CA Vs CS Vs CMA
In this article we will be discussing the basics and the features of three famous Finance related courses in India which are Chartered Accountancy(CA), Company Secretariat(CS) and a Cost and Management Accountancy(CMA).
All the three courses hold an important value of its own and hence can be pursued according to the career one wants to build in the future. All the three courses which we are going to discuss are needed in an organization and have a lot of scope for growth in the future. They are discussed as below:-
Chartered Accountant (CA)
CA has been in the recent news given the same importance as a Postgraduate degree. Every CA Degree qualifier will be treated the same as a postgraduate. It is almost equal to a masters degree because of the act passed by The University Grants Commission.
CA as we know is the fullform of Chartered Accountancy and focuses on subjects such as taxation, finance, accountancy, audit etc. The CA degree also has a training period(Articleship period) of three years between the intermediate and the final level of examinations.
The articleship period actually trains an individual to a corporate world even before obtaining a CA degree which is a very big advantage for CA aspirants. A Chartered Accountant is responsible for performing financial audits of companies and also for signing the audit report.
The ICAI registers around a lakh students per year but only 10,000 qualify as Chartered Accountants every year. The passing rate as it is said is very low for CA and aspirants try for many years to actually obtain a CA degree.
Company Secretariat (CS)
CS stands for a Company Secretariat and is also equivalent to a PG degree since passed by The UGC. CS mostly deals with subjects related to corporate law, security law and other laws.
A CS is responsible for handling company’s tax returns, advising the board of directors, maintaining records and ensuring that the company complies with legal and statutory regulations.
Company Secretaries play a very important role in bridging the gap between a company and its shareholders and the external parties. In India, The Institute of Company Secretaries of India(ICSI) is the only professionally recognized body to develop, regulate and promote the profession of Company Secretaries in India.
A candidate aspiring to become a CS has to complete various levels of compulsory training in between their CS Executive and CS Professional papers. The various trainings include EDP, Management Training, Computer Training, MSOP etc.
Cost and Management Accountant (CMA)
The CMA course was first called ICWA (Institute of Cost and Work Accountants of India) but now is called CMA. A CMA Degree is also now equivalent to a PG Degree which was resolved by The University Grants Commission.
The CMA course specializes in cost accounting and management accounting among various other subjects such as taxation,finance, accountancy, audit etc. The CMA degree also requires a training period of three years after the completion of the final level.
A CMA professional is responsible for conducting cost audits of companies, aiding the organization in critical decision making of overall cost efficiency, pricing, budgeting, input-outflow and strategy formulation.
ICAI(Cost) is the only body which governs and regulates the profession of Cost and Management Accountants in India. The ICAI registers around 50,000 students in a year and only two thousand students qualify as CMAs every year.