CMA Versus CA

[Bonded]

Hey CP,

I am considering either becoming a CMA or CA, and I know there are a few CAs out there, and was wondering if there are any CMA's out there. I know CAs make a fair amount more money over the long term but is the work a lot different that what one would do as a CMA.

FYI, I am going to do one of the fast track programs (already have a degree in International Business, but I want a future proof designation).

Also, I know there are some political issues between the accounting designations, if possible can we keep those out.

Thanks!

[sixpacked]

Originally Posted by Bonded

Hey CP,

I am considering either becoming a CMA or CA, and I know there are a few CAs out there, and was wondering if there are any CMA's out there. I know CAs make a fair amount more money over the long term but is the work a lot different that what one would do as a CMA.

FYI, I am going to do one of the fast track programs (already have a degree in International Business, but I want a future proof designation).

Also, I know there are some political issues between the accounting designations, if possible can we keep those out.

Thanks!

Actually there are discussions/talks of the CAs and CMAs merging to become one accounting body/designation. What type of position are you looking for or are in? Public practice/industry/government? Not many CMAs in public practice, but a lot of CAs are.

[bradster57]

I read yesterday that CGA Alberta is now finally in on the merger talks too. So maybe one day it will all be one designation, which is good. A lot of employers in industry don't care one designation from another anymore, maybe outside of financial reporting.

[THE SCUD]

Originally Posted by Bonded

Hey CP,

I am considering either becoming a CMA or CA, and I know there are a few CAs out there, and was wondering if there are any CMA's out there. I know CAs make a fair amount more money over the long term but is the work a lot different that what one would do as a CMA.

FYI, I am going to do one of the fast track programs (already have a degree in International Business, but I want a future proof designation).

Also, I know there are some political issues between the accounting designations, if possible can we keep those out.

Thanks!

CMA's are more your true accountants, and meet a glass ceiling generally at managerial level, like manager of operations accounting level. They generally excel at general accounting like reconcilations and allocations, but are weaker than a CA in high level, big picture business level decisions and finance.

This is why

A) CA's make more

B) Controller/CFO are 9/10 CA's.

CA is the gold standard, but if you're looking to be a well paid, mid-level manager, CMA is faster and easier and you make more to begin.

[THE SCUD]

The ICAA came out yesterday and confirmed that any merger would be subject to a vote. There is 0% chance it goes through, considering not a single CA I have met is for it.

[sixpacked]

Originally Posted by THE SCUD

The ICAA came out yesterday and confirmed that any merger would be subject to a vote. There is 0% chance it goes through, considering not a single CA I have met is for it.

A lot of legthy discussions for 0% chance.

[darklord700]

Originally Posted by THE SCUD

The ICAA came out yesterday and confirmed that any merger would be subject to a vote. There is 0% chance it goes through, considering not a single CA I have met is for it.

Prestige is a factor. However, the reality is that after adopting IFRS, CICA doesn't have the clout it used to have. And then CMA/CGA are stealing all the slave articling students from the big four.

Status quote means CAs are the big fish in a small pond. Merging will allow CAs to be the alpha dogs in a much bigger pond. That's why ICAA is interested in this merger.

The distinction will still be there for the next ten years at least.

[SeeGeeWhy]

The way I understand it is that a CA can oversee and sign off on a proper audit whereas a CMA/CGA cannot.

[The Yen Man]

I'm a CMA. I'll be honest, if you don't mind either or, go for the CA. It'll generally open more opportunities for you than either CGA or CMA. Like it or not, its looked upon as the better of the 3.

I also read a lot lately of the merger, and honestly, I wouldn't want to the merger to go through either. They still want to distinguish between the 3 (ie. if they call it a CPA, you'll have CPA-CA, CPA-CMA, and CPA-CGA). If that's the case, what's the point? The CA institute itself is desperately trying to merge because they want access to all the money that CMA and CGA institutes rake in (since their membership is so high in number compared to the CAs), but the CA members themselves want to keep their air of self importance intact. Afterall, how can they continue to look down on the other two designations when they're part of the same group right?

