I just started another thread about a similar topic.
I am a midwife with an inactive CPM license. I graduated from a MEAC accredited school, and at least half of the women I graduated with went on shortly thereafter to get their CNM. I am struggling with what to do with my license right now. I love home birth and birth center birth, but the on call hours can be very difficult if you work by yourself or with only one other partner. At a birth center/homebirth you need to be present the entire time your client is in labor- you don't have the same support system that you do with a hospital birth (ie nurses to assess and admit your pt, monitor them PP etc). If you have a busy practice it can be very grueling, especially if you have young children.
In Florida (where I originally got my license and practiced), LMs were eligible to receive medicaid reimbursemt and were able to practice independently in a home birth settings. Birth center midwives needed a physician to sign their protocols. My practice did BC and HB, so we had a formalized relationship with an OB- which was generally a great thing.
The other thing to remember is that a CPM is virtually USELESS for anything outside OOH midwifery. When I went back to nursing school, virtually none of my credits transferred despite the fact that I went to a MEAC accredited school and have attended hundreds of births in all sorts of settings. You are also generally not allowed to do 'well woman" care under your own license.