By: The Capella University Editorial Team with Bradly E. Roh, PhD, DBA and Interim Dean and Vice President for the School of Business, Technology and Health Care Administration
Reading Time: 10 minutes
Job growth projections and salary figures are drawn from Lightcast data and reflect national trends. Actual outcomes vary based on factors such as experience, industry, location, skills and economic conditions, and are not representative of Capella University graduate results.
Certified management accountants (CMA) focus on management accounting, financial planning and strategic decision-making, while certified public accountants (CPA) focus on auditing, taxation, financial reporting and public accounting. The CMA versus CPA decision normally comes down to where you want your accounting career to take you. The reality is neither credential is better than the other. However, the CPA and CMA credentials do vary in terms of scope and certification requirements.
Explore the differences between the CMA and CPA, including their requirements, exams, career opportunities and earning potential, so you can make a more informed decision about which path aligns with your goals.
A certified public accountant (CPA) is an accounting professional who’s licensed by a state board to provide specialized services like auditing and attestation, tax services, financial reporting and compliance.
A CPA certification doesn’t just demonstrate your expertise and breadth of knowledge. It’s also a legal requirement if you want to be able to sign audit opinions, express assurance on financial statements or represent clients in front of the Internal Revenue Service (IRS).
CPAs generally pursue employment in a wide range of settings, including everything from public accounting firms and corporations to government organizations and charities.
The pathway to CPA licensure involves education and professional experience requirements. Traditionally, the requirement in most states was 150 hours, although some jurisdictions now offer alternative pathways with different rules. To pursue licensure, you must also successfully complete a state-approved exam. For example, a CPA at a manufacturing company might audit financial statements, ensure regulatory compliance and advise on tax strategy.
Because each state board of accountancy has its own requirements, it’s important that you check the rules where you live before you start planning your CPA pathway.
A CMA is an accounting professional who specializes in financial planning, analysis, cost management and strategic decision-making. They focus on the financial performance of organizations rather than individuals.
The CMA credential is optional, and it isn’t issued by state accounting boards. It’s administered by the Institute of Management Accountants (IMA), and emphasizes expertise in areas like:
CMAs generally work with organizational leaders to interpret financial data and evaluate performance to better support business decisions. As a result, this credential is generally relevant for anyone interested in pursuing management accounting or corporate finance.
At that same manufacturing company, a CMA might build budgets, analyze production costs and forecast performance to guide internal decisions.
The pathway to CMA certification requires you to earn a bachelor’s degree or qualifying professional certification and pass the two-part CMA exam. You also need to complete two years of relevant professional experience, which can be completed before or after passing the exam.
The main difference between a CPA and CMA is the type of work that each credential focuses on. A CPA license is all about public accounting, financial reporting and auditing, while a CMA certification centers on management accounting, financial analysis and internal business strategy.
| Criteria | CPA | CMA |
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Focus and scope |
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Professional status |
State-regulated CPA license |
Professional certification |
Education and experience |
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Type of work |
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Because the two credentials have different requirements, the time it takes to obtain each one may vary.
The CPA pathway involves more cumulative credentialing requirements because it leads to state licensure, and so in many cases takes longer to achieve. In addition to state education requirements, you must obtain around two years of professional experience and pass the four-part CPA Exam.
The CMA has been standardized through the IMA and is generally less intensive. You must complete a relevant degree, obtain professional experience and pass the two-part CMA exam.
The CMA exam is designed to test your knowledge of management accounting and your financial management skills. The exam has two parts, and you must pass both to earn the CMA credential.
The first part of the test covers:
Part two of the test covers:
This structure is designed to ensure you know how to apply accounting knowledge rather than just report financial information. Each section asks you to take data and use it to evaluate a company’s financial position, support resource management or internal business decisions.
The CMA exam is computer-based, and the IMA offers three test windows throughout the year.
The CPA Exam is a four-section assessment that takes 16 hours to complete. Although state education and experience requirements vary, all 50 states use the CPA Exam to determine whether you’re prepared for licensure.
You must complete three mandatory “Core” sections, and then you get to choose a “Discipline” section that appeals to you.
The three Core sections cover the knowledge expected of all licensed CPAs. This includes:
After completing these sections, you can choose one Discipline. This demonstrates deeper knowledge in a particular area, with options including:
Unlike the CMA exam, you can’t take the CPA Exam online. It must be completed in person at an approved testing center.
