Many people have to decide between becoming a Certified Management Accountant (CMA) and getting a Master of Business Administration – also known as an MBA.
The CMA is an industry-recognized professional designation focused on management accounting, while the MBA is an academic degree, covering a broader scope of finance units.
Both the CMA and MBA are postgraduate options. The CMA is more specialized than the MBA. The CMA is a certificate, whereas the MBA is a Master’s qualification. The MBA takes two years, while the CMA take six months.
Unlike the MBA in which employers might judge the reputation of the university where you studied, the CMA exam is an industry-designated exam that is only issued through one institution. The CMA is also self-taught so candidates can study and prepare at their own pace using review courses. They can also be working in the industry at the same time.
The CMA is much less expensive than the MBA program. Although the MBA is a means to advance one’s career, due to its high costs, one should consider the ROI.
The CMA requires on-going membership and reflects a certain level of subject matter knowledge and skills. On the other hand, the MBA is a university degree.