CA and CMA are two of the most popular accounting qualifications. While CA is the most popular, the CMA in Dubai is gradually gaining importance. The two courses have different requirements and benefits. Depending on your purpose, either of them may be suitable for you. You should make sure that you choose the right course for your needs.
To become a CA, you must pass three training levels. The first is a foundation course. The second is an intermediate course, and the third is a final course. Both certifications are recognized by the Institute of chartered accountants.
A CMA or CA examination consists of a hundred multiple-choice questions and two 30-minute essays. Test takers must answer at least half of the questions in the multiple-choice section. The essay section comprises 10-12 questions requiring written responses or calculations. The test is typically given in two stages, the Foundation and the Intermediate.
Cost accountants are responsible for planning and controlling the costs of business activities. They analyze data and price goods, verify cost records, and prepare calculations for management. They also evaluate the costs of projects and facilities based on their cost-effectiveness.
The exam structure for CA and CMA is similar, but the two have some differences. The CA exam has four parts, while the CMA exam only has two. Part 1 focuses on financial accounting, while part two focuses on corporate finance, which includes decision analysis, risk management, and investment decisions. The CMA also includes a professional ethics exam.
There is a huge difference in salaries between a CA and a CMA. In 2018, the median compensation for a CMA was DH 6,725 higher than that of their non-certified peers. However, the salary difference between a CA and a CMA has increased recently.
CMAs tend to have more experience in the field than non-CMAs, and they tend to earn higher compensation. Entry-level CMAs also make more money than entry-level non-CMAs. Entry-level CMAs earn a total compensation of Dh 50,000, while non-CMAs earn a median of DH 20,570. This pay difference becomes much greater at the senior level, where senior CMAs make more than DH 90,000 a year. This is nearly double the median compensation of a non-CMA at the same position.