Top 5 finance degrees which are best alternatives to CA\CMA\CS.

Finance has a world of different courses and opportunities to pursue. After opting to take the arts stream, there is a common psychology amongst students to choose either CA\CMA\CS as a career option. 

In addition to them, there are quite a bunch of decent options available which you can pursue alongside the three professional courses or take up simply one. All of them have global recognition and open door to a ton of opportunities round the globe.

1. ACCA

The association of chartered certified accountants is a UK based global professional body offering the Chartered Certified Accountant qualification. The course provides you knowledge to master financial accounting and promises jobs in a wide range of industries.

The exams are conducted 4 times a year which requires you to pass 3 levels: Knowledge, Skill and Professional level. If you wish to pursue this course alongside other professional courses, ACCA also offers certain exemptions.

USA and UK offer high salaries ranging from 20LPA to as high as 60LPA. In India the salary varies with the industry you choose to work. Experience in the relevant industry is also a key factor for higher payscales.

2. CIMA

If management accounting and managing financial and non-financial affairs of a company interest you,then CIMA could be the best choice. The Chartered Institute of Management Accountants in collaboration with the CPA(USA) offers the qualification of CGMA(Chartered Global Management Accountant).

The course syllabus is split into 3 pillars and 3 levels which comprises of 12 exams in total. But if are a qualified Cost accountant (CMA) or a pursuing student, CIMA offers various exemptions. Some of the proud recruiters are;

In India, the course gains more value when done with the other professional courses which offers salaries starting from 8LPA to 20LPA. But if you are planning to take up jobs abroad then the scales are much more higher.

3. CFP.

Well, if you are looking for a shorter duration course and probably a certification in financial planning CFP is the right spot. The Financial Planning Standards Board (FPSB) offers the qualification of a Certified Financial Planner.

The duration of the course varies from 6 months to maximum attempts taken to complete. The course has 2 pathways;

Regular pathway: For students to register after +2 \ pursuing bachelors. You will have to take up 5CFP exams of 6 modules.

Challenge status pathway : People with existing higher degrees like CA Inter\ICWA\CS etc. You will have to clear only the fifth level.ie, Advanced Financial Planning.

There are numerous coaching centres offering guidance to crack the exams. The salary insights also depend on the industry type and prior experience you have acquired.

4. CMA

Certified management accountant is a qualification offered by the Institute of Management Accounting(IMA)US. Well this course is generally confused with Indian CMA, but both are administered by separate institutes.

Corporate financial accounting, strategic management and handling executive level duties are the main responsibilities of a CMA. Topics that are usually not covered in CPA are dealt with here. The exams are held thrice a year at testing centres-online.

CMA basically has 2 exam parts. First being Financial reporting and planning followed by Financial decision making. Now if you are an Indian CMA, there are certain exemptions offered to you. A lot of past experiences and practice earn you a soaring pay.

5. CFA

     Chartered financial analyst is one of the most renowned and reputable designations ever. The profession basically revolves around financial and investment analysis. Sadly one cannot opt for this immediately on completion of +2. You will need a bachelors degree\ final year of bachelors and a valid passport to register for the course. 

It primarily comprises of 3 levels. Level 1 is conducted twice a year whereas 2&3 once a year. The course demands professionals to have huge experience and exposure to pass the exams in an instance. 

There are no exemptions offered to ACCA\CA\CMA\CS to this course. All 3 levels is a must for anyone and also extremely worth it. You can have your salary expectations to as high as 15LPA to 25LPA, but again it comes down to the years of experience. 

Mastering the finance side greatly counts on the experience and knowledge you have gained over the years. Being a fresher, have your focus on gaining a grip to your area of interest and growing your skills rather on the CTC. 

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