ACCA vs CMA (US) – Which is Better For You?

November 22, 2022

What is a Certified Management Accountant (CMA – US)?

CMA stands for Certified Management Accountant. A CMA is a professional designation given to those who have met the educational and experience requirements set forth by the Institute of Management Accountants (IMA). The CMA designation is recognised worldwide and is respected by businesses and organisations of all sizes.

Holding the CMA designation demonstrates that an individual has the knowledge and skills to manage an organisation’s finances and create value decisions. CMAs are strategic business partners who help organisations make informed decisions, drive growth, and create long-term success.

What is the Association of Chartered Certified Accountants (ACCA)?

The Association of Chartered Certified Accountants (ACCA) is a professional body for accountants. ACCA provides membership and qualifications for accountants, as well as carrying out research and setting ethical and technical standards for the profession.

ACCA is the world’s largest body of professional accountants. It has 200,000 members and 600,000 students in 180+ countries. It is a highly regarded qualification that employers recognise all over the globe.

If you’re wondering which credential is best for you, read on for a closer look at both credential.

What is the Difference Between ACCA and CMA (US)?

CERTIFICATION	ACCA (UK)	CMA (US)
No. of papers	13	2
Duration	2-3 years	6-9 months
Paper pattern	MCQs, Scenario Based & Case Studies	MCQs & Essay type questions
Syllabus	Auditing, Accounting, Taxation, Costing, Corporate Law, Financial Management	Management Accounting, Costing, Financial Management
Exemptions	Upto 9 papers exemption	No exemption
Recognition	180+ countries	100+ countries
Pass rate	Comparatively high	Low

1. Number of Papers in ACCA vs CMA US

ACCA

To become a fully qualified ACCA member, you must pass all 13 papers and the Professional Ethics module. You will gain exemptions for up to 9 papers based on your qualification.

The ACCA examination courses are categorised into three parts – The Fundamental level, The Professional level and an Ethical and Professional Skill Module.

Level	Categories	Papers
Fundamental Level	Applied Skill Level	Business and Technology (BT)
		Management Accounting (MA)
		Financial Accounting (FA)
	Applied Knowledge Level	Corporate and Business Law(LW)
		Performance Management
		Taxation (TX)
		Financial Reporting (FR)
		Audit and Assurance (AA)
		Financial Management (FM)
Professional Level	Essential Papers	Strategic Business Leader(SBL)
	Essential Papers	Strategic Business Reporting(SBR)
	Optional (Any 2)	Advanced Financial Management (AFM)
		Advanced Performance Management (APM)
		Advanced Taxation (ATX)
		Advanced Audit and Assurance (AAA)

Each level has a different focus. You must complete all the levels to qualify as a chartered accountant.

CMA US

CMA has only one level, divided into 2 parts, and each piece covers different subject areas

Part one: 1. External Financial Reporting Decision 2. Planning, Budgeting, and Forecasting 3. Performance Management 4. Cost Management 5. Internal Controls

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

2. Eligibility Criteria of ACCA vs CMA

Eligibility Criteria of CMA

Active membership in IMA (Institute of Management Accountants).

Candidates are not allowed to appear in the CMA examination without becoming a member of IMA. There are multiple membership options available.

A bachelor’s degree from an accredited college/university or a related professional certification. This option is available to those individuals who do not have a bachelor’s degree but have professional certifications from other bodies. E.g., ACCA-qualified individuals.

Eligibility Criteria for ACCA

A student who wishes to register for the ACCA should complete 18 years of age.

Students should aggregate 65% in their +2 examinations for Maths/ Accounts and English and a minimum of 50% in other subjects.

Students who do not meet the criteria mentioned earlier can register for the ACCA Course through the Foundation in Accountancy (FIA) route.

Those who have recently completed their class 10 examinations can also register through the FIA route.

3. Exemptions in ACCA vs CMA

Exemptions available in ACCA

ACCA offer a range of exemptions for eligible candidates. For example, a candidate who is qualified CAs will get an exemption from 9 papers (Applied skill and knowledge papers)

S. No	Student qualification	Exemptions
1.	Exemptions For B.Com and M.Com Qualified Students (4 Papers)	BT, MA, FA, LW
2.	Exemptions For BBA Qualified Students (1 paper)	BT
3.	Exemptions For MBA Qualified Students (3 Paper)	BT, MA, FA
4.	Exemptions For CA Foundation Students	No Exemptions
5.	Exemptions For CA Inter Qualified Students (5 papers)	BT, MA, FA, TX, AA
6.	Exemptions for Qualified CAs (9 papers)	BT, MA, FA, LW, PM, TX, FR, AA, FM.

Exemptions in CMA

There are no exemptions available in CMA. Member should write every part of the exam.

4. Roles and Responsibilities of an ACCA

Financial Accountant
Management accountant
Corporate capital markets and funding, Liquidity and cash management, Corporate financial management, Risk management and Treasury operations
Assistant Accountant
Financial controller
Finance manager
Forensic accountant
The chief financial officer (CFO) is responsible for Management, budgeting, Accounting, reporting, Strategy and planning.
Auditor
Tax specialist

Roles and Responsibilities of CMA

Cost accountant
Corporate accountant
Financial analyst
Managerial accountant
Private accountant
Industrial accountant
Cost Management

5. The Duration Taken for ACCA & CMA – US Exams

Since ACCA has different levels and subjects, it takes 2-3 years to complete.

On the other hand, CMA (US) has no levels; It has just 2 parts. Hence, it takes less time to become a certified CMA than ACCA.

6. How Difficult are CMA (US) and ACCA?

CMA (US) is considered the hardest exam since it tests the intellectual limits of the candidates. Only less than half of the people have passed the test so far.