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Thread: CMA vs CA

  1. #1
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    Default CMA vs CA

    1. Difficulty, costs of achieving?
    2. Focus of work post graduation (Audits, taxes, management, etc)
    3. Realistic pay ranges (entry level, after 5 years)
    4. job market/demand for cma's vs ca's
    5. any other comments?

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    This cover my general sense of each designation.

    http://www.iwanttobeaca.com/2009/04/...signation.html

    If your goal is to make partner somewhere in an accounting firm, CA is a must.

    If your goal is getting work, CMA will suffice.
    Last edited by Xtrema; 05-17-2011 at 12:03 PM.

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    If you enjoy having a life and friends and knowing your family, don't do a CA. If you loved your audit course and want to spend your evenings and weekends auditing auditing auditing, and then casb during your 'spare time' then definitely do your CA. You'll be one of the only 5 auditors in this city that likes their job.

    Costs of achieving a CA: free if you work at a public accounting firm and don't fail. Expensive if you care about personal relationships.

    Focus of work as a CA: you're required to get 36 months of work experience, 100 tax hours, and 1800 audit hours. Plus casb is about 10-20 hours per week. Once you get your CA, the world is your oyster.

    Pay: firms start at around 40-45k, then go up 10-15k per year depending on how good you are at your job

    I think demand is about the same, though I don't know for sure.

    Other comments: Becoming a CA sucks. Once you're there it's worth it, but it takes a few years and you end up sad and alone at the end.

    Edit: These are an accurate portrayal of life as an auditor:
    http://www.youtube.com/watch?v=F8Yry3ZXaB0
    http://www.youtube.com/watch?v=dPRwC...1&feature=fvwp
    Last edited by Myrrinda; 05-18-2011 at 02:50 PM.

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    Ok How about longer term? obviously going through the CA designation process sucks...but how about a forward looking perspective? In 10-15 years what kind of career path's could you see?

    Personally I know both would go up the management chain in a corporation... but if all else is equal (competent and ambitious person) works, where could they see themselves in that sort of time span?

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    I worked for one then went the other route. Do what you like is the important thing, if you are good at what you do the money will come.

    MBA probably has a better ROI then either but that depends on who you ask.

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    CAs have a higher chance of becoming the CFO of a large corporation. CMAs tend to focus on budgeting, forcasting, variance analysis, etc. CAs and CGAs become controllers and CFOs. If I hadn't done my CA I would have done the CGA program, as I have no interest in managerial accounting. The programs are completely different, and I think it's more important to get a sense of the differences in the programs, as that has a tendency to set out what kind of jobs you end up in in the future. I didn't like managerial accounting in university, so I would have been crazy to do the CMA route. In the CA program, you focus on every aspect of accounting; managerial and financial, so the program is kind of all-encompassing. We are trained to tackle any accounting related issue that comes our way. But despite all this I can still barely do my own taxes.

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    Originally posted by austic
    MBA probably has a better ROI then either but that depends on who you ask.
    MBA's are a dime a dozen. But probably good to have to break into management if you have no history with the employer.

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    Originally posted by Myrrinda

    Other comments: Becoming a CA sucks. Once you're there it's worth it, but it takes a few years and you end up sad and alone at the end.

    SO

    EFFEN

    TRUE


    Every day the list of people I have to apologize to for being a piece of shit gets longer.

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    A girl I was seeing for a short while was articling for her CA. Needless to say, we broke up because she barely had any extra time. I think CA's salaries are initially higher.

    My Mom has her CMA and if it's any consolation, she now works 4 days a week and makes well above average salary for most in O&G. I think it's like anything, after awhile it comes down to experience and work ethic.
    Ultracrepidarian

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    I appreciate the responses guys, thanks.

    Can someone please shed some light on the CA career pathway? That is something I haven't heard allot about and would be interested in your feedback. Is it..:

    Articling (3 years - 45k/year) - Junior CA (3-5 years - 75-100k/year) - Middle/Senior CA (5-10 years - 120-150k/year) - senior/partner (150k++/year)

    Just an example..let me know what you think its really like.

