CMA vs. CPA: Navigating Certification Requirements and Career Challenges with Kaden Cook

The finer details of this episode:

• Differences between CMA (Certified Management Accountant) and CPA (Certified Public Accountant) exams/certifications
• Applying knowledge from school, exams, and work experience in current role
• Challenges and loopholes in meeting the 150-hour rule
• Importance of practical work experience and technology in the industry

Episode resources:

• Summit Virtual CFO by Anders website: https://www.summitcpa.net/
• Email us with questions or if you’d like to be a guest on the show: [email protected]
• We’re hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities
• https://www.linkedin.com/in/kadencook/

Time Stamps:

Welcome to the Young CPA Success Show (00:00:01)

Introduction to the podcast and its purpose.

Kaden's Journey into Accounting and Certifications (00:00:23)

Kaden's background, choice of certifications, and the differences between CMA and CPA exams.

Discussion on School, Career Choices, and Future of Accounting (00:01:51)

Insights on the 150-credit hour requirement for the CPA exam, career choices, and the future of accounting.

Discovering Summit CFO through a Podcast (00:02:42)

Kaden's discovery of Summit CFO through a podcast and the topics discussed in the podcast.

Choosing CMA Over CPA and Its Benefits (00:07:12)

Reasons for choosing CMA over CPA, including the differences in exam requirements and the benefits of starting the CMA exam during college.

Comparing CMA and CPA Exams (00:13:19)

Kaden's experience with both CMA and CPA exams, including differences in exam structure, content, and difficulty.

Application of Knowledge from School, Exams, and Work Experience (00:18:30)

Discussion on how Kaden applies knowledge from school, exams, and work experience in his current role, and the importance of understanding the material thoroughly.

Understanding Financial Accounting (00:19:28)

Kaden discusses how his college education greatly contributed to his understanding of financial accounting.

Work Experience and CMA (00:19:49)

Kaden explains how his work experience and CMA studies went in tandem, providing practical application.

Challenges in Education (00:21:29)

Joey and Kaden discuss the shift in education focus from understanding to chasing grades.

Impact of 150-hour Rule (00:26:44)

The 150-hour rule for the CPA exam is discussed, and Kaden shares how he and others found loopholes.

Alternative Credit Acquisition (00:31:17)

Kaden shares a loophole to acquire credits for the 150-hour rule through online FEMA courses.

Debate on 150-hour Requirement (00:33:22)

The debate on the value and practicality of the 150-hour requirement for the CPA exam is discussed.

The Future of Accounting (00:37:09)

Kaden emphasizes the importance of technological proficiency for future success in accounting.

The importance of understanding AI (00:38:26)

Discussion on the necessity of understanding AI and its role in the advisory world.

Advising students to think beyond exams (00:39:28)

Encouraging students to focus on synthesizing information and putting pieces together for future success.

Appreciation and encouragement (00:40:01)

Expressing gratitude to the guest for sharing insights and encouraging audience engagement.

Opportunities for young CPAs (00:40:38)

Promotion of career development opportunities for young CPAs at Summit Virtual CFO and Anders CPAs and Advisors.