CMA vs CPA: Differences and Similarities in Eligibility, Exam Difficulty, Salary, Job Options
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Check the differences between CMA and CPA, like administering institutes, focus, requirements, syllabus, and career prospects.
CMA vs CPA: Which is better?
CMA vs CPA: Candidates who wish for a career in accounting often have several options, including CMA, CPA, CA, CFA, etc. CMA vs CPA is among the top queries of aspirants as both are highly respected, globally recognised, and high-paying designations. Both CMA and CPA are different as CPA focuses on external reporting, tax, and auditing, while CMA focuses on internal strategic financial management and analysis. CMA course in India is administered by the Institute of Cost Accountants of India (ICMAI). On the other hand, AICPA administers CPA course. Scroll down and read a detailed comparison between CMA and CPA courses.
- 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 Accountant (CMA) is a designated professional by ICMAI. 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 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.
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
CMA and CPA fee varies from each other. Candidates have to pay fee for both exam as well as enrolment for both these courses. Refer to the tables below for CPA and CMA fees.
CPA Fees
Candidates aspiring for CPA have to pay the application fee, examination fee, registration fee, as well as the ethics exam fee. The table below mentions CPA fee:
| 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
CMA fee varies based on the course level. Similar to CPA fee, candidates aspiring for CMA have to pay enrolment fee, as well as the exam fee. The table below mentions the CMA fees for all three course levels:
| 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.
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
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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 |
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Abhishek is a content writer and editor with 7+ years of experience in education journalism. He completed his graduation from University of Delhi with a BA Degree. At Shiksha.com, he handles content for MBA, BBA, an
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