CPA – Certified Public Accountant is the reigning profession for public accountants all over the world. CPA is the statutory title offered to people who pass the uniform CPA examination and meet additional education and experience requirements for membership in any one of the states in the United States of America. The CPA designation is provided by the individual states in the US –the regulatory bodies in the process include the NASBA (National Association of State Boards of Accountancy) and the AICPA (American Institute of Certified Public Accountants). CPA, in very simple terms, is the US equivalent of the Indian CA qualification.

1. ACCOUNTING MARKETPLACE – GLOBALLY LOCAL!
Education is the most powerful weapon you can use to change the world – Nelson Mandela
In today’s world of globalization and proliferation, choosing an apt education and further a
career is a humongous task. Gone are those days when we had just a handful of professional
career options; nowadays every field has its own specialized areas and each of those areas
come with fulfilling and lucrative jobs. Thus, choosing what is best for someone begins as early
as at the high school level or graduation.
From an Indian perspective, starting from the high school level, commerce is arguably one of
the most popular choice of academic streams – the other two being humanities and science. A
graduate in commerce primarily deals in areas like corporate finance, banking, marketing,
accounting, stock markets and the whole lot! A commerce specialist, in very simple terms, gets
to understand the inner functioning of an industry and how a specific organization deals with
money.
While pursuing commerce and accounting as a career option, a student comes across multiple
professional qualifications in India including Chartered Accountancy (CA), Cost and Works
Accountancy (CWA/CMA) and Company Secretary ship (CS). There are also finance based
options such as a MBA in finance or a CFA or a Masters in Financial Management.
Most of these courses offer a plethora of career opportunities within India. For example, a
Chartered Accountant gains knowledge on the Indian Accounting Standards (IAS) and applies
that knowledge. Those who acquire the CA qualification can establish a practice inside India for
themselves or work as finance managers, accountants, taxation experts, auditors etc. Similarly,
a Cost Accountant or a Management Accountant can practice inside India as management
experts, costing specialists or finance analysts.
However, an area that remains rather unexplored is the career path that one can chalk out for
himself with an international perspective. The question that lingers is whether there exists
career opportunities, for commerce graduates with a global flavor. What if an Indian commerce
graduate wants to spread his wings – explore the accounting principles and financial
management systems all over the world?
Alternatively, what career options does a student/professional have if he/she were to pursue
an international course and continue to climb his career ladder in India? Are the Indian based
professional certifications, the only possibility or do students have other global educational
options that would give them an edge in the job market, in India itself?
What options are indeed available to a student who wants an enterprising career in the field of
accounting and finance and become employable in multinational corporations? What if a

2. B.Com from India could pursue a higher professional qualification sitting in an Indian city, and
grab the horns of the international accounting system?
Most importantly, could these courses be completed within a time span of one year provided a
strong sense of commitment is established by the student? Are these cost effective? In typical
accounting terms, what is the return on investment if a candidate were to pursue these
courses?
Bingo! The solution to all these questions lay right here – with courses like CPA and CMA!
CERTIFIED PUBLIC ACCOUNTANT (CPA):
CPA – Certified Public Accountant is the reigning profession for public accountants all over the
world. CPA is the statutory title offered to people who pass the uniform CPA examination and
meet additional education and experience requirements for membership in any one of the
states in the United States of America. The CPA designation is provided by the individual states
in the US –the regulatory bodies in the process include the NASBA (National Association of
State Boards of Accountancy) and the AICPA (American Institute of Certified Public
Accountants). CPA, in very simple terms, is the US equivalent of the Indian CA qualification.
At the outset, a very important point to note is that, with the recent convergence of US GAAP
(Generally Accepted Accounting Principles) and IFRS (International Financial Regulation
Standards), a person who wants to pursue CPA, becomes aware and technically versatile in the
area of accounting globally! This promises vast and varied career options for a CPA in any part
of the world.
Now, from an Indian standpoint, a B.Com graduate with required number of credits in the
subject of accounting would be eligible to take the CPA exam. The exam, by itself, consists of
four papers:
Financial Accounting and Regulation (FAR) – covers the entire gamut of financial accounting
principles, rules and regulation
Auditing (AUD) – covers the US and International Standards for Auditing
Regulation (REG) – covers the entire area of taxation and business laws, again from a US and
global perspective
Business Environment & Concepts (BEC) – covers the areas of business management, capital
decisions and other key financial areas

3. The CPA exams are conducted in the US for three months in every quarter. It is an online exam
with multiple choice questions and task based simulations. Upon completion of the exam, if a
candidate meets the experience requirements for licensing, he/she may get a license and get to
practice as an independent CPA. A candidate may become a licensed CPA within a time span of
one year.
Career opportunities for CPAs are far and widespread in all dimensions of the economy. CPAs
can be employed in the areas of financial/international accounting, Mergers & Acquisitions,
Venture Capital, Assurance Services, Financial Analysis, Taxation Planning and Control, Auditing,
Governmental Accounting, Corporate Governance et al. A CPA’s starting salary ranges
anywhere between Rs.600, 000 to Rs.800, 000 per annum. A lot of big names in the industry
like the Big 4, Financial Services or Consulting Firms, Multinational Corporations and corporates
listed in the US require CPAs on a regular basis.
CPAs may also choose to generalize in the field of accounting or choose a certain area and
provide specialized services.
CERTIFIED MANAGEMENT ACCOUNTANT (CMA):
The other course that has a global advantage and focuses mainly on the managerial side of an
organization is CMA.
CMA – Certified Management Accountant is the highest Management Accounting qualification
offered by the Institute of Management Accountants (IMA) in the US. CMA is the US equivalent
of CMA/CWA in India. The CMA certification provides students, accountants and financial
professionals with an edge in the area of management accounting and financial management. A
Certified Management Accountant is highly sought after in roles like financial analyst, Costing
Controller, Costs and Variance Analyst, Planning Specialist et al
The CMA coursework is one of the easiest options available, equally to students and working
professionals. The course provides a complete coverage of the management’s perspective of
finances and accounting in an organization. A typical CMA begins by obtaining a membership to
the IMA, proceeding to write the CMA exams and obtain certification and becomes a certified
member of the IMA.
The CMA Exam is broken down into two parts:
Part I – Financial Planning, Performance and Control and
Part II – Financial Decision Making

4. If a candidate meets education requirements (be either a student or a graduate from a
recognized university, he/she is eligible to take the CMA exams. The exams are conducted in
India for two months of each quarter. Upon passing the examination, when candidates meet
the eligibility criteria, they could obtain their CMA certificate. Thus, a candidate can become a
CMA within a time span of six months.
CMAs also have the advantage of mutual recognition of completed coursework and
membership to other equivalent courses like CMA (India) and CIMA (UK). Fresh CMAs earnings
range between Rs. 400,000 to Rs.600, 000 per annum in India. Similar to CPA, CMA is a globally
accepted professional certification and students/working professionals can obtain employment
in any part of the world.
Thus a commerce graduate from India can explore career and higher education options offered
from outside India. As mentioned in the beginning, in today’s world, a crucial objective of
education is to be able to change not just one’s local markets, but to influence the entire world.
CPAs and CMAs are equipped with this aptitude and ability to create a difference to their
respective industries and thereby the international economy as a whole.