By rob eagar 
When it comes to advancing your career in finance and accounting, choosing the right professional qualification can significantly impact your future. Two of the most respected and globally recognized certifications in the financial world are the Certified Management Accountant (CMA) and the Association of Chartered Certified Accountants (ACCA). Both offer comprehensive education in finance and accounting, but they differ in curriculum focus, exam structure, and career prospects. If you’re wondering “CMA or ACCA, which is better?“, this blog will compare the two certifications in-depth, helping you make an informed decision about which qualification best aligns with your career aspirations.
CMA vs. ACCA: Overview of the Two Certifications
Before diving into the specifics, let’s get an overview of both certifications.
- CMA (Certified Management Accountant): Offered by the Institute of Management Accountants (IMA), the CMA is a globally recognized certification that focuses on financial management and strategic management accounting. It is ideal for professionals who want to pursue roles in management accounting, financial analysis, budgeting, forecasting, and corporate strategy.
- ACCA (Association of Chartered Certified Accountants): The ACCA qualification, provided by the ACCA Global, is a comprehensive accounting certification with a broad focus on financial accounting, auditing, taxation, and business law. It’s suited for professionals aiming to work in various accounting roles, including auditing, tax advisory, corporate accounting, and management accounting.
Now, let’s compare CMA and ACCA based on several key factors:
1. Curriculum Focus
CMA Curriculum
The CMA program primarily targets those looking to develop expertise in management accounting. The curriculum is designed to equip candidates with skills in financial analysis, budgeting, forecasting, performance management, risk management, and strategic decision-making.
The two main parts of the CMA exam focus on:
- Part 1: Financial Planning, Performance, and Analytics – This part covers financial reporting, planning, budgeting, performance management, cost management, internal controls, and professional ethics.
- Part 2: Strategic Financial Management – It focuses on financial decision-making, risk management, investment management, and the application of financial concepts to the broader business strategy.
Key topics in the CMA curriculum include:
- Cost management
- Internal controls
- Budgeting and forecasting
- Financial statement analysis
- Risk management
- Corporate governance and ethics
The CMA is more specialized, ideal for professionals pursuing a career in management accounting, corporate finance, or financial management.
ACCA Curriculum
The ACCA qualification offers a broader curriculum, covering all areas of accounting, taxation, auditing, and finance. The course is designed to give candidates a well-rounded understanding of accounting practices in various industries, making it suitable for those aiming for diverse career paths in accounting.
The ACCA curriculum is divided into three main levels:
- Applied Knowledge (Three exams: Business Technology, Financial Accounting, Management Accounting)
- Applied Skills (Six exams: Corporate and Business Law, Performance Management, Financial Reporting, Taxation, Audit and Assurance, Financial Management)
- Strategic Professional (Four exams: Advanced Financial Management, Advanced Performance Management, Advanced Audit and Assurance, Optional exams in areas like taxation and management accounting)
The ACCA qualification covers a wide range of topics, including:
- Financial reporting and auditing
- Management accounting and performance management
- Business law and taxation
- Corporate governance
- Strategic management
ACCA is ideal for professionals who want to pursue roles in auditing, taxation, financial reporting, and business consulting.
2. Exam Structure
CMA Exam Structure
The CMA exam is divided into two parts, each with 100 multiple-choice questions (MCQs) and two essay questions. The entire CMA exam takes a total of four hours to complete, with each part taking two hours.
- Part 1: Financial Planning, Performance, and Analytics – 100 MCQs + 2 essays
- Part 2: Strategic Financial Management – 100 MCQs + 2 essays
To pass each part, candidates need a score of at least 360 out of 500, which corresponds to a score of around 72%.
ACCA Exam Structure
The ACCA exam structure is more extensive and involves multiple levels of exams. It includes multiple-choice questions (MCQs), long-form questions, and case studies, depending on the level.
- Applied Knowledge: Each of the three exams consists of 100 MCQs.
