In India, students get access to some of the highest-paying career possibilities in the commerce field, ranging from undergraduate BBA, BCom, and BA Economics to graduate-level MBA, MIM, MIS, and PGDM programs. For commerce students, the scope of accounting is vast, like the multidisciplinary fields such as B.Com or BBA to Integrated Law Program are thought to pay the greatest salaries.
While The Institute of Cost and Works Accountants of India (ICWA) is a program many seek, there are many other educational courses and certifications available. Those interested in finance are also not limited to being only a Chartered Accountant (CA).
ACCA (Association of Chartered Certified Accountants)
ACCA is a globally recognized qualification, especially in the UK, Europe, the Middle East, and Asia.
It is ideal for students aiming for international careers in finance, auditing, and accounting.
Typically takes around 3-4 years to complete.13 exams (with some exemptions based on prior qualifications).
Less recognized within India compared to CA and CFA.
CFA (Chartered Financial Analyst)
CFA is considered the gold standard in investment management and finance, recognized globally, particularly in the investment banking, portfolio management, and financial analysis sectors.
Takes around 2.5 to 4 years (depending on how quickly you pass the three levels).Requires 4 years of relevant work experience to get the charter.
Not as diverse as ACCA or CA; mainly focused on finance, so not suited for accounting/audit roles.
CIMA (Chartered Institute of Management Accountants)
CIMA stands for CIMA (Chartered Institute of Management Accountants).
CIMA is geared towards individuals looking to specialize in management accounting and business management, focusing on financial planning, analysis, risk management, and strategy rather than pure financial reporting or auditing.
CIMA takes around 3-4 years to complete, depending on the candidate’s pace and previous qualifications.
Here are some other programs perfect for people looking to enter into the finance sector or boost their credentials for better career outcomes.
ACCA Career Prospects
ACCA is a direct substitute for Chartered Accountancy that offers comparable job opportunities after completion and has comparable eligibility requirements. The Association of Chartered Certified Accountants, or ACCA, is the UK-based accounting job that administers the ACCA tests. The ACCA course, often known as Global CA, is the counterpart of CA in the UK. After finishing your CA, you can attempt ACCA and qualify for up to 9 exemptions.
With the potential for trainee development and professional development, this qualification is recognised in 180 nations and on the list of approved employers at some of the most well-known businesses worldwide. Barclays, Accenture, Credit Suisse, and IBM are a few of these businesses.
LPA, and they frequently land accounting jobs similar to that of a CA. Accountancy organizations like KPMG, Deloitte, EY, and PwC are available for hire.
Why Choose ACCA?
Compared to other professional qualifications, ACCA is relatively affordable. The overall cost of ACCA is ₹2-3 lakhs, making it more accessible to students.
ACCA-qualified professionals are highly sought after in a wide range of roles, including:
Accountants
Auditors
Financial analysts
Tax consultants
Management consultants
Chief Financial Officers (CFOs)
The qualification is respected in both the public and private sectors, making it versatile across industries like banking, finance, consulting, and corporate finance.
US CPA Career Prospects
US CPA is another option for CA that enables employment in both the US and India. The American Institute of Certified Public Accountants (AICPA) offers a Certified Public Accounting course that can now be taken from outside the US.
The US CPA is the highest accounting certification available in the US, which is regarded as equivalent to the CA. Since US CPA and CPA Canada have a Mutual Recognition Agreement (MRA), if you pursue US CPA, you will be qualified to become a CPA Canada straight. If you intend to go to the US or Canada and seek employment as an accountant there, you can also take this course after earning your CA.
A US CPA can work in other nations in North America, Australia and New Zealand, and the US and Canada.
CIMA vs CMA
| Criteria | CIMA (UK-based) | CMA US (Certified Management Accountant) |
|---|---|---|
| Full Form | Chartered Institute of Management Accountants | Certified Management Accountant |
| Governing Body | CIMA (Chartered Institute of Management Accountants), UK | IMA (Institute of Management Accountants), USA |
| Global Recognition | Strong in the UK, Europe, and Commonwealth countries | Strong in USA, Middle East, and parts of Asia |
| Designation Earned | CGMA (Chartered Global Management Accountant) | CMA (Certified Management Accountant) |
| Focus Areas | Focuses on management accounting, strategy, business | Focuses on management accounting and financial management |
| Course Duration | Typically 3-4 years to complete all levels | Typically 6-12 months to complete both parts |
| Levels/Structure | 3 Levels: Operational, Management, and Strategic | 2 parts: Part 1: Financial Reporting, Planning and Part 2: Strategic Financial Management |
| Eligibility | - No specific degree required to start. | - Bachelor’s degree from an accredited institution |
| - Work experience not required for entry | - 2 years of relevant work experience required to earn the CMA | |
| Exams | 16 exams over three levels | 2 exams (Part 1 and Part 2) |
| Syllabus | - Management accounting, risk, financial strategy, business | - Financial planning, analysis, decision-making, and control |
| - Focus on strategy and decision-making | - Focus on financial analysis and management | |
| Cost | Approx. INR 3-4 lakhs (varies by country and exam fees) | Approx. INR 1-1.5 lakhs (including membership and exam fees) |
| Career Opportunities | CFO, Management Accountant, Business Analyst, Financial Manager | Financial Analyst, Management Accountant, Finance Manager |
| Work Experience Required | 3 years of relevant experience to become a CGMA | 2 years of relevant experience required to become a CMA |
| Job Roles | - Suited for strategic management, risk analysis, and business roles | - Suited for financial planning, cost management, and internal control |
| Demand | Higher demand in UK, Europe, Africa, and Asia | Higher demand in the USA, Middle East, and India |
| Membership Requirement | Must complete practical experience and ethics module | Must maintain IMA membership and complete annual CPE hours |
| Continuing Education | Ongoing professional development required (via CPD) | Requires 30 hours of CPE each year to maintain certification |
For CMA and CIMA UK, the main difference lies in the eligibility to appear for the exam. While anyone can appear for CIMA without having a specified set of criteria, one can get CMA certified degree only from a recognised university.
