ACCA vs CMA: Understanding the Difference, Which is Better?

Before opting for ACCA study, let us understand more about it! ACCA stands for the Association of Chartered Certified Accountants, which is an internationally recognised educational body offering accounting qualifications. ACCA has a community of over 241,000 members across 178 countries including Dubai. ACCA offers knowledge of accounting and finance and ethical values required in organisations across industries.

“More than 542,000 students from about 180 countries have passed ACCA.”

1. Requirements to Qualify for ACCA Study

You can study ACCA in Dubai and get the qualification after fulfilling the following criteria:

• You need to complete a maximum of 13 exam papers; however, it depends on your previous qualification and experience. (As you might get exemptions based on previous qualifications)
• You need to complete the online module on Ethics and Professional Skills.
• You need to submit practical work experience of at least three years in the relevant role.

With these parameters, you need almost three years to complete the ACCA qualification. 

2. ACCA Course Eligibility Criteria

You don’t need to fulfil formal requirements to study ACCA in Dubai. Generally, you can study an ACCA programme no matter if you have an academic background. However, the basic eligibility requirements to pursue an ACCA study include:

• An intermediate level of English. If you want to improve your English level, you can check out our English Path courses.
• There are two A-Levels and three GCSEs required, including English and Math.
• International students will need a passport and transcripts from high school to study ACCA in Dubai. 
• Students in the UAE will need school transcripts, an Emirates ID (front and back), a passport, and visa pages. 
• Students in the UAE on a visit visa will need school or university transcripts, visa documents, and a passport.

If you don’t have these qualifications, you can join ACCA via Foundations in Accountancy (FIA) route and later progress to ACCA qualification.

3. Why Choose ACCA Course?

As an ACCA member, you will gain the tools to take businesses to the next level. You will become a strategic thinker and a person with high integrity along with excellent financial understanding. Besides  understanding what is ACCA and gaining the ACCA Qualification, you will earn the following during your qualification:

• Become a member of one of the world’s largest and globally recognized accountancy bodies with ACCA programme.
• Opportunity to Get BSc (Hons) in Applied Accounting from Oxford Brookes University after passing nine exams of ACCA by submitting a Research project.
• Pathway to get MSc in Professional Accountancy from University of London by completing two modules and one research project
• Open the ways for multiple career opportunities for yourself after gaining the ACCA qualification.
• Learn ethical practices during the ACCA programme which will help maintain the high ethical standards of the organisation you are a part of.
• Get resources, advice, forums and insights during your study and professional journey after completing the ACCA programme.
• Develop and learn new skills and get an opportunity to gain multiple qualifications after the ACCA programme.

What is CMA?

Certified Management Accounting (CMA) is an internationally recognized accounting course. CMA is certified by the Institute of Management Accountants (IMA), which offers licences to students after pursuing the CMA course. A CMA-qualified professional gains experience in financial decision-making with a strong understanding of key accounting principles. As a certified CMA professional, you can work in corporate financial accounting, strategic management and many other career paths.

1. What is the Process of CMA Training Courses? 

The CMA Qualification has two exams, which you need to complete within 12 months.

CMA Part 1: Financial Planning, Performance, and Analytics

CMA Part 2: Strategic Financial Management

After the successful completion of both exams, you will receive the CMA credential. These credentials will allow you to practise as Certified Management Accountant. 

After pursuing a CMA course, you will gain these two advantages in your resume: 

• Improved problem-solving abilities.
• Stronger analytical skills.

CMA training courses will allow you to begin an exciting career journey filled with the required skills and qualifications. If you want to become a successful management accountant, check the eligibility criteria below for the CMA course.   

2. What are CMA Course Eligibility Criteria? 

To earn the CMA certification, you will be required to meet the following standards: 

• Hold an IMA membership for CMA.
• Complete and pass part 1 and part 2 of the CMA Exam.
• Earn a bachelor's degree from an approved college/university.

Note: If you do not have a bachelor's degree in an accounting domain, you can also earn a professional certification. 

3. Why Pursue CMA Course?

CMA focuses on developing countries in general by offering accounting courses. When you finish your CMA, you will have the skills and expertise to work for any Fortune 500 company. 

The CMA training course offers both certification and open doors for career opportunities with higher compensation.

CMA requirements

As a CMA candidate,:

• You must have worked in management accounting or financial management for a minimum of two years.
• You must hold full-time professional experience, if possible. You should work continuously for a minimum of 20 hours per week. Part-time roles are also counted at a rate of one year parallel to two years worked.
• If you are in a full-time teaching profession, and 60 per cent of the course includes accounting and finance above the introduction level.

You now have a more detailed understanding of the differences between ACCA and CMA. Both courses are valuable in their respective fields, but it’s important to look carefully CMA or ACCA which is better, considering the future career you want.