Do the US CMA and CPA Certifications Overlap and Interact?
The relationship between the US CMA (Certified Management Accountant) and US CPA (Certified Public Accountant) certifications is often a point of interest for professionals in financial management. While they are both respected credentials in the field, they serve different purposes and have distinct requirements. This article explores whether one certification can influence the other, particularly regarding credits and qualifications.
US CMA and US CPA: Are There Any Credited Benefits?
The US CMA certified management accountant program does not directly provide credits for the US CPA certification. However, holding a US CMA can provide a competitive advantage when pursuing the CPA. This is because the CMA exam covers topics such as financial management, costing, and strategic decision-making, which align with some of the subjects tested in the CPA exam.
State-Specific CPA Requirements
Each state in the U.S. has its own CPA licensure requirements, and candidates must meet these specific educational and work experience qualifications, regardless of any other certifications they hold. This means that even if you have a CMA, you still need to comply with your state's CPA regulations.
Special Waiver for the CMA Exam
There is a slight benefit for those who already hold a US CPA license. The Institute of Management Accountants (IMA), which administers the CMA exam, provides a waiver for the educational requirements for the CMA certification for individuals with a valid CPA license. Specifically, the educational component of the CMA exam can be waived if you already hold a CPA license.
Passing the CMA Exam and Experience Requirements
While the educational requirements can be waived, candidates still need to pass the two parts of the CMA exam and meet the necessary experience requirements to obtain the CMA designation. This ensures that individuals who hold both certifications have met the necessary qualifications and have a strong foundation in both management and public accounting.
Meeting the 150-Credit Requirement for US CPA Exam
The US CPA requires a total of 150 credits for certification. This can be obtained through undergraduate and graduate programs in accounting. While holding a CMA does not provide any direct credit towards the 150-hour requirement, here are some ways to meet this requirement:
Combining Degrees
Many colleges and universities offer bachelor's and master's degree programs in accounting. To meet the 150 semester hours of education, students do not necessarily need a master's degree. They can achieve this requirement at the undergraduate level or by combining a bachelor's degree with additional graduate-level coursework. Here are a few options:
Combine an undergraduate accounting degree with a master's degree at the same or different school. Combine an undergraduate degree in another field with a master's in accounting or an MBA with a concentration in accounting. Enroll in an integrated five-year professional accounting program that leads to a master's degree in accounting.Importance of Graduate-Level Programs
Most organizations recommend obtaining the additional academic work needed for the CPA at the graduate level. These programs are designed to develop essential skills such as communication, presentation, and interpersonal relations, while also integrating technical knowledge.
Professional Organizations Support the 150-Hour Requirement
Professional organizations such as the AICPA, the National Association of State Boards of Accountancy, and the Federation of Schools of Accountancy have consistently supported the 150-hour education requirement for entry into the accounting profession. This requirement ensures that candidates have a comprehensive and rigorous education before becoming CPAs.
Best Coaching and Assistance
For those seeking to prepare for the US CPA and CMA certifications, professional organizations like FinTram Global offer comprehensive guidance and support. FinTram Global provides expert faculty, structured programs, and real-world insights to help students prepare effectively for their exams.
About VG Learning Destination India
For further information on US CPA, US CMA, ACCA, and Enrolled Agent courses, you can contact VG Learning Destination India at 9700000038. We provide best-in-class coaching and assistance to help you succeed in your accounting and finance certifications.