CFA vs CMA: which credential fits your career?
Both are global credentials in finance, but they point at different jobs. The CFA is built for investment analysis and portfolio management, and takes three exams. The CMA is built for management accounting and corporate finance, and takes two. The CFA is the longer, costlier route.
Side by side
| CFA | CMA | |
|---|---|---|
| Awarded by | CFA Institute | IMA |
| Exams | 3 levels, about 4.5 hours each | 2 parts, 4 hours each |
| Study time recommended | 300+ hours per level | 150 to 170 hours per part |
| Official fees | $3,520 to $4,570 for all three levels | About $1,685 for a professional, including membership |
| To sit the exams | Bachelor’s degree, or 4,000 hours of work and/or study | Bachelor’s degree, which can be completed after the exam |
| Experience for the credential | 4,000 hours over 3+ years | 2 years |
| Time limit | None; six attempts per level | 3 years from enrollment to pass both parts |
| Pass rates | About 40% to 50% by level, published | About 45% in IMA’s last release, in 2020 |
| Points toward | Investment management, research, portfolio management | Corporate finance, FP&A, management accounting |
Which one fits you
The CFA is the standard credential for investment analysis, and its content is built around markets, valuation and portfolios.
CFA requirementsThe CMA is built around planning, cost management and decision-making inside a business, and is a shorter route.
CMA requirementsSome professionals hold both, but the time and cost add up. Most people pick the one that matches their next job.
The cost and time difference
The CFA asks for roughly three times the study hours and two to three times the official fees of the CMA, before any prep. If you are choosing mainly on effort, the CMA is the lighter route; if you are choosing on the job you want, let that decide.
Common questions
Is the CMA easier than the CFA?
By the numbers it asks for less: two exams instead of three, fewer study hours and lower fees. That does not make it a substitute, because the two credentials lead to different jobs.
Does passing one exempt me from the other?
No. Each has its own exams and its own body. There is overlap in topics such as financial statement analysis, which can make a second one quicker to study for.
Can I take either outside the US?
Yes. Both are global, with the same requirements everywhere and exams at test centers worldwide.