CMA and CFA CMA stands for Certified Management Accountant, whereas CFA stands for Chartered Financial Analyst. And as their name suggests, both courses are quite different from one another and opting for one can be a little tricky. Further in this blog, both of these courses will be compared under various elements which will help you make a decision. Stages to Complete While the CFA program has 3 levels that need to be taken in the order of 1, 2 and 3; the CMA program has 2 parts that can be taken in any order. Duration The CFA exam can take a minimum of 1 and a half years to complete. The CFA examination can be taken once each year (first Saturday of June) for level 2 and 3 and twice in the year for level 1 (first Saturday of June and/or first Saturday of December). The CMA exam has numerous windows and one can appear for the examination in January or February, May or June, and September or October. The examinations can be completed within the period of 6 months. T