CMA USA vs ACCA vs CIMA - Which is the better Option for you?

24 Sep 2024

There are numerous certifications available in the accounting field for candidates to select from. Making the right choice for your needs and professional objectives is the difficult part. We will compare the variations in the US CMA vs ACCA vs CIMA qualifications in this blog. You may know which one is the best for you towards the end!

What is ACCA certification?

ACCA course is a respected qualification granted by a globally known organisation. The full form of ACCA is Association of Chartered Certified Accountants. It is based in the UK, with influence in over 180 countries. ACCA certification is ideal for aspirants looking for a global career in accounting or finance. Choosing ACCA opens doors to advancing your career and achieving the coveted status of a chartered certified accountant within two to three years.

What is CMA USA certification?

The Certified Management Accountant, CMA USA course is the gold standard in global management accounting provided by the Institute for Management Accountants (IMA), USA. The prestigious qualification is recognised in more than 150 countries, making the CMA USA Course a big deal worldwide.

What is CIMA certification?

CIMA (Chartered Institute of Management Accountants), is a prominent management accounting course. CIMA is the world's largest professional body for management accountants. The CIMA headquarters are located in London, United Kingdom.

What is the difference between CMA USA, ACCA and CIMA?

If you're wondering about the differences between US CMA vs ACCA vs CIMA and want to see some key aspects that distinguish them, here's a glance at how these courses differ:

Feature	US CMA	ACCA	CIMA
Course Structure	2 parts: Financial Planning & Performance (FP&P) and Strategic Financial Management (SFM)	3 levels: Knowledge, Skill, Professional	3 levels: Operational, Management, Strategic
Duration	6-9 months	6-24 months	4 years
Eligibility	Bachelor's degree in accounting or a related field	Should have completed your 10+2 with 65% average score in Math and 50% average in English	Bachelor's degree in accounting or a business-related field
Exam Dates	Jan-Feb, May-June, Sept-Oct	Knowledge level: on-demand, Skill level and Professional level: 4 times a year	On-demand throughout the year
Average Passing Percentage	50%	30-40%	50-60%
Average Salary	INR 5-7 lakh per annum	INR 6-8 lakh per annum	INR 5-8 lakh per annum
Jobs	Cost Accountant, Risk Management, Wealth Creation	Accounting Advisory, Transaction Advisory, Treasury	Financial Accountant, Management Accountant, Financial Manager

CIMA vs CMA - Which is the Better Option?

When it comes to CIMA vs CMA, it is important to know that the Institute of Management Accountants (IMA) and the Chartered Institute of Management Accountants (CIMA) both have a global presence, with CIMA having a larger presence with over 689K members and students worldwide. CIMA is more recognized in the UK and the Commonwealth countries, while IMA has been actively building its global presence, particularly in emerging countries like China and the Middle East.

CMA has a better international presence, with an MOU with ICAI in India and alliances with other universities and accounting associations. The IMA also has a strategic alliance with the ACCA, which automatically allows its members to qualify for the CMA exam.

Educational requirements for the CMA exam include a bachelor's degree, while the CIMA offers a more rigorous program. The exam is a 2-part, 2-part test, with most candidates aiming to finish within one year. To become a CIMA, candidates must pass the 12 papers, complete at least 3 years of qualifying practice, and obtain verification and endorsement from supervisors.

ACCA vs CIMA - Key Differences to Know

In the CIMA vs ACCA debate, there are a few things you need to know first. Both are well-known accounting and financial qualifications. However, CIMA is more than simply accounting; it also aids in the development of decision-making skills because it combines accounting and business management.

The question of which certification to study when it comes to CIMA vs ACCA is a common one. Both qualifications are highly respected in the accountancy world. Understanding the key differences between the two is important:

Skills acquired:

After earning an ACCA, a candidate acquires a better understanding of the technical aspects of financial accounting.

A CIMA-certified individual, on the other hand, develops exceptional strategic and business management abilities.

Duration:

Both courses require similar amounts of time to complete. ACCA applicants must pass 14 professional tests and have three years of supervised accounting experience.

If candidates can balance their career and education, they can complete their ACCA certifications in three years.

To successfully earn the CIMA qualification, students must pass 16 papers and three years of relevant professional experience.

So, even in CIMA, students can complete the course in three years if they maintain a good work-study balance.

Syllabus:

Aside from the main subjects of accounting, auditing, and taxation, the ACCA course includes business studies, financial reporting, financial management, legislation, and ethical and professional standards.

In contrast, the CIMA qualification focuses on the development of business abilities.

It covers topics such as finance management, business accounting, information management, management accounting, and strategic marketing management, among others.

The ACCA syllabus has 13 exams, whereas the CIMA syllabus contains 16 tests.

Conclusion

Upon analyzing US CMA vs ACCA vs CIMA, we found that these qualifications are globally well recognized, and provide a complete understanding of financial management and management accounting. The decision regarding which one of these to choose should be based on your professional ambitions and industry preferences.

CIMA focuses on management accounting, making it excellent for those interested in finance or accounting-related professions in the manufacturing, service or retail industries. ACCA is a UK-based qualification that focuses on taxation, accounting and auditing. On the other hand, CMA (USA) certification is more widely recognized in the United States and is ideal for individuals interested in working in financial or accounting-related professions in the corporate sector.

In the end, before deciding on which certification to pursue, you should examine your career goals and the profession in which you want to work. To make an informed decision, consider researching the particular requirements and advantages of each certification.

Frequently Asked Questions (FAQs)

Are US CMA and CIMA the same?

No, they are two different courses. The Institute of Management Accountants in the United States offers a management accounting course called US CMA, while the Chartered Institute of Management Accountants (CIMA) conducts CIMA. CMA is more widely recognized in the United States and CIMA is a recommended qualification for employment in the United Kingdom and Europe.

Can I do ACCA after CIMA? If so, what benefits do I receive?

Yes, you can complete ACCA following CIMA. In that instance, you stand to benefit from an exemption from 11 papers.

Is the US CMA difficult to pass?

The US CMA exam is challenging and has a low pass rate. A global average of 50% for both parts. The exam tests candidates' knowledge in financial planning, analysis, control, and decision-making. It consists of two 4-hour parts. The first focuses on financial statement analysis and the second on decision-making and risk management. With proper preparation, passing the exam is possible.