CS vs CMA: Course, Salary, Duration, Scope

A Company Secretary is a person who ensures that a company adheres to laws and regulations in its day-to-day functioning. It is a professional course offered by the Institute of Company Secretaries of India (ICSI). They act as a vital link between the board of directors, shareholders, and other stakeholders. In essence, they are the in-house legal and compliance experts, guiding the company on its legal and ethical obligations.

COMPANY SECRETARY SYLLABUS

The New Syllabus shall comprise of:

(i) an Online Company Secretary Executive Entrance Test (CSEET) consisting of four (4) parts,

(ii) Seven (7) Papers at the Executive Programme and

(iii) Seven (7) Papers at the Professional Programme, including Two Papers as elective papers.

1. CSEET

PAPER NUMBER	SUBJECTS
Paper-1	Business Communication
Paper-2	Legal Aptitude
Paper-2	Logical Reasoning
Paper-3	Economics
Paper-3	Business Environment
Paper-4	Current Affairs
Paper-4	Quantitative Aptitude

2. EXECUTIVE PROGRAMME

PAPER NUMBER	GROUP - 1 SUBJECTS
1	Jurisprudence, Interpretation & General Laws
2	Company Law & Practice Part I – Company Law – Principles and Concepts Part II – Company Administration & Meetings
3	Setting Up of Business, Industrial & Labour Laws Part I – Setting Up of Business Part II – Industrial & Labour Laws
4	Corporate Accounting and Financial Management Part I – Corporate Accounting Part II – Financial Management

PAPER NUMBER	GROUP - 2 SUBJECTS
5	Capital Market & Securities Laws Part I – Capital Market Part II – Securities Laws
6	Economic, Commercial and Intellectual Property Laws Part I – Economic & Commercial Laws Part II – Intellectual Property Laws
7	Setting Up of Business, Industrial & Labour Laws Part I – Setting Up of Business Part II – Industrial & Labour Laws
8	Tax Laws & Practice Part I - Direct Tax Part II - Indirect Tax

3. PROFESSIONAL PROGRAMME

PAPER NUMBER	GROUP - 1 SUBJECTS
1	Environmental, Social and Governance (ESG) – Principles & Practice Part I – Governance and Sustainability Part II – Risk Management Part III- Environment & Sustainability Reporting
2	Drafting, Pleadings and Appearances Part I - Drafting and Conveyancing Part II - Pleadings and Appearances
3	Compliance Management, Audit & Due Diligence Part I – Compliance Management Part II – Audit & Due Diligence
4	Elective 1 (Select one Paper out of 4 Elective Papers)

Paper Number	Elective Subjects
4.1	CSR & Social Governance Part I – Corporate Social Responsibility Part II – Social Governance
4.2	Internal and Forensic Audit Part I – Internal Audit Part II – Forensic Audit
4.3	Intellectual Property Rights – Law & Practice
4.4	Artificial Intelligence, Data Analytics and Cyber Security – Laws & Practice

PAPER NUMBER	GROUP - 2 SUBJECTS
5	Strategic Management & Corporate Finance Part I – Strategic Management Part II – Corporate Finance
6	Corporate Restructuring, Valuation and Insolvency Part I – Corporate Restructuring Part II – Valuation Part III – Insolvency, Liquidation & Winding up
7	Elective 2 (Select one Paper out of 5 Elective Papers)

Elective Papers 2

Paper Number	Elective Subjects
7.1	Arbitration, Mediation & Conciliation Part I – Arbitration & Conciliation Part II – Mediation
7.2	Goods and Services Tax (GST) & Corporate Tax Planning Part I – Goods and Services Tax (GST) Part II – Corporate Tax Planning
7.3	Labour Laws & Practice
7.4	Banking & Insurance – Laws & Practice Part I – Banking Laws Part II – Insurance Laws
7.5	Insolvency and Bankruptcy – Law & Practice

DURATION

The duration of the course is as follows :

Company Secretary Executive Entrance Test (CSEET)	4 months
CS Executive	8 months
Internship	21 months
CS Professional	6 months

The duration of the course can be summarised as 3 – 3.5 years

ELIGIBILITY

The CS course begins with the CSEET (Company Secretary Executive Entrance Test), which is open to students who have passed or are appearing for their 12th standard exams. It is structured into three levels.

