The truth is if you have CPA most of these are redundant. CMA covers nothing that isn't on CPA. CIA and CISA does cover some stuff not on CPA but not a lot, those two are mainly repears of AUD section. As covered in the video, CFA and CFP are finance and not accounting certs that are for very different career fields than accounting and very little overlap is there.
@@weslomusiclove When i sampled CMA I didn't see anything worthwhile. Just a lot more cost accounting. To get into finance I did something called FMVA.
@@weslomusiclove I completed it yesterday. It's cut from a different cloth than something like CPA,CFA or anything else mentioned in the video. But it does teach you very practical skills that can equip you to be a better financial analyst or investment banker or something like that.
Glad you enjoyed the video! My great-grandparents are from Ireland, hence my name "Michael Patrick McLaughlin." I hope your career and life are going well!
Just a couple of quick clarifications for Australia. The three main accounting bodies and their designations are CAANZ, whos designation is "Chartered Accountant" due to having a Royal Charter for their constitution from the U.Ks privy council. CPA Australia, who use the designation of "Certified Practiticing Accountant," as they do not have a royal charter but a constitution under Australian legislation and the last is IPA, who issue a Membership post nominal only. A significant point of difference for Australian Certifications vs U.S, CA and CPA's are integrated with post graduate education, meaning these are Master level studies which require an undergraduate degree to enter. CPA consists of six AQF 8/9 (or masters level) Units IF you have an approved bachelors, if not, you will have to undertake an entire MPA (Masters of Professional Accounting) and for CAANZ, you will complete a full grad dip in accounting (8 Units) along with your approved undergrad. Afterwhich, you can apply for a CoP (Certificate of Practice) which is a requirement if you wish to register with the TPB (Tax Practiioners Board) which is the Federal Regulator of Registered Tax and BAS (Business Activity Statement) Agents. The term "licence" is not used in Australia.
Really clear and concise explanation. Appreciate you making this video. I recently started classes for my CPA so looking to tackle this certification by the end of the year!
CMA and CPA are for two different purposes. CMA has significance more on Managerial/Cost/Financial Planing while CPA is almost very light on those topics. CPA,of course, well known than CMA in the US due to many numbers of public accounting firms and need for tax reporting. However, it is highly likely that financial reporting side of CPA will probably be taken over by AI in the coming years and this may trim the number of CPA seekers a bit. Also CMA has a global recognition and you are a CMA everywhere in the world while CPA does not give you this automatically as many countries have their local jurisdictions.
What's your thoughts now on new course changes in CPA USA? I am about to start my preparation for CMA US because I am only eligible for it. But yeah it is not high paying as CPA certified in India.
CPA exam evolution is going to bring a new format as you may probably now. However, I do think that CMA is going to be more trendy as they already started promoting the CMA as for those who pursue a career in Accounting & Finance which makes total sense. Plus, they started offering significant scholarships for students who would like to pursue CMA designation. I currently have 8 students received $3K to $4K of scholarships. On the other hand, the pay rates in the US for CMA only or CPA only was almost identical according to 2021 salary report of IMA (however, this depends on experience!) New salary report of 2023 indicates that median salary in Americas is 20% more than non-CMAs and similar results for total compensation as well. To be frank, CPAs still are paid more especially those with 10+ experience. BUT the accounting profession is in limbo as many people have been leaving the profession since 2021 and this number is 300,000 according to WSJ article. The long work hours and changing needs and expectations of new generation is making things difficult. We also have 150 credit hour requirements from our students to sit for CPA in the US (which is probably going to change but some time in the future not immediately) brings significant cost on families and the students. The BIG 4 is also laying off many people from consulting side and this also is known by many who are pursuing a career in such firms as at the end of the day BIG4 firms are known as "accounting" firms even though the lay offs are from consulting side. One thing that some schools are going after right now is to promote Accounting major not only for public accounting but corporate accounting as well in which the CMA may have significant impact. US higher education is at the edge of a significant change and only God knows what is going to happen next! @@rajshrivastwa2275
Thank you for this video! In your opinion, is it beneficial to have both the CPA and CMA (I’m in the US)? I am currently an Accounting Manager for one of the divisions of a large global company. I am trying to bridge the gap between Accounting and Finance to move into either FP&A or a Division Controller role.
