A Player Less Known
Cost and Management Accountant is one of the few available specialization courses in India which provides a higher pass out percentage than other financial courses, especially CA. The pay scale is also higher than many of the other courses offered. But still, Many in India don’t consider the CMA as a viable option, or worse they don’t even know the CMA courses. Why is one of the best courses offered less known than other courses?
A Second Choice
Everyone in the world always prefers the best option. It is a curse to be the second-best or third best. Also, the best is subjective. Everyone will prefer something best as per their own choice. But in India, the preference will always be given to a well known and safer option. So CA is considered to be the best option to enter into the financial world. According to their preference, CMA comes after the best. There is not a single student who never heard of CA. The value of this course reached every nook and corner. So the choice most made will always be CA. The path less traveled will always be a path less traveled in India. So the number of students taking CMA courses in India will mostly be lesser than the number of students taking CA courses.
A Curriculum Less Known
Most students will never know what the course will offer to them until they join the course. The curriculum analysis is not even a plan in their career planning. Even the students who read the curriculum before joining fail to analyze the difference between the CA curriculum and CMA Curriculum before making a decision. If curriculum analysis is essential, Many will opt for the CMA, because CMA offers a better field-oriented curriculum.
A Governing Body
CMA certifications are governed by ICMAI(The Institute of Cost Accountants of India) and CA is governed by ICAI(The Institute of Chartered Accountants of India). Although ICMAI has changed its name to reflect CA governing body name, they have failed to concentrate on the core principle ‘Management Accounting’. The way the name changed reflects the governing body’s imitation rather than stick with individuality. Also, the students and members of ICAI are superiorly qualified candidates compared to ICMAI candidates and members.
A Less Covered Range
Though the name change was questionable, ICMAI is continuously updating its curriculum and restructuring its subjects to make it more competitive. It diverts its focus on corporate related financial subjects which was less covered by other courses. This will give an advantageous edge to the CMA candidates over others. Job availability and Job creation for CMA candidates is very discouraging. The corporate-oriented restructuring may help it to get attention towards the CMA candidates. So CMA will be a preferred course in the upcoming years.
We all know that a good coaching institute is essential to crack any competitive exam, especially financial world exams as their subject range varies widely. Compared to the institutes which are offering courses exclusively in CA is way more than the institutes which offer exclusive CMA courses. The guiding principles also vary widely. The number of search results Google throws for the search term ‘CMA institute in Coimbatore’ and ‘CA institute in Coimbatore’ highlights this institutional variation. So when a student approaches any coaching institute to pursue the CMA course, they will always be encouraged to pursue the CA course rather than opting for CA. We can’t blame them too. They will always try to provide what is best available and suit their students. Though this variation exists, this is what makes CMA unique. Unlike other courses, If you pursue CMA, it will be purely your choice which makes you a more informed decision-maker which is one of the essential qualities to be successful in the financial world.
A Rising Star
Many institutes and companies are starting to see the restructuring of ICMAI and started to prefer CMA candidates over others. The pace of this change is increasing exponentially for the past few years. So many institutes started to offer exclusive study modules for CMA courses and many companies started to create posts for Cost and Management Accountants. Now, CMA has become a rising star in the commerce world.