CMA vs. CFA: Which Finance Certification Suits Your Career Goals?
Published on: February 27, 2025
WHAT IS CMA?
A Certified Management Accountant (CMA) is a professional certification in the field of mounting and financial management. It is awarded by the Institute of Management Accountants (IMA), a global organization for accounting and finance professionals. The CMA designation is highly respected and signifies expertise in financial planning, analysis, control, strategic decision support, and professional ethics.
WHAT IS CFA?
The Chartered Financial Analyst (CFA) designation is one of the most prestigious and globally recognized certifications in finance and investment management. It is awarded by the CFA Institute, a global association of investment professionals. The CFA program is designed to provide a strong foundation in investment analysis, portfolio management, and ethical standards.
CMA OR CFA WHICH IS BETTER?
The choice between the CMA and the CFA depends on your career goals, interests, and the industry you want to work in. However, the following points discussed under the “Comparison of CMA & CFA” can be considered while choosing between the two.
CMA OR CFA WHICH IS HARDER
The answer to which is harder solely depends on an individual’s capability. However, considering the points below, CFA is harder to pass than CMA.
COMPARISON : CMA v/s CFA
BASIS
CMA
CFA
Focus and Expertise
Focuses on management accounting, financial management and strategic management.
Focuses on investment management and financial analysis.
Career Paths
Common roles include Financial Analyst, Cost Accountant, Controller, Chief Financial Officer (CFO), or Finance Manager.
Common roles: Portfolio Manager, Investment Analyst, Research Analyst, Risk Manager, or Wealth Manager.
Syllabus
Part 1 : Financial Planning, Performance, and Analytics
Part 2 : Strategic Financial Management
Ethics, quantitative methods, economics, financial reporting, corporate finance, equity and fixed-income analysis, derivatives, and portfolio management.
Exam Structure
It has two parts: Each part has 100 multiple-choice questions and two essay questions.
Exam duration: 4 hours per part.
Three levels: Each level has a different format (multiple-choice, item sets, and essays).
Exam duration: 4.5 hours per level.
Exam windows
The exam windows of CMA are during January/February, May/June and September/October.
The exams are offered four times a year: February, May, August, and November.
Duration
Can be completed in 6–12 months.
It takes 2–4 years on average.
Cost
The total cost of doing CMA can reach upto Rs. 1,00,000 (excluding coaching fees)
The estimated cost for all three levels of the CFA program can range from approximately INR 1,50,000 to INR 2,50,000 or more, depending on the choices made regarding study materials and registration timing. (excluding coaching fees)
Salary and Earning Potential
A newly qualified CMA can earn salary ranging between Rs. 5 – Rs. 7 lakhs.
An entry level CFA can earn salary ranging between Rs. 6 – Rs. 12 lakhs.
Eligibility
To become a CMA, candidates must have a bachelor’s degree
from an accredited college or university.
To be eligible for the CFA candidates must :
Have a bachelor's degree or equivalent programs
Be in the final year of your bachelor's degree program at the time of registration
Possess 4,000 hours of professional work experience, which can be done before, during or after completing CFA
Exam fees
Exam fees is $495 per part for Professional members and $370 per part for students
Early registration: $990 for Levels 1 and 2, and $1,090 for Level 3
Standard registration: $1,290 for Levels 1 and 2, and $1,390 for Level 3
One-time enrollment: $350 for Level 1 only
Rescheduling: $250 if you change your exam date, time, or location within your exam window
