Global businesses are now a vital part of life, as they have entered every sector or field in the world, including education, banking, agriculture, and the list. Businesses have always pursued to maintain a competitive edge while improving the sector in which they operate. With the introduction of new businesses and the expansion of resource allocation, there is an urgent need for accounting professionals who can act as financial planners and keep track of all cash resources through their financial and managerial expertise.
Since then, certified professional accountants have been in high demand to meet this demand. Suppose you want to pursue a successful career in commerce and accounting and become a globally recognized professional. Then you must pursue specialized accounting certifications like CPA (Certified Public Accountant) and CMA (Certified Management Accountant).
CERTIFIED PUBLIC ACCOUNTANT
What is CPA (Certified Public Accountant)?
The American Institute of Certified Public Accountants (AICPA) authorizes the designation of a certified public accountant (CPA). They gave certification to the individuals who pass the Uniform CPA Exam in their own country and meet the education and experience requirements. The Certified Public Accountant designation aids in the enforcement of expert benchmarks in the audit industry.
CPA is a trusted financial advisor who helps individuals, companies, and other institutions plan and achieve financial goals. All Certified Public Accountants (CPA) are accountants, but not all accountants earn the title of CPA. The certified public accountant certification in the business world represents trust and professionalism.
Eligibility Requirements for CPA Certification in Dubai
A CPA (Certified Public Accountant) is at the top rank of competence in accounting worldwide. The AICPA (American Institute of Certified Public Accountants), the world’s largest Public Accounting Body, administers the examination. The eligibility criteria for obtaining the certification of Public Accountant are as follow:
• A bachelor’s degree in accounting, finance, or organization, having studied 120 credit hours during the degrees
• To be eligible for the Certified Public Accountant examinations, you must have 120 credit history hours.
• To apply for a Certified Public Accountant Certification, you must have at least 150 debt hours and 1-2 years of work experience.
What is CPA Course?
The CPA course concludes with the applicant taking the CPA exam, which is regarded as one of the most challenging exams in the world. The examination is the most crucial step and required component in an aspiring CPA’s journey to professional practice. Here are the key points to consider before taking the CPA exam:
1. The CPA exam is a computer-based exam given four times yearly (in March, June, September, and December). On the other hand, enrollment for the CPA course is open all year.
2. You must first pass the Uniform CPA Examination, which consists of four sections, each carried out in 4 hours.
3. The four sections involved in the examination are Auditing and Attestation (AUD), Financial Accounting and Reporting (FAR), Business Environment and Concepts (BEC), and Regulation.
4. Candidates must complete and pass all four sections within 18 months, with a minimum score of 75
.
5. The examination will include multiple Choice Questions (MCQ), Task-Based Simulations (TBS), and Written Communication Tasks.
CERTIFIED MANAGEMENT ACCOUNTANT
What is CMA (Certified Management Accountant)?
The Certified Management Accountant (CMA) designation is a professional certification in management accounting and financial management. The certificate indicates that the individual knows financial planning, evaluation, regulation, decision support, and professional conduct. Management accounting professional certifications are offered by a variety of professional bodies worldwide. The following organizations are the primary providers of CMA certification:
Eligibility Requirements for CPA Certification in Dubai
Accountants aspiring to become a CMA must meet the following qualifying conditions:
• A bachelor’s degree from a recognized college or university is required.
• Two years of professional experience in management accounting and financial management is required.
• Maintain an active IMA membership.
• Follow the IMA’s Ethical Professional Practice Statement.
The CMA Course qualification requirements can be completed before the exams, during the course, or within seven years after the exams.
What is CMA Course?
The CMA Course requires passing both parts of the exams within three years of initial enrollment. We can take part 1 and Part 2 in any order. Key points relating to the CMA course are as follow:
• Three testing windows are available each year: January/February, May/June, and September/October.
• Part 1 includes course outlines such as Financial, Performance, and Analytics.
• Part 2 includes Strategic Financial Management as a course outline
• Each exam section will last 4 hours and have 100 multiple-choice questions and two essays to be written in 30 minutes. To be eligible for the essay section, you must correctly answer at least 50% of the multiple-choice questions.
