All you need to know about CA, CS & CMA
Those who pursue their careers in finance, accounting, and management, CA, CS and CMA are dream names for them. We will discuss the key things you need to know about the trio- CA, CS & CMA. I hope that it will help you start chasing your dream. CA Inter Online Classes – Edugyan.
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What is CA (Chartered Accountant)?
CA stands for Chartered Accountant. Some address Chartered Accountants as accounting professionals. CA is a reputable designation throughout the world. The whole world is familiar with the word CA. However, in the USA, Certified Public Accountant (CPA) is equivalent to CA.
What does a CA (Chartered Accountant) do?
The chartered accountants take on several specific activities within the spectrum of accountancy. This includes giving advice, auditing accounts, and providing trustworthy information regarding financial records. Their activities revolve around financial reporting, taxation, corporate finance, forensic accounting, business recovery & insolvency, auditing, etc.
How to be a CA / what are the CA qualifications?
In India, to qualify as a CA you must complete a three-level course successfully. The Institute of Chartered Accountants of India (ICAI) conducts CA exams and certify them. If you take up CA after graduation, it will take a minimum of 3 years to complete the course. However, for those who take up CA after standard XII, it will require 4.5 years at least.
ICAI named the entrance examination for CA as CA Foundation. It tests whether a student has the right aptitude to become a CA. Exams for foundation courses are held twice a year- May and November same as the other levels- CA Intermediate & CA Final.
N.B. The last date of registration for CA Foundation Nov 2020 is 30 June 2020.
The registration for the CA Foundation course remains valid for 3 years i.e. 6 attempts. You can then revalidate your registration for another 3 years paying the revalidation fees.
Total CA Foundation registration fees amount is RS. 9,800/-. It includes-
- Cost of foundation prospectus- RS. 200/-
- Foundation registration fee- RS. 9000/-
- Subscription to student’s journal (optional) – RS. 200/-
- Subscription to member’s journal (optional) – RS. 400/-
How is CA as a career?
As mentioned earlier, The Chartered Accountant designation is one of the most reputable careers. There is a very high demand for this position all over the world. Hence the high salary, even from the starting. You might want to know how much a CA (Chartered Accountant) earns. Chartered Accountants are among the highest-paid in the world due to their massive demand. The starting salary for a fresher CA is over RS. 7 lakh per annum in India, for instance.
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What is CS (Company Secretary)?
CS stands for Company Secretary. The CS designation is also one of the world’s most famous ones. A company secretary holds a senior position in a private or public organization.
What are the duties of a CS (Company Secretary)?
A company secretary plays a largely important role. It includes general administration, shareholder communication, corporate governance, and statutory compliance. The duty of a company secretary also includes ensuring that an organization complies with relevant legislation and regulation, and keeps board members informed of their legal responsibilities.
How to become a CS (Company Secretary)?
To become a CS, you have to complete a three-year course alongside passing some competitive exams. In India, only ICSI conducts the CS exams and certify them.
- To join the CS course after standard XII, you have to undergo three stages- CSEET (CS Executive Entrance Test), Executive Program, Professional Program.
- To join the course after graduation, you have to undergo two stages of the Company Secretaryship- Executive Program, Professional Program.
Moreover, the students have to undergo Practical Training for about 15 months.
N.B. The first CSEET is to take place on 29 August 2020. The last date of registration is 27 July.
The Registration Fees for CSEET is RS. 1,000/- per student per appearance.
How is CS as a career?
CS is a very good choice for a career in the Indian context. There are vast options and fields to explore after completing CS. They include Law, Chartered Accountancy, Financial Analysis, Insurance, Stock Management, Markets, etc. The starting salary of a CS is between RS. 28,000 and RS. 40,000 per month.
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What is the CMA (Cost and Management Accounting)?
CMA stands for Cost and Management Accounting or simply Cost Management Accounting. Cost and Management Accounting is an accounting type, which aims to maximize profit by managing revenues and expenses. CMA is the rename of the former ICWAI course.
What is the role of a CMA?
Duties and roles of a Cost Management Accountant relate to budgeting, cost management, asset management, and performance evaluation within a company or organization. It aims to improve a company’s profitability. A Cost Management Accountant is responsible for the reduction of a company’s financial waste as well as for increasing profits.
How to become a Cost Management Accountant?
As mentioned earlier, the ICWAI renamed the course to CMA. Therefore, to be a Cost Management Accountant, you will have to complete the ICWAI course that comprises of three stages i.e. Foundation, Intermediate & Final.
- To join the course after standard XII, you have to undergo three stages- Foundation Examination, Intermediate Examination, Final Examination
- To join the course after graduation, you have to undergo two stages- Intermediate Examination, Final Examination
How is a career as a Cost Management Accountant?
Students pursuing Cost and Management Accounting as a career, have a varied list of careers to choose from. Cost Management Accountants are often entry-level positions in accounting management. You have great opportunities to advance in this field with experience and education. As a Cost Management Accountant, you can expect a starting salary of RS. 3-4 lacs per annum.
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To build a better career in Finance, Accounting and Management, above mentioned courses and designations are the leading ones. Wish you all the best in pursuing your dreams.
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