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    Currently I would expect pay ranges to be ballpark as follows (assuming you're at a CA firm):

    - 1st Year: $41,000
    - Second Year: $48-$53,000
    - Third Year: $62-$72,000 (generally obtain your designation in this year if you do things on a normal timeline)
    - 4th Year: $73-$83,000
    - 5th Year: (If you make manager) ~$100,000

    After your first year your pay varies significantly based on your performance against your peers, hence the ranges. Like others have mentioned above though, it's not an easy process and there is definitely easier ways to make comparable money.

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    ^^^ something like that...

    Year 1-4 you'll start at $40K and move up $10-15k a year, once you hit the 5 year mark it slows down a little. Partners at our office are max salary $250k, but profit sharing puts them in the +$500k territory.

    Takes ten years of hell to make partner. You could be making much better coin IMO in investment management or something else along those lines...

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    wow, so you're saying you go through 4 years of undergrad, plus three years of articling hell for 75K per year, with the faint hope of making some decent money in 10+ years? Whats the catch? There must be something I'm missing here? Why would anyone do this for so little $$?

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    Yes. I have a few friends who are in Oil/Gas with their CA and making around $100k.

    Also have a few friends slaving for one of the big fours working on the 5th module and making just over $40k.

    Yep definitely seems like a lot of work haha At least I'm a good friend and get them super wasted when their party time comes around.
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    Originally posted by tedstriker
    wow, so you're saying you go through 4 years of undergrad, plus three years of articling hell for 75K per year, with the faint hope of making some decent money in 10+ years? Whats the catch? There must be something I'm missing here? Why would anyone do this for so little $$?
    Remember, Calgary's market is not normal. Its not hard for O&G workers to hit $100k if you hitch on the right company with just a bit of experience. But if you aspire to become a CFO for medium to large firms, CA is almost a must. So u slave for the 1st half in hoping that coast easily with lots of $ at the end.

    But working for the big 4 to get your CA isn't easy. My sis did her years @ EY and if she counted the hours, she get paid less than working @ McD for that $45K.
    Last edited by Xtrema; 05-18-2011 at 08:28 PM.

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    Originally posted by Xtrema


    Remember, Calgary's market is not normal. Its not hard for O&G workers to hit $100k if you hitch on the right company with just a bit of experience. But if you aspire to become a CFO for medium to large firms, CA is almost a must. So u slave for the 1st half in hoping that coast easily with lots of $ at the end.

    But working for the big 4 to get your CA isn't easy. My sis did her years @ EY and if she counted the hours, she get paid less than working @ McD for that $45K.
    So what kind of hours are we talking here? 7am-7pm Monday to Friday, plus some Saturday work as well?

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    Originally posted by tedstriker


    So what kind of hours are we talking here? 7am-7pm Monday to Friday, plus some Saturday work as well?
    Sound about right when tax deadlines were approaching.

    Most don't stick around the big 4. Get the title and move on to O&G.

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    Any CMA's out there wanna shed some light on your education/career path? Do you enjoy it, satisfied with the $$, life balance, etc...?

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    Anyone in this thread who does accounting work actually like their job?
    Originally posted by beyond_ban
    What comes after a trillion?
    Originally posted by kvg
    a trillion and one

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    Originally posted by tedstriker
    Any CMA's out there wanna shed some light on your education/career path? Do you enjoy it, satisfied with the $$, life balance, etc...?
    I got my CMA... its gey. But i've done okay for myself and am satisfied with my $$ (outside losing my ass in the mkts).

    i'm a consultant so i kind of work my hours (take most fridays off to golf) but then i dont get paid.

    ^ agree with Tim horton.... being an accountant sucks. No question about it. Other than the super dorky accts (mostly CA's) every accountant i know hates his job. lol

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