The most easiest way for Indians working outside India to get ICWA qualification and CMA title is by doing CMA US and then applying for memebership in ICWA. CMA US can be done within one year by passing only 4 papers divided into two groups with 2 subjects each. The pattern of question is objective multiple choice. Also if done in India, CMA US gets the title of CMA though not membership.
So what is the difference between CMA passed graduates in India from ICWA and CMA US passed. The title remains the same in job market. Since practice avenues are not very bright, most of the cost accountants try to get into job market where they have to face this competition which is an increasing trend now. A CMA from India has to pass 14 papers in the old syllabus and the examination is also descripttive and not objective. The new syllabus contains 16 paper to become cost accountant.
If we look at the CA institute they don't have any tie up of this manner in respect to reciprocal membership without writing any corresponding exams. Also the title of CA is not shared in our country by any other profession. That makes them really exclusive.
ICWA tie up with CIMA London is ok since there are corresponding papers to be written in both countries to get the membership and also quality of CIMA is of very high quality at par with our professional programmes. Giving reciprocal membership with exemption in all papers would look to be a boon by many of our professionals, but in the real sense this is sure to back fire our profession. Tie up and reciprocal arrangement is ok upto joint research and development but not by giving fully exempted membership. An India CMA student from ICWA slogs it out to pass the exams while the CMA US students can get it more easily by completing the limited syllabus(not taking into account the indian financial environment including the laws and regulations involving commerce and tax) and objective papers with in one year.
It would have been better to have to old title of CWA to show the exclusivity of our profession just like CA.
Now membership in CA can also be had from CA Wales or reverse. But the syllabus of both are at par and the member has to pass the technical integrated exam of the foreign institute to practice in foreign country. So the exclusivity remains.
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