CPA vs. CMA Certificate | What Are The Differences and How To Choose
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- เผยแพร่เมื่อ 13 พ.ค. 2024
- If you are trying to decide whether to pursue a career as a CPA (Certified Public Accountant) or a CMA (Certified Management Accountant), this video will help you decide by considering the following factors:
1) Your personality type..are you an introvert?
2) Do you plan to move across counties in the future?
3) Do you want to own your own practice?
4) Is your end goal becoming a CFO?
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Correction: For CMA, the 2 year work experience can be after the exam, and doesn’t need to be prior to the exam.
Correction: As a CPA you just need to apply in another state, not get their equivalent of a CPA.
But ravi indupuri moody doesn't mix up with anyone
@@acm0045 but ravi indupuri eats food though he's moody cost accountant fellow
Also for CMA certificate the 2 years of work experience can completed up to 7 years after passing the exam
Yeah I heard that I was like wait what? I was about to be pissed for a minute
I have both CPA and CMA. I work for manufacturing industry. CPA got me the job, CMA helps me to do day to day job.
I have CMA and going to start CPA
I wanna be like u
Congrats! I just earned the CMA as well and already have my CPA license. The CMA exam was slightly harder in my opinion, passed with a 72 exam score on both parts 😅
Did the cma help you with costing?
I have had a CMA for over 10 years. Most employers have no idea what it is. Almost all CPAs think it's worthless. I tried to explain it that CMAs work primarily on corporate accounting and CPAs do tax and audit. Controllers are best served as CPAs, finance managers up through CFOs might be better as CMAs.
The best explanation I’ve heard thus far
This is my fear with pursuing a CMA. If someone doesn’t know what it is how does it help you more than just knowledge of the job?
It depends on who you’re talking to honestly. I didn’t know what the CMA was until 2 years ago and after careful consideration and research and long study hours I became one in 2024 🎉
Thank you so much for creating this content. Glad I stayed to the end because I really needed to hear the message. I was stuck for so long but this video changed my perspective, and I feel like I can finally move forward. Thank you.
This is the best explanation I have ever seen on the subject! I would love to know your input on a CMA - EA combination. Again, you did such an amazing job. Many of the times that CPA's have given me input on the CMA, they almost always snub the CMA and say that it is second rate when compared to the CPA. I saw a much more honest approach from you. The comparison between the Mercedes and BMW totally paints the picture. Thanks!
I have the same question about the CMA-EA combo. Unless you're working in auditing, I'm struggling to see the benefit of a CPA over a CMA + EA. If your providing accounting and tax services, some states require you to be a CPA to the use of the word "Accountant" in advertising services. The other one is just public recognition, nobody says "let me talk to my CMA" or "EA," they always say, "let me talk to my CPA."
Personally, I'm about 5 years into my career and I don't have the 150 credits to become a CPA. I'll be getting an EA license soon and then start working on the CMA.
@@Samuelh8989 I totally agree. I think that is where people are landing. It takes awhile for people to question the norm and make something different and their own flare. I also think that this change will also encourage the practitioners to share more strategy with their clients....most of the CPAs I have worked with just don't take the time to do that. To me, that is the value added instead of just filling out forms for the client. Communication is key! CMAs do a LOT of strategizing. I think it will only be a matter of time before the CMA and EA is just as known. Change takes time and is only caused by those who challenge the norm🙂
Yes! I was waiting for this video. Simple but very informative. I want to thank you for your accounting interview help videos just landed my first accounting job in the A/R department of a global company. Looking forward to more videos in the future!
Amazing, thanks for following the channel Ryan!
This was such a great explanation!! Very helpful!
I am a CMA and thought you did a good job laying this out. I to get asked what is the difference all the time. My current role is in revenue management and pricing strategy.
Good to know Daniel! Thanks for watching and contributing!
Hi my friend , please i need some information and help , i want to start my CMA but i don't know how i will subscribe or the official website
I've been researching accounting job posts, I haven't seen cma requirement that often. A cpa seems more common and well known.
YOU havent dont your research well
@@nikhiloommen4949 lol, simply typing accountants and 10 secs internet search, will show you that in America the Cpa is the most common accounting certification. so there's nothing to go back and forth about here.
In the US, you do not need to be a CPA to sign off on tax returns. You need it to sign off on audit and review engagements. You need to be either a CPA, Enrolled Agent or attorney to represent a client before the IRS.
Correct
More people need to check this out! Thanks for sharing.
