Sorry I just saw the title of the thread. The MSF is really useful if you want to get into the profession. The CMA is fine but most CMAs I know just have advanced knowledge of what top brokers know (different products, financial planning, bonds, stocks, etc..). The MSF is more for people who want to price derivatives, develop models, learn the details behind the different products and pricing, get more detail all around in stocks, bonds, options, futures, swaps, credit derivatives and other complex products. If you just want to trade then it might be more than you need lol.