CMA vs CIA
Last Update On 10th February 2025
Duration: 5 Mins Read
Although CMA, which stands for Certified Management Accountant, and CIA, which stands for Certified Internal Auditor, both are accounting certifications with wide scope of career enhancement and earning potentials, there are some vital differences between these two courses. It, therefore, will be worthwhile to research what all differs CMA and CIA on aspects of key differences, advantages of this certificate for the employees, opportunities in finding work, etc., to give insight for better decision-making.
What is CMA?
CMA full form is Certified Management Accountant. It is a globally recognised certification provided by the Institute of Management Accountants. It focuses on management accounting, strategic management, and financial planning.
CMA would, therefore, be an ideal route for the people in this field to have jobs such as financial analyst, management accountant, or chief financial officer. It will also train you in the analysis and application of the financial data that would help to develop a strategy and key business decisions.
Key aspects of CMA include:
- Focus on financial planning, analysis, and control.
- Global recognition and applicability.
- Focus on strategic management.
Requirements to Become a CMA
To be certified as a CMA, an individual must meet the following:
- Must hold a bachelor’s degree from a recognised institution and an appropriate professional certification such as a CPA or MBA.
- Must have a minimum of two years of experience in management accounting or financial management.
- Successfully completed Parts 1 and 2 of the CMA exam.
Applicants who have passed the examination have as many as seven years from the examination date to gain work experience. Furthermore, CMAs must be willing and able to satisfy continuing professional education requirements and agree to adhere to the standards of professional conduct.
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What is the CIA?
CIA stands for Certified Internal Auditor. This certification is offered by the Institute of Internal Auditors and is the only internationally recognised certification awarded to internal auditors. The CIA certification focuses on internal audit, risk management, and governance.
The CIA course would be ideal for anyone who wants to learn more about auditing, compliance, and risk management. It equips professionals with the necessary ability to evaluate organisational risks and regulatory compliance.
Key aspects of CIA include:
- Specialization in internal auditing.
- International recognition of the auditing profession.
- Focus on the issues of risk assessment and governance.
Requirements to Become a CIA
To apply for the CIA certification, candidates must:
- Hold a bachelor’s degree (or equivalent) from an accredited institution.
- Accumulate relevant work experience in internal auditing, quality assurance, risk management, or related fields. Experience requirements vary as per the educational qualification as under:
- Master’s degree: 1 year
- Bachelor’s degree: 2 years
- High school diploma: 5 years
Candidates should also pass all three parts of the CIA exam, and their conduct should be found to be in compliance with IIA’s professional conduct standards.
CMA vs CIA: Detailed Comparison
In such cases, for example, CMA vs. CIA research has to be made regarding the cost, requirements, syllabus, exams, and job opportunities and the amount of salary one can get through the particular certification of either CIA or CMA course. Now, let us delve deep into the aspects mentioned above.
How Much Does CMA vs CIA Cost?
CMA Cost and Fees
CMA exam fees are different , based on your membership type. Here’s a breakdown:
- IMA Membership Fee: $275 annually (for professionals) and $45 (for students).
- CMA Entrance Fee: $280 (professionals) and $210 (students).
- CMA Exam Fee: $460 per part (professionals) and $345 per part (students).
The total CMA cost, including study materials and additional expenses, ranges from $1,200 to $2,000.
CIA Cost and Fees
The CIA exam fees depend on your membership status with the IIA. Here’s an estimate:
- IIA Membership Fee: $225 annually (for professionals) and $40 (for students).
- CIA Application Fee: $115 (members), $230 (non-members), $65 (students).
- CIA Exam Fee: $280 (Part 1), $230 (Parts 2 and 3) for members; higher for non-members.
The total cost of the CIA depends on preparation materials but ranges between $1,500 and $2,500.
What are the Education and Work Requirements for CMA vs CIA?
CMA Education and Work Requirements
To pursue the CMA certification, you must:
- Hold a bachelor’s degree from an accredited institution.
- Have at least two years of professional experience in management CIA accounting or financial management.
CIA Education and Work Requirements
The CIA certification requires the following:
- A bachelor’s degree (or equivalent) from an accredited institution.
- Two years of internal auditing or related work experience, depending on educational qualifications.
What Does the CMA vs CIA Syllabus Cover?
CMA Syllabus
The CMA syllabus focuses on two parts:
- Part 1: Financial Reporting, Planning, Performance, and Control.
- Part 2: Strategic Financial Management.
CIA Syllabus
The CIA syllabus is divided into three parts:
- Part 1: Essentials of Internal Auditing.
- Part 2: Practice of Internal Auditing.
- Part 3: Business Knowledge for Internal Auditing.
How Are CMA vs CIA Exams Structured?
CMA Exam
The CMA exam is divided into two parts, each four hours long, containing 100 multiple-choice questions and two essay questions. This exam tests your analytical and strategic skills.
CIA Exam
The CIA examination consists of three parts, each lasting two to three hours. The exam covers internal auditing principles, practices, and business knowledge.
What Are the Job Opportunities for CMA vs CIA?
CMA Job Opportunities
CMAs can work in various roles, such as:
- Financial Analyst
- Management Accountant
- Controller
- CFO
CIA Job Opportunities
CIAs typically work in roles like:
- Internal Auditor
- Risk Manager
- Compliance Officer
- Audit Manager
What Is the CMA vs CIA Salary Potential?
CMA Salary
CMA salary also depends on geographical locations and years of experience. Generally speaking, CMAs earn 30-40% more than what their non-certified counterparts are earning. In the U.S., a full-time CMA can receive anything between $70,000 and $150,000 every year.
Certified Internal Auditor Salary
Location and experience are also among the decisive factors in the determination of certified internal auditor salary. In the United States, the CIA can earn any amount between 60,000 dollars and 120,000 dollars annually.
Which Is the Better Career Option: CMA or CIA?
The choice between CMA and CIA depends upon your career goals. It will be very proper if a person with career aspirations toward management CIA accounting, financial planning, or strategy chose a CMA qualification. On the other side, those with a love for auditing, compliance, and risk management will best find this certification to be a perfect deal.
Why Choose Zell?
With expert faculty, personalized mentorship, and extensive study materials, Zell offers a wide variety of comprehensive training programs in both CMA and CIA certifications.
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Conclusion
Both CMA and CIA are prestigious and will add great value to your career prospects. Explaining the differences will thus help you to make the right choice according to what your career goals are. If you choose CMA or go for CIA, dedication combined with the right kind of training will ensure success.
FAQs on CMA vs CIA
Is the CIA easier than the CMA?
The difficulty of CIA versus CMA depends on your background and expertise. The CIA focuses on auditing, whereas the CMA places greater emphasis on financial management and strategy. The choice between the two certifications will depend on where your strengths and interests lie.
Is the CIA valid in India?
Yes, the CIA certification enjoys global recognition, even in India. It is highly valued in the auditing and compliance fields.
Is CMA better than CIA?
CMA vs. CIA: It depends on which one best suits your career aspirations. CMA is good at management accounting, while the CIA is good at auditing and compliance careers.
Is the CIA Recognized in the USA?
Yes, the CIA certification enjoys wide recognition and respect in the USA, especially in the internal auditing profession.
Can CMA Do an Internal Audit?
While CMAs are not specifically trained in internal auditing, their expertise in financial analysis and management can be complementary to auditing roles.
