Understanding the Differences - “CPA vs. CMA vs. CFA”
US CPA, CMA USA, & CFA are three of the most popular certification courses among students from the finance and accounting field. Although these certifications cater to different disciplines in accounting and finance, the difference lies in the respective certifying bodies, syllabi, and many other important aspects pertaining to each certification.
Overview of the major differences between CPA vs. CMA vs. CFA.
Certifying Body
CPA – CPA is offered by the AICPA and NASBA to individuals clearing the US CPA certification exam, which has four parts.
CMA USA – CMA is conferred upon individuals by the IMA (Institute of Management Accountants) upon clearing the CMA certification exam.
CFA – The CFA certification is given by the CFA Institute after clearing three levels of the CFA Program.
Duration of Course
CPA – US CPA can be passed in just one attempt within 12-18 months.
CMA – CMA USA can be completed in less than 12 months (often within nine months when you enroll at NSA) in just one attempt.
CFA – CFA requires 2-3 years to be completed.
Passing Criteria
CPA– 50% aggregate
CMA– 70% aggregate
CFA– 40-50%
Course fees
CPA– The total course fee of a US CPA in India is around INR 3 lakhs to INR 3.5 lakhs. This is further eligible for discounts.
CMA– The CMA USA course fee varies for students and working professionals. Students are required to pay around INR 85k, while working professionals are required to pay around INR 1.2 lakhs. Both these fee structures are eligible for further discounts.
CFA– The CFA course fee varies between INR 1.2 lakhs to INR 1.5 lakhs.
Salary:
CPA– The average annual salary of a CPA professional is around $82,000-$1,29,000.
CMA– The average annual salary of a USA CMA professional ranges between $76,000-$1,33,000
CFA– The salary of a CFA ranges between $1,26,000-$1,77,000.
There are many more such factors that differentiate the three professional credentials from one another, such as job titles, career scope, exam difficulty, availability of discounts on course fees, etc. To learn more about CPA vs. CMA vs. CFA in detail, click here.
