What are other equally good options (whether in India or abroad) other than a CA if someone is not able to get through the IPCC?
CA is definitely not the end of road for students willing to pursue equally rewarding profession. There are quite a number of professional courses today which is equally rewarding and provides lots of domestic and global opportunities.
CMA (USA) - Certified Management Accounting course is offered by the Institute of Management Accounts, USA. It is a six months programme wherein you would be learning in great detail about strategy, costing, decision making, financial analysis is definitely worth it since it gives you the following advantage over others:It secures your career. It does not take long like CA and has much better passing percentage comparatively at about 50 per cent internationally.
Though CMA may not be as remunerative as CA, it definitely provides you professional security. It gives you encouragement to focus more on CA or any other foreign short term courses.
CMA(USA) offers you great analytical skills and horns your skill in financial analysis and decision making. It does not require you to mug up any topic. It mostly requires understanding and practical application of the concepts learned. It has two parts in it.
The part I has five sections whereas the Part II has six sections in it. The following are the list of topics/sections covered in each part of the examinations.
Part I - Financial reporting, planning, performance and internal controla.
A. External financial reporting decisionsb.
B. Planning, budgeting and forecastingc.
C. Performance managementd.
D. Cost managemente.
E. Internal control
Part II - Financial decision makinga. Financial statement analysis.
A. Corporate finance.
B. Decision analysia.
C. Risk managemente.
D. Investment decisions.
E. Professional ethics.
The other professional course that you can look for is ACCA, which is a UK course. It is considered equivalent to Indian CA in terms the course curriculum and the gained knowledge and specialization.
ACCA course has 13 papers and exams are conducted in India. There are also several exemptions based on the current qualification. Eg. B. Com passed out students are exempted from first four papers of ACCA, F1 to F4. You can directly start from F5.
You can enroll for the course either directly or through certified learning partners. You would be eligible for various scholarship and fees waivers through certified institutions.
There are many partners in Bangalore and in India which provide the CMA(USAin and ACCA course, however there are only a few dedicated course provider wherein you would find an experienced and qualified faculties teaching these courses in a face to face classroom. Most of the course providers are online and plays recorded videos and it really does not make sense attending online lectures wherein you cannot ask and resolve questions in real time.
However there are quite a few institutions which provide face to face plus online lectures as back up for revision such as www.NorthStarAcad.com NorthStar Academy, Irfat’s Classes.