Most of the comments are from CA students. I advise them not to have a prejudice in mind that only CA are on top. That may be in small companies and a very narrow approach. There are many departments in an organisation like sales,IT,Legal etc. and all top positions are held by professionals like Engineers,Lawyers,CS,MBA,etc. and all are important and  powerful in their own domain. However, it is technical and marketing departments which have more say in the management/decision making. Further, Finance may not always be headed by CAs only. There are more cases of finance headed by MBA or even CWA guy.

Second perception that CA is the most rewarding profession is also not ture. The eminent lawyers are charging in the range of Rs. 2 lacs to Rs 5 lacs each client for argueing 15-20 minutes in High Courts/Supreme Court. Similarly, corporate law firms earn much more.

My humble plea to CA students not to indulge in such comparison. All professions are great and to my understaning the most versatile profession is law profession followed by medical .

@ Anandhu: You seem to be the BIGGEST fool , Who must have passed CWA and CS by cheating in Exams. Frastated of not geting job even after passing CWA and CS and thing will remain same even if you pass your " CA Inter Costing Exam". Here is what ICWAI  should do .....get the metal check up done for all the students so that no one like you can even join the course. I doubt you are a cost accountant. 

Dear Mr Anandhu AICPA and IMA use formatted examinations with multiple choice being the prominent method of examining the profeciency of candidates. The Examination is actually conducted by 'PROMETRIC' on behalf of these Institutes. The same 'PROMETRIC' is now being roped in to conduct Common Admission Test (CAT) of IIMS. Now, the whole world is shifting from your old Blunderbuss system being followed by ICAI or some other Institute. Even Company Secretaries Exams are somewhat modelled on what ICWAI is following these days. You mean to say ICAI Pattern is better than AICPA/IIMs etc. If you have cleared ICWAI exam by so much of 'FLUKE' than hard work then, please tear up those certificates rathar than boasting abnormally. Institutes choose which is best for maintaining their standards, if this bench mark is to be followed then you should be asking ICAI to revise its pattern of examining the candidates because it had added 6500+ members at one go. Where the objective of all the professional bodies is to limit and filter out the worthier than the lot who give that try, ICAI seems to have gone off the track - Please aim your gun at ICAI for the good of your Institute. I Personally beleive you have neither cleared ICWA or CS exams, not even a group in them. Good Luck.

Question pattern of ICWAI has been divided in two parameter. One is objective type with 25 marks. This area is impossible to carck properly if some body is not thorough in the subject matter. Mere copy cat  will never help. It is like a beating around the bush.

Another is subjective  with 75 marks which are normal set of questions. This standard questions are more  or less similar in both CA and ICWA exam.

Jun-11 term might be the first or second batch of the students for whom the new syllabus was made compulsory. During the transition from old syllabus to new syllabus all three professional institutes become liberal both in terms of questions and assessment. We saw the same thing in the year 2006 when ICAI undertook to change  its syllabus and decided to make it compulsory. We saw the result. Market was crowded with CAs.We saw the percentage of passing shot up to near 40%. If some body comes to the conclusion that CA standard and assessment procedure was below par, then he/she in fool's paradise.

Dear Anandhu- you are lucky enough that you could able to write the exam during this transition phase. Moreover, if it was so easy then how come the rate of passing could not touch the double digit? Good luck.

 

 

See it is totally personal interst to decide which course is to be opted, See the functional  domain of accounting cousres.

It is no doubt cwa is branch of accounting, but on the other hand CA or CPA is complete accounting qualification deals merely with public practice.

 

 

CPA US is just like CA india , it deals with the public accounting while CMA US is private body , which has no things to do with same.  See the functional and organisaional set up of both Institutes. 