You mention that you admire CPA's who started their own practice and that you may wish to follow this career path yourself in the future. Will you please consider making a video on the career path you would recommend for those students who want to gain practical education and work experience to ultimately prepare themselves for starting and growing their own firm? I would really appreciate this kind of video since most accounting videos focus on becoming the best employee wo discussing a strategy for developing an end goal of preparing oneself to become self employed. Thankyou!
Thanks for valuable insights Bill! Aspiring CMA and a future CFO here. Your video inspired me to pursue CMA. Keep it 👆.
Good luck!
Did you complete
Any updates?
The video is very informative and thank you for the videos❤️❤️
Thank you so much! This video gave me more clarity!
Thanks!
@@TheFinancialController ravi indupuri moody doesn't mix up with anyone
Thank you for the information 🙏🏼
Great timing of this video. I was just thinking about this. CPA candidate here, decided to pursue it after 13 years as an Accountant. But also considering getting CMA after my CPA.
Good luck!
Great explanation, thank you!
Hi, I am taking my Part 1 CMA exam in less than 3 weeks. Currently an FP&A, after I told my boss I will sit for the CMA exam, he offered to pay for the exam and will request a salary increase after I pass -- been at my job for 6 months. I think mainly because he knows I will be highly seeked after by other companies when I pass my CMA and wanted to keep me. IMO, CPA is great for Public accounting but in the private sector (mainly manufacturing) CMA is way more appealing. Depending on your career wants, both certificate will immediately add monetary value to you.
I believe everything being equal with a candidate , I think you might have a stronger technical accountant with someone who passes the cma vs the cpa. Although it says a lot by being able to get either credential. The CPA has more brand recognition in my opinion, so it is easier to market yourself as a professional. You could just get both credentials. I passed the cma, cpa, ea in that order.
Where did you get the FP&A from and how long did it take you to get it?
@@clarenceharris524 well you wouldn’t need an EA if you have a CPA, right? But I agree that cpa and cma is a great combo to have and one that I am considering.
Far easier to get the experience requirement for the CMA. Plus, the IMI doesn't (often) verify your experience (random sample). While another CPA has to sign off on your experience, in every case, for the CPA license. Wider range of work qualifies for the CMA also.
CMA travels with you better, if you want to live abroad (and I did). The CMA is wider in application, by which I mean you can get into finance easier (which I wanted to do). I wanted to work in finance, but knew a finance degree from a small university wouldn't cut it, instead I did an accounting degree with the CMA to get in.
In Canada the CMA has been absorbed by the CPA. Candidates can either choose public accounting or finance/performance management as specialization for the exam.
My most awaited video is here !!!
Thank you, thank you, thank you
Hope it lived up to your expectations!
God bless! Don't spend too much think and spend more time doing! Best advice in the video, thank you!
Thank you so much for this explanation, really i like it , appreciated
Hello
I want help, if you could please
I want to start studying CPA , I haven’t other choice , i have more then 10 years experience
Now I’m working as accounting manager, but anywhere I applied for finance controller they required CPA certificate
Please I want to start, and please can you share with me the link of the school
Loved this video 👌 very well explained about cpa and cma
Thank you such a life savior, you just made me prove my vision and decision.
Thanks for your assistance ❤️
Much awaited video.thank you
Great!
Thank you for those information.
Hi Fin Controller! Regards from the Philippines. What do I need to get a CPA certification in the US?
Love you content and please make more.
Thank you so much for the just right information
Also I want to slightly correct something you said. For the CMA exam, you can sit for it any time. However, you need 2 years of continuous work experience before you can officially put the credentials behind your name
I see, thanks for letting me know!
15:35 I couldn't find the (big) thumb up, only the normal thumb up 😄 Thank you!
Thanks for this information
Valuable info.
Love from India, here it is very different, CPA is CA which have a national institute & licence authority (ICAI). If you look at the syllabus, CA is like CPA +CMA, ie. Tax, audit, costing, strategic management, control,etc.
Thanks for explaining the difference between CMA and CPA. Simple and informative. I was confused to choose between CPA and CMA and finally decided to go for CPA after watching the video. Hopefully next year by this time I will get all my CPA exams done. Again Thank You.
so how was it? it’s been a year already
Did you complete
passed 3 sections and
waiting for 4 th results@@jhonhonai9737
Hello! I compled 4 years of Accounting at college outside of USA (Dom. Rep). I have diploma, certification and CPA license from my country. In my case, I'm looking for a job in accounting field. I worked in a small business as bookkeeper and I supported in many clerical accounting activities. What do you think about professional that come from outside of USA, how this affects the success in our careers. Thank you!