I think the answer depends on how much time you would need to spend to pass the exam. Take a look at the topics on the CMA content outline and ask yourself if you feel confident about those topics. If the answer is yes, then by all means go for it. But if you don't feel that confident about the CMA topics, then ask yourself whether it would be worth it to invest a large amount of your time to pass the exam (both in terms of advancing your career and as a personal accomplishment). Some CPAs feel that a CMA only marginally improves their resume while others are proud to pass the test even if it doesn't help their career; what is most important to you?
@@Edspira Very good point. I do think the topics on the CMA are something I would certainly be interested in learning. I am going to go for it. Thanks for being my mentor for the day lol :-)
it is really clear, thank you! And I have a question: Recently, I started Insurance broker to be my side business, can insurance broker experience related to Certified Financial Planner or Certified Fraud Examiner?
Hello professor. Thanks for priceless information. Could you take about FRM certificate which is given by garp institute . And financial risk management career
Hi Ed, cissp it's about IT major, I check the requirements but they say you must have 5 years work experience cyber security. Can you please make my mind clear ?
I am a cima student... after passing the exams any member can obtain CGMA designation with required work experience (3 years) is there any problem with that
Yeah, but most popular in the UK and lreland,as other countries have their own CA bodies and qualifications which are better suited for their local countries.
Hi I wanted to revisit this video and let people know who have CPA or CA designations that if they want to do CIA after earning those they could take the one exam CIA challenge to expedite the process of getting CIA. Instead of three exams you take one exam that is specifically on stuff that is not on CPA but relevant for CIA.
What are the requirements before taking an US CPA if new people are coming from other countries but finished that course and how much does it cost to take a CPA LICENSURE EXAM? Please help me ❤ Thank you in advance ❤
CMA covers advanced topics in Finance and Accounting than CPA curriculum does. From that perspective, CMA is harder than a CPA. CFA and CFP are completely different credentials. CFA is geared towards investment banking, capital markets, corporate finance et al. CFP on the other hand is geared towards financial planning and advice. CFA is way harder than, more complex, much more valuable and much more rigorous than a CFP. There’s absolutely no comparison between the two. CIA is internal auditing. CISA is geared towards Information systems auditing and CISSP is geared towards cybersecurity. On e again quite different and shouldn’t be compared or talked about as substitutes. CISSP is however way more lucrative and respected in the industry than a CISA. CIA is a great substitute to a CPA if one wishes to pursue Auditing but doesn’t wish to remain in public accounting/auditing for whatever reasons. CIA is also much more rigorous and its curriculum much more comprehensive than a CPA’s AUD exam.
The truth is if you have CPA most of these are redundant. CMA covers nothing that isn't on CPA. CIA and CISA does cover some stuff not on CPA but not a lot, those two are mainly repears of AUD section. As covered in the video, CFA and CFP are finance and not accounting certs that are for very different career fields than accounting and very little overlap is there.
disagree cma is very finance heavy cpa is not though
@@weslomusiclove When i sampled CMA I didn't see anything worthwhile. Just a lot more cost accounting. To get into finance I did something called FMVA.
@@lightorchestrator I'll look into that certification.
@@weslomusiclove I completed it yesterday. It's cut from a different cloth than something like CPA,CFA or anything else mentioned in the video. But it does teach you very practical skills that can equip you to be a better financial analyst or investment banker or something like that.
Not sure a cpa could pass the cma without studying specifically for it. Thus, the cpa is not as well equipped to handle a good amount of cma topics.
Hi Ed, I really appreciate and enjoy your videos on accounting! Thank you for always explaining accounting topics and questions simply and clearly.
Thank you for the encouragement Gracie!
Nice summation! You have great energy. I picked ACCA and I'm based in Ireland. CIMA is pretty big here as well, but I picked ACCA.
Glad you enjoyed the video! My great-grandparents are from Ireland, hence my name "Michael Patrick McLaughlin." I hope your career and life are going well!