US CMA can be a wonderful course option if you're interested in the strategic elements of accounting and finance. The Institute of Management Accountants (IMA) in the US offers a short-term course in certified management accounting.
While the CIMA Course and the Indian Cost and Management Accounting course are relatively similar, the Indian CMA takes three years to complete, while this course can be finished in less time. Additionally, you can work as a management accountant in India and nations, including the US, Canada, Australia, New Zealand, and the Middle East, with a US CMA. You can be able to become a company's CFO with adequate experience and the US CMA certification. Consumer-oriented businesses like Amazon, Apple, Google, and Coca-Cola are more relevant to US CMA.
MBA In India
| Criteria | Details |
|---|---|
| Full Form | Master of Business Administration |
| Duration | Typically 2 years (Full-time); 1-year MBA programs also available |
| Eligibility | - Bachelor’s degree (minimum 3-4 years) in any discipline |
| - Minimum 50% marks or equivalent GPA (45% for reserved categories) | |
| Entrance Exams | - CAT (Common Admission Test) |
| - Other popular exams: XAT, NMAT, MAT, CMAT, SNAP, GMAT | |
| - Some universities have their own exams (e.g., TISSNET, IIFT) | |
| Top Institutes | - IIMs (Indian Institutes of Management), e.g., IIM Ahmedabad, IIM Bangalore |
| - ISB (Indian School of Business) | |
| - Other top B-schools: XLRI, SPJIMR, FMS, MDI, IIFT | |
| Specializations | - Finance |
| - Marketing | |
| - Human Resource Management (HRM) | |
| - Operations Management | |
| - Business Analytics | |
| - Entrepreneurship, IT & Systems, Consulting, etc. | |
| Cost (Tuition Fees) | - Average INR 10-25 lakhs for 2 years (depending on the institute) |
| - Executive MBA: INR 20-40 lakhs | |
| Popular Program Types | - Full-time MBA |
| - Executive MBA (EMBA) | |
| - Part-time MBA | |
| - Distance MBA | |
| - Online MBA | |
| Curriculum Structure | - 1st Year: Core subjects (finance, marketing, operations, HR, etc.) |
| - 2nd Year: Specialization courses and electives | |
| - Internships and projects | |
| Admission Process | 1. Entrance Exam |
| 2. Shortlisting based on exam scores and academic profile | |
| 3. Group Discussion (GD), Written Ability Test (WAT), Personal Interview (PI) | |
| Job Opportunities (Placements) | - Top Recruiters: Consulting firms (McKinsey, BCG, Bain), Banks (HDFC, ICICI) |
| - Roles: Consultant, Financial Analyst, Marketing Manager, Product Manager | |
| Average Salary (Post-MBA) | - Top IIMs and ISB: INR 20-30 lakhs per annum |
| - Tier-2 Institutes: INR 10-15 lakhs per annum | |
| ROI (Return on Investment) | - Higher for top institutes like IIMs and ISB due to strong placement and alumni network |
| - ROI for mid-tier B-schools depends on specialization and placements | |
| Executive MBA Eligibility | - Minimum 5-10 years of work experience required |
| - No entrance exam for some executive programs (depends on institute) | |
| Benefits of MBA | - Career Advancement in management roles |
| - Higher Salary and better job opportunities | |
| - Development of leadership, communication, and analytical skills | |
| - Networking opportunities with industry professionals | |
| Top MBA Entrance Exam Scores Accepted Globally | GMAT |
You might also consider enrolling in business management courses to earn an MBA. If pursued by the correct college or university, a master's in business administration is a great option.
You can study an MBA in Finance or Accounting instead to obtain a graduate degree in accounting or finance. The only thing to remember is that an MBA's value depends on the college or university where it was earned. In light of this, the value of your degree in your professional career will be significantly lesser if you cannot enrol in one of the top colleges or tier-1 universities.
However, you should pursue an MBA if you can do well on entrance examinations like the CAT, GRE, and GMAT or if you pass the entrance exams to any of the universities. If you study for an MBA from a school like IIM Ahmedabad, IIM Bangalore, or IIM Chennai, you would be able to claim an average income of INR 7 to 9 LPA afterwards.
