Difference between CS and CMA
The course of a CS is a professional course conducted by The Institute of Company Secretaries of India (ICSI). The course consists of three stages, Foundation, executive and professional program. A candidate should be 10+2 to start up with a foundation program. There are various institutes that provide training and education to cost and management accountants in India. These institutes are dynamic, premier and professional institutes that are professionally associated towards the industrial and economic development of the nation. The accountant in this profession handles the responsibility as Cost and management Accountants.
The job is basically concerned with the provisions and application of accounting information to managers within organizations that help them to make informed business decisions. The basic tasks these accountants perform includes the process of identification, measurement, collection, analysis, formulation, rendering and communication of information and eventually takes place the preparation of a financial report.
The ICMAI course is divided into 3 parts. First is the foundation course, which needs a minimum qualification of 10+2, however candidates already applied for the 12th and are awaiting for the results can also apply for the foundation course. Then comes the intermediate course. Although, students who are graduated directly become eligible for the intermediate course, they can skip foundation program. Then comes the final course.
ICSI or the Institute of company secretaries of India is the leading entity that offers valuable certifications to aspirants in the company secretarial program. The major responsibilities of the institute include registering and keeping track of students, offering opportunities for practical training along with theoretical sessions, conducting examinations in company secretaryship, issuing Government Diploma to successful candidates and so on. Whereas, for Cost and Management Accountant there are various other options, such as doing a certificate course in financial management or choosing up a financial planning course for your post graduation. Apart from the Institute of Cost and Management Accountant of India (ICMAI), many other ICMA institutes promise to offer an accountant course of this level. Mostly commerce students are eligible for this program.
However, to enable non-commerce students the ICSI has made it compulsory to take up a course or oral tuition in those subjects of the foundation examination which he/she had not studied at the graduate or post graduate level. So, basically CS handles the legal matters related to the company and CMA specializes in handling the accounts, bookkeeping and audit. ICMA includes collection, assimilation and analysis of financial information from all areas of the company while the role of a CS is that of an advisor in the legal matters of the company. They act as an intermediate between the company and its board of directors, stakeholders and the regulatory authorities. Students, on completion of the CS course can find employment in government accounts or departments of law. Of late, ICMAI course was lagging behind. However, there were important changes in the regulations which has made this profession lucrative both on the professional front and practice. It is expected that the ICMAI courses will also attract more students in the coming years due to the increasing horizon of the profession.