Graduates can begin directly from the CS Executive level without appearing for the CSEET.

Students appearing in the final year / final semester examination (can register provisionally)

EXAM PATTERN

The CSEET exams are conducted four times a year in January, May, July, and November, while CS Executive and CS Professional exams are conducted twice a year – June & December.

Below are the exam patterns of each level.

1. CSEET (COMPANY SECRETARY EXECUTIVE ENTRANCE TEST)

It is an online proctored MCQ examination (without negative marks), having a duration of two hours and a total of 200 marks.

PAPER NUMBER	SUBJECTS	MARKS
Paper-1	Business Communication	50
Paper-2	Legal Aptitude	50
	Logical Reasoning
Paper-3	Economics	50
	Business Environment
Paper-4	Current Affairs	50
	Quantitative Aptitude
Total Marks		200

2. CS EXECUTIVE

The CS Executive level is divided into 2 groups having 4 papers each. The duration is three hours and 100 marks for each paper. The exam is a combination of MCQ and descriptive (20% case-based objective questions and 80% descriptive questions).

The candidates have to score 40% in each paper and 50% of aggregate in each group in order to pass the level.

PAPER NUMBER	GROUP - 1 SUBJECTS	MARKS
1	Jurisprudence, Interpretation & General Laws	100
2	Company Law & Practice Part I – Company Law – Principles and Concepts Part II – Company Administration & Meetings	60 40
3	Setting Up of Business, Industrial & Labour Laws Part I – Setting Up of Business Part II – Industrial & Labour Laws	60 40
4	Corporate Accounting and Financial Management Part I – Corporate Accounting Part II – Financial Management	60 40
TOTAL		400

PAPER NUMBER	GROUP - 2 SUBJECTS	MARKS
5	Capital Market & Securities Laws Part I – Capital Market Part II – Securities Laws	40 60
6	Economic, Commercial and Intellectual Property Laws Part I – Economic & Commercial Laws Part II – Intellectual Property Laws	60 40
7	Setting Up of Business, Industrial & Labour Laws Part I – Setting Up of Business Part II – Industrial & Labour Laws	60 40
8	Tax Laws & Practice Part I - Direct Tax Part II - Indirect Tax	60 40
TOTAL		400

3. CS PROFESSIONAL

The CS Professional exam consists of 7 papers divided into 2 groups with 3 papers + 1 elective in Group 1 and 2 papers + 1 elective in Group 2. Each paper is 3 hours long and worth 100 marks. The candidates need to score at least 40% in each paper and 50% in aggregate to pass.

PAPER NUMBER	GROUP - 1 SUBJECTS	MARKS
1	Environmental, Social and Governance (ESG) – Principles & Practice Part I – Governance and Sustainability Part II – Risk Management Part III- Environment & Sustainability Reporting	65 20 15
2	Drafting, Pleadings and Appearances Part I - Drafting and Conveyancing Part II - Pleadings and Appearances	70 30
3	Compliance Management, Audit & Due Diligence Part I – Compliance Management Part II – Audit & Due Diligence	40 60
4	Elective 1 (Select one Paper out of 4 Elective Papers)	100
TOTAL		400

Paper Number	Elective Subjects	Marks
4.1	CSR & Social Governance Part I – Corporate Social Responsibility Part II – Social Governance	50 50
4.2	Internal and Forensic Audit Part I – Internal Audit Part II – Forensic Audit	60 40
4.3	Intellectual Property Rights – Law & Practice	100
4.4	Artificial Intelligence, Data Analytics and Cyber Security – Laws & Practice	100

PAPER NUMBER	GROUP - 2 SUBJECTS	MARKS
5	Strategic Management & Corporate Finance Part I – Strategic Management Part II – Corporate Finance	40 60
6	Corporate Restructuring, Valuation and Insolvency Part I – Corporate Restructuring Part II – Valuation Part III – Insolvency, Liquidation & Winding up	40 20 40
7	Elective 2 (Select one Paper out of 5 Elective Papers)	100
TOTAL		300

Elective Papers 2

Paper Number	Elective Subjects	Marks
7.1	Arbitration, Mediation & Conciliation Part I – Arbitration & Conciliation Part II – Mediation	70 30
7.2	Goods and Services Tax (GST) & Corporate Tax Planning Part I – Goods and Services Tax (GST) Part II – Corporate Tax Planning	70 30
7.3	Labour Laws & Practice	100
7.4	Banking & Insurance – Laws & Practice Part I – Banking Laws Part II – Insurance Laws	50 50
7.5	Insolvency and Bankruptcy – Law & Practice	100

