CPA vs CMA: Salary, Difficulty, Cost, Time, Career Opportunities, etc.

In this comprehensive guide, we will delve into the nuances of both CPA and CMA. From eligibility criteria to career prospects, we’ve got you covered. Whether you are a fresh graduate or a seasoned professional, understanding these paths is crucial in shaping your future in the accounting world.

What makes CPA and CMA stand out? How do they differ in terms of exam structure, program costs, and global recognition? And most importantly, which one aligns best with your career goals and aspirations?

Stay tuned as we unravel these questions, providing you with all the information you need to make an informed decision. This isn’t just a comparison; it’s a journey to discover where your true potential lies in the vast realm of accounting!

What is CPA?

The Certified Public Accountant (CPA) course is a prestigious accounting qualification primarily recognized in the United States. It requires candidates to have a bachelor’s degree and complete 150 semester hours of coursework, followed by passing a rigorous four-part exam covering areas like auditing, business concepts, financial reporting, and regulation.

Additionally, CPA candidates must gain professional experience under a licensed CPA. This course prepares individuals for a wide range of accounting and finance roles, emphasizing expertise in financial management, regulatory compliance, and ethical accounting practices.

To know more about CPA as a course, read – All About CPA

What is CMA?

The Certified Management Accountant (CMA) is a prestigious credential that represents a blend of financial management and strategic business skills. Awarded by the Institute of Management Accountants (IMA), this title is for professionals who excel in financial analysis, decision support, and risk management.

CMAs are pivotal in guiding companies through budgeting, forecasting, and strategic planning. They also ensure the integrity of financial reports and take on leadership roles, influencing policy development and business growth.

The CMA designation is a testament to expertise in combining financial acumen with strategic thinking, making these professionals invaluable in any business setting.

Elgibility Criteria


Educational Requirement: The primary requirement for CPA eligibility is a bachelor’s degree in any field.

However, before taking the CPA exam, candidates must complete specific coursework in accounting and business-related subjects.

The exact requirements can vary by state in the U.S., but typically 150 semester hours of college coursework are recommended, which may require courses beyond a standard bachelor’s degree.


Educational Qualifications Required for CMA:

  • Bachelor’s Degree or Professional Certification: Applicants for the CMA program must hold a bachelor’s degree from an accredited college or university, or hold a professional certification. In some cases, a combination of education and professional experience may also be considered.

Work Experience Prerequisites for CMA:

  • Professional Experience: Candidates need two continuous years of professional experience in management accounting or financial management. This experience can be acquired before or after passing the CMA exam but must be completed within seven years of passing.

Program Completion Requirements


  • Uniform CPA Examination:
    • Comprehensive Exam: Candidates must pass three core sections of the CPA exam: Auditing and Attestation (AUD), Financial Accounting and Reporting (FAR), Regulation (REG) and one out of three discipline sections: Business Analysis & Reporting (BAR), Information Systems and Controls (ISC), Tax Compliance and Planning (TCP) .
    • Time Frame: Typically, all four sections must be passed within an 18-month period.
  • Professional Experience:
    • Duration: Varies by state, but generally requires 1-2 years of accounting experience under the supervision of a licensed CPA.
    • Nature of Work: The experience should be relevant to accounting or auditing, meeting specific state board requirements.
  • Ethics Exam:
    • Requirement: Some states require the completion of an ethics exam or course as part of the licensure process.


  • Examination:
    • Candidates need to pass both parts of the CMA exam within a three-year period from the date of registration.
  • Experience:
    • Two years of professional experience in management accounting or financial management is required. This experience can be obtained either before or after passing the exam but must be completed within seven years of passing.
  • Continuing Education:
    • CMAs are required to complete continuing education to maintain their certification. This involves completing a certain number of continuing education hours each year.

Exam Structure


  • The CPA exam comprises four sections:
    • Auditing and Attestation (AUD)
    • Business Environment and Concepts (BEC)
    • Financial Accounting and Reporting (FAR)
    • Regulation (REG)
  • Candidates take each section as a separate exam.
  • Type of Questions:
    • The format includes multiple-choice questions, task-based simulations, and written communication tasks.
  • Duration:
    • Each section is four hours long, totaling 16 hours.
  • Passing Criteria:
    • Each section is scored from 0 to 99.
    • A passing score is 75 or higher on each part.


