CGA vs CMA
Since CGA and CMA are careers that are both in demand in the field of accountancy, it is beneficial to know the difference between CGA and CMA. CGA and CMA are not only well-paid profession, but they are also touted as prolific and are very much sought after in the field of accountancy. To make matters clearer, it must be mentioned that CGA stands for Certified General Accountant and CMA stands for Certified Management Accountant.
What is CGA?
CGA (Certified General Accountant) is a designation that is granted to accountants who live in Canada. This is bestowed upon those who possess the necessary experience, educational and examination requirements as specified by the Certified General Accountants of Canada. After fulfilling the requirements, the qualified individuals are entitled to use the professional designation CGA to their title.
CGAs can be found working in the government sector, finance and commerce, industry as well as not-for-profit sectors. Those who possess the CGA designation are automatically granted the designation CPA (Chartered Professional Accountant) and are required to use both until the year 2024 after which the title CGA can be used on its own.
What is CMA?
CMA (Certified Management Accountant) programs would prepare a person to manage managerial accounting tasks. A university degree is required prior to completion of the CMA exam. The exam is comprised of tests that would gauge your skills in terms of analysis, business knowledge and written communication. Some of the Functional Competencies that must be mastered by a CMA qualified individual would be Strategic management, Performance management, Risk management and governance, Performance measurement, Financial reporting, Financial management. Meanwhile, the enabling competencies can be listed as Problem solving and decision making, Professionalism and ethical behavior, Leadership and group dynamics and Communication.
What is the difference between CGA and CMA?
Both CGA and CMA are careers in the field of accountancy. However, they each have unique roles of their own that give them unique identities.
While the CGA programs would not require individuals to have a specific commerce degree, CMA programs require them to have a University’s degree. CGA programs prioritize the experience and can be managed through correspondence. CMA programs are more focused on face to face sessions so as to cultivate communication and negotiation skills. CMA programs also require individuals to complete an entrance exam. CGA programs comprise of two to three years worth of full-time work while CMA programs require you to enroll in a strategic leadership program. Whether an individual is interested in either CGA or CMA program, a good combination of education, natural skills and experience are required for both. One must possess the aforementioned attributes in order to be successful in either field.
Summary:
CGA vs CMA
• CGA programs put emphasis on experience; CMA programs are very specific on educational attainment
• CGA programs require an individual to have excellent communication and interpersonal skills; CMA programs lean towards individuals who are very creative and analytical.
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