CMA India vs CMA USA: Understand The Evolution & Differences Between These Credentials
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The Certified Management Accountant (CMA) credentials from India and the USA are both prestigious qualifications in the field of management accounting, but they have evolved differently and cater to distinct regulatory environments. Here’s a breakdown of their evolution and differences:
Evolution of CMA India & CMA USA:
CMA India:
Regulatory Body: The Institute of Cost Accountants of India (ICAI), formerly known as the Institute of Cost and Works Accountants of India (ICWAI), governs the CMA credential in India. Established: 1959. Objective: It was primarily designed to create professionals skilled in cost accounting and cost management to aid industries in cost control and efficient resource utilization. Focus: Over time, CMA India expanded its focus to cover broader aspects of financial and management accounting, corporate governance, and strategic decision-making, particularly for the Indian business environment.
CMA USA:
Regulatory Body: The Institute of Management Accountants (IMA) administers the CMA credential in the USA. Established: 1972. Objective: The CMA USA was developed to meet the global demand for professionals with strong skills in management accounting, financial management, and strategic planning. Focus: CMA USA emphasizes global financial management standards, including decision-making, risk management, performance management, and financial reporting.
Comparison of Exam Structure:
CMA India Exam:
Foundation: 4 papers covering accounting fundamentals, business laws, and economics. Intermediate: 8 papers across cost accounting, taxation, and corporate laws. Final: 8 papers focused on advanced financial management, business strategy, and risk management.
CMA USA Exam:
Part 1: Financial reporting, planning, performance, and control. Part 2: Financial decision-making, risk management, and ethical considerations. Format: Multiple-choice questions (MCQs) and essay-type questions...
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