- Applied Skills: The six exams have a combination of MCQs and long-form questions.
- Strategic Professional: This level is more challenging, with long-form case studies and scenario-based questions. Each exam lasts 3 hours.
Candidates must pass a minimum of 9 exams (out of 13 available exams) to complete the ACCA qualification, and they also need to meet the practical experience requirements.
3. Duration and Flexibility
CMA Duration
The CMA program is relatively faster than ACCA due to its focus on specialized topics. Typically, candidates can complete the CMA in about 12-18 months if they follow a focused study plan. The flexibility of the CMA also allows professionals to study while working, as the exams are offered multiple times a year (in January, May, and September).
ACCA Duration
The ACCA qualification is longer and more comprehensive. On average, it takes 3-4 years to complete the ACCA qualification, depending on whether the candidate studies full-time or part-time. ACCA offers exams four times a year (March, June, September, and December), allowing candidates to progress at their own pace.
While both programs offer flexibility, the CMA is quicker to complete, making it a great option for those who want to fast-track their careers in management accounting.
4. Global Recognition and Career Opportunities
Both CMA and ACCA are internationally recognized qualifications, but they cater to different career paths:
- CMA is highly valued by organizations looking for finance professionals who can contribute to financial decision-making and management. It is particularly useful for roles in management accounting, cost accounting, and financial planning. The CMA is most recognized in the United States and Middle Eastern countries, though it has a growing presence worldwide.
- ACCA, being a broader qualification, is well-suited for professionals looking to work in various accounting roles across the globe. The ACCA qualification is highly recognized in Europe, Asia, Africa, and the Middle East, and opens doors to diverse career paths in accounting, auditing, taxation, and financial reporting.
5. Salary Potential and Job Prospects
Both certifications provide excellent salary potential, but the career paths and industries they lead to can affect earning potential.
- CMA Salary Potential: According to the latest data from IMA’s Global Salary Survey 2024, CMAs earn an average annual salary of $91,000, with those in management accounting roles typically earning even higher salaries. The CMA qualification is particularly valuable for positions in corporate finance, financial planning and analysis, and cost management.
- ACCA Salary Potential: ACCA professionals tend to earn a broad range of salaries, depending on the industry and role. According to the latest ACCA Global Survey 2024, ACCA members globally earn an average salary of $75,000 annually. Salaries can be higher for those in auditing, tax advisory, and senior financial management roles.
6. Cost of Certification
- CMA: The CMA exam has an initial fee of about $250 and an exam fee of $415 per part. The total cost for completing the CMA qualification is approximately $1,500 – $2,000 (depending on study materials and other expenses).
- ACCA: The cost for the ACCA qualification is more expensive, with an entry fee of $100, and each exam typically costs between $150 – $300. The overall cost for completing ACCA can range from $5,000 to $10,000 depending on the number of exams taken and other fees.
7. CMA vs. ACCA: Which is Better for You?
The decision between CMA vs. ACCA comes down to your career goals and interests:
- Choose CMA if you’re focused on a career in management accounting, financial planning, or corporate finance. The CMA is faster to complete, highly focused on management accounting, and offers lucrative career opportunities in these specialized fields.
- Choose ACCA if you want a more comprehensive qualification that opens doors to various accounting and finance roles across industries, including auditing, taxation, financial reporting, and management accounting. The ACCA qualification is ideal for those looking for flexibility and global career mobility.
Conclusion
Both the CMA and ACCA are highly respected qualifications in the finance and accounting sector. CMA is more specialized and ideal for those pursuing roles in management accounting and strategic financial management, while ACCA offers a broader range of career opportunities in accounting and auditing.
So, CMA or ACCA, which is better? The right choice depends on your career aspirations, the specific skills you want to acquire, and the industry you wish to work in. By understanding the key differences in curriculum and exam structure, you can make a decision that aligns with your professional goals and ambitions.