US CMA vs MBA: Salary and Career Growth Compared

The dynamic world of finance and accounting courses presents you with various certification programmes like the ACCA courses, US CMA courses, CPA US courses, and Enrolled Agent courses. But where do these courses stand when compared to the traditional graduation and post-graduation courses? Two of the courses that most accounting and finance aspirants get confused about are the US Certified Management Course and Master of Business Administration. If this confusion is clouding your decision, you must go through this US CMA vs MBA guide to make the right choice. 

US CMA Vs MBA: Choosing the Right Career Path

Although the field of accounting and finance offers various options when looking for advanced courses, US CMA and MBA are the top ones in the Management Accounting domain. But which one is right for you? The best way to evaluate which course is suitable for your career is through a thorough comparison. These courses can be differentiated based on various factors like curriculum, eligibility, duration and career goals. 

US CMA

The US CMA stands for Certified Management Accountant. It is a short-term certification course offered by the Institute of Management Accountants based in the USA. The US CMA is an international qualification that offers leadership proficiency in analytics, financial strategy, and risk mitigation. This course does not follow the curriculum and structure of traditional courses. You only need to pass its two-part examination to earn the US CMA certification. 

Eligibility

You must fulfil the below requirements to be eligible to take the CMA exam. 

• Economics or Accounting Bachelor's degree 
• Two-year work history in finance or accounting sectors

Syllabus

Earning a US CMA certification requires you to prepare for its syllabus, which is as follows: 

CMA Part- I Financial Planning, Performance, and Analytics

1. External Financial Reporting Decisions
2. Planning, Budgeting, and Forecasting
3. Performance Management
4. Cost Management
5. Internal Controls
6. Technology and Analytics

CMA Part- II Strategic Financial Management

1. Financial Statement Analysis
2. Corporate Finance
3. Decision Analysis
4. Risk Management
5. Investment Decision
6. Professional Ethics

Duration

Usually, the US CMA course can be completed within 6 to 12 months. However, you can earn the CMA designation faster with the right guidance and dedication. 

Career Goals

The US CMA course offers excellent career growth. It allows you to apply for and acquire jobs in the global finance and accounting field. You must opt for this certification if you have one of the following career goals. 

• Budget Analyst
• Finance Manager
• Cost Controller
• Cost Accountant
• Financial Analyst
• Staff Accountant
• Treasurer
• Chief Financial Officer
• Internal auditor

MBA

The MBA program is a traditional post-graduation degree offered in different domains. This course primarily focuses on enhancing the students' theoretical knowledge in varying domains of business administration. An MBA is an academic degree that follows a traditional curriculum in which you must attend physical or online classes and take exams. 

Eligibility

• The MBA colleges mandate at least 50% in the graduation course.
• Most business schools require you to pass entrance exams like CAT, XAT, CMAT and GMAT.

Syllabus

Several domains are available for an MBA degree. You can attain your MBA degree in one of the following specialisations. 

• MBA Finance
• MBA in Marketing
• MBA in Information Technology
• MBA in International Business
• MBA in Operations Management
• MBA in Leadership
• MBA in Strategy
• MBA in Entrepreneurship
• MBA in Innovation
• MBA in CSR

Duration

An MBA may require you to dedicate two years after your graduation. 

Career Goals

An MBA degree is well-suited when you aspire to take a finance career path, as listed below. 

• Logistics Manager
• Marketing Manager
• Business Operations Manager
• Human Resources Manager
• Purchasing Manager
• Financial Analyst
• Operation Analyst

Salary Comparison: US CMA Vs MBA in Finance

Salary comparison is one of the most important factors in identifying the difference between the two courses. MBA graduates earn well. However, US CMAs get better-paying opportunities worldwide. Also, in most cases, only an MBA from a premium B-school offers high-paying jobs.

US CMAs and MBA Graduates: Who Earns More?

The average salary of MBA graduates in India is INR 9 lakhs per annum. However, this salary is only possible when you have pursued your MBA from a premium college. On the other hand, US CMAs have an average base salary of INR 8 lakhs per annum in India. This increases with experience and expertise. Also, the US CMA accreditation is your pass to enter the global job market that offers much better salary packages. 

US CMA Certification and MBA Course Fee Breakdown

The US CMA course requires you to pay the following fees. 

For professionals-

• CMA Entrance fee- $300

• CMA Exam fee- $495 per part

• Membership- $295

• CMA Entrance fee- $225

• CMA Exam fee- $370 per part

• Student Membership- $49

• Academic Membership- $160

For students- 

(Membership fees do not consist of processing and maintenance fees.)

(https://in.imanet.org/ima-certifications/cma-certification/notifications) 

MBA costs vary depending on the college you opt for. It also depends on the specialisation you choose. However, generally, it varies between $5,800 and $29,000. 

Pass the US CMA Exam and Earn Your US CMA Credential

Whether you compare an MBA in Finance with a US CMA on the basis of duration or salary, the winner is always the same. Yes, you must opt for the internationally recognised US CMA course for better career and earning opportunities. This short-duration course can be pursued right after completing your undergraduate degree. Also, it is a flexible course that does not require you to attend traditional classes. 

All you need to do is register as a member of the IMA and start preparing for your US CMA examinations. However, self-study is not adequate for this advanced course. Hence, opt for a trusted coaching programme for CMA USA exam preparation. In addition to helping you cover the course, such institutes also offer placement assistance, allowing you to find your dream job hassle-free. 

The cost of a US CMA might seem higher than that of an MBA degree. However, the fast and reliable career growth offered by this certification course will make all your expenses worth it. 

Conclusion

The US CMA course is the top choice among aspirants and employers in the present dynamic finance and accounting world. So, when tangled in the ultimate US CMA vs MBA debate, you must opt for the globally recognised US CMA course. Also, NorthStar Academy can help you prepare for this advanced course. M Irfat Sir, along with other expert faculty members, pays personalized attention to each US CMA aspirant to help at every step of the preparation journey. The institute also offers placement assistance through which you can get a job at one of the leading organisations, including the Big 4 companies.