The CMA certification, along with the CPA
Accounting students can distinguish themselves in a competitive and dynamic business environment by pursuing dual certification. Obtaining the CMA (Certified Management Accountant) and CPA (Certified Public Accountant) certifications illustrates that holders have a wide range of essential skills and knowledge. It also indicates to a potential employer that the applicant is highly ambitious, inspired, and dedicated to lifelong learning.
Similarities in the CPA and CMA Examinations
We will focus on dual certification for the CMA and CPA exams to demonstrate the similarities between both certifications. Some of the similarities between CPA and CMA courses are as follow:
• Both allow candidates to enroll in only one section (part) at a time.
• Both are computer-based and use Prometric testing facilities. As a result, the formats of exams and evaluations are comparable.
• Both exams permit flexible scheduling.
• Working experience is not required to sit in the examination of both examinations. The CPA and CMA only need qualifying working experience to earn the certification of both courses.
Benefits of Pursuing both CPA & CMA for Accountants in Dubai
Pursuing your Certified Management Accountant (CMA) certification and CPA certification will allow you to get even more benefits. The role of a management accountant includes offering financial information about a company’s operations to its functional managers. As a result, CMAs work on building relevant and timely information that assists internal managers in problem-solving.
Dual certification is more valuable than single certification for various reasons, and obtaining this status is relatively simple. Pursuing a CMA after earning your CPA can give you the following career advancements:
1. Additional Employment Opportunities
A CPA is an excellent field of study for obtaining employment in public accounting. However, it is not more than just a stepping stone in your career. In that case, the CMA can assist you in transitioning towards another type of accounting, such as private or management accounting. In that case, the CMA can assist you in transitioning towards a different kind of accounting, such as personal or management accounting.
Employers will particularly value your dual certification because it demonstrates your broad accounting knowledge. As a result, the CPA + CMA combination can help you stand out from the crowd of colleagues competing for the same job opportunities. As a result, doubling your number of certifications increases your career opportunities exponentially.
2. Salary Increase
Even as a CPA, you should have begun to receive the additional pay that your certification can provide. Remember that CPA-certified accountants can earn 10-15% more than non-certified accounting professionals. In addition to that, the CMA certification offers the same financial benefit. According to the IMA, professionals with CMA certifications earn 55% more in average annual pay than non-CMAs.
So, both the CPA and the CMA can pay for the cost of the degree and allow you to live more comfortably. As a result, you shouldn’t be surprised to learn that when you combine these certifications, you can earn even more per year. As a result, adding three more letters to your name allows you to make way more than the non-certified CMA accountants.
3. Expanded Expertise
Meeting the IMA’s CMA certification requirements will polish up your specific management accounting capabilities. Once you’ve overcome all of the barriers between you and the CMA, you’ll be able to make business decisions and evaluations and perform financial strategy making.
As a result, by pursuing both the CMA and the CPA, you will strengthen the skills to be successful in the modern world of accounting and finance. You will distinguish yourself from other accountants in Dubai, and more job opportunities will come along with expanded expertise.
4. Overlapping Requirements
Both the CMA certification and the CPA certification require passing an exam. Fortunately, there is much overlap between the CPA and CMA exams.
Obtaining the CMA certification also requires professional accounting experience. The experience you gained to fulfill the CPA experience requirement may also apply to the CMA experience requirement. In that scenario, you could quickly complete one of the most difficult CMA demands and save significant time. The fact that you have completed the CPA will make securing and retaining the CMA much easier.
Why Choose Lynchpin for CPA & CMA Training in Dubai?
Lynchpin is assisting Finance and Accounting professionals in advancing their careers by providing the best CPA & CMA courses in Dubai. Our course assists professionals in polishing their skills by providing practical and experimental training. Our strategy is to offer soft skills training in business dealings, workload management, business communication, and effective interactions in our training centers. Lynchpin works hard to prepare you for examinations and the corporate sector.
Our course is designed to prepare you to be a successful management accountant. Visit our website and contact us if you feel our services can benefit your career.