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Best CMA Opportunities in Canada: US CMA Salary in Canada
Admin 29 Dec, 2023 CMA Opportunities in Canada
The US Certified Management Accountant or CMA (IMA) is one of the most prestigious qualifications in Management Accounting. The CMA certification is well recognized all around the globe. Hence, the job opportunities for a CMA USA are not limited to one country or even one continent. You can do the CMA USA accredited by the Institute of Management Accountants in India and get an Management Accounting job anywhere around the world, whether it be in the US or Europe or Canada.
For this article, we will narrow down our focus to the CMA opportunities in Canada for a CMA-certified accounting professional. There are plenty of opportunities as various firms are also looking for individuals with CMA USA certification. Not only Canadian, but the American firms who do business in Canada prefer the employees with CMA USA certification.
It might not be an easy task to crack the CMA USA certification exam, considered extremely difficult and comprehensive, on your own. A well-organized and comprehensive CMA USA course from a reputable institute can help anyone successfully pass the CMA exam on their first attempt. This would open a large pool of opportunities for you. Talking about opportunities, let us get back to the CMA jobs and salary structure of certified-CMAs in Canada.
What are the CMA opportunities in Canada?
Both the US and Canada are on the same continent and are neighboring countries. Hence, both countries have a significant impact on each other and each other's job market. In this case, if one country approves a qualification, the countries accept it directly or indirectly. A huge number of companies work in both countries simultaneously, further integrating the job market of these countries.
Imagine a company working in the United States, hiring CMA-certified accounting professionals. Now, when that company starts its operation in Canada, they still want US CMAs to manage their operations. Such companies had created a lot of demand for the US CMA certification in the country of Canada.
Even many Canadian companies are looking for individuals with US CMAs, further adding to CMA opportunities in Canada. The sweetest part, with higher demand, is the higher salary. As per the payscale website, the average salary for a US CMA certified accounting professional is around 90 grand in Canadian dollars. The work of a CMA is quite an important one, thus, justifying the higher salary.
Overall, we can say that the job prospects for an accounting professional with CMA(IMA) certification in Canada are looking quite positive. One can find high-paying accounting jobs in Canada, by adding the CMA US to their business card.
What is the CMA salary in Canada?
The CMA opportunities in Canada are booming. The high demand for CMA-certified professionals drives their high salaries in the Canadian job market. The average CMA salary in Canada hovers around the C$98k/yr mark, which is quite higher as compared to many other professions.
With the above figure from PayScale, the US CMA salary in Canada per month will turn out to be more than 8,000 Canadian dollars.
What are the opportunities for CMA US jobs in Canada?
As the CMA US certification focuses more on Managerial Accounting, Financial Management, and Accounting for Big companies. US CMA opportunities in Canada are more focused on the Managerial department of a company.
Managerial posts are positions of very high importance in a company, employers don't want to take just any accounting professional for the job, but the top of the cream. As the CMA US examinations are super tough to get through, it ensures employers that the individuals they are hiring are excellent in their field.
Hence, there is high availability of experienced as well as CMA USA fresher jobs in Canada, in the management part of the corporate world. You can get the prestigious US CMA opportunities in Canada, even reach C-level positions, like that of CFO (chief financial officer), in the corporate world by having a CMA certification and good enough experience.
Let us walk you through all the possible CMA opportunities in Canada, available to a US CMA-certified accounting professional and what salary you can get at those job titles.
1. Finance Manager
According to PayScale, the salary of a Finance Manager with a CMA US qualification can range from $65,000 to $110k in Canadian dollars.
The finance manager is a mid-level position in the corporate world. As a finance manager, you have to deal with both the clients and the upper management. Hence, you need to obtain communication skills as good as your technical skills to effectively do your job as a finance manager.
You will be in charge of making every small and big operational decision for the company and will be responsible for budgeting, forecasting, etc.
2. Financial Analyst
The job title is somewhat self-explanatory. As a financial Analyst, you are responsible for the preparation and tracking of the company's financial reports. The Financial Analyst does a deep analysis of these reports and results to find out the best possible way to increase the company�s productivity.
The average salary for a financial analyst with the CMA (IMA) certification goes around C$67,410. But In the domain of financial analysis, you can grow really fast and can get promoted to senior Financial Analyst relatively faster. The average salary for a Senior financial analyst in a Canadian firm hovers around C$81,191, one of the pretty decent CMA opportunities in Canada.
3. Financial Controller
Financial Controller is a crucial role in any company, as he/she is responsible for all aspects of a company�s finance. As a Finance controller, you must know each and every aspect of finance and have to serve as the financial backbone of a company or a single department. Daily responsibilities of a Financial Controller can vary quite a lot depending on the company, but they generally include performing administrative tasks, conducting internal analysis/reviews, formulating financial strategies, analyzing financial reports, and so on.
The average salary of a Corporate Controller or Finance Controller in Canada is C$100,363.
