Which is needed in the market now from all employers when hiring accountants, any certificate (CMA/CFA/ect.) or physical experience in accounting?

It depends on the Job position. Till a post of Senior/ Chief Accountant Positions in middle scale companies they are looking for market knowledge and experience. But above that Like finance manager positions a professional degree is a need. 

cma with physical experience in accounting

First of all CMA/CFA are not certificates but professional degrees.
And to an accountant one just needs ACCA.
Which is standard UK degree to become accountant and is widely accepted and appreciated degree.
Whereas, CMA are Management accountants and CFA are Financial analysts, scope of which is above board than a simple accountant.

These are must have certifications now a days for reasonable finance job.

Those days have gone where experience were given more importance.

With the introduction of accounting software applications and user friendly reports, most of the organisation needs qualified accounting professionals from Internationally recognised instituitions such as ACA, CPA, CMA or ACCA. The demand in market is for qualified and experienced Accountants

So the options remain with non qualified accountants to either try to obtain these qualifications (which are NOT easy) or make a move to another profession like Marketing, Operational risk, regulatory risk, etc, etc. 

The first step in getting employers nod to be employed is your professional accounting qualification. This is closely followed by your experience. The third quality is ability to work with the latest accounting softwares. The forht one is ability to work with little or no supervision. These are some of the requirement prerequisite for any accountant wanting to be internatioally recognized.

CIMA/ACCA/ICA/CFA all needed to get you selected for the post you applied and your working experiance needed for survial in the organisation 1.
If you dont have such qualification easly you will not get the Job opportunity even thoug you having physical experiance no of years (unless special instances) 2.
If you dont have adiquate physical experiance even thouhg you selected for the post survial will be grate task