CFA vs CA vs FRM vs CS vs ICWAI vs ACCA

Following Global Certifications are recognised globally :

1) CFA (Chartered Financial Analyst)

  • CFA is tougher than CA.

  • CFA is a global Certification.

  • Salary of CFA Level-1 clear is around 3 Lakhs and Level 2-3 is plus 10 Lakhs.

  • CFA has 3 Levels :Level I - $1080 - $1660 ; Level II - $1070 to $1650 ; Level III - $1060 to $1610 and can be pursued only after Graduation.

  • Career Prospects and Roles as a CFA charterholder: Portfolio Managers, Fund Managers, Risk Managers, Financial advisers, Private bankers, Consultant, Research Analysts, Accountants, Chief Executives, Auditors, Hedge fund Research, Investment Banking, Investment Management, Relationship Manager

 

2) CFP (Certified Financial Planner)

Certified Financial Planning is among the fastest growing careers in the world. In India, the international CFP certification is awarded by the Financial Planning Standards Board of India (FPSB India).

The Certified Financial Planner designation is a professional certification mark for financial planners conferred by the Certified Financial Planner.

 

3) FRM (Financial Risk Manager)

FRM focuses on Risk Management. It involves use of complex maths to assess risk in finance and insurance sectors.

FRM has 2 Levels : FRM Part 1 - $650 to $950 ; FRM Part 2 - $350 to $650

Career Prospects and Roles as an FRM charterholder:

  • Chief Risk Officer

  • Senior Risk Analyst

  • Head of Operational Risk

  • Director

  • Investment Risk Management

 

4) CPA : Certified Public Accountant 

Some of the areas of operation of a CPA are : Public practice: Auditing, Assurance Services, Environmental Accounting, Forensic Accounting, IT Services, International Accounting, Consulting Se Services, Personal Financial Planning, Tax Advisory Services  Business and Industry: Financial Management, Financial Reporting, Internal Auditing, Management Accounting, Tax Planning, Non-Financial Positions  Government: Performance Audit, Financial Audit, Compliance Audit, Investigative Audit.

STEPS FOR TAKING THE CPA EXAMINATION 

Though there are differences among the various states, the general pattern is as follows: 

• Application to take the Examination 

• Payment of Examination Fees 

• Review of tutorial and sample tests by the candidate 

• Receiving the Notice to Schedule 

• Scheduling the Examination 

• Take the Examination 

• Receiving Score Reports 

You have to be thorough with the specific requirements of your board of accountancy. Once you file your application, either the board or its designated agent will contact you for further steps. Candidates from countries, other than US including India, should also select a jurisdiction and proceed.  Examination Fee  The amount of fee depends on the section of the examination and is paid either to your board of accountancy, its designated agent, or to NASBA.

The Uniform CPA Examination is a 14-hour test with four sections. 

• Auditing and Attestation (AUD) — 4.5 hours 

• Business Environment and Concepts (BEC) — 2.5 hours 

• Financial Accounting and Reporting (FAR) — 4 hours 

• Regulation (REG) — 3 hours.

 

5) ACCA (Association of Chartered Certified Accountants)

Chartered Certified Accountant is a legally protected term. Individuals who describe themselves as Chartered Certified Accountants must be members of ACCA and, if they carry out public practice engagements, must comply with additional regulations such as holding a practising certificate, carrying liability insurance and submitting to inspections.

The ACCA offers the following certifications : Chartered Certified Accountant (ACCA)

 

 

Following Indian Certifications are recognised in India :

1) CS (Company Secretary)

  • CS is study of Corporate Governance which means rules, practices and processes by which a company is directed and controlled. 

  • A Corporate Secretary earns an average salary of Rs 499,596 per year.

  • How do I get there?  1) After 12th Commerce :   i) Foundation Programme   ii) Executive Programme   iii) Professional Programme  (Note : Graduates can skip Foundation Programme)

 

2) CA (Chartered Accountant)

  • CA is only recognized in India.

  • But the salaries offered for a CA is average Rs.7.36 Lakhs. 

  • How do I get there?  1) After passing Class 10, one can enroll for the Common Proficiency Test (CPT). Take CPT after Class 12 Commerce in June (or December). Register for the Integrated Professional Competence Course (IPCC) and 100-hour Information Technology Training (ITT). After IPCC, you do the CA final course and are mandated to undergo a three-year articleship under a practicing CA.

  • CAs are involved in core accounting work of an organization

 

3) ICWA (Institute Of Cost And Works Accountants Of India)

  • Institute of Cost Accountants of India (ICAI) [previously known as the Institute of Cost & Works Accountants of India (ICWAI)] promotes, regulates, and develops the profession of Cost & Management Accountancy in India.

  • How do I get there? : After 10th   (1) Foundation Course  (2) Intermediate Course  (3) Professional Course (Note : Graduates can skip Foundation Course)

  • Cost accountants are involved in the costing part of financial transactions.

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