ACCA Global is the best choice worldwide
Just a couple of quick clarifications for Australia. The three main accounting bodies and their designations are CAANZ, whos designation is "Chartered Accountant" due to having a Royal Charter for their constitution from the U.Ks privy council. CPA Australia, who use the designation of "Certified Practiticing Accountant," as they do not have a royal charter but a constitution under Australian legislation and the last is IPA, who issue a Membership post nominal only. A significant point of difference for Australian Certifications vs U.S, CA and CPA's are integrated with post graduate education, meaning these are Master level studies which require an undergraduate degree to enter. CPA consists of six AQF 8/9 (or masters level) Units IF you have an approved bachelors, if not, you will have to undertake an entire MPA (Masters of Professional Accounting) and for CAANZ, you will complete a full grad dip in accounting (8 Units) along with your approved undergrad. Afterwhich, you can apply for a CoP (Certificate of Practice) which is a requirement if you wish to register with the TPB (Tax Practiioners Board) which is the Federal Regulator of Registered Tax and BAS (Business Activity Statement) Agents. The term "licence" is not used in Australia.
Thank you for adding this!
Thanks for adding this
Really clear and concise explanation. Appreciate you making this video. I recently started classes for my CPA so looking to tackle this certification by the end of the year!
I'm glad you found the video helpful. Drop me a note when you pass the CPA exam!
How much it cost you ?
@@khalood257 I'm in Canada at a relatively affordable University so it'll cost me around $8K all expenses included
@@adequatequality thank you so much 🌹
@@adequatequalityWhich university? I am comparing different learning options at presente, thanks?
@4:39 CFA is not Certified Financial analyst it is Chartered financial analyst.
This is a great video! I'm currently working on my CMA designation & it's challenging me.
Hey, how is it going with cma so far?
why these certificates from several institutions remind me of COVID and Influenza vaccine from pharma companies.
CMA and CPA are for two different purposes. CMA has significance more on Managerial/Cost/Financial Planing while CPA is almost very light on those topics. CPA,of course, well known than CMA in the US due to many numbers of public accounting firms and need for tax reporting. However, it is highly likely that financial reporting side of CPA will probably be taken over by AI in the coming years and this may trim the number of CPA seekers a bit. Also CMA has a global recognition and you are a CMA everywhere in the world while CPA does not give you this automatically as many countries have their local jurisdictions.
What's your thoughts now on new course changes in CPA USA?
I am about to start my preparation for CMA US because I am only eligible for it. But yeah it is not high paying as CPA certified in India.
CPA exam evolution is going to bring a new format as you may probably now. However, I do think that CMA is going to be more trendy as they already started promoting the CMA as for those who pursue a career in Accounting & Finance which makes total sense. Plus, they started offering significant scholarships for students who would like to pursue CMA designation. I currently have 8 students received $3K to $4K of scholarships. On the other hand, the pay rates in the US for CMA only or CPA only was almost identical according to 2021 salary report of IMA (however, this depends on experience!) New salary report of 2023 indicates that median salary in Americas is 20% more than non-CMAs and similar results for total compensation as well. To be frank, CPAs still are paid more especially those with 10+ experience. BUT the accounting profession is in limbo as many people have been leaving the profession since 2021 and this number is 300,000 according to WSJ article. The long work hours and changing needs and expectations of new generation is making things difficult. We also have 150 credit hour requirements from our students to sit for CPA in the US (which is probably going to change but some time in the future not immediately) brings significant cost on families and the students. The BIG 4 is also laying off many people from consulting side and this also is known by many who are pursuing a career in such firms as at the end of the day BIG4 firms are known as "accounting" firms even though the lay offs are from consulting side. One thing that some schools are going after right now is to promote Accounting major not only for public accounting but corporate accounting as well in which the CMA may have significant impact. US higher education is at the edge of a significant change and only God knows what is going to happen next! @@rajshrivastwa2275
Hey, not sure I fully understand the difference between CMA and CIMA, can you help?
Thank you for this video! In your opinion, is it beneficial to have both the CPA and CMA (I’m in the US)? I am currently an Accounting Manager for one of the divisions of a large global company. I am trying to bridge the gap between Accounting and Finance to move into either FP&A or a Division Controller role.
