CMA vs. MBA program - Which one is better for your career?

f you’re an accounting professional, or soon to become one, you may be exploring the many certifications, degrees, and programs to expand your job prospects and enhance your education. Although there are many credentials you can earn to advance in accounting, two often pursued are the Certified Management Accountant (CMA) certification and the Master of Business Administration (MBA) degree. 

But this raises the question: between CMA vs. MBA, which is better? 

CMA vs. MBA – What’s the difference? 

While both CMAs and MBAs may end up in similar job positions as corporate leaders, these credentials are vastly different. 

In general, a CMA certification hones finance and accounting management skills, while an MBA focuses on more general business leadership. 

CMA vs. MBA prerequisites 

Education 

To take the CMA Exam, candidates don't need a degree nor specific courses. However, to earn the certification, you do need a bachelor's degree or equivalent professional equivalent. You do have seven years to complete your bachelor's degree after passing the CMA Exam.¹ 

An MBA program almost always requires an undergraduate degree from an accredited university, and there are occasionally prerequisite classes, typically in disciplines like math, business, English, etc. 

Experience 

You will need two years of professional work experience in financial management or management accounting¹ to earn your CMA certification, but you do not need the experience to take the exam. Like education, you have seven years to gain your experience after passing the exam.  

MBA programs, on the other hand, require a minimum of three to four years of work experience to apply, as well as letters of recommendation from supervisors, essays, and other qualifying materials. 

CMA vs. MBA process 

Testing 

Earning your CMA certification requires passing the two-part CMA Exam, which covers topics surrounding financial planning and accounting, administered in essay and multiple-choice format. 

Getting admitted to an MBA program typically requires taking a Graduate Management Admission Test (GMAT) or Graduate Record Examinations (GRE) test. Scoring high on the GMAT or GRE can play a major part into which business school you are accepted, which in turn affects your network and post-graduate job prospects. Additionally, during an MBA program, you will likely take exams throughout each course. 

Time 

Obtaining a CMA certification can be done on your schedule and timeline. How fast you pass the exam and get certified is almost entirely dependent on you. Based on standard study recommendations, if you study 12 hours per week for the CMA Exam, you could pass both sections in about 25 weeks.² This will vary depending on your previous knowledge, study program, and how much time you can invest into studying per week.

There are flexible part-time, weekend, and evening course options for an MBA. However, this degree typically takes anywhere from one to three years, and many programs come with additional requirements such as internships or fellowships. During the course of an MBA program, you must fit your own priorities within the schedule of the business school’s courses and exams, rather than manage your own schedule and choose your own study times. 

CMA vs. MBA cost 

There are a few different fees associated with earning your CMA certification. These are:  

• The Institute of Management Accountants (IMA) membership fee: range from $49 for a one-year student membership to $295 for a professional membership³ 
• CMA entrance fee: $225 for students, $300 for professionals 
• CMA Exam fee: $370 per part for students ($740 total), $495 per part for professionals ($990 total)⁴ 
• CMA Exam Review: courses range in price, normally between $1,200-$2,000. There are many options for CMA Exam Review, so it’s important to consider the program that will best prepare you with the resources and guidance to pass. 

Comparatively speaking, the CMA certification is monumentally cheaper than an MBA. An MBA has enormous costs, including: 

• Tuition: a wide range of rates with higher costs for higher-ranked schools. The one-year tuition for Harvard’s MBA program is $76,410.⁵ 
• Textbooks, materials, university fees, etc.: Required fees for university programs, student resources, and materials and textbooks for your courses can incur major fees. Harvard estimates an additional $8,444 of required fees, which doesn’t include housing, food, and transport (upwards of an additional $30,000).⁵ 
• Loss of full-time salary: If you attend a full-time MBA program, you should factor in the possibility that you will not also maintain a full-time job. 

One way to lower costs for both CMA and MBA options is through scholarships or employer sponsorships. The IMA offers CMA scholarships to schools, both in the United States and internationally, that cover 100% of costs associated with CMA testing, including study materials, exam fees, and IMA membership for three years. 

Any student nominated by a professor is guaranteed to receive the scholarship. Likewise, MBA candidates might investigate employer-funded programs. Many employers will contribute to employee MBA programs, in some cases covering the entirety of program costs. 

CMA vs. MBA jurisdiction 

When considering a CMA vs. MBA for your career, it’s important to understand where you can use each credential. 

A CMA certification holds worldwide jurisdiction and is recognized internationally as a distinguished credential. Earning your CMA certification opens job opportunities all over the world, as well as with large global organizations. 

An MBA is granted by an individual university, which only holds authority within the US. Depending on your university’s reputation, it may or may not be recognized on an international business scale.

CMA vs. MBA career goals 

Both the CMA and MBA programs can impact career outcomes in very different ways. It’s important to consider what your future career objectives are when deciding on a CMA vs. MBA program. 

Job advancement 

Finding a new position, looking for a promotion, or expecting a pay raise at your current company are great reasons to become a CMA or MBA graduate. 

All candidates must pass same CMA Exam and meet the same qualifications to be certified, making it a standardized qualification that can only enhance your career prospects. Passing the CMA Exam proves your thorough knowledge of crucial accounting procedures; as an accountant, this will help you grow your opportunities within the profession. 

In contrast, MBAs are often only as highly esteemed as the schools from which they’ve graduated. Some employers may not see the value in an MBA from a non-top-tier school, or may not consider its relevancy for a highly technical accounting or finance leadership position. 

Upper management potential 

If you’re looking to move up the ranks of your company, or are looking for a higher position at a new employer, both certifications can help you climb the career ladder. 

Both the CMA and the MBA signal that you’re ready for roles that undertake more leadership responsibility—pursuing one demonstrates your understanding of and dedication to your chosen field. Still, there are some differences. 

The MBA may be better suited for those who are especially interested in people management and have goals of one day managing a team—or an entire organization. As the CMA certification focuses on leadership within accounting and finance, it’s a great track for those who seek to become CFOs or financial leaders. That said, a CMA certification and MBA degree indicate that you are prepared for upper management tasks and the titles that follow. 

CMA or MBA: Which is better? 

It’s clear that the answer to CMA vs. MBA depends on many variables. Consider where you want to end up and how much time and money you want to invest into getting there. 

Although there might not be one perfect path that can guarantee career success, one path may be a significantly better fit for your aspirations and personal situation.

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