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CA vs CMA - Which is better to go up the ranks?

A photo of KingJW KingJW
Now, I want to do which either designation that would allow me move up to higher ranks such as CFO, etc. I'm not just trying to be an Accountant but I'm trying to get above that and become like Company CEO, or any executive position. Which would you recommend and why? Links would help but also your opinion.
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A photo of jelly jelly
CA... from what I've heard you're not going too far past a managerial position with just a CMA.
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A photo of g93 g93
Roughly 1/5 of CAs are in a position such as CEO, CFO, President, Senior VP, or other upper management, according to the most recent salary report. This ignores all of the CAs working in public practice. Also, 24% of CAs that responded to the salary report said that they report to the partner/owner, while 15% said they report to the President/CEO, the highest two responses. A little over 10% of CMAs are in the same positions as the ~20% of CAs. Since the majority work in industry, this number is much lower comparatively.

The ICAO reports that 62% of Canada's top 1000 companies have at least one CA in one of their top-level management positions (CEO, CFO, COO, President, or other)

The salaries of CAs also suggest that more of them are in higher level positions.

That's just the numbers. It's not as if all CAs become super-awesome CFOs, or no CMAs become execs, it's just that more CAs get to those positions than CMAs.
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A photo of ktel ktel
I'm pretty sure my dad is a CMA, not 100% sure though, and he is the Controller of a pretty big national company. g93 gave you the statistics. Although I would imagine if you're executive material, a CA or CMA designation isn't going to make or break your upward progression.
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A photo of TheConsultant TheConsultant
CA's are considered much more versatile and are generally perceived as more prestigious, g93 could you link the 1/5th of CA's are in a position for CEO etc , ive never read tat fact before, im fully aware of the 62% fact however. Because of CA's strict process and their ethical requirements and the fat that many start by getting a good financial understanding of the business, it puts them in a good position to make them great leaders, however it requires that they have strong leadership qualities as well.
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A photo of g93 g93

@ktel wrote
I'm pretty sure my dad is a CMA, not 100% sure though, and he is the Controller of a pretty big national company. g93 gave you the statistics. Although I would imagine if you're executive material, a CA or CMA designation isn't going to make or break your upward progression.


It's also likely true that CAs on average are more ambitious than CMAs (more students trying to become CAs because of perceived higher quality, better marketing, etc., more competition, leads to better candidates), so that could have a noticeable impact.

While there are many ways to get to the top, the most common paths for the two designations will be different. Where most CMAs will start at companies in more entry-level positions and then proceed to move up in the company, most CAs will move out of public practice and into industry in a bit of a higher position since they have the experience already.



@TheConsultant wrote
CA's are considered much more versatile and are generally perceived as more prestigious, g93 could you link the 1/5th of CA's are in a position for CEO etc , ive never read tat fact before, im fully aware of the 62% fact however. Because of CA's strict process and their ethical requirements and the fat that many start by getting a good financial understanding of the business, it puts them in a good position to make them great leaders, however it requires that they have strong leadership qualities as well.


It's just from the salary reports. They polled them on what their job position was (the salary figures get broken into all kinds of categories (e.g. location, number of years of experience, position held, etc.) and that's one of them.

I just roughly approximated. I'll post some of the numbers below (and the links).

Chief Financial Officer (CFO) 9%
Other Executive Management 1%
President/CEO 2%
Senior Director 2%
Other Business Partner/Owner 3%
Director 7%
Controller/Comptroller 8%
CA Firm Partner 7%
Vice President 5%
Senior Director 2%
Senior Vice President 1%
General Manager 1%
Consultant 1%

There's some of the ones I used as well as some of the other interesting ones. Depending one what you want to include, the percentage is from, what, 15-25% area, with an average of about 20%? They are just titles, so some may be more/less impressive than others. Being the Assistant Vice President (one I didn't paste in here) at a large conglomerate could be more impressive than the CFO at a really small corporation. Anyways, here's the links (CGA one too):

http://www.casource.com/General/National_Compensation_Survey_2011-Summary_Report-English.pdf

http://www.cma-ontario.org/multimedia/Ontario/attachments/CompensationSurvey_2011.pdf

http://www.cga-ontario.org/assets/file/2010_SalarySurvey-CGAs%28Summary%29.pdf

Also, somewhat applicable stat that my management accounting prof gave us: "within 5 years of getting your CA designation, 80% of you will be working outside of public accounting."
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