ACCA vs. CMA USA: Key Differences, Career Prospects & Costs
Published on: February 19, 2025
The Association of Chartered Certified Accountants (ACCA) and Certified Management Accountants (CMA USA) are internationally recognized professional certifications in commerce. Both qualifications hold high reputations in their respective domains and offer excellent career opportunities. However, there are several differences between the two in terms of curriculum, exam structure, syllabus, duration, cost, global recognition, and career prospects.
ACCA VS. CMA USA: KEY DIFFERENCES & CAREER SCOPE
ACCA and CMA are two prominent qualifications in accounting and finance but differ in many aspects such as course duration, career opportunities, and curriculum. The comparison between ACCA and CMA can be found below :
The career opportunities of both ACCA and CMA are as follows :
ACCA Career Opportunities
ACCA is a broader qualification, making it suitable for various roles in accounting, finance, and auditing. Career paths include:
1. Public Accounting:
a. Auditor
b. Tax Consultant
c. Financial Advisor
2. Corporate Finance:
a. Financial Analyst
b. Financial Controller
c. Chief Financial Officer (CFO)
3. Consulting:
a. Management Consultant
b. Risk Advisor
4. International Opportunities:
a. ACCA is highly valued in multinational corporations and global firms.
5. Other Roles:
a. Forensic Accountant
b. Treasury Manager
CMA Career Opportunities
CMA is more specialized in management accounting and strategic financial management. Career paths include:
1. Management Accounting:
a. Management Accountant
b. Cost Accountant
2. Financial Planning and Analysis:
a. Financial Analyst
b. Budget Analyst
3. Strategic Roles:
a. Business Analyst
b. Financial Manager
4. Industry-Specific Roles:
a. Manufacturing, healthcare, and technology sectors often seek CMAs for cost control and decision-making roles.
5. Leadership Roles:
a. CFO
b. Finance Director
WHAT IS A CMA (CERTIFIED MANAGEMENT ACCOUNTANT)?
CMA USA is the Certified Management Accountant administered by the Institute of Management Accountants (IMA). Its focus is on management Accounting, Financial Management, and Strategic Management.
It is an international certification that is globally recognized in over 150 countries especially in the US, Middle East, and Asia, gaining global recognition.
CMA USA COURSE ELIGIBILITY
To become a CMA, candidates must fulfill one of the following:
- Bachelor’s Degree: From an accredited college or university which can be pursued even as correspondence.
- Professional Certifications: Holders of certifications like CA, CS, or CMA (India) can pursue the course directly without a degree.
CMA EXAMINATION
Exam Structure
- Part 1: Financial Planning, Performance, and Analytics
- Duration: 4 hours
- Format: 100 multiple-choice questions (MCQs) + two 30-minute essays
- Part 2: Strategic Financial Management
- Duration: 4 hours
- Format: 100 multiple-choice questions (MCQs) + two 30-minute essays
Note: Candidates must answer at least 50 out of 100 MCQs correctly to unlock the essay section.
The exam is offered during the following three testing periods each year:
- January/February
- May/June
- September/October
CMA COURSE DURATION
The course duration is from 6 – 12 months.
CMA COURSE FEES
The CMA USA program fees can be summarised as below :
*IMA membership is required. Certified CMAs must pay a $30 annual renewal fee and report 30 hours of CPE annually.
CMA COURSE REGISTRATION PROCESS
To start the program, you must first join IMA as a member and then enroll as a CMA candidate.
1. Visit the IMA Website:
a. Go to the official IMA website: https://www.imanet.org.
- Select Membership Type:
a. Choose from different categories like Student, Professional, or Academic.
- Complete the online membership application and pay the membership fee.
3. Log in to the IMA Portal:
a. Use your IMA membership credentials.
4. Enroll in the CMA Program:
b. Navigate to the CMA program section.
c. Fill in the enrolment form and pay the program entrance fee.
WHAT IS ACCA (ASSOCIATION OF CHARTERED CERTIFIED ACCOUNTANTS)?
The Association of Chartered Certified Accountants (ACCA) is a globally recognized professional body for accountants specializing in financial reporting, management, audit, and international taxation. The qualification provides global recognition across 180+ countries, making ACCA a sought-after career path with high earning potential and diverse job opportunities
ACCA COURSE ELIGIBILITY
After Class 10 - FIA Route
Students who have completed the FIA route can join ACCA, but they must complete the Knowledge level papers before progressing to the skill level.
After Class 12
Students must have completed their higher secondary education (10+2) with:
- A minimum of 65% in Mathematics or Accounting and English.
- An overall aggregate of at least 50% in other subjects
Note: Students who do not meet the above criteria must register through the FIA route
Eligibility for Graduates
Graduates from commerce-related fields (e.g., B.Com, BBA) are eligible to pursue ACCA from the Skill Level. The number of paper exemptions available to them depends on the university from which one graduates. Graduates from other disciplines (e.g., BA, B.Sc.) can also apply but must first obtain the ACCA Foundation Diploma.
ACCA COURSE DURATION
The Acca course duration majorly depends upon the pace of clearing the exams and the paper exemptions on prior qualifications but it generally takes :
On average, the ACCA can be completed within 2 – 3 years
ACCA course duration after graduation
Students who have completed their graduation can pursue ACCA courses from the Skill Level onwards bypassing the Knowledge level. The number of paper exemptions available to them also depends upon the university from which they acquire their graduation or post-graduation. Students who have completed other professional courses such as CA, CMA, or CS are exempted from appearing in the Knowledge Level and Skill Level papers but must mandatorily attend the Professional Level papers
ACCA EXAMS
There are 13 exams across the 3 levels of ACCA. The exams are held four times yearly: March, June, September, and December. Each session on these important ACCA dates offers opportunities to sit for Skill Level and Professional papers. The papers of Knowledge Level exams may be available as remote on-demand exams, i.e., candidates can appear for the exams anytime once their portions are completed.
ACCA COURSE FEES
The course fee for ACCA is approximately Rs. 2.5 lakhs (excluding coaching fees). This can change according to the change in foreign exchange rate and number of attempts).
ACCA COURSE REGISTRATION PROCESS
To begin your ACCA journey, you must register as an ACCA student. Follow these steps:
- Create an Account:
a. Visit the ACCA website: https://www.accaglobal.com.
b. Click on "Apply Now" and create an account.
- Complete the Application Form:
- Provide personal details, educational qualifications, and work experience (if applicable).
b. Choose from – Foundation in Accountancy (FIA) or ACCA qualification according to your eligibility
c. Upload required documents (e.g., academic certificates, ID proof).
- Pay the Registration Fee:
a. The registration fee is £30
b. If you are applying for exemptions, additional fees may apply.
