section analyses the ability of a test taker in the field of Finance. This section includes:

25–35% Standard-Setting, Financial Reporting, and Conceptual Framework

30–40% Financial Statement Accounts

20–30% Transactions

5–15% Local and State Governments

Auditing (AUD)

As stated in the title this section is easy to guess. It covers auditing and assurance services and tests your knowledge on the below mentioned competencies:

15–25% Professional Responsibilities, Ethics and General Principles

20–30% Assessing Risk and Developing a Planned Response

30–40% Performing Further Procedures and Obtaining Evidence

15–25% Reporting and Forming Conclusions

Regulation (REG)

REG is the unique exam section, among all, that does not focus explicitly on accounting topics. It covers the following, as mentioned below:

10–20% Ethics, Professional Responsibilities, and Federal Tax Procedures

10–20% Business Law

12–22% Property Transaction Federal Taxation

15–25% Individual Federal Taxation

28–38% Entity Federal Taxation

Cost of CMA and CPA Exam

Just like any exam, CMA Exam also has a onetime registration fee of $250. It takes place during designated CMA testing windows each year. Each part of the CMA costs $415. In a case of academic excellence, the registration fee is as low as $188 and each exam part will cost only $311.

You also have to purchase an IMA membership which can range anywhere from $39 to $220 annually.

Most candidates opt to invest in review courses; such as the one provided by CMA Exam Academy.

Prices of review courses can range from $699 per course to nearly $2000 depending on the style and quality.

To add to the cost, there are also post-secondary schooling and continued education fees that add up to the cost of this certification.

Again, not including your post-secondary education, the overall CMA exam cost on totaling can be of $1550 to $3000.

Now coming to CPA exams.

The average cost of a standard CPA review course ranges from $1000-$3000 USD. If you are good at studying, depending on your state of residence, this amount can vary from $50-$200.

$193.45 is the cost for each exam part as mentioned before. The total will land up to be $773.80.

Apart from the exam fees, a registration fees is also charged from you. Depending on your state, the fee can be about $50-$200. In totality of all the four sections, this can cost $177-252 to you.

Other costs include your bachelor’s degree, Continued Education course fees, licensing and additional CPA exam prep fees, in some cases.

All in all, the cost of becoming a CPA (not including your degree) can be anywhere from $3000-$5000.

CMA vs CPA Requirements

As stated before, you must fulfill several requirements to become a CMA or CPA.

To become a CMA, you must have a 4 year bachelor’s degree in any field from a certified university or college, or have a related professional certificate.

You must also obtain two continuous years of work experience in management accounting or financial management.

Even after getting the Certified Management Accounting certification, you will be required to complete 30 hours of Continued Education every year. To become a CPA you must earn a 4 year bachelor’s degree in accounting and have at least 150 credit hours of additional coursework. The basic requirement for all states is that students maintain 40 hours of Continuing Education per year.

Salary of a CMA vs CPA

The second most common question asked to me is the salary difference between a CMA and CPA. The amount of money you get paid will determine if all these efforts will be worth your time; both mentally and financially.

According to the most recent CMA Salary Survey conducted by the IMA, respondents holding a CMA certification reported a 31% higher median total compensation than those holding neither certification and a CPA earns only 22% higher than the non-certified peers.

On average, those holding their CMA certification earn $113,000 while certified CPAs earn $105,903.

If you take a look at the table below you can see that CMAs consistently earn more than their CPA counterparts at nearly every age range.

Which Designation is Right for You?

Deciding on a designation is ultimately a personal choice. Consider your personal interests. Do you like number crunching, auditing and taxation or the more strategic and analytical aspects of managerial accounting?

Some questions that you have to ask yourself are, “if earning a competitive salary is your goal” or “If you want to have a globally recognized designation?” “How much do you want to invest in your finance and accounting career both mentally and financially?”

Answering all of these questions can help lead you to the designation right for you.

I am forever thankful that I added the CMA designation to my resume because it has allowed me to earn more money, get respect from my peers and opened so many doors for my career.

If you are leaning towards becoming a CMA then be sure to check out my comparison of the best CMA review courses.

I hope to help you pass the CMA exam on your first attempt and guide you towards a new and exciting career path.