I think the answer depends on how much time you would need to spend to pass the exam. Take a look at the topics on the CMA content outline and ask yourself if you feel confident about those topics. If the answer is yes, then by all means go for it. But if you don't feel that confident about the CMA topics, then ask yourself whether it would be worth it to invest a large amount of your time to pass the exam (both in terms of advancing your career and as a personal accomplishment). Some CPAs feel that a CMA only marginally improves their resume while others are proud to pass the test even if it doesn't help their career; what is most important to you?
@@Edspira Very good point. I do think the topics on the CMA are something I would certainly be interested in learning. I am going to go for it. Thanks for being my mentor for the day lol :-)
Good luck! Let me know when you pass the exam!
@@Edspira Absolutely!
it is really clear, thank you! And I have a question: Recently, I started Insurance broker to be my side business, can insurance broker experience related to Certified Financial Planner or Certified Fraud Examiner?
Very Insightful! Thank you.
Your video is good however the credential EA is missing, this is a great license for taxes
Hello professor.
Thanks for priceless information.
Could you take about FRM certificate which is given by garp institute .
And financial risk management career
Hi Ed, cissp it's about IT major, I check the requirements but they say you must have 5 years work experience cyber security. Can you please make my mind clear ?
Hi Mr. McLaughlin,
How can a middle-aged person leverage their accounting degree to transition into another career? Thank you, sir.
Thank you ❤
More valuable accounting certification in Sweden🇸🇪 and German🇩🇪, please?
Does anyone have information on the Accredited Business Accountant/Advisor designation from the Accreditation Council for Accountancy and Taxation?
I am a cima student... after passing the exams any member can obtain CGMA designation with required work experience (3 years) is there any problem with that
This is soooo informative thanks
Thank you
You're welcome!
ACCA is a Global Qualification .
Yeah, but most popular in the UK and lreland,as other countries have their own CA bodies and qualifications which are better suited for their local countries.
Great information 😊
If I do graduate certificate in professional accounting in Sheridan college in Canada then do I fall in the category of NOC and apply for PR?
Which should I go for I live in Canada the cpa. In us or. Should i go for cpa in Canada
Hi I wanted to revisit this video and let people know who have CPA or CA designations that if they want to do CIA after earning those they could take the one exam CIA challenge to expedite the process of getting CIA. Instead of three exams you take one exam that is specifically on stuff that is not on CPA but relevant for CIA.
It really helped me thank you
@lightorchestrator you saved my life brother
Tq . Bro
About certification tax accounting?
ACA, Associated Chartered Accountant in Pakistan
What are the requirements before taking an US CPA if new people are coming from other countries but finished that course and how much does it cost to take a CPA LICENSURE EXAM? Please help me ❤ Thank you in advance ❤
Hi i am from iran its hard i take ASSA
Hi
First💙
CMA covers advanced topics in Finance and Accounting than CPA curriculum does. From that perspective, CMA is harder than a CPA.
CFA and CFP are completely different credentials. CFA is geared towards investment banking, capital markets, corporate finance et al. CFP on the other hand is geared towards financial planning and advice. CFA is way harder than, more complex, much more valuable and much more rigorous than a CFP. There’s absolutely no comparison between the two.
CIA is internal auditing. CISA is geared towards Information systems auditing and CISSP is geared towards cybersecurity. On e again quite different and shouldn’t be compared or talked about as substitutes. CISSP is however way more lucrative and respected in the industry than a CISA.
CIA is a great substitute to a CPA if one wishes to pursue Auditing but doesn’t wish to remain in public accounting/auditing for whatever reasons. CIA is also much more rigorous and its curriculum much more comprehensive than a CPA’s AUD exam.
In Canada the designation is CPA, not CA
The video states this at 1:19 (Chartered Professional Accountant / CPA)
Yes there it is called CPA Canada or CPA USA or CPA Australia and in most Asian countries it's called chartered accountants
I from Syria
why are you talking as if you want to beat someone, with wide eyes open
this is not the way for teachers to explain the course
!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!💨
Don't waste time in accounting. AI will replace most of the work.
Really
Bro ,AI will not replace still there is a need to do manual intervention.
i'll be dead then😊
Hello Sir.
What are you thoughts on persuing CPA after ACCA.
Or should one go for ICAEW after ACCA.
CPA and ACCA in the combination is better