Before starting let’s have a close look at CMA and CFA. CMA and CFA are a high reputation post which you can opt by doing the course.
What is a CMA?
CMA is a globally recognized post which is offered by the Institute of Management Accountants (IMA). If you are interested in Cost and Inventory accounting then you must go further with the CMA course. You can easily do the CMA course within a year if you clear all the exams in one go. CMA offers flexible and computerized exams so that you can give the exam according to your schedule.
If you want to have a passive income and want to work with high paying companies in the USA then you should opt for CMA. Honestly, CMA is not an easy course; it requires a lot of effort, time, and hard work. Many candidates complete their course in 3 to 4 years.
What is a CFA?
Chartered Financial Analyst (CFA) is a PG professional course. If you want to go further with finance and investment then you should opt for CFA. More than a million people are now a CFA certificate holder from over 150+ countries around the globe. The investment industry always welcomes a CFA holder.
After the CFA course, you can easily get a job related to asset management, hedge funds in the top investment companies of the world. A CFA has to stick to a strict code of ethics. If you are a fresh graduate and want to start a career in investing then you should opt for this course. You can even start your career as an investment or finance professor in a highly reputed college.
What is the difference between a CMA and a CFA?
CMA and CFA are the courses for two unique kinds of designations. Both courses will provide a certificate of professionalism. CMA is needed in the private as well as the public sector as a Managerial Accountant, Cost accountant, Industrial accountant, Corporate accountant, or as a Private accountant.
Benefits of taking CMA as a CFA:
It is one of the top designations in Management Accounts. It is considered the gold standard in the Institute of Management Accounting.
Tell me one thing, why you need a certificate or a job? To earn, right!? Well, a CMA certificate holder earns a huge amount that others say a non certificated holder. From the records of the past three years, it is clear that a yearly income of a CMA is more than 60 thousand dollars (+$60,000).
CMA is a quick course than CFA. It can be completed within a year. Well, not everyone can do it. Many candidates take a time of 2 to 4 years to complete the course. CMA consists of lesser exams and less study material than the CFA. CMA offers a full computerized examination. You can give your exam on any day of the week according to your suitability. You can attend the exam any day during the testing window, which is generally a time of 6 months to 1 year.
Exam dates of CFA are no flexible at all. It is held twice a year for level 1 and only once a year for levels 2 and 3. However, the exam dates of CMA are very flexible that is why many candidates prefer CMA more.
CMA exams are easier than the CFA, this is the opinion of many professionals who have opted for both the course. But the passing rates in both the exams are less; however, the scope is wide.
Many companies search for an accounts team rather than a finance team. It implies a wider scope of CMA than the CFA. That is why more candidates opt for CMA. With the CMA certification, you can easily get a job with a handsome amount of income in the top 500 companies like Bank of America, Microsoft, Whirlpools, and many more.
A CMA certificate holder can be a Chief Executive Officer (CEO), Cost accountant, Internal auditor, Budget analyst, Senior accountant, Financial manager, Controller, Treasurer, and a Staff accountant (anyone post).
Nor being CMA is easy neither a CFA, both are different at its place. Think before choosing any one of the professions. Few topics of CFA and CMA are similar so many people find it easier. Success cannot be achieved in a single day or a single try. You have to work hard; you have to invest a lot of time to generate an income that looks like a mobile number.