What is the difference between a CPA and a CMA?

This question came up in a recent business meeting.  A CPA is a Certified Public Accountant and a CMA is a Certified Management Accountant.

Per ASK.com “The main differences between a CMA and a CPA are the duties that they normally do. A CPA … and usually handles things like
taxes, auditing, and financial statements. A CMA … will usually deal with financial management and analysis.”.

I’ve found, in practice, the roles of CPAs and CMAs become very intertwined. For instance, as a CMA, I’ve done quite a bit of taxes and financial statement preparation but not as much auditing. From a forensic accounting standpoint, my experience has been that I would present the financial statements and then provide the forensic evidence to support them. The CPAs would collect and validate the evidence I provided and then offer an opinion as to the validity of the financial statements. Both professional designations require rigorous testing, validation of professional experience, and continuous education. Many accounting professionals will have both designations.

Another difference is that the CPA designation is a “license” from the state (and may only be valid in specific states), while the CMA’s designation is a “certificate” from a respected international organization, the Institute of Management Accountants.