Understanding the Difference Between CFA and CMA Course
Before we go ahead and find out the difference between CMA and CFA programs, it is important to understand these programs. CMA is also known as Certified Management Accountants program which is designed exclusively for accountants working outside the CPA firms. After getting the CMA degree, one can work in several industries and in various corporate functions. And this program is ideal for candidates who have interest in cost and management accounting.
Now, coming to CFA or Chartered Financial Analyst program, this is ideal for professionals with interest in hedge funds, equity research, asset management and other sorts of investment management. So, for all those who want to become a portfolio manager or an investment analyst; this program is the best option.
Difference between CMA and CFA programs
Both these programs are quite different from each other and lead to different career paths. So, before opting for any of these programs, you should be very clear about the type of career you want to pursue. You should take the decision about the type of career that you want to pursue when you are still studying your graduation degree course.
- Duration of CMA & CFA programs
CMA can be completed within a year’s time but IMA allows 3 years to complete the exam. While one can become a CFA within 2 years but most students take three to four years to complete. So, if you are looking for a course that will take lesser time duration and can be managed easily; then CMA is the better option.
- Flexibility of the Exams
CMA gives the flexibility to appear for the exam on any day within the testing window. In addition, since the CMA examinations are totally computerized, applicants have the flexibility to complete their exam fast and as per the schedule of their choice.
Now coming to the CFA exams; they do not offer that much flexibility for exam dates. This is because the exams are conducted twice in a year for the first level and once in a year for the second and third levels. So, if for any reason you miss a term, then you will have to wait for the next 6 months to appear for the exam. Therefore it becomes less convenient for the candidates who are appearing for the CFA exams.
- Job Prospects
Since both these are finance courses for professionals; they have great prospects when it comes to jobs. But if you compare between these two courses then CMA certification has a bit of high demand because almost all organizations require accounting professionals and this degree helps in making these professionals more efficient. On the other hand, the demand for CFA qualification is restricted to industries that deal with funds and asset management. However, CFA qualification helps a candidate to enjoy top position in the company as he/she tend to have niche knowledge.
Thus, it can be concluded by stating that it is ultimately the candidate’s preference and area of interest as to which course he/she will take in order to become a successful professional.