Exam Components

  • Part 1 – Financial Planning, Performance, and Analytics:
    • This part covers topics like budgeting, forecasting, external financial reporting decisions, and performance management.
  • Part 2 – Strategic Financial Management:
    • This section delves into areas such as financial statement analysis, corporate finance, risk management, and investment decisions.

Type of Questions

  • Format: The exam format includes multiple-choice questions and essay questions.
    • Multiple-Choice Questions: Each part contains 100 multiple-choice questions, testing candidates’ knowledge and understanding of the respective subjects.
    • Essay Questions: Each part also includes two essay questions, focusing on real-world scenarios and problem-solving skills.


  • Each part of the CMA exam is four hours long. The first three hours are allocated for completing the multiple-choice questions, and the remaining one hour is for the essay questions.

Passing Criteria

  • Scoring: Each part of the CMA exam is scored on a scale of 0 to 500.
  • Passing Score: A score of 360 or higher on each part is required to pass.

Duration and Flexibility


Examination Timeframe

  • 18-Month Window: Candidates must pass all four sections of the CPA exam within an 18-month period, starting from the date they pass the first section.
  • Retake Policy: If a candidate fails a section, they can retake it in a subsequent testing window.


  • Scheduling Exams: The CPA exam offers flexibility in scheduling, allowing candidates to take the sections in any order and at various times throughout the year.
  • Work Experience Timeline: The required work experience can be completed before, during, or after taking the CPA exams, depending on state regulations, offering flexibility in professional path planning.


CMA Examination Timeframe

  • Three-Year Window: CMA candidates have three years from their registration date to pass both parts of the exam. This window provides ample time for preparation and scheduling.
  • Retake Policy: If a candidate fails one part of the CMA exam, they can retake it in the next available testing window. There is no limit on the number of retakes, but each attempt requires a new examination fee.


  • Scheduling Exams: The CMA exam is offered in three testing windows each year (January/February, May/June, and September/October), allowing candidates to schedule their exams at a convenient time. This flexibility aids in balancing study time with professional and personal commitments.
  • Work Experience Timeline: For the CMA, the required two years of professional experience in management accounting or financial management can be completed either before or after passing the exam. This flexibility accommodates those who are already working in the field, as well as those who are new to it.

Compared to the CPA program, the CMA takes a slightly longer timeframe for completing the exam requirements.

The CMA’s testing windows and the flexibility in fulfilling work experience requirements make it an appealing option for professionals who need to balance their certification pursuits with other obligations.

Program Costs


  • CPA Application Fee: Varies depending on the state board in the U.S., generally ranging from approximately ₹3,600 to ₹14,500.
  • CPA Examination Fee: Approximately ₹14,100 per section of the CPA exam.
  • CPA Registration Fee: Depends on the number of sections a candidate opts to take at a time:
    • For one section: Approximately ₹4,600.
    • For two sections: Approximately ₹5,900.
    • For three sections: Approximately ₹7,200.
    • For all four sections: Approximately ₹12,900.
  • CPA Ethics Exam Fee: In states requiring this for licensure, the fees range from approximately ₹10,900 to ₹14,500.
  • CPA Licensing Fees: Annual fee for obtaining and maintaining a CPA license varies by state, approximately ₹3,600 to ₹36,000.
  • Continuing Professional Education (CPE): CPAs must complete CPE annually to keep their license active. Costs range from ₹60,000 to ₹3,75,000 per year, depending on courses and requirements.

Total Average Cost: Approximately ₹3.5 to ₹4 lakhs for completing the CPA course.


CMA Application Fee

  • IMA Membership Fee: Candidates must be members of the Institute of Management Accountants (IMA) to apply for the CMA exam. The annual membership fee ranges from approximately ₹7,500 to ₹15,000, depending on the type of membership (professional, student, academic).

CMA Examination Fee

  • Per Part Fee: Each part of the CMA exam has a fee of approximately ₹28,500. With two parts in total, the combined exam fees amount to around ₹57,000.

CMA Entrance Fee

  • One-Time Fee: There is a one-time entrance fee for the CMA program, amounting to approximately ₹17,000.

Continuing Professional Education (CPE)

  • Annual Requirement: CMAs are required to complete a certain number of continuing education hours every year. The costs for these courses can vary, typically ranging from ₹30,000 to ₹1,50,000 annually, depending on the courses and providers.

Total Average Cost

  • Estimated Total: The total average cost for obtaining the CMA certification can range from approximately ₹1.5 to ₹2.5 lakhs.