4. Chief Financial Officer
The CFO or Chief Financial Officer, is the highest one can achieve in a company in the finance domain. A CFO is the head of finance for the whole company, one of the best CMA opportunities in Canada to grab. He/she monitors all the financial activities and takes action accordingly. The position holds significant influence in the organization. It is the dream job position for every qualified Management Accountant.
The US CMA certification will equip you with all the knowledge in Finance and management required to become a CFO and manage the entire company�s financial performance. But the CMA can only provide you with the knowledge, it still takes several years to develop the skills necessary for being a CFO.
In Canada, on average a CFO earns around C$144,271/yr, making it one of the most attractive jobs in the field.
What is the Indian CMA salary in Canada?
The salary structure differs as per the certification you have acquired being an Indian. You can either have the CMA US certification accredited by IMA (Institute of Management Accountants) while being an Indian citizen, or you have the CMA India certification which is accredited by the ICMAI (Institute of Cost Accountants of India).
The US CMA (IMA) certified Indian individual can get an average salary of C$75,000 per year. Whereas, an Indian CMA (ICMAI) can get an average salary of C$55,000 per year.
FAQs
1. Is CMA valuable in Canada?
Yes, the CMA (US) certification is a highly valuable credential to have in Canada, which is why there are numerous US CMA opportunities in Canada.2. How much does a CMA earn in Canada?
The CMA certification is a highly sought-after credential. Many companies are looking for individuals with US CMA certification on their resumes, fueling the demand for CMAs. With this high demand, the salary of a CMA-certified accounting professional also tends to increase.
According to the data by Payscale, the average salary of the CMA-certified accounting professional is around 98,000 Canadian dollars. The salary depends on the experience and position of the individual. Here is the salary of a CMA according to the position or job title, the CMA holds in the company -
| Job title of the CMA | Average annual salary in Canadian dollars |
| Chief Financial Officer (CFO) | C$144,271 /yr |
| Finance Director | C$117,974 /yr |
| Corporate Controller | C$100,363 /yr |
| Senior Financial Analyst | C$81,191 /yr |
| Financial Analyst | C$67,410 /yr |
| Vice President (VP), Finance | C$145,699 /yr |
| Finance Manager | C$93,544 /yr |
3. What is the USA CMA equivalent in Canada?
The CPA Canada (Chartered Professional Accountants of Canada) can be considered the US CMA equivalent in Canada.
In the year 2013, the Canadian Institute of Chartered Accountants (CICA), The Society of Management Accountants of Canada (CMA), and the Certified General Accountants Association of Canada (CGA) have established a new national organization named Chartered Professional
Accountants of Canada (CPA Canada) in order to unify the management accounting profession in the country. The CMA Canada is also merged with the CPA program.
4. Is Indian CMA valid in Canada?
No, Indian CMA is not valid in Canada. CMA US and CMA India are both accounting certifications, but the CMA India(ICMAI) is recognized only in India.5. Can I get a job in Canada after CMA US?
CMA USA is a world-recognized certification for management accounting and there is a huge demand for this certification in the job market. Companies all around the world are looking for professionals with CMA credentials, similar is the case with Canadian companies. Canadian employers are also looking for CMA-certified professionals to join their teams. Hence, there is quite a demand for the CMA US certification in the Canadian job market. One can find a lot of CMA opportunities in Canada.6. Is CMA the same CPA in Canada?
CMA Canada and CPA are not same. They both are completely different certification courses. CMA stands for Certified Management Accountant and CPA stands for Certified Public Accountant. CMA is for management accountants and CPA is for Public Accountants.7. What are the prerequisites and experience requirements for the CMA US?
For the CMA US certification, you must obtain at least a bachelor's degree from virtually any country. After clearing the CMA examination, the candidates are required to acquire 2 years of relevant work experience. Only then, the candidate will be granted the CMA certification.
The candidates can take the examination before they graduate, which means you can take the exam in the last year of your college and immediately start the work after the college, without wasting any time. The required experience can be acquired before, during, or after the exam.
Conclusion
The US CMA is the most sought-after certification in the field of Management Accounting, not only in the USA or Canada but all around the world. Hence the Job prospects for a CMA always look great. Individuals are preparing for the CMA exam by enrolling themselves in the top institutes like NorthStar Academy (NSA). We, at NorthStar Academy, recommend pursuing the CMA USA certification for individuals who want to work in Canada.
CMA opportunities in Canada, or any other part of the world, are endless. Given the lower supply of CMA-qualified accounting professionals in Canada and the ever-growing demand for CMAs by Multinational companies, you most probably will be able to get a good enough package.
If you join the courses at NSA, you will get guidance from India�s top mentors, such as M.Irfat Sir, an experienced expert and tutor in this field. We provide the best 12-sectioned review material to cover every corner of your syllabus. In case you need to learn more about the CMA US or other courses, feel free to connect with the expert team +918147470707 or fill in the form to connect later - Query Form.