CMA vs CPA: Differences and Similarities in Eligibility, Exam Difficulty, Salary, Job Options
Candidates choosing an accounting career are typically confused between CMA and CPA designations. Check differences between CMA and CPA, including the administering institutes, focus, requirements, syllabus, and career prospects.
CMA vs CPA: Which is better?
CMA vs CPA: Choosing between the Certified Management Accountant (CMA) and Certified Public Accountant (CPA) designations can be challenging for accounting professionals. Both certification courses are offered by different institutes across the globe. CMA course in India is administered by the Institute of Cost Accountants of India, commonly known as ICMAI. In contrast, the CPA course is administered by the American Institute of Certified Public Accountants (AICPA).
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There is a 90% more chance of getting best college recommendations by sharing preferences.Both credentials offer distinct career paths and opportunities in the Accounting stream but differ significantly in their focus, requirements, and career prospects. This article aims to provide a clear comparison between the CMA and CPA, helping candidates make an informed decision based on their career goals and interests.
Q: What are the maximum marks in CMA exam?
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.
Q: What is the passing score for the CMA exam?
The passing score for all three levels of the CMA course levels are as follows:
- CMA Foundation Passing Score: Candidates securing a minimum of 40 per cent in all test papers and a 50 per cent aggregate score passes in the CMA Foundation exam.
- CMA Intermediate Passing Score: Candidates securing 40 per cent minimum score in each test paper of CMA Intermediate and 50 per cent in non-exempted papers of a particular group are considered pass.
- CMA Final Passing Score: Candidates securing 40 per cent minimum score in each test paper of CMA Final and 50 per cent in non-exempted papers of a particular group are considered pass.
Q: What is the mode of CMA exam?
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)
What is CMA?
Cost and Management Accounting, commonly known as CMA, is a certification program that awards a designation to successful candidates. This designation opens doors to a rewarding career in business accounting. The CMA program is built on four foundational pillars: Management, Regulatory Framework, Strategy, and Financial Reporting.
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CMAs are professionals specialising in management accounting and financial management. They possess expertise in various aspects of accounting and financial management, including strategic planning, risk management, cost management, and financial analysis.
Also Read: All about CMA Courses
A candidate earns the CMA designation upon passing the CMA exam, which is structured across three distinct levels in India and two parts in different parts of the globe. Three levels of a CMS programme in India are as follows:
Q: Is it easy to pass CMA exam?
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.
Q: What are the test papers for CMA Intermediate course level?
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)
Q: What is the CMA Exam?
What is CPA?
The Certified Public Accountant (CPA) is a prestigious qualification for accountants in the United States. CPA is recognised across the globe for a career in accounting. CPAs are not just experts in crunching numbers but also esteemed advisors to businesses and individuals. They ensure the precision and compliance of financial statements, vigilantly checking for any irregularities. Moreover, they keep abreast of the latest tax laws, offering crucial advice for intricate financial decisions and enhancing tax strategies.
The CPA certification is offered by the American Institute of Certified Public Accountants (AICPA) and demonstrates competency in the field of accountancy. The course is designed to give individuals the knowledge and skills needed to succeed in various accounting roles, such as auditing, taxation, financial analysis, and management consulting.
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 (Certified Management Accountant) foundation exam requires candidates to have passed Class 12 or an equivalent examination from a recognized board of education. However, candidates with a Class 10 qualification can still seek admission to the course.
CPA and CMA Course Fees
Candidates planning to pursue CPA or CMA must go through the cost of the program. 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) |
|
Note: The fee indicated in the table above varies across different states.
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 is known for having a slightly higher pass rate compared to the CMA pass percentage. Many candidates find the CPA exam challenging but manageable, whereas the CMA exam is often described as very rigorous, demanding full dedication and a deep understanding of management accounting.
Statistics show that the pass rate for the CPA exam is around 54 per cent indicating that it's a tough but achievable goal. On the other hand, the pass rate for the CMA exam is approximately 50 per cent. With the right approach and commitment, candidates can overcome these hurdles and perform well in these exams.
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CMA vs CPA Career Prospects
The career opportunities that emerge after acquiring these certifications revolve around accounting. CPAs typically engage in public accounting, auditing, and consulting, while CMAs often serve as the masterminds of business strategy in management positions.
Also Read: CMA Placements: All You Need to Know
CPA vs CMA Salary
CPA and CMA both get similar job roles across the globe as the courses have a common major as Accounting. Some of the hob options after CMA and CPA with salaries are mentioned 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 |
Regarding compensation, CPAs generally earn a 15 per cent salary premium compared to non-CPA accountants, and CMAs enjoy a significant 63 per cent median base salary premium. However, these numbers can fluctuate depending on the location, experience, skill set, and the specific industry sector.
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