ACCA vs CMA USA - Which Course Should You Choose

When thinking of pursuing a professional certification in Accountancy, the first names that come to mind are usually CMA USA and ACCA. While both certifications are globally recognized and are two of the most popular career choices among finance and accounting community students, there are quite a few differences that might make you choose one from the other. In this blog, you can check all the features in this comparison of ACCA vs CMA USA, consisting of all the deciding factors, including exam syllabus, exam pattern, duration of completion, etc. Let us help you navigate these two Accountancy certifications so that you can ultimately decide which one to pursue as your professional career.

ACCA, or Association of Chartered Certified Accountants, is an internationally recognized accounting body providing the globally valued and highly competent professional certification of the same name - ACCA. The ACCA curriculum covers all the aspects of business accounting, making it one of the most preferred and relevant credentials.

CMA USA, or Certified Management Accountant, is a professional credential offered to individuals by the Institute of Management Accountants (IMA), validating their knowledge and skills in the field of financial management and business accounting. Moreover, it is a globally recognized professional certification and is valid in over 100 countries.

The eligibility requirements for ACCA and CMA USA will help you decide which certification you should choose based on your educational qualification and level of work experience. Check the eligibility requirements for both ACCA and CMA USA below.

ACCA

1. Candidates must complete their 10th as a minimum required qualification to start the ACCA course. However, a Bachelors degree is mandatory to get certified as a professional ACCA.
2. Candidates require a minimum of 65% in Accounts or Mathematics and English in their class 12th board exams.
3. Candidates should have scored 50% in their other subjects.
4. The candidate needs to fulfill the three years of PER.

CMA USA

1. Candidates must have a Bachelor's Degree in any area from an accredited university/college.
2. Candidates also require a minimum of 2 years of professional work experience in Management Accounting or Financial Management. This requirement may be completed before or within seven years of passing the examination.
3. Candidates need to be a member of the IMA and adhere to the Statement of Ethical Professional Practice.

When pursuing ACCA, candidates are offered some exemptions based on their level of knowledge accumulated up to the time of registration for the ACCA qualification exam. These exemptions are given in some of the papers of the ACCA exam. Check the details of the exemptions that can be availed based on your educational credentials.

However, such ACCA exemptions are not available for any of the papers of the CMA USA exam. It is an important factor of ACCA vs CMA USA compared as it will help you reduce your exam duration based on your educational qualification.

Read More :

• Career Options After ACCA Qualification : What You Need to Know
• Best ACCA Classes in Mumbai
• Top Institutes to Pursue ACCA Coaching in India

Knowing about the syllabus of both certification exams will help you gauge which certification exam syllabus suits you according to your preference and interests and based on your educational qualification. Check the exam levels and the weightage in each paper, so you know where to focus more.

ACCA

The ACCA UK exam syllabus comprises 13 exams which are divided into three levels:

Applied Knowledge

• Business & Technology (BT)
• Management Accounting (MA)
• Financial Accounting (FA)

Applied Skills

• Corporate and Business Law (LW)
• Performance Management (PM)
• Taxation (TX)
• Financial Reporting (FR)
• Audit and Assurance (AA)
• Financial Management (FM)

Strategic Professional Level

• Strategic Business Leader (SBL)
• Strategic Business Reporting (SBR)
• Ethics & Professional Skills
• Four Additional Exam Options (AFM, APM, ATX, AAA)

CMA USA

The CMA USA exam is divided into Part-I, which consists of "Financial Planning, Performance, and Analysis" and Part-II, which consists of "Strategic Financial Management".

Financial Planning, Performance, and Analysis: 

• External Financial Reporting Decisions (15%)
• Planning, Budgeting, and Forecasting (20%)
• Performance Management (20%)
• Cost Management (15%)
• Internal Controls (15%)
• Technology and Analytics (15%)

Strategic Financial Management:

• Financial Statement Analysis (20%)
• Corporate Finance (20%)
• Decision Analysis (25%)
• Risk Management (10%)
• Investment Decisions (10%)
• Professional Ethics (15%)

Now let us discuss the examination format for both certifications.

