Who awards each credential?
- CFA (Chartered Financial Analyst) is awarded by CFA Institute.
- CMA (Certified Management Accountant) is awarded by IMA, the Institute of Management Accountants.
The names sound close, but the jobs they lead to are different. A CFA charterholder usually looks at companies from the outside, as an investor. A CMA usually works inside a company, helping management decide.
How do the requirements compare?
| CFA Program | CMA | |
|---|---|---|
| Exams | Three, taken in order (Level I, II, III) | Two parts, taken in any order |
| Membership | CFA Institute membership to use the charter | Active IMA membership to earn the CMA |
| Education | Bachelor's degree, undergraduate close to graduation, or 4,000 hours of work and education | Bachelor's degree from an accredited college or university, or a related professional certification |
| Work experience | 4,000 hours over at least 36 months, in or informing investment decisions | Two continuous years in management accounting or financial management, before or within seven years of passing |
| Time | CFA Institute puts the three levels at three to four years | Three years to pass both parts after enrolling; seven years to meet education and experience |
| Exam windows | Several windows a year, which differ by level | January/February, May/June and September/October |
| Keeping it | CFA Institute membership | 30 hours of continuing education a year (two in ethics) and active IMA membership |
Sources: CFA Institute's program and policy pages and IMA's "How to earn the CMA" page, read on 19 October 2026.
What does each one cover?
IMA lists twelve competencies for the CMA, including external financial reporting decisions; planning, budgeting and forecasting; performance management; cost management; internal controls; technology and analytics; financial statement analysis; corporate finance; business decision analysis; enterprise risk management; capital investment decisions; and professional ethics.
The CFA Program shares financial statement analysis, corporate finance and ethics with that list, but spends most of its time on investments: equities, fixed income, derivatives, alternative investments, portfolio construction and, at Level III, asset allocation and a pathway in portfolio management, private markets or private wealth.
Which careers does each suit?
The CMA suits roles such as financial planning and analysis, cost and management accounting, controllership and, later, finance director or CFO roles inside companies.
The CFA suits equity and credit research, portfolio management, wealth management, investment consulting and investment risk.
If you want to move from corporate finance into investment management, the CFA is the bridge. If you want to grow inside a company's finance function, the CMA is closer to the work.
Which takes longer?
The CMA is the shorter path on paper: two parts, which IMA allows in any order, against three CFA levels that must be passed in sequence, and CFA Institute's estimate of three to four years with about 300 study hours per level. Both need years of relevant work before you hold the title.
Can you hold both?
Yes. Some finance professionals in corporate roles who also manage investments, such as treasury or corporate development, hold both. Most people pick the one that matches the job they want next.
To see how the CFA side begins, read CFA Level I explained or what the CFA charter requires. CFA vs ACCA compares the CFA with the accountancy qualification, and the free 30-question mini mock shows what Level I questions look like.
Frequently asked questions
Is the CMA easier than the CFA?
It is shorter: two exam parts in any order against three CFA levels in sequence. The content is different rather than easier: the CMA centres on management accounting, the CFA on investments.
What are the CMA requirements?
IMA lists active IMA membership, a bachelor's degree from an accredited college or university or a related professional certification, two continuous years of relevant professional experience, and passing Parts 1 and 2 of the CMA exam.
Should an accountant take the CFA or the CMA?
If you plan to stay in a company's finance team, the CMA is closer to the work. If you want to move into investment research or portfolio management, the CFA is the better fit.
Sources
- IMA: How to earn the CMA certification
- CFA Institute: CFA Program overview
- CFA Institute: CFA Program policies (registration requirements)
- CFA Institute: CFA exam dates and fees
Figures that change by year were read from these pages on 19 October 2026. Fees, dates and rules can change: check the source before you register.
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