Certified Management Accountant (CMA) is pursued by students who have a zeal in learning budgeting and management of accounting. Whereas the students who are interested in auditing, accounts handling, management of accounting, taxation and others, then they secure the Certified Public Accountants (CPA).
In the field of accounting, both these certifications are good and well respected but it leads the candidates to different career paths. If a person is keen about strategic analysis, management or decisions making then he should opt for CMA and the one fan of taxation, reporting and auditing chooses CPA.
CMA works on analysing and interpreting the data to make financial improvements in business. On the other hand, CPA reviews the daily accounting activities of taxation and auditing.
From the day of registration, a CMA candidate gets three years to complete and clear both parts of his CMA exam. Only 18 months are permitted for a CPA candidate to clear the four parts of the course.
Both CMA and CPA candidates need a bachelor’s degree or professional certification in the concerned field. Apart from this, CMA demands two years of experience in financial or accounting management whereas CPA needs experience in public accounting for two years.
The candidates who are certified as CMA professionals work in huge corporations with a profile of financial risk manager, consultant, etc. and their average salary is $100,000, according to Wall Street Mojo.
The professionals with CPA certification opt for accountant and financial advisor. They work from profiles such as internal auditors, public accountants, etc. and their average salary as per Wall Street Mojo is $1,20,000.
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Also Read: What Is CMA & What Are The Steps You Can Take to Start Preparing For It
