The CFA and the CMA overlap in corporate finance and financial statement analysis, but their audiences rarely do. CFA candidates usually want to work for investors. CMA candidates usually want to work inside the companies investors buy.
CFA vs CMA side by side
| CFA | CMA | |
|---|---|---|
| Awarding body | CFA Institute | IMA |
| Focus | Valuation, portfolio management, markets, ethics | Budgeting, performance, cost management, corporate finance, decision analysis |
| Exams | 3 levels | 2 parts |
| Official fees | $3,520–$4,570 | $1,685 professional, $1,088 student |
| Study time | About 900 hours | About 300–400 hours |
| Typical time | 2–4 years | 12–18 months |
| Experience | 4,000 hours | 2 years |
| Typical employers | Asset managers, banks, research firms, pension funds | Corporates, multinationals, public sector, consultancies |
Which one to choose
- Choose the CFA for equity research, portfolio management, fund analysis or investment consulting.
- Choose the CMA for FP&A, financial planning, controlling, cost accounting or finance business partnering.
- Choose the CMA if you want a respected credential within about a year without leaving your company job.
- Choose the CFA if you are willing to invest several years for broad recognition in the investment industry.
Where the two overlap, and where they do not
Both cover financial statement analysis, corporate finance and ethics. The CFA goes much deeper into markets, asset classes and portfolio construction. The CMA goes deeper into budgeting, variance analysis, internal controls and the decisions managers make every month. If most of your future work is about forecasting and improving a business, the CMA fits better; if it is about choosing which businesses to own, the CFA does.
Cost and time compared
The CMA costs roughly a third to half as much in official fees and takes far less time. Compare your own figures with the CFA cost calculator and the CMA cost calculator, and see pay in the CFA salary and CMA salary guides.
Frequently asked questions
Is CMA easier than CFA?
The CMA is much shorter, with two parts and roughly 300 to 400 study hours in total, against about 900 hours across three CFA levels. Each CMA part still has a pass rate of around 50%.
Which pays more, CFA or CMA?
At the top end of investment management, CFA charterholders often earn more. In corporate finance roles, IMA reports a premium of around 20% for CMAs over non-CMAs. The right comparison depends on which career you are in.
Is CFA useful for corporate finance jobs?
It helps, especially in corporate development, investor relations and treasury. For FP&A, budgeting and controlling, the CMA is more directly relevant.
Can I do CFA and CMA together?
Some candidates hold both, often adding the CMA to an existing CFA when moving into a company finance role. Topics such as corporate finance and financial statement analysis overlap.
Which is cheaper, CFA or CMA?
The CMA is considerably cheaper: about $1,685 in IMA fees for professionals, or $1,088 for students, against $3,520 to $4,570 for the three CFA levels.