ACCA vs CMA: Which Certification Should You Choose?
ACCA vs CMA: Which Certification Suits Your Career?
ACCA vs CMA in India is a common question for finance and accounting professionals aiming to enhance their careers in global or Indian companies. Both the Association of Chartered Certified Accountants (ACCA) and Certified Management Accountant (CMA) certifications offer valuable career opportunities, but they focus on different industries and skill sets.
In this guide, we’ll break down the major differences between ACCA and CMA, focusing on exam structure, career opportunities, salary prospects, and recognition in India to help you make an informed decision.
What Is the ACCA Certification in India?
The ACCA certification is globally recognized, focusing on a broad spectrum of accounting, audit, taxation, and financial reporting topics. In India, ACCA is highly valued, especially by multinational companies (MNCs), financial consultancies, and Big 4 accounting firms (Deloitte, PwC, EY, KPMG). The ACCA qualification includes 13 exams, preparing candidates for roles in auditing, taxation, financial analysis, and more.
Key Features of ACCA:
- Focus: Financial accounting, audit, taxation, and compliance.
- Roles: Auditors, tax consultants, financial analysts, and external accountants.
- Global Recognition: Especially valued in Europe, Asia, and India, making it attractive to candidates aiming for MNC roles.
- Industries: Public accounting, financial services, audit firms, and regulatory positions.
For more information on ACCA, visit our ACCA course details blog.
What Is the CMA Certification in India?
The CMA certification is awarded by the Institute of Management Accountants (IMA), with a focuson management accounting, corporate finance, and strategic decision-making. It is highly regarded by corporate finance teams and companies seeking professionals to guide financial planning and performance analysis. The CMA exam consists of two parts and emphasizes real-world business applications, which is particularly valuable in India's growing corporate finance and manufacturing sectors.
Key Features of CMA:
- Focus: Management accounting, business analysis, and decision-making.
- Roles: Finance managers, CFOs, controllers, and financial analysts.
- Global Reach: Recognized globally, with a strong presence in India, North America, and Middle Eastern markets.
- Industries: Corporate finance, IT, manufacturing, and consulting firms.
For more details on CMA certification and career paths in India, check out our CMA Certification Guide.
ACCA vs CMA: Key Differences
Both certifications offer robust career opportunities, but they differ in their focus, exam structure, and career paths. Here's a detailed comparison of ACCA vs CMA:
Exam Structure
- ACCA: The ACCA qualification includes 13 exams spread across three levels: Applied Knowledge, Applied Skills, and Strategic Professional. This comprehensive exam structure prepares candidates for public accounting roles and audit functions.
- CMA: The CMA exam consists of two parts: Part 1 covers financial planning and performance, while Part 2 focuses on strategic financial management. The CMA exam in India is highly focused on the application ofconcepts in business scenarios.
For more insights into the CMA exam structure, visit our CMA Exam Format Guide.
Career Opportunities
- ACCA: If you’re aiming to work in Big 4 audit firms, financial services, or MNCs in India, the ACCA qualification can open doors to roles such as external auditor, financial analyst, or tax consultant. ACCA professionals are in demand at large organizations due to their expertise in international accounting standards.
- CMA: The CMA certification is ideal for those looking to advance in corporate finance, management accounting, or financial leadership roles. CMAs in India often work in financial planning roles for major corporations, especially in sectors like IT, manufacturing, and consulting.
Salary Comparison
Both ACCA and CMA professionals in India enjoy competitive salaries, though earnings can vary based on the industry and level of experience.
- ACCA: ACCA-certified professionals in India can expect to earn between INR 9-11 lakhs per year at the entry level, with senior roles such as audit partner or tax consultant commanding significantly higher salaries, especially in Big 4 firms or MNCs.
- CMA: In India, CMA-certified entry level professionals can earn between INR 4-7 lakhs per year, with even higher salaries for those in senior management roles like CFO or finance director. CMAs in leadership positions can command higher salaries due to their strategic focus on business performance.
Global Recognition and Scope in India
- ACCA: The ACCA certification is well recognized in India, particularly by global companies, MNCs, and Big 4 firms. Its broad curriculum ensures that ACCA professionals are well-prepared for roles involving international finance, accounting standards, and compliance.
- CMA: While CMA has global recognition, it is especially valued in India for corporate finance roles and strategic decision-making. CMAs are in high demand by Indian companies that are looking for professionals who can improve operational efficiency and guide financial strategy.
Personality Traits and Skills
Choosing between ACCA and CMA can also depend on your personality traits and professional preferences:
ACCA Personality Fit:
- Detail-oriented and structured: ACCA is ideal for professionals who thrive in structured environments like public accounting and auditing, where attention to detail is key.
- Analytical thinkers: ACCA certification focuses heavily on compliance, reporting, and financial regulation, making it suitable for those who prefer rule-based, analytical tasks.
- Introverts or solo workers: ACCA-certified professionals often work on audit or compliance reports that require independent work, making it a good fit for those who enjoy working behind the scenes.
CMA Personality Fit:
- Strategic decision-makers: CMA is perfect for professionals who enjoy big-picture thinking and are interested in financial strategy, planning, and management.
- Leadership-focused: If you’re aiming for senior leadership roles such as CFO or financial controller, CMA offers the skill set to guide corporate decision-making.
- Collaborative: CMAs often work with management teams and cross-functional departments to improve business performance, making it ideal for those who thrive in team environments.
Timelines for Completion and Pass Rates
The time it takes to complete ACCA or CMA varies based on several factors, including the number of exams and preparation time.
ACCA:
- Takes 3 to 4 years, with a maximum of 7 years allowed.
- Includes 13 exams across three levels.
- Pass rates range from 30% to 50%.
- A more comprehensive curriculum focusing on public accounting and financial reporting is needed.
