{"id":21951,"date":"2022-06-02T09:56:01","date_gmt":"2022-06-02T09:56:01","guid":{"rendered":"https:\/\/www.potential.com\/?p=21951"},"modified":"2023-08-07T14:05:03","modified_gmt":"2023-08-07T14:05:03","slug":"cpa-or-cma-which-accounting-certification-has-the-greatest-growth-potential","status":"publish","type":"post","link":"https:\/\/www.potential.com\/articles\/cpa-or-cma-which-accounting-certification-has-the-greatest-growth-potential\/","title":{"rendered":"CPA or CMA? Which Accounting Certification Has the Greatest Growth Potential"},"content":{"rendered":"

\"\"Image Source: Unsplash<\/a><\/p>\n

A certified public accountant (CPA) and a certified management accountant (CMA) are two very popular accounting certifications. In the past, accountants and business owners used to favor the CPA certification. Now, CMAs are cropping up to offer more specific, specialized services. <\/span><\/p>\n

The differences between a CPA and CMA certification may not be obvious to accountants, but you need to choose carefully. The certification you choose will determine your career path. <\/span><\/p>\n

Not only that, but your career growth potential depends heavily on your accounting certification.<\/span><\/p>\n

 <\/p>\n

At a Glance: The Difference Between a CMA and CPA<\/h2>\n

The biggest difference between a CPA and a CMA is accounting focus. A CPA is a more generalized accounting certification, whereas a CMA focuses on strategy and business growth. <\/span><\/p>\n

Here\u2019s what both certifications look like at a glance: <\/span><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
CPA<\/span><\/td>\nCMA<\/span><\/td>\n<\/tr>\n
Employment<\/span><\/td>\nConsultant, IRS agent, internal or external auditor, tax accountant, public accountant<\/span><\/td>\nManagement accountant, corporate controller, consultant, chief financial officer (CFO), cost accountant<\/span><\/td>\n<\/tr>\n
Institution<\/span><\/td>\nAmerican Institute of Certified Public Accountants (AICPA)<\/span><\/td>\nInstitute of Management Accountants (IMA)<\/span><\/td>\n<\/tr>\n
Requirements<\/span><\/td>\n4 year bachelor\u2019s degree<\/span>
\n150 extra credit hours<\/span>
\nTwo years of work experience<\/span>
\n40 hours of education (yearly)<\/span><\/td>\n		4 year bachelor\u2019s degree<\/span>
\nTwo years of work experience<\/span>
\n30 hours of education (yearly)<\/span><\/td>\n<\/tr>\n
Exam<\/span><\/td>\n4-parts<\/span><\/td>\n2-parts<\/span><\/td>\n<\/tr>\n
Exam Fees<\/span><\/td>\n$500-$2,000<\/span><\/td>\n$1,000-$1,500<\/span><\/td>\n<\/tr>\n
Pass Rate<\/span><\/td>\n46%-54%<\/span><\/td>\n34%-46%<\/span><\/td>\n<\/tr>\n
Time to Pass<\/span><\/td>\n18 months<\/span><\/td>\n3 years<\/span><\/td>\n<\/tr>\n
Total Time<\/span><\/td>\n6-8 \u00bd years<\/span><\/td>\n6-9 years<\/span><\/td>\n<\/tr>\n
Competitive<\/span><\/td>\nHigher demand<\/span><\/td>\nLower demand<\/span><\/td>\n<\/tr>\n
Salary<\/span><\/td>\n$70,000-$120,000 per year<\/span><\/td>\n$66,000-$95,000 per year<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Pay close attention to your employment opportunities. Both a CMA and CPA can become a consultant, but it\u2019s easier to get and keep a CMA. On the other hand, you\u2019re more likely to become a CFO with a CMA. Be sure to weigh the pros and cons of becoming a CMA or CPA.<\/span><\/p>\n

\n