CAREER PATHS

The CS course offers a wide variety of career paths, such as :

(a) Legal Advisor

(b) Secretarial Auditor

(d) Corporate Affairs Manager

The job roles offered by CMA include:

1. Cost Accountant

2. Finance Director

3. Financial Risk Manager

4. Chief Internal Auditor

WHAT IS CMA

CMA India, or Cost and Management Accountant, is a certification in India that focuses on Cost and Management Accountancy. It is administered by the Institute of Cost Accountants of India (ICMA).

CMA USA, or the Certified Management Accountant certification, involves professional courses from the Institute of Management Accountants (IMA), USA, and is recognised in over 150 countries. The profession focuses on Management Accounting and Financial Management

DIFFERENCE BETWEEN CMA USA AND CMA INDIA

Basis of Difference	CMA USA	CMA India
Recognition	Global recognition in over 150 countries	Primarily recognized in India, with some recognition in countries with an Indian diaspora
Exam Structure and Difficulty	Divided into two parts, easier to pass	Divided into three levels, more difficult to pass
Duration and Cost	6-12 months	3.5-4 years
Scope of Syllabus	Management Accounting and Financial Management	Accounting, Financial and Strategic Management, Taxation

Eligibility Comparison: Both CMA USA and CMA India can be pursued after clearing the 12th boards. For CMA USA, students must hold a degree (which can be obtained through correspondence). For CMA India, students with a degree (except in arts or music) can directly start at the Intermediate Level.

CMA USA vs CMA India Salary: A qualified CMA USA professional in India starts with a salary of ₹6 LPA, which can range up to ₹20 LPA, with an average salary of ₹12 LPA. The salary package differs depending on the country of employment.

COUNTRIES	APPROXIMATE SALARY PER YEAR
UNITED STATES OF AMERICA	$85,000 to $126,000
CANADA	CAD 80,000 to CAD 100,000
UNITED KINGDOM	£50,000 to £70,000
AUSTRALIA	AUD 100,000 to AUD 120,000
UNITED ARAB EMIRATES (UAE)	$70,000 to $100,000
SAUDI ARABIA (KSA)	$50,000 to $80,000.
CHINA	$6,000 to $15,000 USD

The prospective salary of CMA India ranges from ₹8 LPA to ₹60 LPA, with an average salary of ₹24 LPA.

CMA USA vs CMA India: Which is Better?

The decision of which course is better is subjective and depends on the individual. However, the following factors will help in making the decision:

Location: Whether one plans to work in India or abroad.
Budget: CMA USA is more expensive than CMA India.
Time: CMA USA can be completed in 6-12 months, while CMA India takes 3.5-4 years.
Work Expertise: CMA USA focuses on Management Accounting and Financial Management, while CMA India focuses on Accounting, Costing, and Strategic Management.
Industry or Sector: CMA USA is relevant in sectors like Manufacturing, Financial Services, Technology, and Consultancy. CMA India is focused on Accounting, Manufacturing, Energy, Education, etc.

FAQ

1. Which course should I choose – CS or CMA?

· Choose CS if you are interested in company law, compliance, governance and legal advisory roles and choose CMA if you have your interest in financial analysis, cost management, budgeting and strategic business decisions.

2. Which course has greater global recognition?

CS is recognised mainly in India, whereas CMA USA has global recognition in over 150 countries.

3. Which are the subjects covered under CSEET?

The CS Executive Entrance Test shall be conducted on a single day as per the following: Computer Based Test of 120 Minutes consisting of four parts viz. (i) Business Communication; (ii) Legal Aptitude & Logical Reasoning (iii) Economic and Business Environment & (iv) Current Affairs and Quantitative Aptitude Viva Voce of 15 Minutes on “Presentation and Communication Skills”

4. Is there any negative marking in CSEET?

No. There is no negative marking.

5. Can the Graduates / Post Graduates (Bachelor’ s/Master's Degree Holders can seek registration directly to the Executive Programme?

Yes. The Graduates/ Post Graduates can take direct admission in the CS Executive Programme.

Company Secretary vs Cost and Management Accountant: Full Comparison

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