Differences of ICAI, ICSI, ICMAI ?
CA – considered to be most dynamic profession of the three merely because of rich history of CAs. Accounting, Finance & Tax are major work areas for a CA, however, many CAs are in consulting & business. If you devote proper time & energies to the Articleship training of 3 yrs, then you can really make the most of CA. It will give you a unique perspective on running businesses as well as a CA practise, depending on what you can gain while you are pursuing your articleship.
In simple words: Practical oriented approach, a mix of accounting , secretarial compliances, regulatory requirements
CS – the curriculum is heavily focussed on laws & regulations. Scope is fairly equal to CA now a days but if your passion lies in managing corporate houses’ compliances, then CS is for you. The training is of relatively smaller period of 1.5 year’s only. Certainly not as dynamic as CA but the scope is huge for upcoming & developing India.
In simple words: Course based on compliance related to companies, good for those who want to pursue litigation based on corporate law
CMA (earlier known as CWA) – This is like a younger brother to CA. Focuses on cost & management accounting but with fair portions of Accounts & Finance. More dynamic than CS in terms of curriculum. Easier to pass than CA (in absolute terms, many still fail CMA as well, largely depends on your seriousness & slightly on luck). If you do not have the will to go through the excruciating curriculum & intensive training of CA, then CMA is a really good alternative. Given than we are amidst a Make In India movement, opportunities for CMA are on the rise plus large manufacturing companies also hire CMA, so corporate careers are also on the cards.
In simple words: If you have deep interest in doing evaluation of costing of various products it is a very good course. Considering MAKE IN INDIA popularity this course will today or tomorrow be in demand.