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CMA after CPA: Worth the Effort for Another Designation?

cma after cpaCMA after CPA? Should you do it? If that sounds like alphabet soup to you, bear with me. These are two very popular, prestigious accounting certifications and in this post, I am going to answer a question from a reader regarding them. I think this will also help you if you are considering the same certifications, or getting one after the other.

I got an email from fellow reader Sarah last week on whether a CMA certification makes sense after getting her CPA. Honestly, it’s a really great question and I can see how other people like Sarah may be wondering the same thing. Here is my answer. I thought some of you would be interested to find out.

My View on CMA After CPA

Hi Sarah, thanks for your note. This is an interesting question and a very good one. I guess the most value add for a CMA certification for existing CPA is how he/she is equipped in working in management accounting, in particular, the costing area. Either the CPA qualification and the external audit job doesn’t cover much on management accounting, and CMA can fill the gap.

Different industries seem to value the CMA certification quite differently as well. For manufacturing companies where costing and inventory analysis is critical, there tend to be more CMAs in the company and therefore, the certification is more valued.

In service-oriented companies where costing analysis is less important, CMA is understandably less recognized.

In theory, the knowledge we learn through the CMA program is applicable and important to all industry, but the above is my observation in a real-world situation.

If you’re just coming off the CPA, the CMA will be much easier for you to prepare for. You will already be familiar with the CPA’s sections BEC and FAR. You will also find that the CPE requirements on these certifications overlap in a lot of areas, so you can keep your costs down when it comes to maintaining each of the certifications.

The Difference Between CPA and CMA

To fully understand whether or not you need the CMA after the CPA, you also need to understand the difference between the two certifications. Here is how the syllabus between the two stacks up. This will help you see how the CMA might be easier to take right after the CPA, and also where the CMA covers more details that the CPA does not.

The following chart shows the overlap of topics between the CMA and CPA exams. The weighting in overlapped areas can be quite different so please use this for general reference only.

CMA Part 1 Topics Where It Appears in CPA Exam
 External Financial Reporting (15%)  FAR / REG (Tax Implications)
 Planning, Budgeting, and Forecasting (30%)  BEC
 Performance Management (20%)  BEC
 Cost Management (20%)  BEC
 Internal Controls (15%)  AUD
 Technology and Analytics (15%)  BEC
 CMA Part 2 Topics  Where It Appears in CPA Exam
 Financial Statement Analysis (20%)  FAR / AUD (Analytical Review)
 Corporate Finance (20%)  BEC
 Decision Analysis (20%)  BEC
 Risk Management (10%)  BEC / AUD (possibly Audit Risk)
 Investment Decisions (10%)  BEC
 Professional Ethics (15%)  AUD

You can learn more about this in CMA vs. CPA: Which Qualification is Better? There is a lot more to look into, such as costs, time investment, career projections and more. However, for the sake of determining if you should get the CMA after the CPA, the syllabus is key. This shows us where content overlaps and how the two certifications and exams differ.

Are There Any CPA Exemptions for CMA?

The CPA requirements are more than sufficient for the CMA program qualification, so there is no problem with eligibility. On whether you can waive any part of the CMA exam, it hasn’t been possible after the format was changed from a 4-part to a 2-part exam. Realistically, it is hard to expect one can waive an exam part when there are only two.

So, you can take the CMA after the CPA and it will probably be easier to do so while the info is still fresh for you, but you will have to take both parts of the exam.

From Public Accounting to Management Accounting

The CPA is a very prestigious and thorough certification. Completing it is a great accomplishment and means you will be ready for a successful career in public accounting. However, many people who get their CPA find that their interests change over time. As new opportunities arise, you might find that you want to get a new certification or switch your focus.

If you have your CPA and you still enjoy working in the field of public accounting, then you may not need an additional certification. If you’re happy doing audits and financial reporting, your CPA will be more than enough to get you through this type of work.

However, if you feel like you want to move into the areas of management accounting tasks like cost accounting, financial analysis, or risk management, then you may want to consider getting your CMA after the CPA. Let’s look at why CPAs use the CMA to work in management accounting.

Why CPAs Can Use the CMA to Work in Management Accounting

If you’re considering the CMA after the CPA, it can be an asset if you plan to work in management accounting. This is because the CMA specifically focuses on more aspects related to management accounting. It will help you master specific areas and skills like:

  • financial planning
  • analysis
  • control
  • decision support
  • professional ethics

As they relate to management accounting. The CPA covers things like auditing and taxes, but a CMA won’t use these very much (or at all). If you’ve already gotten your CPA, then you have the basics of management accounting, but it doesn’t dive all that deeply into it. This is when taking the CMA after the CPA can be an asset.

People who make the decision to take the CMA after the CPA could do so at any time. They may decide to do the CMA right after the CPA, if they know from the start that they want both certifications. However, what is more common is that a person will work in the field with their CPA for some time, possibly years, then decide they want to go for the CMA later. Usually, this happens because their interests change, or they move into a more specialized type of accounting that the CMA would help them with.