CPA US (CA India) ;    (https://en.wikipedia.org/wiki/American_Institute_of_Certified_Public_Accountants)

Certified Public Accountant (CPA) is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA. Individuals who have passed the Exam but have not either accomplished the required on-the-job experience or have previously met it but in the meantime have lapsed their continuing professional education are, in many states, permitted the designation "CPA Inactive" or an equivalent phrase. In most U.S. states, only CPAs who are licensed are able to provide to the public attestation (including auditing) opinions on financial statements. The exceptions to this rule are Arizona, Kansas, North Carolina and Ohio where, although the "CPA" designation is restricted, the practice of auditing is not.

Many states have a lower tier of accountant qualification (below that of CPA), usually entitled "Public Accountant" (with designatory letters "PA"). However the majority of states have closed the designation "Public Accountant" to new entrants, with only about 10 states continuing to offer the designation. Many PAs belong to the National Society of Accountants.

 

Founded in 1887, the American Institute of Certified Public Accountants (AICPA) is the national professional organization of Certified Public Accountants (CPAs) in the United States, with more than 370,000 CPA members in 128 countries in business and industry, public practice, government, education, student affiliates and international associates^{[citation needed]}. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. 

 

CMA US (ICWAI);  Sources:https://en.wikipedia.org/wiki/Institute_of_Management_Accountants

 (IMA®) Institute of Management Accountants is a professional organization, set up as private body , headquartered in Montvale, New Jersey more than 60,000 professionals worldwide. The IMA vision is to be the leading resource for developing, certifying, connecting, and supporting the world’s best accountants and financial professionalsworking in business.

IMA is a collective voice for professionals around the world who work in business, distinct from public accounting.

IMA is committed to protecting business and society by assuring that accounting and finance professionals are ethically sound and appropriately qualified to work in business. IMA believes the organization is well positioned to uphold stakeholder confidence by working with organizations of all types and sizes to better understand the accounting process and the important contribution of management accountants.

IMA also awards the (CMA) Certified Management Accountant designation. CMA - IMA®'s (Institute of Management Accountants) certification for accountants and financial professionals in business. This globally recognized certification tests mastery of advanced accounting and financial management knowledge in four critical areas: financial planning, analysis, control, and decision support.

The CMA designation differs significantly from the CPA. The CPA targets public accounting and tests the knowledge required for public practice. The CMA focuses on internal requirements and targets corporate financial professionals. It has a broader industry related content.

On the basis of global practices, we moving to GOI to change total organisation set up of ICWAI. It can be transfrred from Ministry of Corporate Affairs to Ministry of Human resourees.

This will help ICWA to develop as independent professional educational body. At the same time ICAI or CPA India shuold focuss more on th public domain. Even Cost Audit should be given to CA or CPA.

 

Joshi ji,

Why are debating like child , who says CA is best profession ? But no doubt it is one of best professions in the country.

CWA is also good profession in general, but CA is preffred mere in society , pealple gives more recognition as there is more in public domain. Industry also gives more preference inspite of the fact they know ca are for public practice and compliance.

Challapali,

Do not comparae IMA US with ICWAI , please know the first difference.There is vast gap between two institutes.

ICWAI                                                                    IMA US

Statutory body                                                        Society (Not statutory body) ONLY AICPA is govt body in US

Regulates compulsory cost audit                      No regulation at all

14 subjects with 9 having "Management"        a very few course related with decision making 

(no any IIM has offered such

Articliship required copy from ICAI                NO articleship is required

4 Years course duration                                  One year duration

it is in competion ICAI                                      Attracts CPA to promote them in Bussiness 

 

 

  

Comparison is useless, even the person started comparison is aware of this fact.

Just leave this "USELESS" comparison and come to any fruitfull discussion. 

Please dont impose own biases on others, all the persons here are aware of all facts and are well informed.

I observe most of the negative comments are showing only the personal frustrations. I brotherly request them to refrain themselves from doing it because it only undignify themselve not the targetted profession or institute.

If I hurt someone, i really apologise but the "truth will be the truth always".

anandhu  said in one of his replys : ICWAI pass % is 90% where as CA is 2%. And he claims he is CWA and CS. Is it believable? Do you think he is CWA or CS based on his language (may be a CA) ?

