CMA vs CPA - Which One Is Better? - YouTube

I've been a CMA for many years, and everyone asks this question: Is it better

to be a CMA or a CPA? In this video I will answer that question. And watch

until the end to discover how to get your hands on my free CMA exam cheat

sheet, that's packed with strategies and tips to help you pass the CMA exam.

Hey there I'm Nathan Liao from CMAExamAcademy.com, where we help candidates

like you pass the CMA exam the first time. Getting into accounting and finance

takes a lot of work. When deciding what's type of role you want to have, naturally you

will look at two designations. The CPA or the CMA. A CPA is a certified public

accountant and a CMA is a certified management accountant. So let's look at

the differences between these two help you choose which one is right for you. A

CPA is licensed to practice public accounting. To become one, you will have

to pass the CPA exam. As a CPA you will focus on taxation, auditing and helping

people in businesses meet their financial goals.

Examples of careers as a CPA include Tax Accounting, Internal/External Auditing,

Forensic Accounting and Bookkeeping. Now, CMA refers to the certification you will

get from the Institute of Management Accountants once you pass the CMA exam.

As a CMA you will work in both accounting and management. Examples of

careers as a CMA include Cost Accounting, Corporate Controller, Accounting Manager,

Chief Financial Officer and VP of Finance. As you can see there are many roles in

management and business that you can fill as a CMA. So right off the bat, which

one of these sounds the most exciting to you? Both have great career paths but

which one do you lean more towards to? Knowing where you're headed, is the first

step of taking the right steps. So let's talk about the steps to get into these

prestigious careers. The first step to become a CMA or a CPA, is to pass exams.

And this exams are very difficult and do take quite a bit of time to prepare. The

CPA cost about $800 just in fees. Most people also buy a CPA review course,

which cost between a $1,000 - $3,000. You need a bachelor's

degree as well. After you take and pass the CPA, you will have to spend about 12

months in supervised employment before you can be licensed.

Now the CMA on the other hand, let's compare them side-by-side. The CMA exam

cost around $800 in fees alone. Most candidates purchase a CMA review course,

which cost between $700 to $1,800. To be a CMA you do need to have a

qualifying work experience in management accounting or financial management. Now

that we understand the exam fees for each of type of exam, let's talk about

the actual exam structure for the CPA and the CMA exam. The CPA is made up

of four separate exams which will take four hours each. That's 16 hours of total

test time. You have to pass all four sections within 18 months. It is

recommended that you study for 300 to 400 hours for the CPA exams. If you can

study every single week, you will still need a couple of months to prepare for

each exam. Now let's talk about the CMA exam, and again let's compare it

side-by-side. The CMA is made up of two separate exams. Each part will take four

hours, you have three hours for multiple-choice questions and two

30-minute essay questions. That's a total of eight hours of test time, and you have

to pass both within 36 months. And it's recommended that you study at least

300 hours for the CMA exam. My CMA Exam Academy program, provides you with the

best tools and program structure to help you finish each part within four months.

All right so now let's talk about exam pass rates, because I know you are

wondering which one is easier to pass. So let's dive into those statistics now. For

the CPA exam, the pass rate is 52.80%. The average pass

rate for the CMA exam is 45%. The CPA license is regional. You

need to get licensed by country, and if you live in the United States you

need to get licensed by state. In contrast, the CMA designation is a

global designation. So you can take the exam once, and it's recognized all over

the world. The great news is that both of these certifications have high earnings

potential. As a CPA, the average salary is $110,000 a

year. As a CMA, the average is $116,000 a year. For

both the CPA and the CMA, you will invest time and money to achieve each

qualification. Once you become a CPA or a CMA, the biggest difference is going to

be the type of work and your duties that you perform. So let me ask you a question

to help you decipher which one you're more interested in. Do you lean more

towards Taxation, Bookkeeping and Audit or do you lean more towards Strategic

Decision Making as a Management Accountant? Start thinking that over

but in the meantime, I would like to send you a copy of my free CMA Exam Cheat

Sheet that is guaranteed to help you pass the CMA exam on your first attempt.

The link to grab it is in the description box below, it's completely

free. So you know now the basic differences between

CMA and the CPA. Deciding which want to go for, will really depend on your

personality and professional goals. Confused about the right path for you?

Don't worry, that's why I'm here! Drop a comment below, let me know and I'll

personally guide you. As you make your decision, you will want the best study

program that will help you pass exams. There are a bunch of CPA review courses,

but I'm here to help you cut through the clutter. Follow the link in the

description, to look at the best CPA review courses. And I'll do a

side-by-side comparison, so that if you choose to go for the CPA exam, then you

are able to choose the best one for you. But if you're interested in taking the

steps to become a CMA, there are a few things that you should start doing to

get off on the right foot. Watch this video and I'll see you there.

Thanks for watching!