When to Consider the CMA after CPA

As I explained above, you might decide to take the CMA after the CPA if you are transitioning from one job to another. For example, moving from public accounting into a corporate position might open a situation where having your CMA is useful.

Understanding the roles and the specific job responsibilities that people with each certification might do will also help you know when to consider the CMA after the CPA.

Benefits of CPA and CMA Combination

If you get both the CPA and the CMA certifications, you can say that you have what is called a “combination” certification. This is a lot of work, so it makes sense that there are benefits to this dual certification. First, it gives you the upper hand over others who have just one of the two certifications. It is a competitive market these days and you can put yourself in an advantage over your colleagues if you have both certifications.

In addition to the clout you earn by having both certifications, and the “bragging rights”, you will get additional education that makes certain job tasks easier. There is more to it than just getting some new letters after your name. You will also be able to use the skills you gain from these certifications. This could allow you to get a promotion, work for a new company, or even do more while in business for yourself. There are many options and many doors that open up for you once you hold the certifications.

Being dual-certified is also very financially lucrative. Of the many benefits of the CPA and CMA combination, the potential salary is at the top of the list. In simple terms, you can stand to make a lot more money.

CPA and CMA Combination Salary

How much money can you stand to make with the CPA and the CMA? This is an important question for candidates considering both. There is going to be a significant time and financial investment to obtain both. What can you look to make in return once you hold both of these certifications?

The average starting salary for a CMA is around $56,590. The average salary for a CPA is $62,123. This can change from year to year and with how long you have been in a position, as well as how long you’ve held the certification.

According to the Institute of Management Accountants 21st Annual Salary Survey, respondents in the 19-29 age category with both a CMA and a CPA earned 42% more than their non-certified counterparts.

What Else to Do After CPA?

What else might you want to do after your CPA? Is the CMA the only other option, or are there other certifications or qualifications you might consider?

One can consider taking an MBA. For professional qualifications, here are a few other choices:

The CGMA Designation

AICPA has joined hands with CIMA to create a new designation called the CGMA. Between the inception and end of 2014, AICPA members can “pay” for this designation as long as they fulfill the experience requirements.

If you are an existing CPA, this is almost a no-brainer and because of this, you may choose not to pursue the CMA certification.

However, since January 2015, candidates must go through the CGMA exam. This exam is developed by CIMA involving in-depth case studies. The format is very different from anything you see in US professional exams (be it CPA or CMA). In fact, I believe it looks more like a huge task-based simulation. In case you are wondering, CGMA exam review courses are not available at this stage.

Given this uncertainty on the CGMA exam, I would probably stick with the US CMA exam if you determine to get a management accounting certification.

The CFA Charter

There are also professionals who want a dual CPA CFA qualification to show their expertise in both accounting and finance. My husband John is one of them and this has proved to be helpful for his career. It takes a lot of effort to get another qualification, especially that it typically takes 4 years to pass the 3-level exam.

Unlike the CMA and CPA exams, the CFA exam has a specific timetable with only 2 exam dates each year. If you are interested to explore further, it is best to check the calendar now and mark down the deadlines.

Here is a Summary in Video Format

If you like to learn with a visual, I also made a video summary to help you understand the details above.

 

Conclusions for CMA after CPA

In conclusion, does it make sense to take the CMA after the CPA? For some people, yes. As you can see in the info above, there are many benefits to it. No one can tell you if it’s right for you, so you need to gather all the information you can to make an informed decision on your own. You have a wealth of information here to help you in making your decision. Many people also find it very helpful to make a list.

You could do a pros/cons list, or you could write out all the reasons you think this certification will benefit you. Putting things into writing is a great way to solidify the ideas in your mind, to help you come to the right conclusions.

When considering the CMA after the CPA, think about why you want it. Are you looking to learn more and improve your skillset, or are you just passing the test to say you have the license/certification?

Are you collection certifications, and letters after your name, or are you using the information that the certification signifies you know? There isn’t necessarily a right or wrong answer since people get certified for a lot of different reasons. Your reasons are personal to you. However, considering those reasons and being really honest with yourself about them will help you determine whether or not you want to go for the CMA after the CPA.

In addition, it will help you determine if you should go for any of the other certifications mentioned above after the CPA.

Further Reading

Any Questions?

If you would like to continue the conversation or if you have any questions on CMA after CPA, drop a note below and I’d love to discuss further.

About the Author Stephanie Ng

I am the author of How to Pass The CPA Exam (published by Wiley) and the publisher of this and several accounting professional exam prep sites.

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Leave a Comment:

17 comments
Zeb says December 26, 2018

What about the other way around. Doing CPA or MBA after CMA ?
You mentioned CGMA. If one is a Cima member or CGMA is it worth it to pursue CPA or ICAEW or MBA after that ?

Reply
    Stephanie Ng says January 16, 2019

    It very much depends on your career trajectory. Check with others in the positions you’d eventually like to hold and ask them what their qualifications are.

    Reply
Brent says July 19, 2018

I’ve been trying to find out if any CMA review courses qualify for CPE credits for a currently licensed CPA. So far, the ones I have contacted have said no. Have you come across this before and are you aware of any that may offer that?

