In January 2012, the AICPA and CIMA joined forces to create a designation; the CGMA, or Chartered Global Management Accountant. Both are management accounting certifications, pitting the CGMA in direct competition with the CMA.

So how can you determine which is best suited for you? This is an important decision as you become an accountant and pursue certifications to advance your career.

Below, I’m going to outline key elements of each designation so you can make the decision between CGMA vs CMA. Or you can also watch this video:

Originally published in July 2020, this article was updated and republished on December 18, 2025.

What is the CMA Designation?

The Certified Management Accountant (CMA) designation is a globally recognized professional certification awarded to professionals who have expertise in strategic accounting and financial management.

The CMA certification is governed by the Institute of Management Accountants (IMA), which oversees the entire certification process. The IMA ensures that all candidates meet the required education and work experience standards and successfully pass the CMA exam before earning the designation.

What is the CGMA Designation?

The Chartered Global Management Accountant (CGMA) designation is an international credential for professionals who specialize in management accounting, business strategy, and financial leadership.

It was established in 2012 through a partnership between the American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA).

Rather than focusing solely on accounting, auditing, or financial reporting, the CGMA also emphasizes strategic decision-making in various areas, including budgeting, investments, and product cost management.

The CGMA designation is particularly suited for experienced professionals, especially those who are already CPAs (Certified Public Accountants). CPAs benefit from a shorter pathway to earning the credential, as they need to take fewer exams than non-CPA candidates.

CMA vs. CGMA: At a Glance

It’s important to understand the facts about both certifications so you can make a clear comparison and decide which one best fits your career goals.

The table below highlights some key comparisons between the CMA and CGMA designations.

A Detailed Breakdown: CMA vs. CGMA

The CMA and CGMA certificates are both certificates in management accounting and financial management. Understanding what sets the two apart will help you decide which to pursue depending on your career goals.

Let’s explore the differences between the two certifications in more detail below.

Syllabus and Core Focus

Since both the CMA and CGMA fall under the field of management accounting, their content overlaps in several ways.

The CMA exam is divided into two parts. Part One focuses on financial planning, performance, and analytics. According to the IMA, this section covers:

• External Financial Reporting Decisions
• Planning, Budgeting, and Forecasting
• Performance Management
• Cost Management
• Internal Controls
• Technology and Analytics

Part Two of the CMA exam centers on strategic financial management, with topics including:

• Financial Statement Analysis
• Corporate Finance
• Business Decision Analysis
• Enterprise Risk Management
• Capital Investment Decisions

Meanwhile, the CGMA is divided into three main levels. The first is the Operational Level, which focuses on short-term goals and putting decisions into action. Key topics include managing finance in a digital world, management accounting, and financial reporting.

The second is the Management Level, which builds on that foundation by focusing on converting long-term strategies into actionable medium-term objectives. This level covers areas such as performance management, advanced management accounting, and advanced financial reporting.

Finally, the Strategic Level is all about long-term decision-making and creating lasting value. It focuses on strategic management, risk management, and financial strategy.

In short, the CMA places a stronger emphasis on technical skills, financial planning, performance analysis, and internal decision support. Meanwhile, the CGMA goes beyond traditional accounting and also dives into business leadership and strategic decision-making.

Exam Format

The CMA exam is divided into two parts, each lasting four hours. Every part includes 100 multiple-choice questions (MCQs) and two essay scenarios. You’ll have three hours to complete the MCQs and one hour for the essays.

Each part of the exam is scored on a scale of 0 to 500, with 500 being a perfect score. The MCQs account for 75% of your total score, while the essay section contributes the remaining 25%. To pass, you must achieve a minimum score of 360 on both parts. In general, candidates take around 6-8 months to prepare for and pass both exam parts.

In contrast, the CGMA designation is earned through two main qualifications: the Certificate in Business Accounting (Cert BA) and the CGMA Professional Qualification.

The Certificate in Business Accounting serves as the entry-level pathway for individuals without a background in accounting or finance. It also provides formal entry into the CGMA Professional Qualification. To earn the Cert BA, candidates must pass four objective tests.