 

atleast 25% of CA passed candidates might have started CA and ICWAI simultaniosly, they have passed CA, if they have passed easy course ICWAI, then also the number of ICWAIs might have exceeded 40000 (In addition to these type of people some people who exclusively attempt and pass ICWAI. If this number is also added, then number of ICWAIs would have crossed 75000).The number of ICWAIs passed till now is only 40,000, where as CAs it is touching 2 lacs mark.

The CAs failed ICWAI.

 

FOR COACHING CENTERS, TAKING CLASSES IN CA IS EASY, BECAUSE THEY CAN SHOW MORE PASS % FOR CA. SO CA COACHING CENTERS ARE MORE. BUT IN ICWAI THAT % IS IMPOSSIBLE. I SAW ADVERTISEMENT BY SEVERAL CA COACHING CENTERS SAYING "CA IS VERY EASY, EASIER THAN ENGINEERING". THESE COACHING CENTERS ARE RUN BY CAs.

Fully agree with Naresh. Historically ICWAI has been giving very less result in comparision with ICAI - the reason being restricted avenues in practice in comparison with ICAI. Just figure this out - the entry into CA profession was restricted by the number of CAs in practice and the number of Articled Trainees he can hold on to. But ICWAI never had such problems - it has a very huge annual intake - in the city where I stay itself not less than 1500 students enroll in Chapters (we have got 2 of them) and almost double the number go for Postal Coaching. This in a city with 10 engineering/ 2 medical & 7 MBA Collages including a Prestegious University. And the city population is round about 15 lacs only. Imagine the intake in Metros and State Capitals Pan-India Basis. Anyway the CA population at the turn of century was only 1,00,000. Now it is 1,75,000. Compare that with ICWA membership of 25,000 then and 40,000 now, If the May ICAI result is any indication (6500+ CAs) then the CA course, in my opinion is best fit for +2 droup-outs - some guarantted income with Certificate.

Dear ANANDHU,

Please tell me the marks scored by you in paper 16 ?(Advanced Financial Accounting and Reporting) of CWA-Final. This will justify why you cleared the CWA but got fluked in CA exams again and again.

If i am not wrong your marks in paper-16 (AFA) will be between 40 to 45 (even you got marit certificate for clearing both groups in one attampt). I know several examples like you who got this destiny by never noticed. If dare to post your marks sheet, it will be really great.

Will you accept my challenge?

Dear All, I appeal to all my fellow professionals to stop this comparison at once. What do we try to achieve? Let us  discuss something which are constructive in nature and helps the  entire gamut of the professionals (ca/icwa/cs).

@ Prasad Sir, : I think this debate & quarrel will never comes to an end until CAs/CA students( am not generalized ) learn to approach professionally towards other professional bodies..it wil not stop until CAs/CA students( am not generalized )  accept the quality of CMAs..It will be going on until CAs/CA students( am not generalized)  accept that passing the ICWA exams are not a matter of  joke.... They( am not generalized )  should know how to  behave with other professionals.

CA institute has problem not only with ICWAI, they also had a problem with ICFAI as well.. So, it will be sort out if they  ( again am saying ,am not generalized ) respect  a global accountant body(ICWAI) which is one of the Founder member of the IFAC, if they doznt know how to interact with CMAs, then they are ignoring the quality of number of successful Corporate leaders( Coz, Indian/Global Corporate sector is headed by Cost Accountants as well).., And  this is not a fair attitude.(its my personal opinion). 

Lobby of chartered accountants in India are very strong comparing to the Cost & Management Accountants, & CA institute knows BACK DOOR POLITICS very well also. this is the reason why , CAs are getting more & more avenues for practice.. but just bcz CAs are having there stromg lobby that doznt mean they will ignore the quality (even presence ) of Cost Accountants!!

 

 

Thanks,

CMA. PRALAY CHAKRABORTY

(Cost & Management Accountant)