CMA vs CPA: Differences and Similarities in Eligibility, Exam Difficulty, Salary, Job Options
Check differences between CMA and CPA, like administering institutes, focus, requirements, syllabus, and career prospects.
CMA vs CPA: Which is better?
CMA vs CPA: Aspirants find it difficult to choose accounting certification among CMA and CPA. CMA course in India is administered by ICMAI. Whereas, CPA course is administered by AICPA. Both credentials offer similar career paths and opportunities in Accounting stream, but differ in focus, requirements, and career prospects. Check a comparison between CMA and CPA below.
- Who is CMA?
- Who is CPA?
- CMA vs CPA: Eligibility Criteria
- CPA and CMA Course Fees
- CPA vs CMA: Difficulty Level
- CMA vs CPA Career Prospects
- CPA vs CMA Salary
Who is CMA?
Cost and Management Accounting (CMA) is a certification program that awards a designation to successful candidates. This designation opens doors to a rewarding career in business accounting. CMA program helps its students learn Management Accounting, Regulatory Framework, Strategy, and Financial Reporting. CMAs professionals possess expertise in various aspects of accounting and financial management.
Also Read: All about CMA Courses
Three levels of a CMA programme in India are as follows:
Who is CPA?
The Certified Public Accountant (CPA) is a prestigious qualification for accountants in the United States. CPA is recognised globally for career in accounting. CPAs are not just experts in crunching numbers but also esteemed advisors to businesses and individuals. CPA professionals remain updated with the latest tax laws, offering crucial advice for intricate financial decisions and enhancing tax strategies.
CMA exam is conducted at three course levels, namely Foundation, Intermediate and Final. CMA exam for all three course levels are conducted as an offline centre based exam. In the past sessions, ICMAI, the conducting body of the CMA exam, had conducted the Intermediate and Final course exams as an online centre based exam. While the CMA Foundation was conducted as a remotely proctored exam from home. However, the mismanegement in the online exams led ICMAI to shift back to the offline centre based exam.
ICMAI may change the mode of the CMA exams in the upcoming exam sessions. Stay tuned to shiksha's CMA exam pattern article for key developments in the test structure from time to time (https://www.shiksha.com/accounting-commerce/accounting/cma-exam-pattern)
If the preparation is right, CMA is not as hard as students complaint about the same. If the pass percentages is compared with ICAI CA exam, CMA pass percentage is comparatively less. However, the number of candidates appearing in CA Final if compared with CMA Final course is huge. The pass percentage of CMA Final course in December 2022 term stood at 6.85% for both the groups, and 17.77% for candidates who onlyu appeared for Group IV exam.
Out of 3751 candidates who appeared in both the groups of CMA Final course, 373 test takers passed the exam for only one course group, while 257 candidates passed the exam for both the groups of CMA Final course in December 2022 term.
CMA vs CPA: Eligibility Criteria
Candidates aspiring to become a CPA must hold a bachelor's or a master's degree along with relevant work experience. On the other hand, the CMA certification is open to a wider audience with fewer prerequisites. To start the CMA foundation course, candidates must be at least 18 years old and have passed Class 12.
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CPA Eligibility Criteria
- Candidates must have at least a graduation degree or equivalent.
- Candidates must complete 150 semester hours of college courses to earn a CPA licence.
- Additionally, 1-2 years of experience under any CPA is also required
The eligibility requirements can vary across different regions.
CMA Eligibility Criteria
The eligibility criteria for taking the CMA foundation exam require candidates to pass Class 12 or equivalent exam. However, candidates with a Class 10 qualification can still seek admission to the course.
CPA and CMA Course Fees
The space below mentions different categories of fee for CPA and CMA courses:
CPA Fees
| Particulars |
Fee |
|
|---|---|---|
| Application fee (varies across state) |
USD 50 to USD 200 (approx. INR 3,600 to INR 14,500) |
|
| Examination fee |
USD 193.45 for each section (approx. INR 14,100) |
|
| Registration fee |
When you take one section at a time |
USD 63 (approx. INR 4,600) |
| When you take two section at a time |
USD 81 (approx. INR 5,900) |
|
| When you take three section at a time |
USD 99 (approx. INR 7,200) |
|
| When you take four section at a time |
USD 177 (approx. INR 12,900) |
|
| Ethics exam fee |
USD 150-200 (approx. INR 10,900 to INR 14,500) |
|
CMA Course Fees
| Particulars |
Fee |
|---|---|
| CMA Foundation enrolment fee |
INR 6,000 |
| CMA Intermediate enrolment fee |
INR 23,100 |
| CMA Final enrolment fee |
INR 25,000 |
| CMA Foundation exam fee |
INR 1,200 (USD 60 for overseas centres) |
| CMA Intermediate exam fee |
INR 1200 (for one group) INR 2400 (for two groups) USD 90 (for overseas centres) |
| CMA Final exam fee |
INR 1400 (for one group) INR 2800 (for two groups) USD 100 (for overseas centres) |
CPA vs CMA: Difficulty Level
CPA exam has slightly higher pass rate than CMA pass percentage. Many candidates find the CPA exam difficult but doable. In contrast, CMA exam is reported difficult. One has to remain dedicated during the preparation phase. Pass rate for the CPA exam is around 54 per cent. On the other hand, the pass rate for the CMA exam usually remains below 50 per cent.
CMA Intermediate course level has two different groups. Candidates can either take the test papers for both groups or a single group. The test papers included in the CMA Intermediate course level are as follows:
CMA Intermediate Course Group - I
- PAPER 5: Business Lawns and Ethics (BLE)
- PAPER 6: Financial Accounting (FA)
- PAPER 7: Direct and Indirect Taxation (DITX)
- PAPER 8: Cost Accounting (CA)
CMA Intermediate Course Group - II
- PAPER 9: Operations Management and Strategic Management (OMSM)
- PAPER 10: Corporate Accounting and Auditing (CAA)
- PAPER 11: Financial Management and Business Data Analytics (FMDA)
- PAPER 12: Management Accounting (MA)
Also Read:
CMA vs CPA Career Prospects
CPAs typically engage in public accounting, auditing, and consulting roles. On the other hand CMAs provides insights in business strategy at management positions.
Also Read: CMA Placements: All You Need to Know
CPA vs CMA Salary
CPA and CMA find similar job roles in job market. Check salaries offered to CMA and CPA professionals below:
| Job Roles |
Annual Salary (in USD) |
|---|---|
| Cost Accountant |
60,000 - 100,000 |
| Corporate Accountant |
60,000 - 100,000 |
| Accounting Manager |
70,000 - 120,000 |
| Senior Accountant |
70,000 - 120,000 |
| Controller |
90,000 - 180,000 |
| Financial Analyst |
60,000 - 100,000 |
| Management Accountant |
60,000 - 100,000 |
| Financial Risk Manager |
60,000 - 100,000 |
Maximum marks in the CMA exam is similar irrespective of the course level. Papers under all three course levels have a maximum of 100 marks. Candidates answering all the questions correctly will get 100 marks. In the CMA Foundation eaxam, each exam paper has 50 multiple choice questions. Each question fetches two marks. Whereas, the CMA Intermediate and CMA Final have different marking scheme with descriptive and objective type questions. Marks for each question of Intermediate or Final exam paper ranges from seven marks to 15 marks.