In 2025, the demand for certified accounting professionals continues to rise, offering lucrative career opportunities for those who hold respected credentials. Whether you’re just starting your accounting career or looking to advance, obtaining certification is crucial for growth and success in the field. Two of the most highly regarded certifications are the Certified Management Accountant (CMA) and Certified Public Accountant (CPA). While both can propel your career forward, each certification has its unique advantages depending on your goals.
This article will help you understand the key differences between CMA vs CPA, provide an overview of both certifications, and assist you in determining which one aligns best with your career aspirations.
Table of Contents
Introduction
The accounting profession is evolving, and with it, the need for highly skilled accounting professionals continues to increase. Certified management accountants and certified public accountants play key roles in shaping the financial success of businesses, governments, and other organizations.
For 2025, accounting career paths that include certified professionals are expanding into diverse industries such as corporate finance, financial planning, risk management, and consulting services. But how do you choose between CMA vs CPA? This article will help you make an informed decision based on your career goals, interests, and the time and financial investment you’re ready to commit.
What Is a CPA (Certified Public Accountant)?
Definition and Brief History
A Certified Public Accountant (CPA) is a professional designation granted by state boards in the U.S. It has a long history, originating in 1896, and is highly regarded in fields such as tax preparation, financial reporting, and audit. CPAs are licensed and regulated by individual state authorities, and each state has its own set of CPA requirements for obtaining and maintaining the CPA license.
Key Responsibilities and Areas of Expertise
CPAs have a broad scope of responsibilities, often specializing in areas like:
- Audit: Ensuring the accuracy of financial statements and compliance with legal requirements based on accounting principles and general principles assessing risk.
- Tax: Helping clients with tax strategies, tax compliance, planning, and filing.
- Financial Accounting: Preparing and analyzing financial statements to reflect a business’s financial health.
- External Financial Reporting: Communicating the financial status of companies to stakeholders and regulatory bodies.
Typical Career Paths
CPAs are commonly employed in:
- Public Accounting Firms (Big 4, regional firms, boutique firms)
- Government (e.g., IRS, state auditors)
- Consulting Services (e.g., financial advisory, business analysis)
- Corporate Finance and internal audit roles
What Is a CMA (Certified Management Accountant)?
Definition and Brief History
A CMA is a professional certification offered by the Institute of Management Accountants (IMA). Established in 1972, the CMA designation emphasizes expertise in management accounting, financial analysis, and strategic management.
Key Responsibilities
Management accountants with a CMA are primarily responsible for:
- Financial Planning and Analysis (FP&A): Creating budgets, forecasts, and financial projections.
- Internal Control: Ensuring efficient and effective financial operations.
- Cost Management: Managing and analyzing financial data to improve profitability.
- Business Analysis: Supporting strategic business decisions and financial management.
- Performance Management: Evaluating business performance to enhance operational efficiency.
Typical Career Paths
CMAs typically pursue careers in:
- Corporate Finance (e.g., financial controllers, treasurers)
- Managerial Accounting (e.g., cost accounting, internal auditing)
- Financial Planning and Analysis (FP&A)
- Strategic Management and Risk Management
- Consulting Services focused on internal efficiency and decision making
CMA vs CPA: Key Differences
Here’s a quick comparison of CMA vs CPA:
| Criteria | CPA | CMA |
|---|---|---|
| Scope of Work | Focus on public accounting (audit, tax, external financial reporting) | Focus on management accounting (financial planning, analysis, cost management) |
| Focus | External financial reporting and tax compliance | Strategic management and internal financial management |
| Global Recognition | Primarily recognized in the U.S. | Global recognition, especially in corporate finance |
| Work Environment | Public accounting firms, government, consulting services | Corporate finance, FP&A, management |
| Ethics Requirements | Strict professional and ethical standards | Ethical standards focused on internal business operations |
| Continuing Education | Required to maintain CPA license | Continuing education required to maintain certification |
Exam Comparison
Understanding the CMA vs CPA exams in detail is essential before committing to a certification path. Here’s a breakdown of the key exam elements, including structure, cost, education requirements, scoring, and more:
CPA Exam (Certified Public Accountant)
The CPA exam is developed by the American Institute of CPAs (AICPA) and is required for obtaining a CPA license in the United States. It follows a core + discipline model under the CPA Evolution initiative.