CFA Career Prospects
The Chartered Financial Analyst (CFA) course is another option if an investment banking or portfolio management job appeals to you. You can become an expert in the financial markets by taking CFA course, provided by the CFA Institute in the US.
The US, UK, Canada, Australia, and New Zealand are among the nations that recognise the CFA charter. After earning your CFA, you can work for some of the most well-known organisations in the world, like Blackstone, Morgan Stanley, Grant Thornton, BDO, and EY.
You might anticipate a salary starting between INR 6 and 8 LPA after earning your CFA.
You can look at any of the courses above if you have second thoughts about obtaining the CA qualification or if you want to take a course in addition to CA. You can visit the Zell Education website and contact us if you need assistance deciding which course is best for you or if you want more details about any of the courses above.
Scopes and Career in Accounting
The language of accounting is the language of finance. It affects the financial status of a certain organisation or corporation. Additionally, bookkeeping can assist in interpreting the company's components through certain comprehensive reports. Here, you can check out a career in Accounting.
Accounting and Banking
There is a considerable market demand for qualified bankers with valid degrees. Banking is the most popular career path for commerce students after high school. With foreign and multinational banks entering the country, the sector has developed into one of the major employers of new workers. Accounting job is an attractive career path after grade twelve. Every organisation, whether public or private, needs experts to manage their finances. Therefore, the appeal of this career route will always exist. In this profession, advanced certificate programmes like ACCA, CFA, ICWA, etc., can really boost your career.
Computer Application Bachelor (BCA)
After 12th Commerce, one of the most popular Computer courses is the three-year Bachelor of Computer Application (BCA). Your knowledge and basic skills in areas like data storage and analysis, programming, networking, modelling, software development, web design, cybersecurity, etc., will be provided through the BCA course content.
Economics Bachelor's
A 4-year bachelor's degree programme in economics will train you to investigate and analyse economic data issues and trends by comprehending various concepts related to micro and macroeconomics. These skills can be learned through an undergraduate economics course covering basic business principles and agricultural, international, and developmental economics. You can work as an economist, a financial analyst, a consultant, etc., with a degree in this field, which is also offered in BA Economics and BSc editions.
Business Administration Bachelor's Degree (BBA)
Many prestigious universities offer a full-time Bachelor of Business Administration (BBA) programme. After four years of study in one or more business emphasis areas, it is awarded. The topics covered in this course include administrative principles, accounting practices, logistical management, and administrative strategies, particularly as they apply to strategic management.
Additionally, some academic institutions offer a one-year required abroad student exchange and an international studies component in the BBA curriculum to help prepare you for the many problems you may encounter when working in international business.
Master's Degree In Management Studies (BMS)
After completing 12th grade in commerce, the Bachelor of Management Studies is a terrific alternative to coursework (BMS). BMS topics such as logistics management, e-commerce, managerial economics, direct and indirect taxes, public relations, etc., are covered throughout the course. It will be covered. Additionally, you will gain hands-on business experience and practical knowledge in the vital disciplines of accounting, finance, economics, quantitative analysis, information systems, and commercial and tax law.
Business Secretary (CS)
A corporate secretary (CS) is a compliance officer or in-house legal expert hired to ensure effective business management. They are authorities in business and securities laws, controlling statutory and legal compliance and executing authority decisions. Additionally, they serve as the board of directors' principal advisor, making suggestions about conducting business, formulating company strategy, handling conflict of interest problems, and more. It's important to know what a firm's company secretaries are responsible for to comprehend how to become one.
Find effective and convenient accounting classes when you search for accounting coaches on Superprof!
Accounting's Definition: Accounting Jobs
Among accounting jobs, Bookkeeping is simply the engagement that assists in recording, summarising, interpreting, and presenting a complete report that contains information about the many monetary exchanges that occur in an organisation. The ability to record information is the primary capability. Otherwise known as bookkeeping. This cycle makes it easier to follow financial information and planning reports.
The crude information acquired after recording multiple encounters is summarised in the following capacity. These are essentially summarised because the associations' utility with raw data isn't particularly noteworthy. This further aids the dynamic cycles and decision-making processes.
Reporting is providing the administration with data after it has been compiled. This aids the business owners in learning more about the company. The following stage is the investigation of the information to improve the organisation's capacities and choices.
The study of commerce is one of the most lucrative and broad subjects. Many courses are offered, including business studies, management, marketing analysis, mathematics, economics, and statistics. Students have the opportunity to study a variety of topics in the field of commerce. Understanding your interests, the career potential of the course(s) you plan to take, the subject's syllabus and the associated education costs will help you make the best course selection decision.
After finishing class 12, most commerce students prefer to lean toward Chartered Accountancy. Here are some alternatives to Indian CA in the accounting and financial fields if you're one of the rare few who wish to try something new. Many of these courses are accredited worldwide, giving you a chance to work outside of India. Further, you can also consider the guidance of some renowned teachers on Superprof.
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