Reply
    Meghan D says August 11, 2018

    The I Pass team has not heard of any CMA review courses that serve as CPE for CPAs. 🙁

    Reply
Binu says March 3, 2018

Hey ma’am… My name is Binu… N I’m studying bachelors degree…. Can I get cpa after bcom…?

Reply
rohan says June 5, 2017

Hey,I am currently doing my cma course just wanted to find out wether the 2 years work experience which i am doing for the cma course will it overlapse for the cpa course work experience?thank you.

Reply
    Stephanie Ng says June 19, 2017

    Hi Rohan,
    As long as the work experience fulfills both CPA and CMA requirements, you can use them for both qualifications. Regards, Stephanie

    Reply
Swapneel Pathak says November 29, 2016

Hi awesome Stephanie…Big high 5 to you for helping out people here with your knowledge…Sincere gratitude to you for the same dear…

Well I’m currently pursuing CPA…So my 1st question is that can I get into the finance field with my CPA degree once I pass it & does CPA degree work in the finance field as well?

Secondly, I have done some research & I believe that CFA has great recognition in & out of USA…I’m looking forward to do my CFA after I’m done with CPA…I’m also in CA Final (CA is an Indian course)…So my 2nd question is that will CFA add value to me after CPA?

Thirdly, I was thinking about ACCA or masters in finance or maybe MBA Finance…I don’t know which of these course will add value to me…Well I’m thinking about an additional course or further studies after CPA & CFA since that might help me get an edge over others…Which additional course would you suggest me, that will add great value to me globally or even in the US or Canada, and which will help me get a job anywhere in the world? I’m looking forward to be an Investment Banker in the US specifically…So kindly advise me accordingly…

Lastly, after I pass the US CPA, I guess I just have to give 1 exam additionally to become a Canadian CPA…Can you please share some details about the same with me?

Well, as of now I’m just focusing on my CPA exams & nothing else…But still I would like to keep exploring & create more awareness…That’s the reason for so many questions…

Eagerly awaiting your reply…

God Bless You!

Reply
    Stephanie Ng says December 3, 2016

    Hello, thanks for your note! On your questions:
    1. CPA is the most versatile qualification within the accounting and finance industry. While it is not focused in finance, if you are looking to become a CFO then it’s definitely useful. But if it is like fund management, research analyst kind of role, then CPA is not as helpful.

    2. It does help if your work is a combination of accounting and finance (such as CFO and most senior finance positions, or say a CFO in a hedge fund house).

    3. It is hard to generalize, but if you are looking specifically at North America, then ACCA is rarely recognized there. For MBA, it depend son the reputation of the school. More info here: https://ipassthecpaexam.com/cpa-vs-mba

    4. I actually don’t know much about this now that the Canada has this new CPA designation…

    Hope it helps! Stephanie

    Reply
bhanu prakash says July 10, 2016

Hi, I’m bhanu prakash I’m preparing for CMA but I want to do CMA also is it right decision please explain me briefly thanks in advance

Reply
    Stephanie Ng says July 10, 2016

    Hi Bhanu, I am confused… are you preparing for CMA or want to go for CMA?

    Reply
Aravind Raj Jerome says April 29, 2016

Hey hi,

I’m interested in doing CMA US, after which I desire to do ACCA. I basically have a Bachelor degree in Commerce (B.com) which is a 3 year course from India. I have plans to move down to either any of the EU countries or Canada! I’ve just completed the Bachelor degree, looking forward to join CMA US and ACCA! I’d like to know whether CMA US and ACCA is a good plan?
I plan to do ACCA because it has full legal recognition across EU & EEA. And I plan to do CMA US because it’ll be a added advantage if I move down to Canada and US.
Kindly help me clarify whether I’ve got good plans?

Reply
    Stephanie Ng says May 1, 2016

    Hi Aravind, thanks for your note. I am glad you are planning ahead. As you mentioned, CMA is mostly recognized in the US (and also Middle East and China) but ACCA is more recognized in Europe. This is basically correct although you have to know that within Europe, if they have their own designation for accountants, it is most often the priority.

    Another thing is that there is not much synergy between CMA and ACCA. Let’s say if you are to work in the US, then ACCA has little value; or if you work in Europe, then CMA is not as recognized. So it is going to waste 50% of your effort no matter where you work. If you work in India though, both qualification should be beneficial esp for ACCA.

    For Canada, I would go for the Canadian CPA because it is supposed to cover everything for those who work in that country. Hope it helps? Stephanie

    Reply
Zac says December 10, 2015

Is it possible to sit for the CPA exam if you’ve earned the CMA designation? This is assuming that an individual does not have 150 credit hours has only passed the CMA exam.

Reply
Stephanie Ng says August 9, 2015

Hello, I have an article on CPA vs CMA that you may find useful: https://ipassthecmaexam.com/cpa-vs-cma/

It really depends on your career aspiration, but I have to say CPA is harder to get because of the stricter requirements. You can take a look at that and decide whether it works. If not, then you will be happy to settle with CMA.

https://ipassthecpaexam.com/cpa-application-for-international-students/

Regards, Stephanie

Reply
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