Both a CMA and CPA credential can support a wide range of careers in accounting. But because they align with different types of work, the roles you may want to pursue as a CMA or CPA may vary, too.
Just remember this list is only meant to give you an idea of what could be out there. Variables like your level of experience, education or the industry you work in may also affect what roles you can pursue. Capella cannot guarantee that a graduate will secure any specific job title, a promotion, salary increase or other career outcome.
Careers that align with CPA licensure normally center on public accounting, financial reporting, auditing or taxation. Roles worth exploring may include:
Careers that align with CMA certification normally focus on using financial information to support internal business strategy. Roles you could explore include:
There’s no clear salary winner when comparing the two credentials. According to Lightcast data, the national median salary for a Certified Accountant is $83,678. Occupations that may naturally align with a CMA or CPA credential might carry different earning levels.
For example, the national median salary for a financial analyst and advisor is $101,002. Meanwhile, the national median salary for a financial manager is $166,566.
As a result, your salary as an accounting professional is more about pursuing leadership roles and your level of responsibility rather than the credentials you’ve earned.
Deciding which credential is the best fit for you isn’t about deciding which one is “better.” The right choice depends more on the type of work you enjoy and the accounting career you want to build.
Becoming a CPA might be a better fit if you’re interested in:
Meanwhile, you may prefer the CMA route if you’re more interested in:
Ask yourself how you like to use financial data. Would you rather crunch numbers and evaluate performance, or use that data to guide internal decisions? Would you rather work one-on-one with clients or as part of a large organization?
The answers to these questions may influence your decision, while your existing education and professional experience may also influence which credential you pursue.
It’s also important to bear in mind that you don’t necessarily have to choose only one credential throughout your career. Depending on the role you pursue and how your career evolves, you may end up wanting to obtain both a CMA and CPA credential.
If you want to pursue professional certification or CPA licensure, a degree is a strong place to start. It provides the foundational skills in accounting and finance you’ll need to obtain professional experience and work your way up to meeting certification requirements.
Bachelor’s-level coursework in accounting is designed to build your knowledge in areas like:
You’ll encounter many of these subjects later as you prepare for professional certification exams, and so learning them in a structured environment enables you to get faculty support and apply theoretical concepts into real-world business scenarios.
For example, Capella’s Bachelor of Science (BS) in Business, Accounting uses a competency-based curriculum and experiential learning to help you develop expertise in maintaining records, reporting procedures and how to communicate complex financial information clearly to stakeholders. This degree is Accreditation Council for Business Schools and Programs (ACBSP) accredited, and you also have the opportunity to take specialized courses that cover areas like investigative accounting, managerial accounting and income tax strategies.
If you’ve already gained experience in accounting and are ready to advance your knowledge and skills, Capella’s Master of Business Administration (MBA) helps you dive deeper into core business fundamentals like leadership, accounting, operations and analytics. Meanwhile, you can also top up your existing knowledge with a range of individual business courses that cover specific areas like ethics in accounting, nonprofit accounting and business law.
Regardless of the education pathway you choose to build your foundations in accounting, Capella’s choice of learning formats lets you take control of when and how you study.
“Although I had a successful career as a result of hard work, dedication and drive, I lacked the formal education needed to advance my career,” explains Angela Wiley, who graduated from Capella with a BS in Business and MBA using the FlexPath learning format.
“I chose Capella because it was affordable, in addition to the flexibility it offered through self-paced learning.”
Note that Capella’s programs are not designed to prepare graduates with the educational requirements for CPA licensure. Those interested in the CPA should also consider whether their program has the coursework and hours for exam and state license eligibility.
Choosing between professional credentials is only one part of building a career in accounting. Your education, experience and ongoing professional development can all shape the opportunities available to you as your career and goals progress.
Start by developing your knowledge, exploring your interests and identifying the opportunities you want to pursue. From there, you can continue expanding your education and credentials as your career evolves.
If you’re not sure about the direction you want to take, a degree in accounting may help you develop foundational knowledge in areas like financial reporting, accounting principles and business finance. It can also provide a starting point for building the skills and experience you may need as you progress toward your longer-term professional goals.
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