Comparison Between CPA and CMA: Full Form, Fees and More
If you are thinking of a profession in finance, you need to plan your education well. Because in this market, where the number of candidates is higher than the demand, earning a professional certification can set your career apart.
Two of the most respected options are the CPA and CMA. The CMA (full form: Certified Management Accountant) focuses on management accounting, financial planning, and business analysis. On the other hand, a CPA (Certified Public Accountant) credential demonstrates auditing, taxation, and regulation skills.
Choosing between the two can be challenging, as each has unique requirements and rewards. This blog will summarise the differences between the CPA and CMA and help you decide which aligns best with your career goals.
CMA full form and course overview
The CMA course in India is structured to teach you about cost and management accounting principles. It is divided into three levels, which are:
- CMA Foundation
- CMA Intermediate
- CMA Final
Here is a detailed overview:
| CMA Syllabus for Foundation Course | |
| Papers | Subjects |
| Paper 1 | Fundamentals Of Business Laws and Business Communication (FBLC) |
| Paper 2 | Fundamentals of Financial and Cost Accounting (FFCA) |
| Paper 3 | Fundamentals of Business Mathematics and Statistics (FBMS) |
| Paper 4 | Fundamentals of Business Economics and Management (FBEM) |
| CMA Syllabus for Intermediate Course | |
| Papers | Subjects |
| Group-I | |
| Paper 5 | Business Laws & Ethics (BLE) |
| Paper 6 | Financial Accounting (FA) |
| Paper 7 | Direct and Indirect Taxation (DITX) |
| Paper 8 | Cost Accounting (CA) |
| Group-II | |
| Paper 9 | Operations Management and Strategic Management (OMSM) |
| Paper 10 | Corporate Accounting and Auditing (CAA) |
| Paper 11 | Financial Management and Business Data Analytics (FMDA) |
| Paper 12 | Management Accounting (MA) |
| CMA Syllabus for Final Course | |
| Papers | Subjects |
| Group-III | |
| Paper 13 | Corporate and Economic Laws (CEL) |
| Paper 14 | Strategic Financial Management (SFM) |
| Paper 15 | Direct Tax Laws and International Taxation (DIT) |
| Paper 16 | Strategic Cost Management (SCM) |
| Group-IV | |
| Paper 17 | Cost and Management Audit (CMAD) |
| Paper 18 | Corporate Financial Reporting (CFR) |
| Paper 19 | Income Tax Laws and Practice (ITLP) |
| Paper 20 (you can choose any one from the following electives) |
|
CPA full form and course overview
A CPA is a trusted accounting expert. They handle tax, audit, and regulatory roles.
There will be 8 papers for this exam, which you can appear for one after another. If you want to prepare for this exam in India, you need to study for:
- Financial Reporting
- Auditing & Assurance
- Taxation Laws
- Business Laws
- Financial Management
- Management Accounting
Fee differences between CMA vs CPA exams
Knowing the CMA full form is only stage one of planning a career in finance. You must know what the CMA course covers, the course fees and the job prospects. The following breaks down the CMA course fees for you:
| Fee type | CMA fees | CPA fees |
| Registration fees | INR 500 for the CMA intermediate | INR 40,000 |
| Exam fees | Foundation: 1200 | INR 1,500 for each exam (total of 8 papers) |
Intermediate:
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Final:
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| Course fees | Intermediate: INR 23,100 | Total of INR 50,000 in two years (Rs. 25,000/- per academic year) |
| Final: INR 25,000 |
Wrapping up
If you are driven enough to be an accountant guiding company strategies, you should explore the course details too, not just the CMA full form. In contrast, the CPA teaches you deeply about tax laws, auditing, and regulations if pursuing public accounting roles is your goal in life.
Whatever path you choose, the proper certification can significantly boost your career and credibility in finance. So, good luck with choosing wisely!
FAQs
- What is the duration of the CMA India course?
The duration of CMA in India is about 15 months. However, depending on your preparation and schedule, the duration can vary.
- Is there any time limit for completing the CMA exams after registration?
According to the Institute of Cost Accountants of India (ICMAI) guidelines, registered CMA students get seven years to complete all their exams.
- Can CMA students access exam exemptions based on prior qualifications?
Yes, ACCA-UK qualified students, ISCI qualified, and engineering graduates can be exempted in various stages of CMA on a case-by-case basis.