CPA Syllabus structure:
The CPA exam is divided into four sections:
Core Sections (Required for all candidates):
- Auditing and Attestation (AUD) – Auditing procedures, ethics, internal controls
- Financial Accounting and Reporting (FAR) – Financial statement preparation, accounting principles (U.S. GAAP)
- Regulation (REG) – Tax compliance, business law, and federal taxation
Discipline Section (Choose One):
- Business Analysis and Reporting (BAR) – Data analytics, financial risk management, and reporting
- Information Systems and Controls (ISC) – IT governance, cybersecurity, internal controls
- Tax Compliance and Planning (TCP) – Advanced taxation topics, estate planning, tax strategies
Exam Format:
- All sections include multiple-choice questions (MCQs) and task-based simulations (TBS)
- Some sections may include written communication tasks
- Each section is 4 hours long, totaling 16 hours
Scoring:
- Each section is scored on a scale of 0–99
- Passing score: 75 per section
Education Requirements:
- Bachelor’s degree (typically in accounting, finance, or business)
- Most states require 150 semester hours of education (equivalent to a master’s degree)
- Completion of coursework in auditing, financial accounting, business law, and taxation
Experience Requirements:
- Varies by state, typically 1–2 years of supervised accounting experience under a licensed CPA
Cost Breakdown:
- Exam Fees: ~$200–$300 per section ($800–$1,200 total)
- Application Fees: $50–$200 (varies by state)
- CPA Review Course: $1,200–$3,000
- Total Estimated Cost: $2,000–$4,000+
Time to Complete:
- Candidates must pass all four sections within an 18-month rolling window
CMA Exam (Certified Management Accountant)
The CMA exam is administered by the Institute of Management Accountants (IMA) and focuses on financial management, strategic planning, and internal financial decision making.
Structure:
The CMA exam is split into two parts, which can be taken in any order:
- Part 1: Financial Planning, Performance, and Analytics
- External financial reporting decisions
- Planning, budgeting, and forecasting
- Performance management
- Cost management
- Internal controls
- Technology and analytics
- Part 2: Strategic Financial Management
- Financial statement analysis
- Corporate finance
- Decision analysis
- Risk management
- Investment decisions
- Professional ethics
Exam Format:
- Each part includes:
- 100 multiple-choice questions
- 2 essay scenarios (requiring written responses to practical problems)
- Duration: 4 hours per part (3 hours MCQ, 1 hour essay)
Scoring:
- Each part is scored on a 0–500 scale
- Passing score: 360 per part
- Essay sections are graded only if you achieve at least 50% on the MCQ portion
Education Requirements:
- Bachelor’s degree from an accredited university (any major)
- Alternatively, a professional accounting certification (e.g., CPA, ACCA) may be accepted
Experience Requirements:
- Two years of continuous full-time experience in management accounting or financial management
- Experience can be earned before or within seven years of passing the exam
Cost Breakdown:
- IMA Membership:
- Professional: ~$295/year
- Student/Academic: discounted rates available
- Entrance Fee:
- $300 (Professional), ~$225 (Student)
- Exam Fees:
- $495 per part ($990 total for both parts)
- CMA Review Course: $600–$2,000
- Total Estimated Cost: $1,300–$2,500+
Time to Complete:
- Most candidates complete the CMA in 6 to 12 months
- Both parts must be passed within 3 years of entry into the program
CPA VS CMA Salary and Job Prospects
CPA Salary Insights
- Entry-level CPAs: $60,000–$75,000
- Senior CPAs/CFOs: $100,000–$150,000+
- Industries: Public accounting, tax preparation, government, consulting services, and corporate finance
- A CPA license is especially valuable in regulated industries requiring audit and tax expertise.
CMA Salary Insights
- Entry-level CMAs: $55,000–$70,000
- Senior CMAs/corporate controllers: $90,000–$120,000+
- Industries: Corporate finance, management accounting, cost management, FP&A, and business analysis
- Salaries are competitive, especially for professionals focused on financial decision making and performance management.
Which Certification Is Better for You?