ACCA syllabus

CMA USA syllabus

Passing Rate:

The passing percentage of the ACCA exam is greater than that of the CMA USA. The passing rate for the CMA USA exam is around 40-45%, while the passing rate for the ACCA qualification exam is around 40-50%. However, your chances of clearing an exam can be improved with the help of coaching from a reputed Institute for CMA USA or ACCA.

ACCA and CMA USA both certifications offer an international platform for pursuing a career in accounting and finance. Knowing about the job opportunities offered after obtaining either certification will help you narrow down the possible future career prospects for yourself. Take a look at the job roles offered to such certified professionals.

ACCA

• Accountant, 
• Internal auditor, 
• Forensic accountant, 
• Compliance officer, 
• Business analyst, 
• Risk manager, 
• Treasurer, 
• Insolvency practitioner, 
• Business consultant, 
• Chief financial officer, etc.

CMA USA

• Chief Financial Officer (CFO)
• Finance Manager
• Financial Analyst
• Financial Risk Manager
• Financial Controller
• Cost Accountant or Manager
• Relationship Manager
• Finance Director
• Credit Controller
• Chief Accountant
• Management Accountant, etc.

One of the most prominent factors guiding the decision to choose from "ACCA vs CMA USA" is the duration within which either certification exam can be completed. While pursuing ACCA, candidates can take a maximum of 5 years to clear all 13 papers. However, it is possible to complete the ACCA exam in 18-24 months with the right preparation. On average, it takes 3 to 4 years to complete the exam.  In the case of the CMA USA exam, candidates may take a maximum of 3 years. But with the right preparation, the US CMA certification can be acquired in 12-18 months. 

One of the most important aspects you should consider while choosing between ACCA vs CMA USA is the exam fees for both courses.

ACCA

In the ACCA exam, candidates need to pay an Initial Registration Fee of 30, an Annual Subscription Fee of 116, and a Re-registration fee of 89. Candidates are required to pay for each exam they take in the ACCA qualification exam. Check the fee for each exam below.

Business & Technology (BT), Management Accounting (MA), and Financial Accounting (FA) are the on-demand CBEs (Computer-Based Exams). You can book them; their fees depend on in-house centers, ranging from Rs 8k to Rs 10k. The fee break-up is different based on the papers you are exempted from in the ACCA qualification exam. Check the fee break-up in case of exemptions in the ACCA exam.

CMA USA

The fee break-up of students and working professionals taking the CMA USA exam is different. The fee break-up has been listed below.

Now that everything has been summed up for you, you can tally everything and decide which way between ACCA vs CMA USA you want to go. No matter what certification you choose, ACCA or CMA USA, you can get comprehensive exam guidance at NorthStar Academy. Enroll yourself at NorthStar Academy and reap many more benefits of both courses, such as concise study material, discounts on exam fees through Bundle discounts, access to online classes, and much more.

Read More :

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• Job Opportunities After IFRS: An ACCA Complete Guide
• ACCA vs CFA vs FRM: Weighing Finance Course Options

To make it easier for you, NorthStar Academy provides ACCA and CMA USA certification courses for all-inclusive, comprehensive guidance on their exams. Expert guidance from highly experienced mentors such as M. Irfat sir and your dedication will help you clear the CMA USA and ACCA certification exam on the first attempt. 

There are more perks if you enroll at NSA, such as access to Bundle discounts on exam fees. NSA also provides well-researched and highly organized study material highly preferred by students and successful professionals. You can also access online classes as per our courses on Android and iOS. This means you can study for these certification exams anytime you want, from anywhere you want. So don't wait anymore; enroll in the CMA USA & ACCA course at NSA today and avail yourself of the excellent benefits as part of the course, and become a successful ACCA-certified professional today!

You can contact our counselors if you need to know more details.