Article byHimani Bhatt
Reviewed byDheeraj Vaidya, CFA, FRM
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Difference Between CPA, CMA, and CFA

The primary difference in professionals with a CPA, CMA, or CFA certification lies in their area of expertise. While a CPA specializes in general accounting and finance, a CMA is an expert in management accounting and a CFA in finance and investment services. In the context of CPA vs CMA vs CFA, although these professionals function in the finance domain, each possesses a different skill set.

CPAs mainly provide taxation, auditing, and accounting services. CFA charterholders deal with investment management, hedge fundsHedge FundsA hedge fund is an aggressively invested portfolio made through pooling of various investors and institutional investor’s fund. It supports various assets providing high returns in exchange for higher risk through multiple risk management and hedging more, and equity researchEquity ResearchEquity Research refers to the study of a business, i.e., analyzing a company's financials, performing Ratio Analysis, Financial forecasting in Excel (Financial Modeling), & exploring scenarios to make insightful BUY/HOLD/SELL stock investment recommendations. Moreover, the Equity Research Analysts discuss their findings & details in the Equity Research Reports. read more, while CMAs handle cost and inventory accounting and strategic planning. Kindly note that CPA is a U.S.-recognized credential, whereas the others are globally recognized ones.

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CPA vs CMA vs CFA – Comparative Table

Certification issued byAICPAIMACFA Institute
Focus AreaAll aspects of finance and accountingManagement accountingInvestment analysisInvestment AnalysisInvestment analysis is the method adopted by analysts to evaluate the investment opportunities, profitability, and associated risks in their portfolios. In addition, it helps them to determine whether the investment is worth it or more and portfolio management
Career OpportunitiesPublic Accountants, Senior Financial Analyst, Personal Financial Adviso,r Staff Accountants, Corporate Controller, Finance Director OthersCost Accountant, Relationship Manager, Finance Manager, CFO, Senior Accountant, Business AnalystInvestment Analyst Strategist, Portfolio Manager, Wealth Manager, Consultant, Research Analyst, Chief Investment Officer
Exam Levels4 sections2 parts3 levels
Educational RequirementsBachelor’s Degree (150 credit hours of education)Bachelor’s Degree/Professional Accounting CertificationBachelor’s Degree
Required Work Experience1-2 years (vary as per the state)2 years4,000 hours of work experience and/or higher education
Pass Rate50% (Average)Part 1 – 34% Part 2 – 46% (varies by region)40-50%
Exam FeesAround $800 for four sections excluding registration & application fees (depends on the jurisdiction)CMA Entrance Fee $250 Exam Fee $415 per part (for professional members)  $2400-$4590 (as per the deadline)
Skills RequiredAccounting skills Analytical, research, & problem-solving skills Communication skills Broad business perspective Project management skills High ethical standardsAnalytical skills Interpersonal skills Decision-making skills Leadership skills Communication skills Management skills  Analytical skills Research skills Time Management Decision-making skills Integrity Computing abilities Attention-to-Detail  
Average Salary$82,000-$129000$76,000-$133,000$126,000-$177,000

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What is a CPA?

CPA, CMA, and CFA are the most sought-after professional credentials in the business world. The professionals with these credentials command a higher salary, better career prospects, and a professional edge over others in the accounting and finance domain. To gain a better understanding, let’s discuss each term individually. Let’s start with CPA.

A Certified Public Accountant (CPA) is a licensed accounting professional who has passed the Uniform CPA examCPA ExamA Certified Public Accountant (CPA) is a US state board-issued license to practice the accounting professionread more and met the state boards’ necessary education and experience requirements. The American Institute for Certified Public Accountants (AICPA) coordinates with the National Association of State Boards of Accountancy (NASBA) to conduct this exam and issue the license. 

You can consider CPAs as the cream of the crop in the accounting profession. A CPA license ensures credibility and expertise in the practice of the profession. Getting the CPA certification paves the road to a rewarding finance career in any industry.

CPAs, unlike other certified professionals, offer a wide range of other services apart from financial consulting. It includes accounting, auditing, tax preparation, and tax filing. Hence, they can act as accountants, auditorsAuditorsAn auditor is a professional appointed by an enterprise for an independent analysis of their accounting records and financial statements. An auditor issues a report about the accuracy and reliability of financial statements based on the country's local operating more, tax professionals, forensic accountants, financial advisors, business consultants, or chief financial officers (CFOs).