Decision Factors:
- Career Path Goals:
Choose Certified Public Accounting if you’re focused on public accounting, audit, or tax. Choose CMA certification if you’re drawn to financial management, strategic business decisions, and internal operations. - Interest in Strategy vs. Compliance:
CPAs are more compliance-focused (e.g., tax compliance and financial reporting), while CMAs emphasize strategy and financial analysis. - Time and Cost:
The CPA and CMA exams both require significant preparation, but Certified Public Accounting certification generally takes longer and has more exam fees. - Global vs. Domestic:
The CMA designation is globally recognized, while CPA certification is U.S.-focused but highly regarded. - Exam Prep:
Success in both your CPA and CMA journey often depends on choosing a strong CPA review or CMA review course.
Scenarios:
- “If you want to be a CFO…”: The CMA designation equips you with financial management, cost management, and strategic decision-making skills essential for high-level executive roles in corporate finance and operations.
- “If your goal is to work for a Big 4 firm…”: CPA certification is a must, as these firms prioritize candidates with a CPA license for roles in public accounting, audit, tax preparation, and consulting services.
- “If you’re aiming for a career in internal finance or FP&A…”: The CMA certification is ideal, as it focuses on financial planning, and performance management, which are critical for roles in management accounting and corporate strategy.
- “If you’re interested in becoming a tax advisor…”: The CPA credential provides deep expertise in regulation, tax strategies, and financial reporting, making it the best fit for a tax-focused accounting career.
Can You Get Both CMA and CPA?
Yes! Many professionals pursue both the CPA and CMA certifications. This combination offers significant advantages in career flexibility and salary potential.
Benefits of Dual Certification:
- Expanded Career Options: Positions in public accounting, managerial accounting, corporate finance, and consulting.
- Higher Earning Potential: Professionals with both certifications often command higher salaries and leadership roles.
- Versatile Skill Set: Covers both financial reporting and financial planning.
Strategy Tips:
- Take one exam at a time to avoid burnout.
- Use structured CPA vs CMA exam prep materials.
- Understand the time commitment for both the CPA and CMA exams.
- Meet educational requirements like a bachelor’s degree from an accredited university.
- Stay current with continuing professional education to maintain licensure.
FAQs
Can you take the CMA exam without an accounting degree?
Yes, but you must have a bachelor’s degree from an accredited university in any discipline. You’ll also need to meet the experience requirements set by the Institute of Management Accountants (IMA) to earn the CMA credential.
Is the CPA harder than the CMA?
Many consider the CPA exam more difficult due to its broader scope, which includes tax compliance, audit, and external financial reporting. The CMA exam, while also challenging, focuses more on management accounting, financial decision making, and Financial management.
Can I take both the CPA and CMA exams at the same time?
Technically, yes, but it’s recommended to complete one before starting the other. Both the CPA and CMA exams require significant study time and preparation. Prioritize based on your immediate career goals and schedule.
Do I need continuing education to maintain certification?
Yes. Both CPA and CMA certifications require continuing professional education (CPE) to maintain CMA/CPA certification. This ensures that accounting professionals stay current with industry standards, regulations, and best practices.
What is the role of the American Institute of CPAs (AICPA)?
The American Institute of CPAs develops and maintains the CPA exam syllabus, supports the public accounting profession, and provides resources for CPA candidates and licensed CPAs.
How long does it take to get a CPA license after passing the exam?
After passing all four CPA exam sections, you must fulfill your state’s experience requirement, submit documentation, and apply for licensure. This process can take several weeks to months, depending on your jurisdiction’s CPA requirements.
What is the value of a CMA license in today’s job market?
The CMA license is highly valued in corporate finance, FP&A, and management accounting roles. It signals strong skills in financial planning, performance management, and business analysis, making it attractive to employers seeking strategic thinkers.
Conclusion
Choosing between CMA vs CPA depends on your interests, goals, and resources. Both certifications offer exceptional opportunities in accounting and finance. Whether you’re passionate about financial reporting or strategic financial planning, there’s a path for you.
Consider your desired career path, whether in public accounting, corporate finance, or management accounting, and choose the certification—or combination—that aligns with your future.
For more help in your decision-making process, download our comparison checklist or subscribe for more updates and resources about CPA vs CMA and advancing your career as an accounting professional.