#CPArequirements #CPAvsCMA #CPAvs2020CMA #careerinCPA #careerinCMA #CMAexam #CMAexampattern #CMArequirements #CPAexam

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cmacourse-blog · 5 years

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CPA USA Exam

CPA exam can be very tricky, however there are lot of things if used can be helpful to tackle the exam , On basis of request from students Enrolled from Simandhar education in Delhi- Gurgaon , Mumbai, Hyderabad and Bangalore, I have collated some important chapters in each section of CPA exam which would help you to understand how the exam is being prepared, please note before the exam you will need to study completely all the four sections , this article is just a last minute revision which you guys need to do before sitting for the AICPA exam

1. Financial Accounting and Reporting ( FAR) : Students have faced lot of troubles in Not for profit and Governmental accounting , remember in exam they always ask questions which you have trouble in and thus it becomes important for you all to focus on these areas. F8, F9, F10 are the trickiest chapters which need a very good practice. Journal entries are the most important part of FAR and exams have repeatedly tested a lot on Journal entries on chapters relating to Consolidation, Bonds and Leases. Bonds is always a favourite topic of examiner in SIMs. Conceptual understanding of subject is a must and try to practice lot of SIMs in FAR, Becker material and videos are the most helpful , but it need to be complimented with solid understanding of the subject, Mock test prepared by Becker and Simandhar education shall be very helpful. Don’t forget to leave some of the easiest chapters like BRS and some toughest concept like cash to accrual questions!!!

2. Regulation ( REG) : Exam is very lengthy and time management is very important, students have faced lot of troubles in R4,R5,R6 which majorly deals with Corporate taxation , Partnership and basis related questions with respect to property and S corporation are very important, we also recommend students to prepare charts with respect to basis related concepts , though we are also providing the students tables with respect to such concepts, it’s always recommended students to prepare their own hand written notes on all the last three chapters of REG in taxation part. Asset distribution treatment and Ethics questions are heavily tested in exam. Conceptual understanding of subject is indispensable and try to practice lot of SIMs, Skills based questions from Becker and Simandhar education notes. Prepare handwritten notes on Business law, chapters like Bankruptcy act and Surety are some of the important chapters which need special attention, try to practice lot of MCQs in law and could be the game changer in exam as questions from business law are normally straight forward and require memory skills to answer it rightly.

3. Business Environment and Concepts (BEC): Considered to be the easier among all the four sections, BEC exam is testing more on IT control and Corporate governance, Costing is one of the area which need to be focussed on and scoring area is Economics and is heavily tested topic too and IT chapter though is little uninteresting but is the most tested area as examiners have done some research that students tend to always ignore IT and that’s the reason they have been testing more in BEC, Variance analysis questions also need to be practiced more. Using Cornell Method for all the four section can be very helpful, Following is the Cornell Method (The Cornell Note-taking System)

1. Record: During the lecture, use the note-taking column to record the

lecture using telegraphic sentences.

2. Questions: As soon after class as possible, formulate questions based on

the notes in the right-hand column. Writing questions helps to clarify

meanings, reveal relationships, establish continuity, and strengthen

memory. Also, the writing of questions sets up a perfect stage for exam-studying

later.

3. Recite: Cover the note-taking column with a sheet of paper. Then, looking

at the questions or cue-words in the question and cue column only, say

aloud, in your own words, the answers to the questions, facts, or ideas

indicated by the cue-words.

4. Reflect: Reflect on the material by asking yourself questions, for example:

“What’s the significance of these facts? What principle are they based on?

How can I apply them? How do they fit in with what I already know?

What’s beyond them?

5. Review: Spend at least ten minutes every week reviewing all your previous

notes. If you do, you’ll retain a great deal for current use, as well as, for the

exam.

4. Auditing ( AUD ) : Considered to be the toughest section among all the four sections, students complain on MCQs a lot in audit as most of the MCQs choices indicate same answer and thus they face the issue in answering it correctly, the section need to be studied as if you’re an auditor auditing a company , so what all procedures you would take in reducing the risk, in recent years audit have more to a risk based audit and thus audit assertions play a very crucial role, before starting studying for Audit- get your knowledge on audit assertions properly. The only section where Authoritative literature ( Open book system) can play a crucial role in cracking SIMs, Some of the SIMs are related to FAR too, focus more on SIMs in audit and they could be very tough as lot of the SIMs require Judgement, Important Chapters are Audit reports, Sampling and Risk, evidence , various type of risk and their understanding is the core to get through. Common sense is the most important thing required to pass AUD as there are lot of generic questions, so remember when you study audit- THINK LIKE AN AUDITOR AND STUDY

For more information on Simandhar education centres in Delhi, Gurgaon Bangalore, Mumbai and Hyderabad- Visit Authorized Training Provider for CPA USA and CMA USA Exam and get in touch with us at 7780273388 for more details on our summary notes and Becker product.

#cpausaexam #cpa usa course #cpa usa fees #cpa usa course details

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sheminecrafts · 6 years

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Call for social media adtech to be probed by UK competition watchdog

A British Conservative politician, who has called repeatedly for Mark Zuckerberg to come to parliament to answer questions about how Facebook fences fake news — only to be repeatedly rebuffed — has made a public call for the UK’s competition regulator to look into social media giants’ adtech operations.