I am CFO bound and I am glad I read about the CMA. I passed first exam on first try (idk how though, that thing was hard af). Taking second part this month. I do still plan to work towards CPA directly after CMA but I will say in my career I have worked with many CPAs who are only good with the theory of accounting and are trash with application of that theory. So their CPA license did little for them. It got them the job, but they dont do the job well.
Will you please consider making a video on the career path you would recommend for those students who want to gain practical education and work experience to ultimately prepare themselves for starting and growing their own firm? I would really appreciate this kind of video since most accounting videos focus on becoming the best employee wo discussing a strategy for developing an end goal of preparing oneself to become self employed. Thankyou!
I started as a bookkeeper then moved up to accountant and then controller. It took 12 years and a degree, but at 31 I’m finally here lol. Just barely made it by the skin of my teeth 😅😆
this the best explanation thx thats help alot alot
🙏 thanks
Tqqq for quality content
Hello, I am currently going for my FAR exam for my CPA and getting ready to prepare for the one after, I've completed my 150 credits (MBA w/ Accounting and Accounting BS), as well as over 1 year of public work (Gov Audit as well as Personal and Corp Tax) I'm getting my CPA but I'm using it as a springboard to eventually get my PhD so I can become a professor, I dont personally love the public accounting world, it's a very great way to make a living but I'm a more free time oriented person over maxing out my income, however the knowledge I've gained through the CPA process is immeasurably helpful for both my own personal finances as well as helping friends with their businesses as well as being able to actually teach functional accounting and not just concepts in the future, the CPA study process has given me an outside look inward and its an amazing perspective to know.
Could you possibly do something on the AICPA's CITS? I think Information Technology is going to be HUGE for accounting in the future especially with the rise of technology. is CITS worth it or is there a better path like learning a coding language + CPA? I think I'm becoming addicted to letters after my name hahaha.
Hey nick. I am not sure what CITS is. Can you tell me more?
@@TheFinancialController yes! My apologies, they had changed the name I think at some point I meant to say CITP! Certified Information Technology Professional. It appears as though many online say it may not be worth it, but it's also a newer certification arriving around 2008 I believe. It focuses on info security, cyber risks, business intelligence, data management and analytics, IT governance, risks and controls, on financial issues. I think there may be a large future for it, I'm considering it as a lighter test between my CPA and my PhD as I really love technology.
Ok yup I will address, good topic 👏
this video is very helpful , thank you very much😊
Thanks for watching!
@@TheFinancialController ravi indupuri eats food
such a beneficial video, Thank u 🙏
The reason why CMA pass rate is lower is due to the entrance requirement as they indicated any bachelor degrees is okay.
Would you please make a video on the CTP also ... does it have any scope in the US or globally? I haven't seen any video from you on Treasury ... It's money-finance right?
I am starting my MAC at the end of the year. What area of study do you recommended for highest paying/ most wanted accounting fields?
I didn't watch the video yet I only saw the comments, but I think you doin a good job anyway. My question is I'm will be comfortable with CMA in terms of finding a good positions, and experience instead of the academic education " knowledge". Knowing I'm on edge of year to graduate.
Thank you for sharing this useful information.
I have 1 year of auditing experience and 2 years of accounting experience. I wish to enter FP&A career but before that, I have to get a professional license. What comes to my mind is ACCA. Any professional advice can be given to me?
Thanks very much for your analysis..am really interested in the CMA qualification..currently doing ACCA..is it possible to travel to sit the CMA exams because don't have exams center in my country
Can work experience in private accounting meet CMA's requirement, or does it need to be in public accounting? TIA!
Very impressive presentation.
Thanks mark!
Would it be accurate to say the odds of passing the cpa exam is .41x.56x.47x.58= 6.25% vs .45x.45= 20% for CMA and therefore passing the cpa exam is harder because the pass rates should be cumulative instead of the average? Am I over thinking this? 🤔 😅
The 2 years of experience required before taking CMA exam, has to be in US jobs? Or could it have been obtained in a different country (experience)?
I love learning about accounting. I’m a junior in college for my BA in accounting. But I honestly don’t want to climb the corporate ladder. I wouldn’t mind being a staff 2 accountant. Having a work/life balance.
Thanks for watching Nakia!
