CFA Vs CMA: Which is Better?
While the CMA programme can be completed in less time than the CFA, there are many features of these programmes that make it hard to choose between them. Read the full article to know more.
Are you facing a dilemma about whether to pursue CFA or CMA certification? If so, you've come to the right place. This article aims to help you make a well-informed decision by comparing CMA and CFA certifications in terms of their duration, content, levels, flexibility, eligibility, career prospects, and other relevant factors.
By the end of this article, you will undoubtedly reach a conclusion and be able to choose between these two globally recognized finance programs: Chartered Financial Analyst (CFA) Certification and Certified Management Accountants (CMA).
About CFA and CMA Programme
Features | CFA | CMA |
Full-Form | Certified Management Accountants | |
Definition | The CFA Programme if a globally recognised programme that provides students with a strong base for the world of investment analysis. | The CMA programme is designed for students to work in different industries and corporate functions. |
Credentials Issued By | CFA Institute | The Institute of Cost Accountants of India, India |
Focuses On | The certification focuses on asset management, equity research, investment management, hedge funds, etc. | The certification develops one’s expertise in working-capital policy, financial statement analysis, valuation issues, etc. |
Exam Levels | The programme comprises three levels of exam: Level 1, Level 2 and Level 3. | In India, the programme comprises 20 papers and three levels of exams: CMA Foundation, CMA Intermediate, CMA Final. |
Also Read: Career as a Chartered Financial Analyst
CFA Vs CMA - Skills Obtained
One of the key differences between CMA and CFA is the skills obtained through these programmes.
Skills Obtained Through CFA | Skills Obtained Through CMA |
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Also Read: All About Chartered Financial Analyst Course
CMA Vs CFA - Duration
CFA Duration | CMA Duration |
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Since the CMA programme takes less time, many candidates prefer this certification. So, if you have less time in your hands to get certified, CMA would probably be the better option for you.
CFA Vs CMA - Flexibility in Exam Schedules
CMA | CFA |
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CMA Vs CFA - Eligibility or Experience Required
Features | CFA | CMA |
Educational Qualification |
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Work Experience (Minimum) | 4 Years | 2 Years |
Also Read: All About CMA Course
CFA Vs CMA - Syllabus
The main goal of the CMA programme is to train management accounting professionals whereas, the CFA programme trains financial and investment professionals. So, the notice some overlaps in the programme syllabus of CFA and CMA but in a deeper sense, the syllabus is different. Here are some of the major topics that you can have a look at.
VariousThe syllabus details of both CFA and CMA course is given below:
Topics in the CMA Programme | Topics in the CFA Programme |
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CMA Vs CFA - Career Opportunity and Salary
One of the biggest questions asked by candidates confused between these two programmes is ‘which pays more’. To answer that question, it depends on your job title and the organisation you are working with. Mentioned below are the average salary of some CFA and CMA job roles that will help you know more.
Various career opportunities and salary details of both CFA and CMA course is given below:
CFA Salary | CMA Salary | ||
Job Titles | Salary | Job Titles | Salary |
Chief Investment Officer | $316,600 | Chief Financial Officer (CFO) | $140,930 |
Financial Analyst | $80,930 | Corporate Controller | $99,633 |
Portfolio Manager (equities) | $344,500 | Financial Controller | $88,108 |
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To conclude, both programmes have features that make them better than the other in some way. After going through the comparison drawn above, you must have understood the difference between CMA and CFA better. If you still have any doubts, feel free to reach out to us through our Q&A Section.
Stay tuned to CollegeDekho. Good Luck!
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FAQs
What is the salary of a CMA graduate?
A CMA graduate earns anywhere between $140,930-$88,108.
What is the salary of a CFA graduate?
A CFA graduate earns anywhere between $316,600-$344,500.
What is the duration of a CMA course?
Depending upon the level of your dedication and focus, the course can be completed from 6 months to 3 years. The IMA (Institute of Management Accounts) provides a maximum of three years, from the registration date, to complete the course.
What is the duration of a CFA course?
The minimum time in which one can become a CFA is 2 years. Depending on the calibre, most of the students take about 3 - 4 years to complete the course.
What are the skills obtained through the CMA course?
The skills obtained through the CMA course are:
- Expertise in Financial Accounting
- Expertise in Management Accounting
- Strategic Management
- Profitability Analysis
- External Financial Reporting
- Planning and Budgeting
- Internal Controls
- Risk Management
- Performance Management
- Investment Decision
- Cost Management
What are the skills obtained through the CFA course?
The skills obtained through the CFA course are:
- Investment Management Skills
- Investment Portfolio
- Asset Allocation
- Portfolio Strategy
- Corporate Finance
- Excel Modeling Skills
- Risk Managers
- Investment Banking
- Fund Management
What is the eligibility criteria for a CMA course?
The eligibility criteria for a CMA course is mentioned below:
- For CMA Foundation Level, candidates must have completed Class 12 or equivalent level of education from a recognised board.
- For CMA Intermediate Level, candidates are required to pass Class 12 and CMA Foundation Level.
- A minimum 2 years of work experience.
What is the eligibility criteria for a CFA course?
The eligibility criteria for a CFA course is mentioned below:
- Candidates must hold a bachelor’s degree in any field.
- The degree must have been issued by a recognised university.
- A minimum 4 years of work experience.
What is the CMA course all about?
The CMA is offered by The Institute of Cost Accountants of India, India. CMA Programme is designed for students to work in different industries and corporate functions.
What is the CFA course all about?
The CFA Programme is a globally recognised programme that provides students with a strong base for the world of investment analysis. The CFA course is offered by CFA Institute.