To get the CPA license, you must:

  • Pass the Uniform CPA Examination.
  • Meet educational standards specified by your State Board of Accountancy
  • Fulfill professional experience requirement set by your State Board of Accountancy
  • Pass the Ethics exam (depending on your state board)

The CPA exam consists of four sections. You have to clear all the four sections within 18 months. With the continuous testing model, you can take the exam anytime during the year. To apply for the CPA exam, check the NASBA website. 

The CPA exam content covers all aspects of accounting and finance to ensure licensed CPAs have extensive knowledge to conduct their duties. For details related to the exam’s content, structure, and format, check the AICPA website and go through the CPA Exam Blueprints.

After attaining your CPA license, ensure its renewal every 1-3 years (as per the state board requirement) by fulfilling the Continuing Professional Education (CPE). Kindly keep yourself updated since the requirements keep changing as per the State Board’s amendments to its regulations and policies.

What is a CMA?

Certified Management Accountant (CMA) is an internationally recognized credential for finance professionals specializing in management accounting. The Institute of Management Accountants (IMA) confers the CMA certification.

The primary role of a CMA is to prepare business reports to assist management in decision making. A CMA specializes in financial planningFinancial PlanningFinancial planning is a structured approach to understanding your current and future financial goals and then taking the necessary measures to accomplish them. Because this does not begin and end in a specific time frame, it is referred to as an ongoing more, budgeting, business analysis, cost controllingCost ControllingCost control is a tool used by an organization in regulating and controlling the functioning of a manufacturing concern by limiting the costs within a planned level. It begins with preparing a budget, evaluating the actual performance, and implementing the necessary actions required to rectify any more, and strategic decision-making.

A CMA has the right blend of business and accounting expertise to evaluate a firm’s financial situation and make well-informed business decisions. This strategic decision-making ability empowers the CMA to take up leadership positions effortlessly.

To become a CMA, you have to do the following:

To take the CMA exam, you should have a Bachelor’s degree in accounting or a professional accounting certification along with two continuous years of work experience in the field of financial or management accounting.

The CMA exam consists of two parts. It takes 12-18 months on average to pass both the parts. However, you are allowed a maximum of three years to finish it. While comparing the difficulty of CPA vs CMA vs CFA exams, the CMA exams are considered to be easier than the others. This is because the CMA curriculum is more limited as compared to that of CPA and CFA.

For more information on the CMA exam syllabus, please check the IMA’s Learning Outcome Statements webpage.

What is a CFA?

A Chartered Financial Analyst (CFA) is a certified professional specializing in finance and investment management services. The CFA Institute grants this certification only after completing the CFA program and fulfilling the necessary work experience requirements.

CFA charterholders can work as investment managers, money managers, asset managers, portfolio managersPortfolio ManagersA portfolio manager is a financial market expert who strategically designs investment more, research analysts, risk managers, or entrepreneurs. They can also expand their career horizon by holding executive or senior-level positions.

With their niche financial analysisFinancial AnalysisFinancial analysis is an analysis of finance-related projects/activities, company's financial statements (balance sheet, income statement, and notes to accounts) or financial ratios to evaluate the company's results, performance, and trends, which is useful for making significant decisions such as investment, project planning and financing more skills, CFAs primarily cater to the investment industry. They work in different sectors like asset or risk management firms, commercial banksCommercial BanksA commercial bank refers to a financial institution that provides various financial solutions to the individual customers or small business clients. It facilitates bank deposits, locker service, loans, checking accounts, and different financial products like savings accounts, bank overdrafts, and certificates of more, audit firms, consulting firms, investment houses, insurance companies, etc.

To become a CFA charterholder, you must:

To enroll for the CFA program, you must have a bachelor’s degree in any stream or 4,000 hours of work experience and/or higher education over a minimum period of 3 successive years. For more information on requirements for the CFA program, check the CFA Institute website.

The CFA exam consists of three levels. You can take each level twice a year with a maximum of six attempts for each level. There is no time limit to complete the CFA program.

The CFA Institute also offers study tools, scholarships, and prep providers to assist you in learning. Furthermore, you can interpret your exam result, look at the historical pass rates, and know more about the syllabus and scoring criteria of the CFA exam from the CFA website. 

CPA vs CMA vs CFA Infographics

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This article is a guide to CPA vs CMA vs CFA. Here we discuss the top 10 differences between CPA, CMA, and CFA with infographics and a comparison table. You may also have a look at the following CPA articles to learn more –

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