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Originally Posted by Bonded
Thanks for the responses thus far,
I wanted to go onto higher end management, but is there a substantial difference between the work done. I am worried about CA because they seem to do more auditing. I thought CMAs were bigger picture and CAs were more detail.
What about workload, do both have the same work/life balance. This is important to me. I would rather make less money and have time to have some fun.
Also, are the employability levels about the same or does one have a distinct advantage?
ps- I am also on my way to become a certified HR personnel, is this in any way advantageous in combination with a CA/CMA designation (I know they are not completely related but the HR designation is not difficult for me to get, so I figured what the hell)
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I'm a CA and a strong opponent of the merger. I know a few CAs and have met a few more at the town halls and discussions that want the merge, but there only a small chance it will happen this time. It's the fourth time they've tried to merge and it's been the most successful in far of how far it's gotten, but it could take a few more rounds. The biggest reason it would pass this time is if Ontario merges. Quebec is likely to merge, which could trigger a chain reaction.
As per your post, each designation will try and say why they are better at certain things. The CMAs have done that with the big picture. They'll even argue against the merge saying they specifically wanted to be a CMA in order to strategically think about the future instead of analyzing the past. CMAs aren't the only ones who can think about the future. In my experience CAs aren't as detailed as CGAs, because of the work they do.
During the first three years out of university, there is no comparison of work/life balance between a CA and CMA student. I worked 60-80 hours a week during busy season and 50 hours per week during the slow season at KPMG. CMA students I went to school with were at TELUS, Nexen, Husky, etc. were working 37.5 hours, taking 1 hour lunches, earning 30% more in salary than I was and were earning options.
The payoff comes after you finish articling and pass the UFE. Your yearly pay bumps are substantial and you are always being recruited to go into industry. I left public practice and am a controller or a real estate development and capital group of companies. You don't realize how good your training was and how valuable articling is until you are able to put your critical thinking and business decision making tools to use. Yes articling is mainly about audit, but while you are auditing you are also learning how the business works. You get to see many different types of businesses, and all different parts of each business. The CMA students I went to school with received far less training and far less exposure to the business world.
I now have a great work/life balance, but it took 8 years to get there. I still have busy times of working 50 hours a week, but I also have weeks where I go to the golf course 5 times.
As for employability, the CAs will have the widest appeal. Many designated accountants will favour their own brand, but the general population will consider the CAs the preferred one. I would not have gotten my job if I wasn't a CA. My company was founded by two CAs, who had founded their own CA firm. My boss is also a CA and a VP is a CA. They wanted someone who would think like they did and would have the training a CA did.
You can be successful with any of the designations as long as you work hard and are smart. There are many successful and wealthy CMAs, CGAs and CAs. If you want the best training and highest marketability once you have your designation, the CA is the way to go. If you don't want or can't commit to the articling, schooling and studying of a CA, the other two designations offer you different versions. I work with a CGA who didn't want a CA because, in her words, "she didn't want to suffer for three years and would rather enjoy life".
Take what THE SCUD says with a grain of salt. He doesn't consider Mount Royal a real university and doesn't think students from there go to Big 4 firms. I proudly graduated with a degree from there, articled with KPMG, work as a controller of great company with eyes on being the CFO. He also thinks that if there is an s there needs to be an apostrophe right before it.