CIMA® (USA) and CA, both provide their unique benefits, and it’s not a matter of one credential being better than the other, but a matter of which one is better for your career and interests.

The CA in India is considered as a professional degree and is an Indian Accounting professional license, while the CIMA® is a globally recognized certification in investment accounting and management accounting.

The CA is most appropriate for professionals seeking to work in public practice work such as:
• Accounting and tax services
• Auditing and other attestation services
• Consulting services

CIMA® certification is more appropriate for professionals seeking work in multinational corporations, investment banking, brokerage firms, mutual funds, hedge funds, etc., and also other business entities. People may choose a different field of work based on their interests and overall other industry experience.

A person who gets a CA degree and the professional license typically begins work as a public accountant (generally in tax and auditing), while a person who gets a CIMA® certification often works as an investment accountant and as a management accountant but may work in a wide range of other fields as a strategic adviser.

WHAT IS A CA?

The Chartered Accountants (CA) is an Indian professional accounting degree and also is an Indian Accounting professional license, issued and administered by the ICAI (Institute of Chartered Accountants of India). These accounting professionals are authorized to conduct audit levels and can also sign tax and various regulatory filings and documents.

Passing the CA exam requires demonstrating mastery across five key knowledge areas such as.
• Financial Accounting & Reporting
• Business and Corporate Law
• Auditing & Assurance
• Taxation
• Regulations

Demonstrating mastery of these knowledge areas will help you establish yourself as a respected and accomplished accounting professional.

WHAT IS A CIMA®?

Chartered Investment and Management Accountant (CIMA®) is a certification issued by CIMA Institute, American Council of Professional Accountants after passing the Level 1 and Level 2 examinations. Passing the exam CIMA® exam certifies your expertise in the areas of investment accounting and management accounting.

The CIMA® exam has two Levels of exams to test your investment accounting and management accounting knowledge area through

Level 1 - Foundational Principles & Concept Frameworks in investment & management accounting
Level 2 - Application Principles & Practice Frameworks in investment & management accounting

Through the CIMA® exam prep journey and passing the two levels of the CIMA® exam you develop specialized skills in investment accounting along with knowledge in the more strategic management and finance areas. This gives you the dual option of either growing your career in core accounting in investment banks, brokerage firms, mutual funds, hedge funds, or as a strategic management accountant. This gives significant expertise in not only basic financial and investment accounting methodologies but also strategic management and business decision-making.

THE QUESTION IS WHY CHOOSE? EARN BOTH - CA AND CIMA®

One of the first career decisions accounting students and accounting professionals make is whether to pursue their CA (Chartered Accountancy) or CIMA® (Chartered Investment & Management Accounting) —but who said you have to choose one or the other? Particularly for CAs, dual certification can be immensely rewarding.

Here are a few reasons why:

1. Differentiate yourself from your colleagues
2. Command an even higher salary
3. Better serve your clients and add value to your employer
4. Pave a path to management
5. Prepare for both exams efficiently with overlapping content
 
FROM PUBLIC ACCOUNTING TO INVESTMENT AND MANAGEMENT ACCOUNTING

The CA is a very prestigious and thorough certification. Completing it is a great accomplishment and means you will be ready for a successful career in public accounting. However, many people who get their CA find that their interests change over time. As new opportunities arise, you might find that you want to get a new certification or switch your focus. If you have your CA and you still enjoy working in the field of public accounting, then you may not need additional certification. If you’re happy doing audits and financial reporting, your CA qualification will be more than enough to get you through this type of work.

However, if you feel like you want to move into the areas of investment or management accounting or move into investment banks, brokerage firms, hedge funds, or mutual funds, etc. then you may want to consider getting your CIMA® after the CA. Let’s look at why CAs will be really much better off when armed with CIMA® and their double specialization in investment and management accounting.

CAs CAN USE THE CIMA® TO WORK IN INVESTMENT AND MANAGEMENT ACCOUNTING

If you’re considering the CIMA® after the CA, it can be an asset if you plan to work in investment or management accounting areas.

This is because the CIMA® specifically focuses on more aspects related to investment and management accounting and avoids financial accounting which CAs know too well already. However, the best piece is that the journey of earning the CIMA equips CAs with knowledge in areas which they probably never got an opportunity to formally learn - international business; strategy; international finance and forex management; management accounting in a global context, and of course, technology and automation in accounting. This added knowledge enriches the perspective of CIMA-holding CAs and prepares them for higher-order, strategic assignments that demand generation and management of financial intelligence through accounting.

While CA focuses on developing knowledge in the area of audit and assurance, financial accounting and reporting, business and applied finance, cost accounting, and taxation in the Indian context; CIMA® does not focus on financial accounting and is woven around global accounting standards, not India. That said, CAs are best placed to take to CIMA just about any time they wish to.

They may decide to do the CIMA® right after the CA, if they know from the start that they want both certifications. However, what is more, common is that a person will work in the field with their CA for some time, possibly years, then decide they want to go for the CIMA® later. Usually, this happens because their interests change, or they move into a more specialized type of accounting that the CIMA® would help them with.

WHEN TO CONSIDER THE CIMA® AFTER CA

As explained above, you might decide to take the CIMA® after the CA if you are transitioning from one job to another. For example, moving from public accounting into a corporate position might open a situation where having your CIMA® is useful.

Understanding the roles and the specific job responsibilities that people with each certification might do will also help you know when to consider the CIMA® after the CA.

BENEFITS OF CA AND CIMA® COMBINATION

If you get both the CA and the CIMA® certifications, you can say that you have what is called a “combination” certification. Since you would work very hard to earn the two qualifications, your current and prospective employers or your clients obviously stand even more assured in dealing with you.

The CIMA-CA combination gives you the upper hand over others who have just one of the two certifications. It is a competitive market these days and you can put yourself at an advantage over your colleagues if you have both certifications.

In addition to the clout you earn by having both certifications, you will get additional education that makes certain job tasks easier. There is more to it than just getting some new letters after your name. You will also be able to use the skills you gain from these certifications. This could allow you to get a promotion, work for a new company, or even do more while in business for yourself. There are many options and many doors that open up for you once you hold the certifications.

Being dual-specialized is also very financially lucrative. Of the many benefits of the CA and CIMA® combination, the potential salary is at the top of the list. In simple terms, you can stand to make a lot more money.

CA AND CIMA® COMBINATION SALARY

How much money can you stand to make with the CA and the CIMA®?

This is an important question for candidates considering both. There is going to be a significant time and financial investment to obtain both. It is estimated that professional with dual certification of CA and CIMA® tends to make at least 20-25% more than their counterparts who have single certification.

What can you look to make in return once you hold both of these certifications?

It is estimated that professional with dual certification of CA and CIMA® tends to make at least 20-25% more than their counterparts who have single certification.