#CA #Career #CPA #CMA #CIMA #CFA
‘Is my CA degree enough?’ is a question which the youth of today’s competitive world is posed with.
But after studying tirelessly for 5 years, one hardly has the desire left to study further. But what if you get exemptions in other professional courses. Then it definitely seems achievable right?
As a Chartered Accountant, you are already equipped with the basic knowledge required for any other professional course. So, let’s look at a few value addition courses for a CA
1) ACCA (Association of Chartered Certified Accountants)
Why ACCA?
‘ACCA’ or “Association of Chartered Certified Accountants” is a UK based global accounting body recognized in 183 countries providing many professionals the recognition and opportunity to work at a global level.
Opportunity for CA’s
CA’s seeking better career opportunities outside of India can consider ACCA as a comprehensive qualification based on International Financial Reporting Standards (IFRS).
With the implementation of IndAS’s in India, most of the international firms require an accountant with proper knowledge of IFRS and qualifying ACCA can a Chartered Accountant the knowledge and opportunity to work with these companies.
Exemptions for CA’s
Qualifications |
ACCA Exemptions |
CA Professionals |
A qualified CA has the privilege to take the fast track route in ACCA where you are eligible for exemptions in 9 out of 14 papers!
It means that you can start your journey directly at the professional level (Exempt: F1 to F9) |
CA Inter Qualified |
An Inter Qualified can get exemption of upto 5 papers out of 13 papers of ACCA(Exempt: F1, F2, F3, F6, F8) |
2) CFA (Chartered Financial Analyst)
Why CFA?
If you are inclined towards finance and would like to take it up as a career, you should consider CFA. This course teaches you a lot about investment analysis and portfolio management.
Opportunity for CA’s
After becoming a CFA Charter holder you can hold a position of a portfolio manager, risk manager, trader or a research analyst.
Exemptions for CA’s
As a CA you are not eligible for any exemptions in CFA examinations. However, 60% of the CA syllabus is reflected in the Level 1 examination of CFA which definitely counts as an advantage.
3) CIMA (Chartered Institute of Management Accountants)
Why CIMA?
As a Chartered Accountant if you are searching for an internationally recognized finance qualification, then CIMA may be the right choice for you. On successfully completing the three levels of examination (operational, management and strategic) you shall become a Chartered Global Management Accountant (CGMA).
Management accountants help businesses worldwide manage their finances. They interpret financial data, prepare reports and use business knowledge to help management make decisions. They’re always looking to the future and figuring out ways to improve things for the company.
A career in Management Accounting can take you to becoming a Chief Financial Officer (CFO) or a Finance Manager or even a Management Consultant.
Opportunity for CA’s
The flexibility that this course offers lets students attempt the exams from any nation that is registered. Many CA’s lack the managerial acumen which can act as a barrier in reaching management positions in an organization. Therefore, CIMA, can provide a good opportunity for CAs to enhances their managerial skills.
Exemption for CA’s
As mentioned earlier, CIMA has three levels of examinations ie operational, management and strategic level. For a CA to claim exemptions, he/ she has to take the Gateway exam which is a three hour long online exam available in four windows across the year. This exam assesses the knowledge covered in management level of CIMA exam. On clearing this, you can directly appear for the strategic level.
4) CPA US (Certified Public Accountant)
Why CPA?
Certified Public Accountant (CPA) is a globally recognized accounting degree administered by the American Institute of Certified Public Accountants
Opportunity for CA’s
The CPA course is extensive and covers accounting topics and other topics like law, analytics, taxation, auditing, evaluation, regulatory frameworks and procedures, ethics, planning and management of finances.
Exemptions for CA’s
There is no exemption for Indian Chartered Accountants (also holding bachelor’s degree) from the various papers of the CPA exam.
5) CS (Company Secretary)
Why CS?
A Company Secretary takes care of the corporate governance of the company. As a Company Secretary one can be expected to work as a legal expert, corporate planner, strategic manager and few of the likes.
Opportunity for CA’s
On obtaining the CS degree you are regarded as an expert in company laws and practice. When this knowledge is combined with the certification of a CA, it does a wonderful job as you are now an expert in both accountancy as well as law.
Exemptions for CA’s
As a qualified CA (also holding bachelor’s degree) you can appear directly for the Executive level. (i.e 2nd Level examination)
6) CMA (Certified Management Accountant)
Why CMA?
Becoming a cost accountant offers a wide scope for you to be a part of the manufacturing sector
Financial analysis in manufacturing firms, pricing decisions, build or lease, budget preparation are a few areas where managements accountants part a very important part.
Opportunity for CA’s
For a qualified Chartered Accountant, it is easy to take up CMA owing to similarity in the examination pattern and syllabus.
A member of CMA India also has an advantage of getting enrolled as a member of CMA USA, thanks to the MOU signed by the two countries.
Exemptions for CA’s
As a qualified CA (also holding bachelor’s degree) you can appear directly for the Executive level. (i.e 2nd Level examination)
To conclude, every CA should introspect and pursue a career option that complement his/her interests. A well-researched decision will take you a long way.
All the best !
To know more about these courses, you may visit their official website
ACCA https://www.accaglobal.com/gb/en.html
CFA https://www.cfainstitute.org/
CIMA https://myfuture.cimaglobal.com/
CPA (US) https://www.aicpa.org/home
This article is written by CA Preeti Aggarwal.
For CA Classes near you, visit https://capreetiaggarwal.com/
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