Last updated on November 28th, 2023 at 09:18 am
The US CMA (Certified Management Accountant) and India CMA (Cost and Management Accountant) are two distinct professional certifications that are designed to help individuals demonstrate their knowledge and understanding of financial management. Both certifications have their own unique requirements and benefits, and it is important to understand the differences between them before making a decision about which one is right for you.
What is US CMA?
The US CMA is a globally recognized certification that is awarded by the Institute of Management Accountants (IMA). It is designed to help individuals demonstrate their knowledge and understanding of financial management and is widely accepted in the business world. To become certified, individuals must pass the CMA Exam, which consists of two parts:
- Part 1, Financial Planning, Performance, and Control.
- Part 2, Financial Decision Making.
The exam is designed to test a candidate's knowledge of accounting, economics, finance, management, and other related topics. Once certified, individuals can use the CMA designation to demonstrate their expertise in the field of financial management.
What is Indian CMA (ICWAI)?
The India CMA is a professional certification offered by the Institute of Cost and Works Accountants of India (ICWAI). It is designed to help individuals demonstrate their knowledge and understanding of cost and management accounting. To become certified, individuals must pass the CMA Exam, which consists of three parts:
- Part 1 Cost and Management Accounting;
- Part 2 Financial Management; and
- Part 3 Business Economics.
The exam is designed to test a candidate's knowledge of accounting, economics, finance, management, and other related topics. Once certified, individuals can use the CMA designation to demonstrate their expertise in the field of cost and management accounting.
Key Differences in US CMA vs India CMA (ICWAI)?
| Differentiating Factors | US CMA | CMA India |
| Duration |
6 - 9 Months |
3 Years |
| Course fees | Rs - 65,000 - 1,00,000 |
Rs - 55000 |
| Board |
IMA |
ICAI |
| Average Salary |
INR 7 to 8 LPA |
INR 7 to 9 LPA |
| Recognition |
Global |
Only India |
Overall, the US CMA and India CMA are two distinct professional certifications that are designed to help individuals demonstrate their knowledge and understanding of financial management. Each certification has its own unique requirements and benefits, and it is important to understand the differences between them before making a decision about which one is right for you.
US CMA vs India CMA : Exam Structure
The Certified Management Accountant (CMA) designation is one of the most respected credentials in the field of accounting and finance. It is a globally recognized certification that demonstrates expertise in financial planning, analysis, control, decision support, and professional ethics. In the United States, the CMA is offered by the Institute of Management Accountants (IMA) while in India, it is offered by the Institute of Cost Accountants of India (ICAI). In this blog, we will compare the US CMA vs India CMA and discuss the differences between the two.
US CMA Exam Structure
The US CMA Exam is divided into two parts: Part I and Part II. Part I covers topics such as Financial Planning, Performance, and Analytics, while Part II focuses on Strategic Financial Management. The exam emphasizes financial planning, analysis, control, and decision support. Each exam consists of 100 multiple-choice questions and two 30-minute essay questions. Candidates are given 3 hours to complete the multiple-choice section and one hour to finish the essays. Candidates must demonstrate their work on the essay questions to receive credit. Both Part I and Part II of the CMA exam are scored on a scale of 0-500, with a candidate’s raw score converted to a uniform scaled score against all exam candidates. On this scale, a score of 360 is the minimum passing scaled score.
CMA India Exam Structure
The India CMA is a three-part exam that is offered by the ICAI. It consists of a three-hour written exam, followed by a three-hour practical test, and a three-hour oral test. The written exam covers topics such as financial statement analysis, cost management, decision analysis, financial planning, and professional ethics. The practical test assesses the candidate’s ability to apply their knowledge in a practical setting, while the oral test evaluates the candidate’s communication skills.
US CMA vs CMA India : Cost & Duration
When it comes to the cost of the exams, the US CMA is more expensive than the India CMA. The US CMA costs $1,000 for the two-part exam, while the India CMA costs $750 for the three-part exam. However, the cost of the US CMA includes the cost of the study materials and the cost of the exam, while the India CMA does not include the cost of the study materials.
When it comes to the duration of the exams, the US CMA is shorter than the India CMA. The US CMA is an eight-hour exam, while the India CMA is a nine-hour exam. Additionally, the US CMA is offered twice a year, while the India CMA is offered three times a year.
When it comes to the passing rate of the exams, the US CMA is more difficult than the India CMA. The US CMA has a passing rate of around 50%, while the India CMA has a passing rate of around 10%.
India CMA vs US CMA : Job Opportunities
When it comes to the job opportunities, the US CMA is more sought after than the India CMA. The US CMA is widely accepted in the United States and other countries, while the India CMA is mostly accepted in India. Additionally, the US CMA is more likely to get you a job in a multinational company, while the India CMA is more likely to get you a job in an Indian company.
Overall, the US CMA and India CMA are both respected credentials that demonstrate expertise in financial planning, analysis, control, decision support, and professional ethics. The US CMA is more expensive and more difficult than the India CMA, but it is more widely accepted and more likely to get you a job in a multinational company. On the other hand, the India CMA is less expensive and easier than the US CMA, but it is mostly accepted in India and more likely to get you a job in an Indian company.
India CMA vs US CMA : Salaries
US CMA Salary Metro Cities
The average salary for a Chartered Management Accountant (CMA) in India varies depending on the city. In Mumbai, the average salary for a CMA is approximately ₹7.5 lakhs per annum. In Delhi, the average salary for a CMA is approximately ₹7.3 lakhs per annum. In Bengaluru, the average salary for a CMA is approximately ₹6.9 lakhs per annum. In Chennai, the average salary for a CMA is approximately ₹6.8 lakhs per annum.
Indian CMA Salary
The salaries of cost management accountants in metro cities such as Mumbai, Bangalore, Pune, Delhi, Ahmedabad, and other major cities in India can vary greatly. Generally speaking, the salary of a cost management accountant in these cities depends on the experience, qualifications, size of the organization they work in, type of industry and the location. For example, an experienced cost management accountant in Mumbai with a chartered accountant (CA) degree can expect to earn anywhere between ₹6-7 lakhs per annum, depending on the organization. In Bangalore, the salary range for a cost management accountant is generally in between ₹4-5 lakhs per annum. In Delhi, the salary range for a cost management accountant depends on the type of organization and experience but can generally range from ₹5-7 lakhs per annum. In Ahmedabad, the salary range for a cost management accountant with a CA degree can range from ₹3-4 lakhs per annum.