Salary Prospects


  • Average Salary: Approximately ₹7,00,000 per annum.
  • Salary Range:
    • Starting Salary: Around ₹5,00,000 per annum for entry-level positions.
    • Experienced Professionals: Can be more than ₹18,00,000 per annum for highly experienced CPAs.

To get more information about CPA Salaries, Jobs, etc., read – CPA Salaries, Jobs, Scope


  • Average Salary: The average salary for a CMA in India is around ₹8 Lakhs per annum.
  • Salary Range: The salary for CMAs in India can range widely. Entry-level positions (freshers) might start at ₹5 Lakhs per annum, while experienced professionals, can earn more than ₹16 Lakhs per annum​​.

Career Opportunities


  • Public Accounting: CPAs often work in public accounting firms of all sizes, from large international firms to small local outfits. Roles include auditor, tax consultant, and advisor.
  • Corporate Finance: In the corporate sector, CPAs are well-suited for roles such as financial analyst, controller, chief financial officer (CFO), and financial director.
  • Governmental Accounting: CPAs have opportunities in government agencies, working in financial management, compliance, and auditing roles.
  • Forensic Accounting: Specializing in forensic accounting, CPAs can work in fraud investigation, litigation support, and valuation services.
  • Education and Research: CPAs can also contribute to academia as educators or researchers in accounting and finance.
  • Non-Profit Organizations: They can serve in financial management roles within non-profit organizations, handling budgeting, auditing, and financial reporting.


  • Management Accounting: The core area for CMAs, involving budgeting, strategic planning, risk management, and performance analysis.
  • Corporate Finance: CMAs often hold positions such as financial analyst, finance manager, or CFO, focusing on financial strategy and management.
  • Financial Consulting: CMAs can work as financial consultants, offering expertise in financial planning, capital budgeting, and investment decision-making.
  • Risk Management: Specializing in risk assessment and management, CMAs play a vital role in developing strategies to mitigate financial risks.
  • Internal Auditing: They can work in internal audit departments, focusing on process improvement and compliance.
  • Business Analysis: CMAs are well-suited for roles that require a blend of financial expertise and business acumen, such as business analyst or financial strategist.

Global Reach and Opportunities


  • Widespread Acceptance: The CPA credential is highly recognized in the United States and also holds significant value internationally. This is particularly true in countries that have business or financial ties with the U.S.
  • International Opportunities: CPAs often find opportunities in multinational corporations, international accounting firms, and organizations that operate in or with the U.S. They are sought after for their expertise in U.S. GAAP (Generally Accepted Accounting Principles), federal taxation, and financial reporting.
  • Reciprocity Agreements: The U.S. has reciprocity agreements with several countries, which can sometimes facilitate the recognition of the CPA credential and the practice of accountancy abroad.

To know more about Salaries and Opportunities for CPAs Globally, read – CPA Salaries Internationally


  • Global Recognition: It is recognized in over 100 countries worldwide. This global presence is supported by the Institute of Management Accountants (IMA)’s international network.
  • Focus on Multinational Companies: CMAs are particularly valued in multinational corporations that require expertise in management accounting, financial analysis, and strategic financial management.
  • Versatility in Roles: CMA professionals can work in a variety of roles globally, including financial planning and analysis, management consulting, corporate finance, and more.

Program Difficulty


  • Broad Scope: The CPA exam covers a wide range of topics including auditing, taxation, financial accounting, and business concepts, making it comprehensive and challenging.
  • Study Time: Candidates typically need to invest significant study time, often hundreds of hours, for each section of the exam.
  • Pass Rates: Historically, CPA exam pass rates hover around 45-55% for each section, indicating a considerable level of difficulty.
  • Examination Format: The inclusion of multiple-choice questions, task-based simulations, and written communication tasks requires a well-rounded skill set.
  • Time Pressure: The 18-month window to pass all four sections adds to the challenge, requiring good time management and consistency in preparation.


  • Focused Content: The CMA exam is more focused, primarily dealing with financial planning, analysis, control, and decision support.
  • Study Time: CMA candidates also require significant study time, with recommendations often suggesting around 150-170 hours of study for each part of the exam.
  • Pass Rates: Pass rates are typically around 35-50%, suggesting a challenging but slightly more focused and less broad examination compared to the CPA.
  • Examination Format: The format of 100 multiple-choice questions and two essay questions in each part requires both knowledge and application skills.
  • Flexibility: The three-year window to pass both parts offers a bit more flexibility compared to the CPA’s timeline.

