Hello everyone, Today I would like to share about my views regarding which one is best or better course (CA/CS/CMA). Details are below :-
The reason for talking about these three professions in the same breath is that all three fall under the jurisdiction of the Ministry of Corporate Affairs. The bodies responsible for educating and training professionals in the respective fields are different, and work independent of each other. While a chartered accountant (CA) is trained by The Institute of Chartered Accountant of India (ICAI), a cost accountant (CA) is a descendant of The Institute of Cost Accountant of India (ICAI). A separate statutory body, The Institute of Company Secretaries of India (ICSI), churns out company secretaries (CS). Of the three professions, the statutory powers enjoyed by a CA is much wider in scope than those of a CWA or CS.
ON THE POINT OF VIEW OF WORK
Chartered accountants are sought-after professionals in specialized areas of accounting, auditing, corporate finance, corporate law and taxation. A CA also acts as a business advisor by preparing financial reports, helping the business to secure loans, preparing financial projections and determining business viability. As a tax advisor, a CA helps businesses and individuals to comply with tax laws.
As a Cost accountants, you will maintain and scrutinise statutory books of accounts, prepare cash budgets, cash flow statements, do cost management planning and determine costing policy for companies, besides advising on investment and profit-planning. Good computing skills is a must for rendering services efficiently.
Company Secretary is a vital link between the board of directors, shareholders and government and other agencies, with expertise in legal matters, securities law, capital market and corporate governance. They are responsible for all regulatory compliances of a company. All three professionals can choose to work for an organisation or practise independently.
ON THE POINT OF VIEW OF EARNING
The business of accounting, which remained cast in the traditional mould for decades, is witnessing a change in role responsibility quite rapidly. The traditional audit and tax functions are being widened, incorporating new services like business management consulting. The opportunities lie across sectors, as the finance department is the backbone of any organisation. A CA at the entry level can earn anywhere between Rs 30,000-35,000 a month easily. “There is a sustained demand for qualified, trained and experienced Cost accountants in the fields of accounting and management functions,” says by Past President ICAI (The Institute of Cost Accountant of India). Cost accountant also get Rs 25000-30000 per month easily. A CS can begin his/ her career with a monthly remuneration starting from Rs 18,000-25000 per month.
You may chose to do one, or get qualified in all three courses, increasing your skill set base and gaining a huge competitive edge in the job market. If you are oriented towards audit, tax aspects and financial accounting, then opt for CA. CMA tackles study relating to cost and management accounting in great detail. Company secretaryship deals with legal aspects threadbare. The job prospects of being a CWA are not as varied as they are for a CA. A CA has the authority to verify and certify all accounts including the balance sheet of an organisation, unlike a CMA, whose expertise is limited to analysing and determining organisational and management costs. Though the role of CS can’t be compared to that of accounting professionals, every organisation needs them for sound advice on corporate, legal, secretarial, administrative and even tax-related matters. Any company with an annual turnover above a certain limit is mandated to have one.
Disclaimer: The information provided in this article is accurate to the best of our knowledge. Readers are advised to use their own judgment skills.