Choosing whether to pursue a CMA certification or CPA license is a big decision. Both designations take multiple years, thousands of dollars, and hundreds of study hours to obtain. While the salary and career trajectory payoff is worth it, the significant investment warrants a deeper dive into what each credential entails.
What Is a CMA?
Certified Management Accountants are highly skilled in financial planning, controls, risk management, strategic analysis and decision support, and professional ethics. This expertise makes these professionals attractive candidates for corporations, non-profits, government agencies, and other business entities.
CMA Jobs and Career Paths
Becoming a CMA opens the door to a number of job titles and career paths. Some of the most common include:
- Cost Accountant
- Controller (Financial or Corporate)
- Budget Analyst
- Risk Manager
- Financial Analyst
According to Institute of Management Accountants (IMA®), 69% of CMAs report professional growth following certification. Many CMAs eventually gain the unique knowledge, skill sets, and experience needed to serve in senior management roles and become industry leaders.
Steps to CMA Certification
To earn your CMA certification, there are 5 key requirements you must meet:
- Join the CMA Program: You must become an IMA member and enroll as a CMA candidate.
- Pass the CMA Exam: Complete both exam sections within 3 years of enrollment.
- Complete Your Bachelor’s Degree: This must be finished within 7 years of passing the CMA exam.
- Complete 2 Years of Relevant Work Experience: This must be finished within 7 years of passing the CMA exam.
- Submit Your Application: You must confirm your qualifications and meet any future renewal requirements.
The CMA Exam
The CMA exam consists of 2 parts covering 12 competencies. You must score 360 out of 500 points on each part to pass. Each part contains 100 multiple-choice questions and 2 essay questions tested over a 4-hour period.
- Part 1: Financial Planning, Performance, and Analytics
- Part 2: Strategic Financial Management
You may take the exams in either order, but both must be completed within a 3-year period.
What Is a CPA?
Certified Public Accountants are licensed by their state’s board of accountancy to perform specialized roles within tax and auditing. They can represent clients before the IRS, perform external audits, certify financial statements, and complete related tasks that non-licensed accountants are not permitted to do.
CPA Jobs and Career Paths
Becoming a CPA gives you the flexibility and prestige to work in a number of industries based on your preferences. These generally include:
- Public Accounting
- Audit Manager
- Tax Manager
- Forensic Accountant
- Academia
- Accounting Professor
- Curriculum Developer
- Continuing Education Instructor
- UWorld Accounting Content Developer
- Corporate Accounting
- Chief Financial Officer (CFO)
- Financial Analyst
- Cost Accountant
- Government
- Government Auditor
- Tax Examiner
- Budget Analyst
- Non-Profit
- Non-Profit CFO
- Grant Accountant
- Internal Auditor
According to Applied Research & Consulting, LLC, 75% of business decision-makers are more confident in jobs done by CPAs than non-CPAs.
Steps to CPA Licensure
To earn your CPA license, you must complete the specific requirements set by your jurisdiction’s board of accountancy. Below is an outline of what you can usually expect:
- Education Requirements: Most states require a bachelor’s degree with 120 semester hours to take the CPA Exam, then 150 total hours for licensure.
- Pass the CPA Exam: You must pass all 4 sections within your state’s timeframe (e.g., 30 to 36 months).
- Ethics Exam Requirement: Many states require you to pass a separate ethics exam.
- Work Experience Requirement: Most states require 1 to 2 years of experience under the supervision of a licensed CPA.
- Submit Your Application: You must apply for licensure and fulfill any future renewal requirements.
The CPA Exam
The CPA Exam consists of 3 mandatory Core sections and 1 Discipline section of your choice. You must score 75 or higher on each section to pass. Each section has 50 to 82 multiple-choice questions and 6 to 8 task-based simulations tested over a 4-hour period.
- Core Sections - You Must Take All 3
- Auditing and Attestation (AUD)
- Financial Accounting and Reporting (FAR)
- Taxation and Regulation (REG)
- Discipline Sections - You Must Select 1
- Information Systems and Controls (ISC)
- Business Analysis and Reporting (BAR)
- Tax Compliance and Planning (TCP)
You may take the exams in any order, but they must be completed within your jurisdiction’s timeframe.
Key Differences Between CMAs and CPAs
The biggest difference between CMAs and CPAs is in the names themselves. CMAs specialize in management accounting, while CPAs specialize in public accounting. Attaining 1 credential over the other will not necessarily limit your career options, but prospective employers will note the difference.
Salary is another differentiator, albeit a smaller one. CMAs and CPAs outearn their non-credentialed peers by a significant margin. CMAs generally have higher earning potential because of their prevalence in mid-to-senior level positions.
| 25th Percentile | Average | 75th Percentile | Top Earners | |
|---|---|---|---|---|
| Accountant |
$53,500 |
$68,326 |
$78,500 |
$95,000 |
| CMA |
$80,000 |
$105,943 |
$120,000 |
$160,500 |
| CPA |
$75,000 |
$91,980 |
$103,000 |
$125,000 |
(ZipRecruiter Data as of January 2025)
The CMA credential is globally recognized, while CPA licenses are U.S.-specific. However, because of increased globalization in recent decades, CPAs can also be found in countries around the world. To meet growing demand for CPAs, the National Association of State Boards of Accountancy (NASBA®) and American Institute of Certified Public Accountants (AICPA®) have expanded their international CPA Exam testing program.
Is the CMA or CPA Credential Right for You?
The CMA certification and CPA license are strong credentials to pursue depending on your career goals. CMAs and CPAs alike are highly qualified, skilled, and sought-after in a variety of industries. There is no right or wrong answer when deciding which path to choose. Some professionals even choose to acquire both to further diversify their skill sets. Either way, we’ll always be here to help you along your CMA or CPA journey.