Good watch! Next video; CIMA versus CMA?
Ok
I want to be a CMA in the future
But ravi indupuri becomes moody doesn't mix up with anyone
I am going to join finance and investment banking course in uk. And ultimately want to pursue CFA, can u provide me any valuable suggestion.
Hi I have been working in AR coordinator for last 6-7 years. I would like to go for either of them as my next role requires one of those certifications. Cound you suggest which one is better
Hi Mr Bill, thank you for this clarification. I want to get a CPA certificate, could you please recommend for me an university or school where I can pursue the training on line? Thank you so much and good luck 🙏
Miles education or Northstar academy.
If you're working in Transactions Tax for the Big 4, will they pay for you to get a CFA? Is it worth getting the CFA for this role?
Kindly make a video on profile such as having some experience in Accounting & pursuing EA. Does that Accounting knowledge is useful if you want to do business taxation e.g 1120 for LLC?
Have you done a video on Enrolled Agents????
Thank you for your explanation. Here is my question - instead of thinking which to do, what's wrong doing both one by one?
Both together are amazing for one’s career for sure
Can you talk about forensics accounting
Ok
@@TheFinancialController but shouldn't you worry about whether or not ravi indupuri becomes moody particularly while eating chilly cheese toast also?
Hi, I’m CMA, lived and worked in Indian after I moved to USA. I studied for exam passed it, had work gap of 5 years.. looking to start fresh which and where career I should choose as a beginner
Hi Coach,
I'm not from Commerce background but I did MBA in 2012 followed by around 5 years of experience in secondary market research/consulting research. However, since 2016 September, I have been on a parenting break with 1 yr of BABI course from Great Learning in between 2019-'20. We just moved to the States (California) in June 2022.
Will CPA or CMA help in resuming career? Need some honest career guidance
Hi @divyyapriya2969 , I currently live in India and want to move to US. I'm considering doing CPA for it, but I have few doubts and I'll be really thankful if you can clear the doubts. Thanks.
7:58 you do not need to have 2 years of experience prior to taking the CMA exam. I am currently taking it and I haven’t even graduated.
You have seven years after passing your exams to get the 2 years of experience
Thanks for contributing this fact
@@TheFinancialController but he wouldn't go anywhere gurudutt Anna
Took the financial accounting course and I am deciding to do a bachelors in engineering at Michigan Tech and masters in accounting while pursuing CMA I think it will help me manage projects better. What are your thought? I’ve been looking at the CMA prep courses I will only have 60 credits by spring… I am 20 years old. Any thought The Financial Controller?
Thank you so much
Thanks for watching!
@@TheFinancialController does ravi indupuri become moody while eating chilly chicken also? Shouldn't you worry about whether or not ravi indupuri becomes moody particularly while eating chilly chicken also?
I earned my CMA in 2019 and I am currently seeking a new role. I do not have a CPA. I've seen some roles that state CPA or CMA required/preferred. I've seem some positions that state CPA required, even though based on the description, a CMA would make more sense. People who know what a CMA is seem to be really excited when they see it. In situations where they do not know what it is, I have to explain it to them and that usually leads to the question "do you plan to get the CPA?" I'm really not sure at this point.
The cpa name recognition is higher. I’d say pursue the cpa only if you plan to take the financial reporting route. But if for example your goal is a controller at a non public company, a CMA is great.
@@TheFinancialController what about having both?
Could a CMA have their own practice as a fractional CFO?
Is there is scope for CMA india ( cma certified in india ) to get the job opportunities in abroad like USA
.. couldn't find the answer..
If YES wat are the procedures to be taken..for applying ...
Please tell me books & techniques that help you for your career CPA student
I love your vedios sir, really helpful lot.
I came from India, the way you explain, is great 👍.
Thanks!
@@TheFinancialController shouldn't you worry about whether or not ravi indupuri becomes moody particularly while eating bread toast jam?
Hello please under CPA in order to be recognized globally, is it best to take or obtain CIMA(AICPA) license?
Getting them both.
Smart man
I have a degree in mechanical engineering but for some reason I want to go into financial analyst program through CFI certificate programme. Is it advisable?
Fin Controller, should I get a CPA or a CMA???
What is the difference between of&a, controller, and a financial analyst?