[sixpacked]

Originally Posted by SeeGeeWhy

The way I understand it is that a CA can oversee and sign off on a proper audit whereas a CMA/CGA cannot.

Nope CGAs can as well except in Ontario I believe.

[opendoor]

Originally Posted by SeeGeeWhy

The way I understand it is that a CA can oversee and sign off on a proper audit whereas a CMA/CGA cannot.

I believe that varies by jurisdiction and I think it's changed over the years. CGAs and CMAs never used to be able to do audits in Ontario or Quebec but could in most other provinces. I think that's changed now though and they can do them pretty much anywhere in Canada.

[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)

[SeeGeeWhy]

Ah! Good to know. Does that mean I can get audits done from a CGA at 70% of the price a CA charges?

[darklord700]

Originally Posted by The Yen Man

They still want to distinguish between the 3 (ie. if they call it a CPA, you'll have CPA-CA, CPA-CMA, and CPA-CGA). If that's the case, what's the point?

The point is to bring about the change gradually. The CAs can still look down on CMA/CGA for the next ten years at least while getting the membership dues and access to more articling students. After ten years, the number of CMA/CGA will decline due to retirement so they are not giving that many free passes to too many CGA/CMA.

[sixpacked]

Originally Posted by SeeGeeWhy

Ah! Good to know. Does that mean I can get audits done from a CGA at 70% of the price a CA charges?

LOL not quite, but it will be probably lower. Why do you need an audit, are you publically traded or a NFP?

[The Yen Man]

The main advantage that CAs have over the other two is in fact the gruelling articling that they're forced to do (and hate) when they first start out. Doing so exposes you to a variety of different companies and industries. The reality is, you can't get that kind of exposure if you are a CMA or a CGA, as you're most likely in one company for your first few years.

Also, if you want to focus on tax, then definitely go the CA route as well. You get a lot more opportunities there.

As you move up the corporate ladder, designations start to become a little less important, and its your other soft skills that will give you an edge. I've seen CAs who become managers, but are stuck at that level for a long period of time. I mean, honestly, there aren't a ton of VP and CFO jobs out there. Each company only has one of each usually. Once you hit that level, even CAs are just a dime a dozen.

[The Yen Man]

I'm honestly not even sure why CGAs would consider it. I mean, of the 3, they by far rake in the most cash since they are so easy to enroll in. You pay the money, and you're in the program. I mean, lets be honest. From my experience the CGA is everyone's back up plan. Everyone I've interviewed or talked to are "in their 1st or 2nd level of CGA". Whether they finish it or not, that's another question as it still takes a lot of work to get the actual designation. But in the meantime, these guys are just pouring money into the CGA. Why would they even consider letting the CMAs and CAs hav access to their cash?

[MoneyGuy]

Originally Posted by THE SCUD

CMA's are more your true accountants, and meet a glass ceiling generally at managerial level, like manager of operations accounting level. They generally excel at general accounting like reconcilations and allocations, but are weaker than a CA in high level, big picture business level decisions and finance.

This is why

A) CA's make more

B) Controller/CFO are 9/10 CA's.

CA is the gold standard, but if you're looking to be a well paid, mid-level manager, CMA is faster and easier and you make more to begin.

Do they really? I have a couple of clients who are CMAs and a CMA friend and they have run companies. As for B, I don't work in that field but I have seen CMAs who are CFOs and very senior in their firms. But I can't say for sure.

[JMN]

From what I understand, CMAs can sign off on audits as long as they take additional courses (need to double check this though).

There's definitely a lot more higher up executives that are CAs, but I've met a few CMAs that are in the high end position as well and love their CMA designation. I would go CA if I were you. Like Yen Man said, it's looked at as the best of the three and will open more doors for you.

Yes, it is true that CAs on average make more money than CMAs. CAs also on average work more hours per week than CMAs.

[THE SCUD]

CA's make the most, on average, of any profession in Canada. Average salary after 5 years is $234K in Alberta. There are some mind-blowing figures in the CA-only salary guidance that comes out (ie a survey of members on compensation).