02 September

CPA or CMA? Making The Right Certification Choice For Aspiring Accountants

For individuals that aim to embark on a path to pursue a career in finance and accounting, the selection of an appropriate certification can have a significant impact on their professional development and career growth. In this field, two certifications that are popular among students are the Certified Management Accountant (CMA) and Certified Public Accountant (CPA). In this blog, we have compiled the similarities, differences, and requirements that one needs to have when choosing between CMA and CPA certifications.

CPA Exam: CPA refers to a comprehensive assessment that is conducted to test the candidate’s expertise and skills in auditing, accounting, taxation, and business law. This certification is widely recognized and holds high regard in the accounting profession and for individuals looking forward to a successful career in the same. Candidates who qualify for CPA can offer a wide range of accounting services which may include tax preparation, financial reporting, auditing and consulting. It should be noted that the designation of a CPA is required for job roles in accounting firms, government agencies, and corporate finance. One can take US CPA Coaching in India to prepare themselves to ace the exam.

CMA Exam: Offered by IMA, i.e. the Institute Management Accountants (IMA), the CMA exam provides knowledge on financial management and management accounting. The exam is an assessment of one’s proficiency in areas including planning, analysing, control, and decision-making. This proficiency can be achieved by taking US CMA online classes. An Individual with a CMA certification is equipped with skills related to strategic financial management and is valued in positions concerning budgeting, financial planning, and internal management accounting.

Global Recognition: Both the CPA and CMA certifications are recognised globally. CPAs get the opportunity to work in different countries and may have to meet some additional requirements as per the jurisdiction. CMAs also get the opportunity to work in MNCs and hold leadership positions in accounting and finance.

Exam Requirements: The CPA exam requires candidates to have a strong base in accounting principles, auditing, and taxation. The candidates appearing for this exam are usually required to meet educational requirements. For instance- a bachelor’s degree in Accounting or another related field, passing the CPA exam and meeting experience-related requirements.

The CMA exam focuses on testing knowledge of financial management and management accounting, candidates’ thinking and analytical skills. Candidates with a bachelor’s degree in any field can sit for the CMA exam. In addition to this, candidates must have a professional experience of two continuous years in management accounting or financial accounting.

Final Words

Depending on your career goals, skills, and industry preferences, you can make a choice between CPA and CMA exams. While CPA is ideal for people who want to make a career in public accounting, auditing, taxation and more, CMA is more suitable for individuals who have an interest in financial management, strategic decision-making, and financial management.

Whatever you choose, it is essential to be well-prepared to take the exam for acquiring the certification. One way to achieve this milestone is by taking CPA or US CMA coaching classes from a reputable firm. And if you are looking for one, AKPIS can assist you. We are equipped with the best teachers to train you for both CPA and CMA certifications. Get in touch with our team today.