Overall Comparison

  • CPA vs CMA: The CPA exam is generally considered broader and more time-consuming, covering a wide range of topics in depth. In contrast, the CMA is more focused on management accounting and financial management but still requires a deep understanding of these areas.
  • Nature of Difficulty: The CPA’s difficulty lies in its breadth and the volume of material, while the CMA’s difficulty is more about depth in specific areas of management accounting.
  • Personal Strengths and Background: The difficulty can also depend on one’s academic background and professional experience. Those with a strong background in general accounting might find the CPA more aligned with their skills, while those with a lean towards financial management might resonate more with the CMA content.

Future Prospects


  • Adaptation to Technology: The role of CPAs is evolving with technological advancements. Automation and AI are increasingly handling traditional accounting tasks, but this also opens opportunities for CPAs to focus on more strategic, analytical, and advisory roles.
  • Demand in Regulatory and Compliance Fields: Despite technological advances, the need for expert knowledge in regulatory compliance, tax law, and audit will likely remain strong, as these areas require nuanced understanding and judgement that AI cannot fully replicate.
  • Niche Specializations: CPAs with specializations in areas such as forensic accounting, environmental accounting, or IT auditing may see increased demand as these fields become more complex and intertwined with technological advancements.


  • Strategic Decision-Making and Analysis: The CMA’s focus on management accounting means that they are well-positioned to leverage AI and data analytics for strategic decision-making, budgeting, and performance management.
  • Increased Relevance in Business Strategy: As AI takes over routine financial tasks, CMAs can focus more on interpreting data, guiding strategic decisions, and providing insights that drive business growth.
  • Versatility in a Tech-driven Business Environment: CMAs may find opportunities in diverse industries, given their skills in financial planning and analysis, which are crucial in understanding market trends and making data-driven decisions.

In conclusion, both CPA and CMA certifications have strong future prospects, but their paths may differ as technology reshapes the finance and accounting landscape. The CMA’s focus on management accounting and strategic decision-making might offer a slight advantage in a future dominated by data and AI.

However, the CPA’s strong foundation in accounting principles, audit, and tax also ensures its relevance, especially in areas where deep expertise and ethical judgment are paramount. Continuous learning and adaptation to technological trends will be crucial for professionals holding either certification.

Comparison Table

EligibilityBachelor’s degree + 150 semester hours. Work experience supervised by a licensed CPA.Bachelor’s degree or professional certification.
Two years of professional experience in management accounting or financial management.
Exam StructureThree core sections: AUD, FAR, REG.
one out of the three Discipline sections: BAR, ISC, TCP.
Multiple-choice, simulations, and written communication.
Two parts: Financial Planning, Performance and Analytics; Strategic Financial Management.
Multiple-choice and essay questions.
Program Completion RequirementsPass all exam sections, fulfill education and experience requirements, and in some states, an ethics exam.Pass both exam parts, fulfill education and experience requirements, and ongoing professional education for certification maintenance.
Flexibility and Duration18-month window to pass all exam sections. Flexible scheduling for each section.Three-year window to pass both exam parts. Three testing windows per year.
CostsVaries by state. Includes application, examination, registration, and ethics exam fees. Continuing education costs for license maintenance.IMA membership, entrance, and exam fees. Costs for continuing education.
Salary ProspectsAverage salary around ₹7,00,000 per annum in India.
Range: ₹5,00,000 to ₹18,00,000 for experienced CPAs.
Average salary around ₹8,00,000 per annum in India.
Range: ₹5,00,000 to ₹16,00,000 for experienced CMAs​​​​​​​​.
DifficultyBroad scope covering various topics.
Requires extensive study time and has moderate to low pass rates.
Focused on management accounting and strategy.
Requires significant study time with similar pass rates to CPA.
Career OpportunitiesPublic accounting, corporate finance, governmental accounting, forensic accounting, education.Management accounting, corporate finance, financial consulting, risk management, internal auditing, business analysis.
Global ReachHighly recognized in the U.S. and valued in countries with U.S. business ties.
Reciprocity agreements in several countries.
Recognized in over 100 countries.
Valued in multinational corporations and diverse industries globally.
Future ProspectsEvolving with technology; niches like IT auditing and forensic accounting growing.
Regulatory and compliance roles remain strong.
Strategic roles leveraging AI and data analytics.
Increasing relevance in business strategy and decision-making in a tech-driven environment.