Damian Collins, the chair of the DCMS committee which has spent months this year asking questions about how disinformation spreads online — culminating in a report, this summer, recommending the government impose a levy on social media to defend democracy — made the suggestion in a tweet that references a news article reporting on a U.S. class action lawsuit against Facebook.

Yet more allegations regarding Facebook's opaque advertising system. Regulators such as the CMA should consider investigating the operation of the advertising market on social media platforms such as Facebook https://t.co/lYHad6MlOZ

— Damian Collins (@DamianCollins) October 18, 2018

Advertisers in the US lawsuit allege Facebook knowingly inflated video viewing stats and thus mislead them into spending more money on its ad platform than they otherwise would have.

But Facebook disputes the allegations, saying the lawsuit is “without merit”. It has also filed a motion to dismiss the claims of ad fraud.

Although, two years ago, it did ‘fess up to a ‘miscalculation’ around average video viewing times, saying it had mistakenly discounted all the people who dropped out of watching a video in the first 3 seconds in calculating averages — thereby bumping viewing averages up.

At about the same time, it also said it had discovered some other ad-related bugs and errors in its system that had led to the wrong numbers being reported across four products, including Instant Articles, video and Page Insights.

The advertisers in the class action lawsuit — which was filed back in 2016 — had originally claimed Facebook engaged in unfair business practices. After receiving tens of thousands of documents in relation to the case they amended their complaint to accuse the company of fraud, CBS reports.

In its statement denying the suit’s claims, Facebook also said: “Suggestions that we in any way tried to hide this issue from our partners are false. We told our customers about the error when we discovered it — and updated our help center to explain the issue.”

The company declined to comment on Collins’ remarks about adtech industry practices today.

A spokeswoman for the UK’s Competition and Markets Authority (CMA) also declined to comment when asked whether it has any concerns related to practices in the adtech sector.

Given market sensitivity to regulatory action it’s normal for the CMA to not want to stoke any speculation around a particular company.

For the same reason it would not normally discuss any complaints it’s received until the point of actually launching any investigation.

However this is not the first time the CMA has been urged by concerned politicians to investigate the adtech sector.

This fall another UK committee, the Lords Select Committee on Communications, directly asked the body to investigate digital advertising.

And earlier this month the CMA’s CEO, Andrea Coscelli, told the committee it is indeed considering doing so, if only it can carve out the resources to do so — saying he was worried about “potential gaps” in the regulatory framework around competition and consumer issues.

“A month ago, this Committee asked us to look at digital advertising. That is something we are actively considering, subject to Brexit in the next few weeks, because it has a big resource implication for us,” said Coscelli on October 9. “It is certainly something where we are interested in getting involved. If we did, we would work closely with Ofcom and give serious thought to the regulatory framework in that context.”

The CMA has also generally been ramping up its activity on the digital market front, recently spinning up a new data unit and appointing a chief data and digital insights officer, Stefan Hunt, hired in from the Financial Conduct Authority — to help it “develop and deliver an effective data and digital insight strategy… to better understand the impact that data, machine learning and other algorithms have on markets and people”.

So it sounds like a case of ‘watch this regulatory space’ for more action at the very least.

Elsewhere in Europe competition regulators have also been paying closer attention to the adtech industry in recent years — examining a variety of practices by adtech giants, Facebook and Google, and coming away with a range of antitrust-related concerns.

In preliminary findings at the end of last year, for example, Germany’s Federal Cartel Office accused Facebook of using its size to strong-arm users into handing over data.

While, earlier this year, the French Competition Authority suggested it was planning to investigate Facebook and Google‘s dominance of the adtech market, publishing a report in which it identified a raft of problematic behaviors — and pointed out that the two companies act as both publishers and technical intermediaries for advertisers, thereby gaining a competitive advantage.

Italian regulators have also been probing competition concerns related to big data for more than a year.

As we’ve reported before, the European Commission is also actively eyeing digital platforms’ market power — and looking to reshape competition policy to take account of how tech giants are able to draw on network effects and leverage their position from one market to another.

And when you’re talking about platform power, you are also — in the current era — talking about adtech.

There’s no doubt closer scrutiny of the digital advertising sector is coming. And with a brighter spotlight, tighter accountability screws applied to its practices.

Privacy reviews of adtech platforms have already raised plenty of ethical questions, in addition to flagging actual violations of the law.

This summer the UK’s data protection watchdog also called for an ethical pause of the use of social media ads for political purposes, writing that: “It is important that there is greater and genuine transparency about the use of such techniques to ensure that people have control over their own data and that the law is upheld.”

So while it remains to be seen what any competition investigations of the adtech sector will conclude, political momentum is building to increase transparency and ensure accountability — which makes regulation more likely.

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endenogatai · 6 years