CMA vs. CPA exam: which one do you choose?
One thing’s for sure: either certification pays serious dividends! For example, the average CPA salary is around $96,000, while the average salary for non-CPAs is around $62,000 annually. That’s over 54% higher.
The Certified Management Accountant and Certified Public Accountant designations each serve different career paths, and choosing the right one (or even both!) depends on your interests, goals, and job aspirations.
In this guide, I’ll break down the differences between the CMA and CPA exams, their career benefits, and what to consider before making a decision. By the end, you’ll have a clearer picture of which certification aligns best with your ambitions.
CMA vs. CPA Exam: Which One Should You Choose?
- If you want to work in public accounting, auditing, or tax –> CPA
- If you prefer management accounting, financial strategy, and corporate decision-making → CMA
- If you plan to work in the U.S. –> CPA
- If you plan to work internationally –> CMA is more globally recognized
- If you want to become a CFO or finance executive → CMA is often preferred
CMA Exam Breakdown
The CMA exam is administered by the Institute of Management Accountants (IMA) and consists of two parts:
Part 1: Financial Planning, Performance, and Analytics
- 15% External Financial Reporting Decisions
- 20% Planning, Budgeting, and Forecasting
- 20% Performance Management
- 15% Cost Management
- 15% Internal Controls
- 15% Technology and Analytics
Part 2: Strategic Financial Management
- 20% Financial Statement Analysis
- 20% Corporate Finance
- 25% Business Decision Analysis
- 10% Enterprise Risk Management
- 10% Capital Investment Decisions
- 15% Professional Ethics
Exam Format
Each part comprises 100 multiple-choice questions and two sections of 6-7 case-based questions each.
Time Commitment
Most candidates complete the CMA in 12–18 months. Studying with one of the top CMA prep courses is highly recommended to pass on your first try.
CPA Exam Breakdown
The CPA exam is overseen by the American Institute of Certified Public Accountants (AICPA). It includes three core sections and one of three “Discipline” sections focusing on specialized knowledge.
Core Sections
- Auditing and Attestation (AUD)
- Financial Accounting and Reporting (FAR)
- Regulation (REG)
Discipline Sections
Must select one of these:
- Business Analysis and Reporting (BAR)
- Information Systems and Controls (ISC)
- Tax Compliance and Planning (TCP)
Exam Format
Each section contains multiple-choice questions and task-based simulations that must be completed within four hours.
Time Commitment
Candidates typically take 18–24 months to pass all four CPA sections. Most test takers choose one of the best online CPA prep courses to study and get past the exams quicker.
CMA vs CPA Exam Difficulty: Which Exam Is Harder?
Both exams are challenging but in different ways.
CMA Exam: Analytical and Strategy-Focused
- Requires strong problem-solving and decision-making skills.
- Includes multiple-choice questions in the MCQ section and drag and drop, list options, choose more than one, and number entry questions in the CBQ section.
- Example: Analyzing a company’s budget variance and suggesting cost-saving measures.
CPA Exam: Broad and Detail-Oriented
- Covers a wider range of accounting topics, making it overwhelming to study.
- The Financial Accounting and Reporting (FAR) section is often the most difficult due to its extensive coverage of U.S. GAAP, financial statements, and reporting requirements.
- Task-based simulations require applying accounting knowledge to real-world scenarios.
- Example: Reviewing an audit report to identify discrepancies in financial statements.
Time Management Challenges
- CMA CBQs require clear, concise problem-solving skills while working under tight time constraints.
- CPA task-based simulations test how well candidates apply accounting knowledge efficiently.
Overall, the CMA is considered more specialized, with only two exam parts requiring about 300 hours of study. The CPA is broader but more complex, with four exam sections requiring about 400 hours of study.
Career Paths and Job Opportunities
Your choice between CMA vs. CPA should depend on what role you’re after. Here are a few popular options for both certifications.
Possible CPA Career Paths
- Public accounting firms (Big Four or mid-size firms)
- Auditing and assurance services
- Tax preparation and consulting
- Financial reporting and compliance
Possible CMA Career Paths
- Corporate finance roles (CFO, financial analyst, controller)
- Strategic management positions
- Cost accounting and budgeting
- Business consulting
Salary and Earning Potential
Both certifications can lead to six-figure salaries, so pay-wise, you can’t go wrong.
The average salary of a CPA ranges between $75,000 and $125,000, obviously varying by experience and location.
The average salary of a CMA is between $80,000 and $160,000, partially due to the higher earnings potential in executive roles.
Exam Costs and Requirements
Regardless of which exam you choose, you’ll have to break out the piggy bank. However, both investments sport an impressive return on investment that is well worth Mr. Porky’s untimely demise. Here’s an idea of how much to budget for each:
CMA Certification Cost
- IMA Membership: $49-$295
- Exam Entrance Fee: $225-$300
- CMA Exam Fee: $740-$990
Total Estimate: $1,014-$1,585
Coursework: CMA candidates need a bachelor’s degree but do not have a specific credit hour requirement.
CPA Certification Cost
- Eligibility Application: $100-$200
- CPA Exam Fee: $1,379
Total Estimate: $1,479-$1,579
Coursework: CPA candidates must have 150 credit hours of college coursework. Many CPA candidates choose to pursue a master’s degree for this reason.
Final Thoughts
Both the CMA and CPA certifications offer excellent career opportunities, but the right choice depends on your goals. If you’re drawn to management accounting and corporate finance, the CMA might be the best fit.
If you see yourself in auditing, tax, or public accounting, go for the CPA. Suppose you’re ambitious and want to maximize your earnings potential. In that case, taking both the CPA and CMA exams and getting a dual certification can give you a competitive edge in the job market (and should boost your salary to boot).
Regardless of your path, earning a certification will set you apart from uncertified peers and increase your earning potential. Take the time to consider your interests and career goals before making a decision. You’ll make a smart investment in your future no matter which designation you choose!
FAQs
Yes! Many professionals choose to earn both to maximize career opportunities and earning potential.
It depends on your strengths. The CPA exam has more sections and covers a wider range of topics, while the CMA exam requires strong analytical and problem-solving skills.
Yes. Both certifications require relevant work experience. CMA candidates need two years in management accounting or finance. Meanwhile, most states require CPA candidates to gain experience under a licensed CPA, but some states allow alternative accounting experience in industry settings.
Candidates typically pass the CMA in 12–18 months, while CPA candidates often take 18–30 months to pass all sections.
The CMA has a broader global presence, but the CPA is also widely respected internationally, particularly in U.S.-affiliated firms like Canada, Australia, and some European countries.
