US CMA Vs. IFRS - A Complete Guide
admin 22 Apr, 2024 The finance and accounting landscape is evolving quickly. It provides several rewarding career opportunities. But these opportunities are not readily available. You have to stand out among a pool of applicants. Acquiring expert certifications is the best way to do this. These certifications greatly enhance your skills and knowledge and also enable you to go into the global finance and accounting job market. Two such certifications are the US CMA and IFRS. The superiority of these accreditations results in the ultimate US CMA vs IFRS debate.
When choosing between US CMA and IFRS certifications, finance and accounting students and professionals often get confused. It is when they need a thorough comparison between the two. Comparing the two courses based on various factors like eligibility, cost, and job opportunities helps make the right choice. If you are stuck when choosing between US CMA and IFRS, you must go through a detailed differentiation process. This blog is your ultimate guide for US CMA vs IFRS certifications.
Continue reading this blog for a thorough US CMA vs IFRS comparison. It will compare the two courses based on various factors to help you choose the most suitable one for a flourishing career. But, before starting with the comparison, it will introduce you briefly to each course.
US CMA
The US CMA certification offered by the IMA is a highly reputed accreditation. The US CMA program concentrates on improving candidates' accounting knowledge and abilities. CMAs get hired by the top firms worldwide.
IFRS
Accounting aspirants can obtain certification in IFRS from the Association of Certified Chartered Accountants. The program is detailed and has an extensive syllabus. The IFRS study course was created to discuss the International Financial Reporting Standards. The program develops a deep and broad understanding of the effect of these standards, concentrating on both the practice and the principles. It is going to give you an understanding of the framework of the International Accounting Standards Board.
US CMA Vs IFRS
With a brief understanding of both of these courses, it's time to delve into the thorough comparison of US CMA vs IFRS.
US CMA Vs IFRS Eligibility
US CMA
The below-listed requirements are necessary for the US CMA examination.
- Bachelor's degree in economics or accounting
- Two-year work history in the finance or accounting sectors
IFRS
Below are the eligibility requirements for the IFRS certification:
- Graduation degree
US CMA Vs IFRS Exam Syllabus
US CMA
The US CMA is a two-part exam.
CMA Part I Financial Planning, Performance, and Analytics
- External Financial Reporting Decisions
- Planning, budgeting, and forecasting
- Performance Management
- Cost Management
- Internal Controls
- Technology and analytics
CMA Part II: Strategic Financial Management
- Financial Statement Analysis
- Corporate Finance
- Decision Analysis
- Risk Management
- Investment Decision
- Professional Ethics
IFRS
The IFRS exam has a comprehensive syllabus with the following topics:.
- The International and IFRS Accounting Standards
- IFRS Accounting Standards
- Revenue, presentation, and profit
- Accounting for non-current assets
- Accounting for assets, impairments, and grants
- Accounting for leases and specialized assets
- Accounting for financial instruments
- Accounting for liabilities
- Group Accounting, Part 1
- Group Accounting, Part 2
- Disclosure standards and first-time adoption
- IFRS Accounting Standards and other reporting frameworks
US CMA Vs IFRS Exam Cost
US CMA
For professionals-
- CMA Entrance Fee: $300
- CMA Exam Fee: $495 per part
- Membership- $295
For students-
- CMA Entrance Fee: $225
- CMA Exam Fee: $370 per part
- Student Membership: $49
- Academic Membership: $160
(Membership fees do not contain processing and maintenance fees.)
IFRS
For ACCA members
- Assessment only: $130
- Assessment + Course (Collectively): $210
- Assessment + Course (Separately): $130 for each
For non-members
- Assessment only: $175
- Assessment + Course (collectively): $285
- Assessment + Course (Separately): $175 for each
US CMA Vs IFRS Job Opportunities
Below is a list of US CMA vs IFRS job opportunities.
