CMA vs MBA: 5 Reasons to Choose CMA Accreditation

For many accounting professionals, there comes a time when they’ll be asked or ask themselves which credential is better: CMA or MBA? The answer, of course, depends on what you want for your career. However, pursuing CMA certification may be more beneficial than an MBA for a number of reasons. 

Reason 1: It’s Faster

This, of course, depends on the MBA track and school, but earning your CMA certification is almost always faster than completing an MBA. You can even take the CMA exam before finishing your undergraduate degree and then complete the certification process after you garner two years of full-time experience in the field.

Most MBA programs take at least two years to complete if you’re attending full-time and they almost always require you to have a few years of work experience beforehand. The CMA exam can be completed in less than year, depending on how eager you are to earn your certification.

Reason #2: It’s Cheaper

This one should be obvious given ever-rising tuition rates, especially for graduate degrees. In general, MBA program costs can run anywhere between $100,000 and $200,000–an eye-popping amount, especially if you’re not attending an elite institution.

Even if you enter a lower-cost MBA program or your employer finances it, CMA certification is still a relative bargain. The total cost for IMA membership, taking the CMA exam and the entrance fee is between $1,014 (students) and $1,585 (professionals). You can even add the cost of the top UWorld CMA Review course to the total and it still won’t be more than $3,000.

Reason #3: It Has A Specific Career Path

Both CMA certification and an MBA have very specific uses and are for certain career paths. An MBA, especially one with a tracked focus, is a great fit for entrepreneurs, business managers and/or professionals looking to transition out of accounting and into another area of business. It provides a much broader overview of business topics and general management strategies.

CMA certification, on the other hand, is very specific and focuses exclusively on cost accounting, ethical practice, and management accounting topics. The CMA designation is recognized globally and highly respected because it demonstrates your professional expertise in financial planning, analysis, control, decision support, and professional ethics–all high-demand skills in the accounting and finance worlds.

An MBA is a great addition to your resume or CV if you’re interested in areas outside of accounting, such as marketing, product development, or leadership.

Reason #4: The Outcomes Are Similar

Heard the rumor that you’ll make more money with an MBA? Well, it’s true …

According to Fortune, in 2023, MBA graduates could expect to earn an additional $75,000.

However, the average base salary for CMAs in the US is about $119,000. Compensation increases significantly with additional experience. CMAs in senior management positions can earn up to 58% more than non-certified peers in total compensation.

As of 2023, CMAs of all levels reported a 21% average increase in salary compared to non-certified professionals in equivalent roles. While both an MBA and a CMA can boost your income potential, CMA certification can help you earn faster due to shorter prep time and frequent exam cycles.

Get more insights on updated CMA salaries here.

Reason #5: It’s Still Unique

Admittedly, the CMA does not get close to the hype and attention of an MBA. But here’s the thing—the MBA is quickly becoming commoditized. Nearly every university now offers some form of an MBA program and tens of thousands of people are earning them every year.

If you don’t attend a top-tier business school or one with a good reputation or focus, an MBA might not mean all that much to employers.

However, with just 75,000 Certified Management Accountants in the world, the certification is still unique and offers you a great way of differentiating yourself—both to your current employer and on the job market.