What is the difference between a CPA and a CMA?
CPAs have met licensing requirements for the state in which they practice accounting. State licensing requirements vary but typically include 150 hours of education (30 hours beyond the typical 120-hour bachelor’s degree in accounting). Licensing requirements also always include some documented experience and achieving a passing score on the Uniform CPA Examination.
A Certified Management Accountant (CMA) is an accountant who has obtained the CMA certification. This certification essentially expands on financial accounting by adding management skills which enable CMAs to make strategic business decisions based on financial information. Once certified, the accountant has developed a level of expertise in both financial accounting and strategic management. A bachelor’s degree is the only component needed to be eligible to pursue a CMA.
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