US CMA
- Budget Analyst
- Cost Controller
- Cost Accountant
- Financial Analyst
- Staff Accountant
- Treasurer
- Chief Financial Officer
- Internal auditor
IFRS
- External Auditor
- IFRS Expert
- Financial Controller
US CMA Vs IFRS Scope
US CMA
US CMAs get advantageous opportunities. This course engages candidates in several skill-building concepts. Such candidates are in high demand due to their rapid evolution. CMAs are popularly hired by the Big 4 and other top firms.
IFRS
IFRS-certified experts have extensive knowledge of the IFR Standards. These professionals are highly capable of ensuring that a company’s operations comply with these standards. Various leading companies around the world hire IFRS-certified individuals. They are in high demand in the 166 jurisdictions that follow these standards.
US CMA Vs IFRS Exam Windows
US CMA
Every year, the US CMA exam has the following windows: -
- January and February
- May and June
- September and October
IFRS
Every year, the IFRS exam has the following windows: -
- June
- December
US CMA Vs IFRS Salary Comparison
US CMA
- For freshmen, Between INR 4 LPA and INR 6.6 LPA
IFRS
- IFRS Specialists: Around INR 7 lakhs per annum
- Seniors can earn more than the base pay.
US CMA Vs IFRS Course Duration
US CMA
The US CMA course can be completed between 6 and 9 months with NorthStar Academy. However, it would be best if you were wholly dedicated to preparing to complete the course during this duration. Choosing the top institute to pursue this certification is also essential.
IFRS
When you choose the top institute to pursue the IFRS certification, you can acquire it in around 12 months. However, complete dedication to preparation is necessary. You will also need the right guidance for the preparation.
US CMA Vs IFRS Benefits
US CMA
High Demand
One of the top advantages of the US CMA certification is that it keeps you in high demand. The changing accounting world increases the demand for certified professionals. Therefore, top firms and corporations are continuously looking for US CMAs worldwide.
High Salary Packages
US-certified management accountants make considerably more than non-certified individuals. According to one of the IMA’s surveys, US CMA professionals earn 21% more as compared to non-certified accounting professionals.
Global Networking
When you pursue this professional certification, you will connect with several frontrunners in the accounting world. Additionally, whenever you obtain the certification, you will join IMA's global community. This particular system involves about 140,000 accounting and finance experts worldwide. As a member of such a recognized network, you will have better learning and career opportunities.
Global Recognition
The US-certified Management Accountants are recognized globally. This certification opens doors to several exciting career opportunities. From leading firms to the Big 4, numerous employers hire CMAs and offer high-level positions.
IFRS
Adds Value to Your Accounting Career
The IFRS certification adds value to your accounting career. CAs, CPAs, CMAs, and ACCAs get the IFRS certification to enhance their knowledge, skills, and work. The enhanced IFRS knowledge and skills add value to their job and career.
Global Recognition
The IFRS certification is also appreciated for its global recognition. Leading employers around the world look forward to hiring IFRS-certified professionals for their expertise. These professionals are especially in high demand in the 166 jurisdictions following the IFR Standards.
High Salary Packages
IFRS-certified professionals get high salary packages. Compared to non-certified individuals, the salaries of these professionals are much higher.
FAQs
- Which is the US CMA vs. IFRS better?
Both of these courses offer some significant advantages. Nevertheless, the best option for you will depend on your preferences and goals. A thriving career awaits you regardless of what you choose between these two.
- Who can choose IFRS?
Any finance and accounting student with a Bachelor’s degree can pursue the IFRS certification. Professionals looking forward to enhancing their skills and knowledge can also choose this certification for upskilling. It is a popular choice among CPAs, CAs, ACCAs, CFAs, and CMAs to add value to their careers.
Wrapping Up
Knowing the primary differences between US CMA and IFRS is essential for financial professionals navigating the worldwide business landscape. Every course has complexities and merits, impacting your decision-making process and analysis. Whether selecting US CMA or IFRS, you are assured of building a flourishing career. So, the ultimate US CMA vs IFRS debate ends, as it all depends on your choice. Whichever course you opt for, be ready to have some fantastic career opportunities.
US CMA and IFRS certifications bring the best opportunities. However, you will be able to get these opportunities only when you clear your respective examinations with high scores. It is where you will come across the top institute to pursue these certifications—
Connect with us on