Individuals who are employed in the field of business as well as finance are known as Chartered Accountants. Chartered Accountants are specialized in auditing and accounting. Taxation is another special field of study of theirs. Management Accountants are people who deal with the necessity and as well as application of information on accounting in the organizations.

Chartered Accountant

The qualification that is needed by a person to become a chartered accountant is a degree in Chartered Accountancy. This course has a time periods of 2 years. The students will have to appear for 3 exams. They include the:

• Competency Professional Test (CPT)
• Professional Competency Course (PCC)
• Professional Competency Examination

A pass in class X will suffice to apply for the Competency Professional Test (CPT), but the students will have to clear standard 10+2 prior to their appearance for the same. Once a student finishes his studies, the job opportunities available for him will be abundant. Numerous multinational firms within the country as well as overseas usually take in students who have completed the chartered accountancy course. A few organizations include:

• ICICI Prudential
• ING Vysya Life
• Max New York Life
• Om Kotak Mahindra
• Reliance
• SBI Life

Management Accountant

As one might be aware, financial decisions impact practically every area of business there is a need for management accountants who can take prudent financial decisions. Management Accounting includes a comprehensive coverage of two core areas of every business. They are:

• Management of Current Assets
• Management of Working Capital

Management Accounting covers the principles as well as techniques of managing each component of current assets in addition to their financing.

There are various institutions in our country that provide students with good courses in Management Accounting. Individuals who wish to join the field of Management Accounting ought to have finished their class 12.

A few responsibilities of Management Accountants consist of:

• They advise managers about the financial implications of any project they undertake.
• They elucidate about the financial impacts of any business decision.
• They execute internal audits.
• Subsequent to a detailed analysis, they provide information about the financial steps of competitors’.

Key differentiators between Chartered Accountant and Management Accountant

Both Chartered Accountants and Management Accountants have their own important roles in today’s society. Given below are a few important differences between them:

• While a management accountant employs his skills as well as knowledge for the advantage of only the top management of the organization, the entire company is the client of the chartered accountant.
• Whilst a management accountant is employed within a corporation, the chartered accountant may work from outside as a freelancer.
• When a management accountant has the opportunity to say about the internal business of a company, a chartered accountant does not impede with the internal issues of a firm.

Another important difference between the two is that, while a chartered accountant is involved in preparing the financial statements of a firm, the management accountant may make financial statements and as well as supervise the efforts of the company so that the company increases its revenue.