In the financial and accounting sectors, having professional qualifications can go a long way in opening new career avenues and enhancing your earning capacity. Two such qualifications in high demand in the field are ACCA (Association of Chartered Certified Accountants) and CMA (Certified Management Accountant). In this blog, we will elaborate on how both the ACCA qualification and CMA certification can have a significant impact on your career, with a review of both qualifications’ key benefits and a discussion of both qualifications’ compatibility for professionals in the financial and accounting sector.
What is ACCA?
So, what is ACCA? ACCA certification is an international qualification in finance and accounting. It empowers one with skills for a career in financial accounting, management accounting, auditing, taxes, and corporate finance. With a thorough syllabus and hands-on training, the ACCA qualification opens doors to numerous career options in the financial field.
Key Features of ACCA
The ACCA qualification embraces a variety of important subjects:
- Comprehensive Syllabus: Includes financial reporting, management accounting, taxation, business strategy, and audit.
- Global Recognition: Known worldwide, opening doors for worldwide job postings.
- Professional Development: Prepares candidates for leadership and strategic decision-making positions.
- Flexibility: Offers part-time working students, with most students studying part-time in an attempt to gain the qualification.
Career Opportunities with ACCA
With the ACCA qualification, a variety of career choices in finance and accounting become available to you. Some of these career choices with ACCA include:
- Financial Analyst
- Management Accountant
- Auditor
- Tax Consultant
- Financial Reporting Manager
- Risk Manager
The ACCA qualification is highly regarded worldwide, and with it, one can have a variety of career choices in a range of sectors, including banking, corporate finance, and public practice.
Advantages of Pursuing ACCA
The ACCA benefits for professionals include:
- Global Recognition: ACMA is acknowledged in more than 180 countries, and your opportunity for working abroad is increased.
- Higher Salary: Higher salary packages are at times earned by professionals qualified with ACCA, through their skill and expertise.
- Career Flexibility: With its adaptability, a graduate can work in numerous jobs in management, finance, and accounting.
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What is CMA?
Next, what is CMA? CMA certification is provided by the Institute of Management Accountants (IMA) and addresses management accounting, financial analysis, and planning at a strategic level. In contrast with the variety of subjects addressed in the ACCA qualification, CMA certification addresses financial decision-making skills at a manager and corporation level.
Key Features of CMA
The CMA qualification offers several benefits, including:
- Specialisation: Focuses on financial planning, cost management, financial decision, and corporate finance.
- Leadership Development: Prepares professionals for senior management roles.
- Practical Application: Focuses on actual business environments and financial planning.
- Global Reach: Globally recognised, particularly in management and in corporate finance positions.
Career Benefits of CMA
Having a CMA certification can open numerous career options, such as:
- Management Accountant
- Financial Analyst
- Business Consultant
- Internal Auditor
- Financial Controller
- CFO
With the CMA qualification, you can apply for leadership roles in finance, accounting, and management, and your financial decision-making skill will make your expertise most valuable to employers.
Factors to Consider When Choosing CMA after ACCA
Now that CMA certification and ACCA qualification have been addressed, it’s high time to understand why studying CMA after completing ACCA is a strategic decision.
Complementary Skill Sets
One of the key strengths of both CMA and ACCA is that both can go together perfectly well. The ACCA qualification provides a strong foundation in financial accounting, and CMA certification addresses management accounting and planning. With both qualifications, you have both technical and managerial capabilities to become successful in senior roles.
Broader Career Opportunities
Having both CMA and ACCA qualifications opens doors for a range of career options in both management and accounting. No matter whether your career goal is to become a financial manager, a CFO, or a business advisor, both qualifications allow you to have a career with a range of options in finance.
Global Recognition and Mobility
Both ACCA and CMA have a strong presence worldwide, and professionals holding these qualifications can enjoy a demand for their expertise in several regions. With these qualifications, career options in multinational companies become accessible, providing you with increased mobility and international work experience.
Increased Earning Potential
Holding both CMA and ACCA qualifications can have a significant impact in terms of salary level. Employers will pay a premium for professionals with advanced skills in both financial and management accounting and in strategic decision-making.
Time and Study Management
While obtaining both qualifications will require an investment in terms of both effort and time, it is one that will yield dividends in terms of reward. Having a background in your current qualification, then taking your CMA, can become a relatively simple exercise, with you developing your current expertise and extending your career in the process.
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Conclusion
Both the CMA and ACCA qualifications can enhance your career in finance and accounting. Holding both CMA and ACCA certification will impart a balanced skill set, in demand with employers, and will make your career accessible to a larger group of jobs and a larger salary range. In case your intention is a successful career in management, accounting, and corporate finance, both qualifications will surely make your career stand out in a competitive marketplace.
FAQs on CMA and ACCA QualificationÂ
Are CMA and ACCA a good combination?
Yes, combining CMA and ACCA introduces a whole range of complementary skills. CMA qualification introduces financial accounting expertise, and CMA certification introduces management accounting and financial decision-making at a strategic level. Together, both introduce a broader career opportunity range.
What are the key differences between ACCA and CMA?
The ACCA qualification addresses general accounting, taxes, and financial reporting, but CMA certification addresses management accounting, cost management, and financial planning. ACCA addresses general knowledge, but CMA addresses leadership and decision-making roles in financial management in a corporation.
What types of jobs can I get with both ACCA and CMA?
With both CMA and ACCA, high-profile jobs such as CFO, financial manager, management consultant, financial controller, and many others become your target jobs. With these qualifications, doors to numerous senior jobs in finance and management become accessible to you.
Does having both ACCA and CMA increase salary potential?
Yes, holding both CMA and ACCA qualifications can enhance your earning potential significantly. Employers prefer candidates with both financial and management accounting qualifications, and with both qualifications, you become a strong candidate for lucrative jobs.
