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Should CA CS CMA be recognized as degree of an University?

Should CA CS CMA be recognized as degree of an University?

Should CA CS CMA be recognized as degree of an University? –  It is a well known fact that qualification of CA, CS & CMA are not recognized as equivalent to graduate/post graduate degree of a recognized university under Sec 22 of UGC Act. Moreover, there is no provision of recognition under AICTE Act as well. However Membership of the ICAI, ICSI & ICAI (Cost) are recognized as professional qualification under Companies Act, Income Tax Act and some other financial & revenue laws.

Should CA CS CMA be recognized as degree of an University?

Should CA CS CMA be recognized as degree of an University? CA, CS, CMA is not even equal to ordinary graduate, while on other hand, it is one of top most recognized & respected educational qualifications.
All 3 institutes should join hands to recognize one another qualifications, extend paper wise exemptions, foster partnership & LLP firms among the members of 3 institutes.

Moreover, the Practice Certificate should be given by a separate authority constituted jointly by 3 institutes & all rules n regulations of professional practice, ethics, misconduct etc must be handled by a separate authority having members of 3 institutes like BCI. Advocates Act should be amended to include CA, CS, CMA in practice as Authorized Representative of the plaintiff & respondent in the area of financial, economic, revenue n business laws where they are currently authorized to practice. These changes will bring about recognition n respect to the profession as educational qualification as well as profession. Professional in the employment will also get a new status and will be able to serve the society professionally.

Students comments about Should CA CS CMA be recognized as degree of an University?

  • CA, CMA and CS are neither a degree nor a diploma.

    These are professional courses, like MBBS, BL etc.

    ICAI, ICMAI and ICSI are the Institutes that offer the respective professional courses, and were created by an Act of the Parliament.

  • They are neither degree nor diploma.

    They are the qualifying criteria to seek membership of the respective professional bodies. Each Institute, then has had MoUs with various Universities… to have their membership be recognised as equivalent of some degree of theirs…. ONLY IF the Member was seeking pursue any further academic qualifications.

  • it will CA CS CWA are highly paid. professions . if it is made a university degree , then what difference will remain amongst us and mamuli engineers
  • only c.a course or icai is not giving exemption to c.s and cma in their courses but as per tie up c.s and icwai is giving.also in c.a graduation is compulsory for getting membership of ca hence logically it higher qualification than any graduation

Should CA CS CMA be recognized as degree of an University?

Chartered Accountants (CA) Vs. Cost & Management Accountants (CMA/ CWA)

 CA

 CMA/ CWA

Chartered Accountancy (CA) is one of the most prestigious qualification in accounting and finance degree. Chartered Accountancy equips a student with thorough knowledge of auditing, taxation and accounting.A Cost Accountant is expected to collect, assimilate, collate and analyze financial information from all areas of the organization. A cost accounting degree equips you with the knowledge on how to manage finance competently.
It is important for students to register with the Institute of Chartered Accountants of India (ICAI) to appear for the examination. Institute of Cost Accountants of India (ICAI) [previously known as the Institute of Cost & Works Accountants of India (ICWAI)] promotes, regulates, and develops the profession of Cost & Management Accountancy in India.

 

Levels of Chartered Accountancy:

  • Entry Level Test: Common Proficiency Test
  • First Stage of Theoretical Education: Professional Competence Course
  • Final Stage of Theoretical Education: Final Course
Levels of Cost Accountancy:

There are 3 levels:
Foundation, Intermediate and Final examinations and three years of practical training.

If you have passed 10+2 from any stream from a recognized school, you are eligible to apply for the Common Proficiency Test (CPT). If you have got registered for the Common Proficiency Test 60 days prior to the first day of the month in which CPT examination is to be held can appear in the examination i.e. on or before 1st April and 1st October for appearing in CPT examination to be held in June and December respectively. Common Proficiency Test examinations are held in June & December every year.Eligibility for admission to“foundation” level: passed Class 10 or equivalent from a recognized Board or Institution.
Eligibility for admission to“intermediate” level: Passed Senior Secondary School Examination (10+2) & Foundation Course of CMA (ICAI)/ Graduation in any discipline other than Fine Arts/ Foundation (Entry Level) Part I Examination of CAT of the Institute/ Foundation (Entry Level) Part I Examination and Competency Level Part II Examination of CAT of the Institute OR Passed Foundation of ICSI/Intermediate of along with 10+2.Exams are held twice a year – June & December
Candidates would have to work under a senior for three years to qualify for the final examinationsNo such requirement.
Chartered Accountant (CA) has thorough knowledge of every aspect of accounting, auditing and taxation.Cost & Management Accountant (CMA) has knowledge of cost & financial management to ensure a balance between expenditures & available resources.
 CAs are involved in core accounting work of an organization Cost accountants are involved in the costing part of financial transactions.
 CAs analyse risk and design efficient financial system Cost Accountants assess the feasibility of projects vis-à-vis available funds
Taxation and auditing are main duties of a chartered accountantCost management and designing cost control methods are main duties of a cost accountant
 Important skills required is that of patience and confidence to handle responsibilityGood communication is a key skill in cost accountants
Scope and Career Prospect: Chartered accountants are involved in a variety of roles. They are either employed by a company or are practicing chartered accountants. They are involved in:·         preparing financial statements and management reports

·         liaising with internal and external auditors

·         carrying out taxation and auditing work

·         advising on tax and efficient tax planning

·         preparing the annual reports

Quality chartered accountants are always in high demand. Demand for professionally qualified accounting personnel for advising on cost control and financial investments are always high. As a fresher, you will start your career as internal auditor or as a team member in the finance department of an organisation.

Salary: A CA definitely earns more than a CWA. If a CA gets a job into any of the big 4 companies (i.e. Ernst & Young, Deloitte, PWC and KPMG) then startingsalary would easily be Rs.5 lakh per annum. After 5-6 years, they get paid as much as Rs. 12-15 lakh yearly.


Career Prospects: 
Every organization needs a good cost accountant. You can also take up consultancy work with various firms. With experience and training, cost accountants can hold top management position like Financial Controller, Chief Accountant, Cost Controller, Marketing Manager and Chief Internal Auditor.Options are also open to CMA (previously CWAs) to directly register in M.Phil and Ph.D. courses in commerce as decided by the Association of Indian Universities. All India Council for Technical Education or AICTE decided that Fellow members of ICWAI will be treated at par with the persons holding Ph.D. degree for appointment in the posts of Professor and Lecturer in Professional and management Institutes.
Salary: CWAs earn lesser, starting off at an average of Rs.3 lakh p.a and getting a pay package of around 8 – 10 lakhs after 5-6 years of work experience.Also, CWA jobs are generally restricted to the manufacturing industry so scope of employment reduces as compared to CA.

Should CA CS CMA be recognized as degree of an University?

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