CMA vs CFA®: Which credential is right for you?

As an accounting or finance professional, advancing your career comes with earning certifications that deepen your expertise and enhance your reputation. But earning a credential is no small feat. Make sure you understand what each option will bring to your career, what kind of job opportunities it will afford you, and what you need to earn the certification. 

Learn more about CMA vs CFA credentials so you can invest in the best option to meet your goals. 

CMA vs CFA^®: What are they? 

While both credentials are highly reputable and advantageous within their respective specializations, the CMA vs CFA certifications differ in their focus and scope. 

What is the CMA certification? 

The Certified Management Accountant (CMA) certification sets the benchmark for professionals in managerial accounting. Awarded by the Institute of Management Accountants (IMA), the globally recognized certification demonstrates to your employers, clients, and colleagues your proficiency in financial planning, financial analysis, analytics, and financial risk mitigation. 

CMAs generally work on-staff at an organization, helping to strategize, problem-solve, and report on the organization’s overall financial decisions. As a CMA, you certify your expertise in management accounting and the ability to take on more advanced roles and responsibilities within this profession. 

What is the CFA^® certification? 

Chartered Financial Analyst^® (CFA^®) charterholders are experts in researching, reporting, and advising on financial investment strategy and portfolios. When comparing CMA vs CFA, your role as a CFA focuses on strategic investments, often across multiple clients, rather than the overall management of a single organization’s financial wellbeing. CFAs rely heavily on math and analytics, and likely work for a large business, fund, or firm. 

As a CFA charterholder, you’ll analyze and advise on investment opportunities, maintain a deep understanding of financial markets, and manage high-stakes investment portfolios.¹ 

CMA vs CFA® tasks and responsibilities 

When considering, what does a CMA do or what does a CFA do, it’s important to understand that CMA vs CFA professionals offer distinct expertise within their organizations or firms. While CMAs guide decision-makers to reach their company’s financial goals through internal optimization and management accounting strategies, CFAs manage financial opportunities and analyze market trends to make sound, lucrative investments that grow wealth. While this leads to some overlap in their daily tasks, a CMA vs CFA holds very different responsibilities: 

Both CMAs and CFA charterholders need excellent skillsets in analysis, problem solving, reporting, but your work as a CMA will focus more on understanding your company’s processes and spending to strategize the changes needed for financial growth. On the other hand, your job as a CFA will require deep understanding of the financial markets, trends, and economic principals to inform wise investment decisions. 

CMA vs CFA requirements 

Both CMA vs CFA certifications require that you pass a professional exam and meet education and experience requirements. 

CMA requirements 

To earn your CMA certification, you must: 

• Have an active membership with the IMA and pay the entrance fee for the CMA Exam
• Hold a bachelor's degree or higher from an accredited university or college
• Pass both Part 1 and Part 2 of the CMA Exam
• Gain two years of relevant professional experience in management accounting or financial management 

CFA requirements 

Becoming a CFA charterholder likewise requires that you follow a specific credentialing process. 

1. Enroll in the CFA Institute’s CFA Program and register for Level 1 Exam
   1. You must hold a bachelor’s degree or higher, or be within 23 months of graduation.
   2. You must have a total 4,000 work experience and higher education acquired over at least three sequential years. The dates of education and professional work cannot overlap. Work experience may be earned before, during, or after enrolling in the CFA Program, but you cannot become a CFA charterholder until completing the work requirement.
2. Pass all three separate levels of the CFA Exam
3. Submit two to three professional references
4. Apply to become a member of the CFA Institute 
    

CMA vs CFA career paths 

Choosing a CMA vs CFA certification will help steer your career path and hone your resume towards specific job opportunities. These are just a few of the titles you could hold after earning each of these certifications. 

CMA vs CFA® salary

The CMA vs CFA salary will vary not only with the credential, but even more so based on other factors like experience level, location, and employer. 

The average annual salary in the US for certified CMAs is $105,943.² The average annual salary in the US for certified CFAs is $116,935.³

Overall, both certifications can set you up for a very lucrative career, with experienced professionals earning even well beyond these averages. 

Become a CMA with Becker 

Deciding which credential is best for your career is a crucial step in advancing your job opportunities. If digging into an organization to improve its financial health sounds up your ally, there is no better way to go far in your career than by earning your CMA certification. 

Becker can help you get there (and go even further) with CMA Exam Review that leverages effective study, updated content, and unmatched learning support. Try Becker’s CMA Exam Review FREE for 14 days and experience how simply better study sets you up for more career success.

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