The CGMA Professional Qualification is structured into three levels—Operational, Management, and Strategic. Each level consists of three 90-minute objective tests and a three-hour case study exam, making a total of 12 exams across all levels. Candidates with prior education or professional experience may receive exemptions from certain exams.

Due to the broader scope and greater number of assessments, completing the full CGMA pathway typically takes around four to five years.

Eligibility and Requirements

This is one of the more critical aspects when considering CGMA vs CMA.

The CGMA is only available to members of AICPA and CIMA. If you follow the AICPA pathway, you must be a member, as well as hold your CPA certification. Additionally, you are required to have 3 years of management accounting work experience and pass the CGMA exam.

Should you choose to go down the CIMA path, you are required to have 3 years of management accounting work experience, as well as be a member and pass certain CIMA exams including the CIMA Business Accounting certificate. That said, if you meet certain professional or educational requirements, you may be exempted from certain exam levels of the CGMA.

If you have experience in public accounting, you may supplement one of the three required years of experience with public accounting.

Unlike the CGMA where you have to be a member of either the CIMA or AICPA, there are fewer restrictions on the CMA. Eligibility is not restricted to members of IMA and anyone can join as long as they have a bachelor’s degree.

Regardless of which pathway you choose, all CGMA candidates must now take the same final exam.

CMA candidates are also required to have relevant work experience, but they only need two consecutive years of managerial experience.

The range of work experience can include everything from public or non-public accounting, budget preparation, information system analysis, financial management, management consulting, research, and even teaching.

If you are unsure if your work experience will be deemed eligible, please email the administrators as they will be able to let you know.

Estimated Costs

When comparing the CMA and CGMA qualifications, one of the biggest differences lies in the overall cost.

In general, the CMA certification requires a lower financial investment compared to the CGMA certification. This is mainly because it has fewer exam parts and a shorter overall preparation time.

For the CMA, candidates must pay several fees, including the IMA membership fee, a CMA entrance fee, and separate exam fees for each part.

Here are the current prices for each CMA-related fee:

• CMA entrance fee: $225 or $300
• Exam fee: $407 or $545 per exam part
• IMA yearly membership fee: $49, $160, or $295 per year

Additional expenses, such as study materials or review courses, can add an extra $1,300-1,800. These are optional but highly recommended to boost your chances of passing on your first attempt.

In contrast, the CGMA certification fees tend to be more expensive. Candidates must pay registration fees, annual subscription fees, and exam fees for each level. Since there are up to 12 exams in total, the overall expense adds up.

Depending on exemptions and location, completing the CGMA qualification can cost anywhere from $3,000 to $8,000 USD or more, especially when including tuition and learning materials.

In short, the CMA is a more cost-effective option for candidates seeking a global management accounting credential in a shorter timeframe.

Career Paths and Salary Potential

Both the CMA and CGMA certifications open doors to rewarding careers in finance, accounting, and business management. 

CMA-certified professionals are highly valued for their skills in financial planning, analysis, and internal decision support. Some career roles that the CMA certification will prepare you for include:  

• Financial Analyst
• Management Accountant
• Finance Manager
• Finance Controller
• Chief Financial Officer (CFO)

CGMA holders are recognized for their ability to combine financial expertise with business strategy. Some examples of roles they can take on include financial analyst, finance manager, project manager, management accountant, and consultant.  

When it comes to earnings, both certifications can lead to boosts in salary potential. According to global surveys, CMA holders can earn over 20% more than their non-certified peers. Similarly, CGMA professionals tend to command higher salaries. 

The average base salary for CMA holders is around $133,000 in the U.S. and approximately $69,000 globally. In comparison, CGMA holders in the U.K. report an average base salary of about £71,000, according to recent surveys.

Have you decided that the CMA will be your path to success? See why CMA Exam Academy is the #1 choice for passing the CMA exam your first attempt. 

The History and Reputation of CMA

The CMA exam has been around for more than 40 years. It has long been considered the designation of choice for those going into management-related accounting fields. You can learn more about what CMA is in our comprehensive article on this certification.

The CGMA, on the other hand, was created just over 13 years ago with the intention of extending the global reach of the AICPA.

