Admin 29 Dec, 20239.1k
Introduction
Combining accounting certificates not only improves professional competency but also provides access to a wide range of employment prospects. Among the several options, combining the US Certified Public Accountant (CPA) certificate with the Certified Management Accountant (CMA) credential stands out as a formidable combination in the fields of finance and accounting. This blog delves into the synergistic benefits of pursuing dual CPA-CMA certification, including how this combination enhances one's competence, marketability, and job prospects in both the public and business sectors. Discover why the CPA-CMA combination is emerging as a powerful force propelling individuals to greater success and recognition in the competitive accounting and financial management field.
What are the most important certifications for accountants?
There are numerous accounting courses and certifications for candidates who want to pursue their careers in the accounting or financing field. These certifications can be used at the time of promotion, appraisals, etc. Here are some of the most popular and well-known certifications and licenses.
- CMA USA (Certified Management Accountant)
CMA USA checks the competency of accountants in terms of Decision Analysis, Cost Management, Forecasting, and Internal Control Auditing. It showcases the mastery of financial management skills and Management Accounting from a generalized or managerial perspective. The Institute of Management Accountants (IMA) issues the certification. Many accountants opt for a CPA/CMA dual certification if they intend to work in large corporations for the long term. In terms of the CPA test, CMA USA assesses how theoretical principles are used in practice. Eligibility requirements include a bachelor's degree and at least two years of experience in accounting and financial management. The exam includes two levels, each lasting four hours.
- CPA (Certified Public Accountant)
The American Institute of Certified Public Accountants (AICPA) issues the CPA designation, an international accounting qualification. It assesses an accountant's competence in risk management, forensic accounting, tax management, compliance, and other areas essential for top accounting roles. The CPA credential is internationally recognized, and people with this certification can work as internal auditors, public accountants, finance and tax analysts, finance managers, and so on. CPA candidates often hold a bachelor's degree worth 150 certification points. They must have a minimum of two years of job experience. Furthermore, they must pass all four levels of the exam.
- CA (Chartered Accountancy)
CA is the practice of auditing, taxation, accounting, and financial assessment on an organizational or individual basis. A chartered accountant is an accounting specialist who investigates issues with business financing, taxation, and accounting before getting certification from the Institute of Chartered Accountants of India (ICAI), the statutory authority on accounting. A certified public accountant's duties include auditing financial statements and business procedures, filing tax returns, maintaining investment records, and preparing and reviewing financial papers and reports.
- ACCA (Association Of Chartered Certified Accountants)
The Association of Chartered Certified Accountants (ACCA) is a renowned global professional accounting organization that provides the Chartered Certified Accountant designation. With over 200,000 members and 500,000 students in 180 countries, ACCA is well-known for its high standards and global reputation. ACCA certifications provide individuals with the skills and knowledge needed to pursue successful jobs in accounting, finance, and business. The ACCA program covers a wide range of topics, including financial management, taxation, auditing, and strategic company leadership, to ensure a thorough understanding of current accounting methods. ACCA helps individuals to flourish in a dynamic and ever-changing corporate world by offering flexible study options and a dedication to professional growth, preparing them for global success.
CPA CMA Dual Certification
Accounting is a tough and lucrative field. Developing a long-term career in this sector can be challenging but rewarding. As a result, all financial professionals should consider taking an advanced training course to improve their skills and accounting expertise.
Many accountants pursue advanced studies in accounting and finance. Multiple courses, such as CMA USA, CPA, CA, or ACCA, from a reputable institute like NorthStar Academy, can assist in developing the necessary skill sets.
Furthermore, a credential such as CPA CMA dual certification helps protect accountants from difficult economic times by helping them adapt to new problems and develop their skills.
A double accounting credential, such as CPA CMA dual certification, can broaden one's knowledge base or foundation of accounting abilities and concepts, boost marketability, and provide various additional benefits.
What Is The Salary Of CPA And CMA Accountants Abroad/India?
| CPA Abroad | CMA Abroad |
| USA - $96868 | Australia - AUD 120,000 |
| Australia - AU$79195 | Canada - $45,881 |
| Canada - $185,000 | Dubai - $111,000 |
| Japan - ¥7,000,000 | The United Kingdom - £65,000 |
| Dubai - AED 264,000 | The United States of America - $126,000 |
• In India, the CPA salary is around INR 6-9 lakhs. This is the average salary paid to the CPA-certified.
• In India, the salary of an entry-level CMA is around Rs 7-8 lakh per year.
Why Pursue CPA After CMA USA?
CPA certification is a good career-building certification for those interested in understanding taxation, auditing, regulation, reporting, etc. On the contrary, the CMA USA certification is helpful for people interested in learning management, decision-making, and strategic analytical skills. Now, the question arises of whether one can pursue a CPA after CMA USA. Well, a candidate can apply for the CPA exam only if he fulfills the eligibility criteria as described above. A CPA CMA designation can add advantages to the accounting space and increase job opportunities in the market.
Employment Advantages
A CPA license comes with numerous job opportunities. However, candidates looking for more diverse options in the accounting space including national and international jobs can get a CPA CMA dual certification. As the demand for international accounting knowledge is increasing in the Indian accounting sector, many companies are looking for professionals having CPA CMA dual certification.
Less Time-Consuming
This course can last for 6-9 months if proper training is provided. However, people going for CPA CMA dual certifications may need to invest some extra time for completion.
Job Stability
People looking for a stable accounting job can choose a CPA certification after acquiring a CMA USA certification as the demand is always increasing. Nonetheless, the chances for stability increase for people pursuing CPA CMA dual certifications.
Conclusion
In today's world, competition in every sector is increasing day by day. Due to the competitive environment in the accounting and management field, many accountants desire to earn several certifications. In this situation, the CPA CMA dual certification can help an accountant a lot.
For training, a candidate must choose a well-known training center like NorthStar Academy (NSA). Northstar Academy is one of the leading online institutes providing the best training for certification courses, like CMA USA and CPA.
NSA helps students prepare for the US CMA and CPA exams through their top-tier study materials from Gleim. It is the most preferred and oldest study material which has been updated based on the current syllabus. Here, the students are taught by experienced mentors like M Irfat Sir. This academy also offers interactive sessions where students can take the help of their teachers for doubt-solving. The academy provides end-to-end support to the students.
FAQ’s
- Can A Candidate Get Both CPA And CMA Certifications?
Yes, a candidate can get both CPA and CMA certifications. But it is not possible to earn both certifications together. CPA-certified students can apply for CMA USA certification if they are interested in learning management accounting and budgeting. This certification helps when a student does not benefit from the CPA certification and audit job in the management field. Hence, a candidate can pursue CPA CMA dual certification. - Can CMA Become CPA?
If a CMA-certified accountant is interested in auditing and taxation, then he can do a CPA after CMA. If the accountant is interested in pursuing CPA USA after CMA USA, he must fulfill the eligibility criteria. The CPA USA can be pursued after the completion of 4 years of graduation or 3 years of graduation along with a certain course. - What Are Some Common Job Opportunities For A CPA And CMA?
Some job opportunities for a CPA are:
Finance Analyst
Finance Controller
Financial manager
Internal auditor
Public accountant
Some job opportunities for a CMA are:
Finance Analyst
CFO
Financial risk manager
Cost accountant
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