Choosing the Right Program

Choosing between the CPA and CMA programs depends on several factors including your career goals, professional interests, and the kind of work environment you envision for yourself.

Here are some key considerations to help you make the best choice:

Assess Your Career Goals

  • Public Accounting vs. Corporate Finance: If you’re inclined towards traditional accounting roles, like auditing and taxation, especially within the U.S. framework, CPA might be more suitable. Conversely, if you’re more interested in strategic financial management, corporate finance, and decision-making within businesses, CMA is likely a better fit.
  • Global Aspirations: Consider where you see yourself working. CPA is highly recognized in the U.S. and beneficial if you aim to work in American firms or in countries with strong business ties to the U.S. CMA, with its recognition in over 100 countries, offers more global flexibility, especially in multinational corporations.

Evaluate Your Educational Background

  • Educational Prerequisites: The CPA requires a higher educational threshold (150 semester hours) which is more than a typical bachelor’s degree, whereas CMA is more flexible, accepting various combinations of education and professional experience.

Consider Exam Preparation and Difficulty

  • Study Commitment: Both certifications require a significant investment of time and effort in preparation. Assess your ability to commit to the rigorous study schedules and your proficiency in the respective subject areas.

Reflect on Work-Life Balance and Flexibility

  • Program Duration: CPA’s 18-month window to pass all sections requires a more intensive study plan, whereas CMA’s three-year window offers a bit more flexibility.

Analyze Financial Commitments

  • Program Costs: Consider the financial implications, including exam fees, preparation materials, and membership dues. CPA can be more expensive due to additional educational and licensing requirements.

Future Prospects and Technological Adaptation

  • Adaptability to Change: In an era of rapid technological advancement, consider which certification aligns with future trends. CMAs may have an edge in roles leveraging AI and data analytics, while CPAs will continue to be crucial in regulatory and compliance roles.

Personal Interest and Strengths

  • Subject Matter Interest: Reflect on which subjects you are more passionate about and your strengths. If you enjoy in-depth financial analysis and strategic planning, CMA might be more appealing. If you’re more interested in a broad range of accounting practices and regulatory frameworks, CPA could be the way to go.

Networking and Professional Growth

  • Professional Networks and Growth: Consider the networking opportunities and professional growth each certification offers. Join forums, talk to industry professionals, and gather insights about the paths each certification can lead to.

Final Decision

  • Balancing Factors: Ultimately, your decision should balance your career aspirations, financial situation, academic background, and personal interests. There’s no one-size-fits-all answer, and your choice should align with where you see your career heading in the long term.

Remember, both CPA and CMA are highly respected certifications that can open numerous doors in the accounting and finance industry.

Your choice should be guided by where you see the most value for your career development and personal satisfaction.


In closing, whether you choose CPA or CMA, each path offers unique advantages tailored to different career aspirations in the accounting world.

Your Choice, Your Future: CPA suits those leaning towards audit and taxation, predominantly in the U.S. framework. CMA, on the other hand, is ideal for strategic financial management and corporate decision-making roles.

A Commitment to Growth: Both paths require dedication and commitment but lead to rewarding careers with diverse opportunities.

Forge Your Path: Remember, your decision shapes your professional journey. Choose the path that aligns with your career goals and get ready to step into a world of opportunities in accounting and finance.

Your Journey Begins Now: Whatever your choice, it marks the start of an exciting and fulfilling professional adventure in accounting.

Frequently Asked Questions

How long does it take to complete the CPA or CMA exams?

CPA candidates have an 18-month window to pass all four exam sections, while CMA candidates have three years to pass both parts of the exam.

Are CPA and CMA recognized globally?

Yes, both CPA and CMA are globally recognized, but CPA is more U.S.-centric, while CMA is recognized in over 100 countries.

Which is more challenging, CPA or CMA?

Both have their challenges; CPA covers a broader range of topics, while CMA is more focused on management accounting and strategy.

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2024 QuintEdge

Useful Links

Get the Report in your Inbox

Get the Brochure in your Inbox

Get the Brochure in your Inbox

Get a Call - Back

Upcoming Batches

Course Class Mode Start Date
CFA Level 1 Live Online Classes 7th July 2024
FRM Part 1 Live Online Classes 21st July 2024
Investment Banking Live Online Classes 30th June 2024
ACCA Live Online Classes To Be Announced

Get the Brochure in your Inbox

Get the Brochure in your Inbox