The CGMA is powered by the AICPA and CIMA, two of the world’s largest associations for public accountants and management accountants. You can actually attain this designation through either pathway, but the eligibility and requirements differ.

Reputation and Initial Rollout

One particularly point that I would like to discuss about the CGMA is that when it was first developed, the AICPA essentially sold the certification for a fee. Simply put, thousands of CPA members were able to buy this designation, without ever having to take or pass an examination.

In the early years of the CGMA designation, it faced some criticism because accounting professionals could obtain the title automatically through their AICPA membership without taking any exams. This raised concerns that some CGMA holders might not have the level of expertise or knowledge employers typically associate with the credential.

Thankfully, the process has now been revised to strengthen its credibility. Today, all candidates must meet specific eligibility criteria and pass the required exams based on their educational and professional background.

Is the CGMA designation worth it?

CGMA may be worth it as an additional certification on top of your existing CPA or CMA status. Because it is newer, the CGMA still lives in the shadow of other accounting certifications. Thus, it might be best to opt for the CMA if you are still pursuing your first certification.

Are Employers more likely to hire CMAs or CGMAs?

Both certificates are recognized internationally, but CMAs generally have stronger recognition and hiring potential in the United States, while CGMAs may hold more weight in the U.K.

When it comes to employability, both the CMA and CGMA designations are well respected, but preferences often depend on the role and what the employer is looking for.

Employers seeking professionals skilled in financial planning, performance management, and internal decision support tend to favor CMAs. On the other hand, the CGMA designation is often preferred by employers looking for candidates with a broader focus on business strategy, risk management, and leadership.

Which Certification Is Right For You?

Choosing between the CMA and CGMA ultimately depends on your career goals, professional background, and where you plan to work.

If you’re interested in financial analysis, management accounting, and internal decision-making, the CMA certification is likely the better fit. Plus, it’s highly respected in the United States and internationally recognized.

Meanwhile, if you’re drawn to business leadership and management consulting, the CGMA might be a good match. It’s also particularly valued in the U.K. and Commonwealth regions.

In short, both designations can open doors to high-level roles and global opportunities.

Ready to earn your CMA certification? Explore our complete CMA exam study system and begin your success journey today!

FAQs

Can I get the CGMA certification without being a CPA?

Yes. You can earn the CGMA designation through the CIMA route, which does not require you to be a CPA. This path involves attaining the Professional Qualification by passing several exam levels and having three years of relevant practical experience.

What is the salary difference between a CMA and a CGMA in 2025?

Actual salaries vary by region, experience, and role. Based on recent surveys, CMAs in the United States earn about $133,000 annually. By comparison, CGMA professionals in the United Kingdom have an average base salary of around £71,000. Globally, both certifications lead to higher salaries than those of non-certified peers.

Which is harder to pass, the CMA exam or the CGMA exam?

Both exams can be challenging to pass. The CMA exam generally requires less time to pass, but it only has a pass rate of around 50% for both parts. The CGMA qualification involves 12 exams across three levels, requiring more time and effort. The pass rate is around 50-70% for case study exams, but it fluctuates greatly for objective tests.

Is the CGMA designation respected in the United States?

Yes, the CGMA is generally a respected designation in the U.S., especially for CPA holders who take the AICPA route. It continues to grow in prestige for professionals aiming for leadership, consulting, or strategic roles.

Which certification is better for an international career, CMA or CGMA?

It depends on where you plan to work. Both are globally recognized, but their strengths may differ. For instance, the CMA is widely recognized in the U.S., the Middle East, and Asia. In contrast, the CGMA has a bigger footprint in the UK and Commonwealth countries.

Thanks for reading,

Hi, I’m Nathan Liao (aka the CMA Coach)! For the last 10 years, over 82,000 accounting and finance pros came knocking at my door seeking guidance and help. If you’re also aiming to conquer the CMA exam on your very first try—without wasting away time or money—you’ve found your ultimate guide. Dive in deeper to discover more about me and the dedicated team that powers CMA Exam Academy. Click here and let’s embark on this journey together!