- You must complete the course within seven years from your enrollment date.
CMA
- Typically completed in 6 months to 3 years. (read our detailed blog on how long does it take to complete the CMA)
- Requires passing two exam parts.
- The CMA global pass rate is around 45%.
- Often completed faster by working professionals.
- You must complete the course within three years from your enrollment date.
ACCA vs CMA in India: Which Should You Choose?
Choose ACCA if:
- You’re focused on careers in audit, financial reporting, or regulatory compliance.
- You want to work for Big 4 firms or MNCs in India, Middle East and Europe.
- You prefer a career in public accounting with a focus on international accounting standards.
Choose CMA if:
- You aim to work in corporate finance, management accounting, or financial leadership roles in India and Middle East.
- You want to focus on strategic decision-making and business performance management.
- You’re targeting CFO, finance manager, or controller positions in large organizations or global companies.
For more comparisons, check out our detailed CMA vs CPA Comparison to explore other career paths.
FAQs About ACCA vs CMA in India
Which is harder, ACCA or CMA in India?
The ACCA exam is more comprehensive with 13 exams, whereas CMA focuses on just two parts but requires strong application-based skills. The difficulty depends on your background and goals.
Which certification is better for corporate finance in India?
For corporate finance and management accounting roles in India, the CMA certification is more aligned with these career paths.
Which certification is more recognized in India?
Both ACCA and CMA are well-recognized in India, but ACCA is more common in public accounting and global finance, while CMA is preferred in corporate finance and strategic roles.
Conclusion: ACCA vs CMA in India – Which Certification Suits Your Career?
Both ACCA and CMA offer excellent career prospects in India, but the right choice depends on your long-term goals. The ACCA certification is ideal for those aiming for careers in public accounting, auditing, or financial reporting, especially in Big 4 firms or MNCs.
On the other hand, the CMA certification is perfect for professionals looking to excel in corporate finance, management accounting, or leadership roles in Indian companies.
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Questions? Answers.
You have an unlimited number of attempts to pass the ACCA (Association of Chartered Certified Accountants) exams.
ACCA does not impose a limit on the number of times you can retake an exam.
You can keep attempting until you successfully pass each exam, which provides flexibility for candidates to learn and improve their performance over time.
Yes, ACCA offers exemptions for certain exams for candidates who have completed certain academic programs or have relevant professional qualifications.
To request exemptions, you will need to provide documentation and submit an exemption application to the ACCA. Review our comprehensive exemptions calculator to know more.
The pass rate for the ACCA exams varies from exam to exam and from year to year. In general, the pass rate for the ACCA exams is between 35% to 50%. Read our blog on subject wise pass rates to know more.
The answer to this lies on your context and individual career objectives.
The ACCA (Association of Chartered Certified Accountants) membership provides numerous benefits, including:
- Professional development opportunities, such as access to the latest technical resources, CPD modules and e-learning tools
- A global community of like-minded professionals to collaborate and share knowledge with
- The ability to connect with employers through the ACCA Jobs service
- Eligibility for reduced rates on a range of products and services, such as insurance, stationery and more
The consequences of non-payment of the annual subscription fees are
As a member:
1) you can't call yourself an ACCA member, and you won't be able to use the ACCA name or logo.
2) You also won't be able to use any resources, including the online resources.
3) if you're working as an accountant, you may be unable to use the term "ACCA-qualified" or "ACCA-registered".
4) If your membership expires and isn't renewed within three years. In that case, your name will be removed from the Register of Members.
5) If you need to apply for CPA accreditation with another accounting body like CPA Australia or Canada, you will be required to furnish a good standing certificate from ACCA for five years. If you haven't paid your membership fees, you won't be able to get your good standing letter
As a student
1) You will not be able to use the members' website or log into MyACCA. You will lose access to many resources, including past exam papers and helpful articles.
2) You will no longer be eligible to sit the examinations or progress through the qualification.
3) You won't be able to pursue any other qualifications like the DIPIFR
If this is something that happens accidentally, then it is usually quickly resolved by simply paying the outstanding amount of 89 GBP.
If you're looking to become a chartered accountant in the United States, the value of the ACCA qualification cannot be understated.
To be accepted into one of the regional accountancy bodies that confer chartered status (such as the AICPA), you must have completed an accredited course of study from a college or university and have spent at least two years working in the accounting field.
The Association of Chartered Certified Accountants is globally recognized as one of the leading institutions for providing such accredited courses, and their stamp of approval on your degree will go a long way in getting your foot in the door with some of the top accounting firms in America.
It is a difficult question because it depends on your specific situation and goals.
However, in general, we would say that the CA (Chartered Accountant) certification is better for those interested in pursuing a career in accounting and finance.
In comparison, the CFA (Certified Financial Analyst) certification is better for those interested in investment banking or portfolio management.
The ACCA (Association of Chartered Certified Accountants) certification is more internationally recognized than the CA or CFA, so it may be worth considering if you're interested in working abroad.
Ultimately, though, the best way to decide which certification is proper for you is to speak with experts in each field and get their advice.
The decision of whether ACCA or a degree is better for you depends on your individual goals and circumstances.
ACCA is a professional accounting qualification that is recognized and respected globally and it is focused on accounting and finance. It is a good option for those who want to pursue a career in accounting or finance and do not want to spend the time and money required to earn a degree.
On the other hand, a degree program offers a more well-rounded education and provides a broader range of career options. It also provides more in-depth knowledge in specific field of study and it is good for those who want to pursue a career in a field outside of accounting and finance.
Both ACCA and a degree can be valuable qualifications, it depends on the person's career goals and what they want to achieve in the long term. It's also worth noting that in some countries, it is mandatory to have a degree in order to practice as an accountant.
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