US CMA + US CPA : -The Benefits of Dual Certification in Accounting
Last Update On 23rd December 2024
Duration: 4 Mins Read
The field of accounting is highly competitive, demanding a strong foundation of knowledge and skills. As a result, the demand for skilled professionals in this domain has been steadily rising. With this in mind, accounting professionals are increasingly pursuing extra certifications like US CMA and US CPA to improve their career prospects. Acquisition of US CMA and US CPA qualifications can open the doors to high-value opportunities and career development. Read along to find out!
Understanding US CMA and US CPA Certifications
The Certified Management Accountant (CMA) and the Certified Public Accountant (CPA) are the two most recognised certifications under accounting practice in the United States. While both certifications enjoy global recognition, the CMA is administered by the Institute of Management Accountants (IMA), whereas the CPA is administered by the American Institute of Certified Public Accountants (AICPA). Although some similarities exist between these certifications, their emphases, requirements, and benefits differ.
The US CMA certification is designed for professionals who want to excel in management accounting and financial management roles. It covers topics such as financial planning, analysis, control, decision-making, and performance management. The CMA certification requires passing two exams, a bachelor’s degree or equivalent, and two years of relevant work experience. The CMA certification is highly valued by employers as it demonstrates the candidate’s advanced knowledge and skills in accounting and finance.
On the other hand, the US CPA certification is intended for professionals who want to specialise in public accounting, taxation, and financial reporting. It covers topics such as financial accounting, auditing, regulation, and business environment and concepts. The CPA certification requires passing four exams, a bachelor’s degree or equivalent, and 150 credit hours of education to get the license. The CPA certification is highly respected in the accounting profession and is considered a prerequisite for many accounting and finance roles.
US CMA and US CPA Opportunities
Both US CMA and US CPA certifications can bring about various career opportunities for accounting professionals. This dual certification can make an accounting professional highly sought after by employers, as it will indicate their versatility and depth of knowledge in both management accounting and financial accounting.
The US CMA certification gives an accountant various skills so that he/she does not just simply become a Financial Analyst, Controller, Management Accountant, Cost Accountant, and Internal Auditor. These requirements are usually associated with analytical and decision-making skills coupled with a sound communication platform, which is more instrumental in fast-paced business settings.
The US CMA certification also opens up opportunities for career advancement, such as a promotion to a senior management position or starting one’s accounting practice.
In contrast, the US CPA certification provides accounting professionals with the expertise to become competent professionals in public accounting careers like audit and assurance, tax, and advisory services.
Such careers are mostly characterised by technical competencies, paying attention, and great communication. Acquiring the US CPA certification may also lead to a career prospect such as being promoted to a partner/director level in a public accounting firm.
Read here about CMA Careers and Roles
US CMA and US CPA Benefits
The benefits of acquiring the US CMA and the US CPA certifications are not restricted to career opportunities. The dual certification can enhance one’s professional credibility and reputation, demonstrating to clients, colleagues, and employers that the individual has achieved the highest standards of accounting and finance expertise.
The US CMA and US CPA certifications also offer a higher earning potential. According to the IMA, it is stated that professionals with CMA certification earn an average salary of $102,000. On the other hand, professionals with CPA certification earn an average salary of $80,000. However, when one has both certifications, one can earn a huge amount of money, surpassing even $150,000 annually.
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Wrapping Up
In conclusion, having a US CMA and US CPA means more advantages because of the extended scope and higher earning potential as well as increased professional recognition that it brings along. Professionals are going to be of significant help to their future employers once they have acquired rigorous training and testing to acquire their dual certification.
These prestigious certifications ensure accounting professionals position themselves on a long-term career ladder that leads to career advancement. To anyone considering a career in accounting or looking to boost their career to the next level, both US CMA and US CPA certifications can open the door to a world of opportunities.
If you want to know more about US CMA and US CPA course details, reach out to us at Zell Education, and we’d be happy to counsel you.
Frequently Asked Questions :
Which is better, US CMA or US CPA?
It depends on your long-term goals; US CMA is preferable for management accounting, and US CPA has specialisation in auditing and tax.
Who earns more, a US CPA or a US CMA?
A US CMA typically earns more than a US CPA due to their specialized expertise in management accounting and strategic decision-making. This advantage often translates into higher salaries, particularly in leadership roles.
Is CMA USA good for the future?
Yes, CMA USA holds great value in the globe and promises bright career avenues in management and financial planning.
What is the salary of a US CMA in India?
The average US CMA salary in India is anywhere between ₹6 to ₹12 lakhs per annum based on experience.
Is CMA worth it in 2025?
CMA is surely worth considering, as the rising demand for management accountants will further cement the value of the degree in 2025.