I'm familiar with both. The only thing a CPA exclusively licenses you to do is to sign attestation reports for public consumption. Nothing else that I can think of exclusively requires a CPA license. It's interesting that most CPAs aren't even practicing what their license provides for them. Never understood why people pursue the CPA just to do taxes. Having said that, The CMA is way more relevant to the actual work that most accountants perform, especially in the corporate space. IMO, the CPA has undergone a severe devaluation over the decades. You see job postings for bookkeepers requiring a CPA now. smh.
Same in Canada. Jobs that were done by a bookkeeper or a technician with a 2 year accounting diploma now require a CPA which is extremely expensive to get and largely irrelevant to the job
Hi. What do you think about Business Analyst position? Is it ok to switch from Accountant to this position? Thank you 😊
I went from being an accountant to a financial business analyst. Learn as much as you can about the financial systems and data modeling.
Is there any entrepreneurial opportunities as a CMA? such as consulting?
What do you recommend? A. Associates degree in accounting or a certification?
Do I really need a bachelors to go for being a CMA, and taking the test? I’m currently in the process in obtaining my Associate Degree in accounting; and wanted to know if I can be take a CMA with just that degree once I get it, and a little experience
Hello, can you also please compare M.S in accounting with CPA/CMA as well? I am accountant with 4~5 yrs of private industry + CPA, so I'm wonder if master or CMA will be better fit for my future career, especially when I plan to stay in private industry
Ok will do
Can you be a freelance CMA and how much could you charge an hour?
I have a bachelor degree in Accounting and i would like to study the CPA. But the problem is i dont have an experience in Accounting. I used to work in a bank as a customer Relationship officer. Any advice for me?
Your experience requirement does not need to be completed before you enroll in the CMA program or sit for the CMA exam. You are required to complete the experience requirement and send in verification within seven years of passing the CMA exam.
Thanks for this clarification Raneem!
Do you have a video for engineering working professionals or graduates who are aspiring to get a CPA? If you have please share the link many thanks in advance
Hi! Can I become a CMA with a two year experience in AR? Thank you.
I would like to understand the IFRS and USGAAP´s, actually I'm an accountant living in mexico and there's some companies who wants an accountant controller who understand the north american and mexican accountability, could you please recomend me some course o book? Thanks
I will be covering more of this on the channel soon
this is helpful
Thanks for watching!
What is the salary of us cma in usa after 2 years of experience and certification in india
Can I get the CMA if I plan to own my own business? Or will I need to work for someone? I am a financial advisor
I am a qualified CMA...and how should i look for the job...pls tell us about how to find a job after CMA.
For MBA with 5 years of experience, which of these areas are best? CPA or CMA
Thank you for the video.
I am currently an accountant in a local private school, my bachelors was in a completely unrelated field but I have spent 5 years of experience in the accounts already.
My question is the CMA good enough to replace a Masters degree? My goal is build a career globally and relocate but because of the disconnection between my bachelors and current job I cannot seem to progress.
I just need to know how valuable the CMA will be to my situation and wether it’ll help me break through this stuck situation or not.
I’d appreciate if you’d reply back. Thanks again.
Your real break from the stuck situation will be to gain real world Accounting/finance experience. I recommend finding a job where the manager is a good mentor. Also ideally, while you work under that person, perhaps pursue an accounting degree on the side. Hard work but pays off.
@@TheFinancialController I already worked 5 years as an accountant!
This is me searching for the accounting degree.... that’s what I’m considering the CMA
Thus my question remains unanswered
@@zynbalalawi2309 As a hiring manager, whenever I hire someone for an accounting role, the baseline requirement is a degree in accounting. The CMA is nice to have. But, if you don’t have a degree in accounting you’ll most likely get overlooked. I suggest getting a Masters degree in accounting. A degree in accounting is foundational. Knowledge is different from experience. You need both. You may have experience. But, you also need to build up your knowledge in accounting, specifically the theory behind what we’re doing, why we’re doing it, and how we’re doing it the proper way. The academic rigor of getting a degree in accounting will enable you to have the foundation you need to succeed in this field.
Then get your CPA. A CPA is more recognized than a CMA. A CPA is qualified to do everything that a CMA is doing. But, a CMA can not do everything that a CPA is doing. CPA will give you flexibility.
@@All_you_need_is_love2018 I think you overlooked the goal OP mentioned which is a global career where the CMA might serve better. As a CPA and CMA, I would say that no certification can replace a degree, and OP might consider getting MAcc to advance his career, also to get necessary credits in case he wants to obtain CPA later.
How are the factors the same for each CMA ? How are they different?
Please I'm searching for the different between CPA and CFP certification