Why only MBA/Engineering, Why not CA/ICWA?

by Anjana Krishnan Social Media Marketing

Engineering and Master of Business Administration (MBA) are the widely chosen degrees in India. Be it peer pressure or the students’ choice, maximum students do choose these programs as their career choice. These programs had been dominating our education system for years. India owns some of the best Institutes when it comes to Engineering/MBA. These colleges not only offer world class education but lands up students in high paying jobs as well.

There are other degrees that hold an equal importance in today’s world than Engineering/MBA does which is Chartered Accountant (CA) and Cost & Management Accountant (ICWA or CMA). Be it in terms of difficulty level or high paying jobs, CA/ICWA can be compared to MBA in every aspect.

Chartered Accountant (CA) is considered to be one of the most reputable degrees in the field of accounting and finance. Chartered Accountancy develops a thorough knowledge of auditing, taxation and accounting in a student. The rules and regulations of CA/ICWA are regulated by Institute of Chartered Accountants in India (ICAI). The Chartered Accountant mostly works in core accounting section in an organization. The minimum duration of the charted accountancy course for a student joining after class 12th is 4.5 years and 3 years for a candidate joining after graduation.

Cost & Management Accountant (ICWA or CMA):

The ICWA course provides extensive knowledge on business management using the already existing resources. Being a cost accountant one has to collect and examine the financial matters in the company. Admission to this course is strictly on the basis of Common Proficiency Test (CPT). The course has 3 levels: Foundation, Intermediate, and Final examinations followed by 3 years of Practical training.

Why CA/ICWA?

The Institute of Cost Accountants of India (ICAI) formerly known as ICWAI (Institute of Cost & Works Accountants of India) is a premier institution of India which regulates the curriculum of CA/ ICWA in the country. The financial market of India has expanded up drastically producing more demands for professionals who can stabilize the financial status of a company.

The basic difference between CA/ICWA is that ICWA degree provides the knowledge on how to manage finance competently and CA degree gives you the knowledge of taxation, auditing and accounting.

The ICWA course will equip the candidate to make their career as Cost and Management Accountant. ICWA professionals can either enter into financial positions available in various organizations in private or in public sector.

A Cost Accountant professional has to collect, assimilate, collate and analyze financial information from all areas of the organization. Cost Accountants are mostly involved in the costing part of financial transactions of a company.

Taking a CA/ ICWA degree is like adding shining feather to the cap. A degree will set you skills apart from conventional methods of accounting. The degree requires knowledge, skills and values are required for the sought-after profession. Let’s know more why CA/ ICWA should be preferred.

Reasons, why CA/ICWA, should be preferred:

The degree has got a lot to offer. Here we have stated some of the reasons why is preferred over CA or ICWA should be the preferred:

CA is conducted by Institute of Cost Accountants of India (ICAI) which is one of the highly recognized degrees in India.
After completing CA/ICWA, one can make the career in the fields of Auditors, Managers, Accountants and Credit Officers.
A professional in the accountant field gets a high paying salary.
Growth opportunities are more for a CA/ICWA professional as compared to any other profession.
The jobs have more stability as chances of relocating are very less.
With the globalization, CA/ ICWA, on the other hand, have more jobs openings as compared to Engineering/ MBA.
The professional works in a more dynamic and diverse work environment as compared to any other professional.

Why choose CA when compared with MBA:

With the better knowledge of finance, economy and impeccable communication skills, CA/ ICWA professionals are required by everyone.
In the curriculum of CA/ICWA, mainly focuses on accounting which is highly related to the Indian economy.
The Pass percentage of CA/ICWA is very low, thus making it one of the celebrated degrees in India.

The CA and ICWA are not only nationally but internationally recognized degree. Chartered Accountants are highly talented and have Knowledge. The opportunities are huge and both courses have their own merits. One can go for the course as an add-on to widen the career prospects.