CPA and CMA Education Requirements
Education Required to be a Certified Public or Management Accountant
The education requirements for the Certified Public Accountant (CPA) and Certified Management Accountant (CMA) exams are good to know before taking the CPA and CMA exams.
If a person wants to become a Certified Management Accountant (CMA) or Certified Public Accountant (CPA), it all starts with his or her education. Both of these designations nearly always require a bachelor’s degree now. Although in certain situations some states will substitute experience for the education requirement on the CPA exam and certain testing can be substituted for the education requirment on the CMA exam, you should be prepared to have a least a bachelor's degree before sitting for either of these exams. In addition to being required, it will also make passing the tests much easier.
The Education Required for the CPA Exam
Depending on the state a person lives in, he or she may have to have a master’s degree or nearly that number of credits to sit for the CPA exam. Usually with the CPA designation, the actual degree does not matter so long as you have sufficient credits in all subjects required. Credits will generally be required in both accounting and business topics. If a person is pursuing a degree in accounting, he or she will of course have an easier time meeting the credit requirements than with other majors.
The Education Required for the CMA Exam
Thus far the CMA exam only requires that you have a bachelor’s degree -- it does not require specific number of credits in any subject. However, due to the nature of this exam, a strong emphasis in accounting, business, economics and statistics subjects is advised. If a person has or is seeking a degree in accounting, business, economics or finance that person may find it easier to prepare for this exam than if he or she has a degree in another subject. Also, individuals that have pursued a Master’s in Business Administration (MBA) will find that are better prepared for this exam.
Exam Preparation Courses
Regardless of how well a person does in school, he or she will almost certainly fair better on the CPA and CMA test if that person takes an exam preparation course prior to taking the exam. Regardless of how well a person knows the subject matter, even if that person has worked in the field before, that person must keep in mind that both of these tests are very specialized. In particular, the CPA exam is usually regarded as a highly academic exam. This means that real-world experience will not necessarily prepare the test-taker for the majority of the exam questions.
Both of these designations can lead to rewarding careers. In fact, many accountants are actually getting both designations to increase their knowledge, as well as their credibility. When a person is deciding which designation is right for that person, he or she should carefully consider whether or not that individual would prefer to work in public accounting or in management accounting; then pursue the education and testing that is most well-suited for that designation.
Related Articles:
Management and Public Accounting: Comparing CPA and CMA Designations
Certified Management Accountant: How to Get Certified as a Management Accountant (CMA)
Accounting Organizations: the IMA: The Institute of Management Accountants: What it is, Who it's For
CPA or Accountant for your Firm: How is a Certified Public Accountant Different from an Accountant?
Management and Public Accounting
