Introduction:
ACCA and CMA are both qualifications in accounting in the UAE; each of these qualifications offers distinctive career prospects and opportunities. ACCA stands for Association of Chartered Certified Accountants, whereas CMA stands for Certified Management Accountant. Aspirants in the UAE accounting sector are usually confused when choosing the academic pathway that will lead them to their professional goals.
Today, we will compare and discuss the pros, cons, potential salaries, recognition, career prospects, industry demand, and job market value of either of these qualifications. This comparison between ACCA and CMA will be quite a blessing for perplexed aspirants and help them choose the qualification that aligns with their career goals.
Recognition of ACCA and CMA:
ACCA and CMA are both regarded as and rewarded qualifications of the accounting sector; each one of them is globally recognized. The prestigious qualification of ACCA is well-recognized in around 180 countries of the world, whereas CMA is recognized in around 100 countries. The ACCA qualification is considered to be one of the best qualifications in accounting and finance, offering diverse financial roles, especially in auditing and accounting firms. Whereas, CMA is well-known for its roles regarding corporate finances and management accounting only.
Industry Preferences:
ACCA qualified professionals are sought by employers from diverse industries and sectors because of their diverse, comprehensive academic knowledge and skills in almost all areas of accounting and finance. To be specific, these professionals are especially valued in sectors like auditing, public accounting, financial reporting, taxation, etc.
Whereas, professionals of CMA have relatively more scope in manufacturing industries such as oil and gas, FMCG, MNEs, and large corporations. These professionals are proficient in cost effectiveness and performance management; therefore, manufacturing sectors in the UAE value CMA professionals.
Career Prospects For ACCA and CMA:
ACCA professionals are preferred for numerous professional roles in the accounting and finance sector in the UAE, the main reason behind this is the versatility of the ACCA curriculum. The diverse ACCA career opportunities in the UAE for these professionals include auditor, accountant, tax consultant, compliance and risk manager, financial analyst, and CFO etc. Whereas, CMA career opportunities in the UAE encompass various roles such as financial planner, budget analyst, cost accountant, financial manager, etc.
CMA and ACCA Salary in the UAE:
The salary packages of neither the ACCA nor the CMA professional are predetermined; they vary based on factors like prior experience, job role, employer, skills, and expertise etc. However, an average idea of the potential salary for each professional can be given. ACCA professionals in the UAE are paid a 12,000-25,000 AED salary in a month on average (amount can vary depending on your expertise and professional level). Whereas CMA-certified professionals in the UAE are paid 13,000-28,000 AED a month, mind that all these salaries are average and can vary based on several factors.
Employer Preferences: ACCA and CMA
The market demand for either of these professionals depends on how desperately employers seek them. To be precise, employers are the major source of creating demand for any qualification or profession. Accounting firms, Fintech companies, and businesses with a main focus on financial sectors tend to prefer ACCA professionals over other candidates in finance and accounting. The prime example of this is the Big Four firms, namely, KPMG, EY, Deloitte, and PwC; these big employers seek skilled ACCA professionals to manage their finances, auditing, and reporting because of ACCA professionals’ in-depth knowledge and proficiency with international accounting standards and regulations.
On the other hand, CMA professionals are highly valued in manufacturing or production-based businesses, These professionals are proficient in budgeting, costing, and financial planning. Therefore, corporations like Unilever, ADNOC, PepsiCo, etc value Certified Management accountants (CMA).
Duration and Cost:
The duration and cost of ACCA and CMA are important factors to be considered while choosing the academic pathway. The duration of the ACCA qualification can range between 3-4 years, depending on the academic route, study pace, and passing rate of the student. ACCA qualification in UAE costs something around USD 2000-3000 (the cost might fluctuate depending on the exchange rates and number of exams taken).
On the contrary, the CMA qualification is expected to be completed within 1-2 years, approximately. The cost of this qualification ranges between USD 1500 to 2500, approximately.
Which is Better, ACCA or CMA?
Both qualifications offer good career prospects for finance and accounting professionals in the UAE, however, every individual has different career goals, so it solely depends on their own preferences and aims. Generally, the professionals who aim to work in audit, accounting firms, or in tax consultancy are advised to choose the ACCA qualification.
If you are someone who is interested in working in corporate finance, cost control, budgeting, or FP&A, you can go for the CMA qualification. Either of these qualifications offers a promising career for finance professionals in the UAE.
Conclusion:
ACCA and CMA are prestigious qualifications of finance and accounting that offer wide career opportunities in the UAE. Each one of them targets a specific area of accounting, offering proficiency to work in certain sectors. You can check all the opportunities, future prospects, academic obligations, and financial considerations of both ACCA and CMA qualifications and then choose what works out the best with your goals and dreams.
Frequently Asked Questions (FAQs)
Q1: How many exams are there in the ACCA qualification?
Ans: The ACCA qualification consists of thirteen modules, divided into three academic levels (Applied Knowledge, Applied Skills, and Strategic Professional). Each module covers complex areas of finance and accounting, offering comprehensive knowledge.
Q2: What are the valued skills offered by ACCA that make it stand out?
Ans: Skills that make the ACCA qualification stand out amongst other accounting qualifications are compliance with local and international regulatory frameworks, following international accounting standards, focus on ethical and professional modules, gaining practical work experience, and emphasis on Continuous professional development, etc.
