CMA USA and CMA Australia:Is cma usa recognized in australia?

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CMA USA and CMA Australia:Is cma usa recognized in australia?

CMA USA and CMA Australia

When it comes to becoming an accountant or pursuing a career in financial management, most people ask which certification they should choose. Here’s when global certifications like CMA USA (Certified Management Accounting) come into play. It is one of the most popular certifications in financial management and accounting. It is an advanced-level certification suitable for financial professionals and accountants. 

People having CMA USA certification can practice in different countries and continents, including the USA, Australia, Canada, the Middle East, Asia, etc. From a job perspective, this certification provides a handsome salary and total job satisfaction. This article will focus on CMA Australia and CMA USA. 

Those who want to become CMA USA professionals first need to crack the exam to get the certification. Given its vast syllabus and complex concepts, this might be tough for individuals, but joining a reputed CMA USA training center can ease this process. 

Before preparing for this exam, it is crucial to know in which countries CMA USA is valid, especially when looking for an overseas job or if there are any exemptions or not. 

Is CMA USA recognized in Australia? 

Both CMA USA and CMA Australia focus on training students to acquire skills in management accounting and finances. Both degrees allow individuals to gain the skills and knowledge required to make business-oriented decisions and assist an organization’s management team in implementing strategic policies. Though CMA USA is a globally recognized certification, this degree is accepted in the private sector only in Australia. It means CMA USA professionals can only get management accounting jobs in private companies. However, to apply for a government job, they must re-evaluate their certifications per CMA Australia rules. 

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CMA USA professionals are in high demand in Australia, especially in private organizations. They can be hired as chairman, managing directors, financial controllers, finance directors, chief finance officers, marketing managers, cost controllers, chief internal auditors, etc. 

CMA USA vs CMA Australia 

The main difference between the two CMA certifications is the certification issuer body. The CMA USA certification is provided by the Institute of Management Accountants (IMA), whereas the CMA Australia certification is offered by the Institute of Certified Management Accountants (ICMA). As it is not linked to any other professional (government) body like IMA (USA), candidates with CMA USA certifications are not considered for government management accounting and finance jobs. Further, IMA is not a permanent member of IFAC (International Federation of Accountants) as it is a group of financial professionals and not a standard accounting body. Qualifications provided by CMA Australia IFAC are only recognized as entry-level qualifications for the CMA Australia program. 

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To be eligible for high-profile government jobs, candidates first need to clear CPA or CA Australia and pass the CMA Australia exam. However, the program subjects of CMA Australia are almost the same as CMA USA. The other differences may lie between their program structure, eligibility, and salary. 

CMA USA vs CMA Australia- Program Structure

The CMA USA has the same program structure for all graduate candidates in any field. However, the CMA Australia has three program structures for candidates: Partial accounting qualifications, MBA or equivalent qualifications, and Professional finance and accounting qualifications. 

CMA USA vs CMA Australia- Eligibility

To appear for the CMA USA exam the candidate must be 12th passed out, however for the final certification the candidate must have a bachelor’s degree from a recognized university and at least two years of experience in the accounting and management field. Candidates applying for the CMA Australia exam must have at least a partial accounting qualification like a diploma to be eligible for it with at least five years of experience. 

CMA USA vs CMA Australia- Salary

The salary of CMA USA and CMA Australia degree holders depends on various factors, including the type of job, location, government or private job, etc. There is no significant difference between the salaries of the two professionals. However, CMA Australia certification holders may have competitive salaries as they can be appointed in both government and private sectors. The average CMA Australia Salary can be $147,502 and CMA of the US earn $150,000 on an average.

How to Become an Accountant in Australia? 

To become a certified management accountant (CMA) in Australia, candidates must have relevant qualifications, training, and skills. Here are the steps that candidates should follow. 

  • Understand the accounting industry- Before starting a journey as an accountant, it is essential to know what types of accounting certifications students can pursue. These specializations include CMA, CPA, and CA. CMA is a highly specialized degree in accounting. In comparison, CPA and CA are entry-level accounting certifications. Ideally, candidates should have basic accounting skills like fast calculation, communication, organization, etc. 
  • Select an educational provider- The next step is to choose an ideal educational institute or service provider that is accredited by the Australian Accounting body to offer relevant qualifications. To be eligible for entry-level accounting exams, the candidate must hold a bachelor’s degree in accounting. 
  • Enroll in a pathway program- A pathway program is meant to provide qualifications to candidates when they lack English language or academic requirements for a bachelor’s degree. It boosts capabilities and reduces the gap between a candidate’s qualifications in his home country and those required in Australia. 
  • Join a professional accounting body- After completing the bachelor’s degree, candidates can register as fresher accountants at various accounting institutions like Chartered Accountant Australia. However, accountants who are willing to get a more professional and globally recognized certification can opt for the CMA Australia or CMA USA course. Candidates pursuing the CMA USA course can practice anywhere worldwide, even in Australia. However, they won’t get government job opportunities but get private job offers. Individuals need to have CMA Australia certification to work as a government accountant in Australia. 

How to Join a CMA Australia Program? 

A primary program of the ICMA, CMA Australia, helps to develop synthesis, analysis, and evaluation skills in business analysis, management accounting, and strategic cost. This training program reviews and analyzes different controversial practical and conceptual issues. The CMA Australia Program aims to assist participants in being equipped with delivering decision-oriented information and business analysis in a business. 

In this program, participants will be taught two subjects, Strategic Business Analysis and Strategic Cost Management. They are assessed in the program based on their years of experience.

  • Less than ten years – Join CMA Program + Exams
  • 10-20 years – Join CMA Program + Exams or Research Assignment
  • Over 20 years – Join CMA Program

Entry Requirements

To join the CMA Australia Program, candidates must meet specific entry requirements. They must have a degree in Commerce, Accounting, Finance, or MBA degree (with finance and accounting subjects) from a recognized institute. Candidates can also have a Professional Qualification in Accounting. For CMA membership, it is essential for participants to complete the CMA program and have five years of business experience. 

What is the CMA Australia syllabus for the program? 

The syllabus of the CMA Australia program consists of two post-graduate level subjects. These are:

  • Subject 1 –Strategic Cost Management (SCM)
  • Subject 2 –Strategic Business Analysis (SBA)

These two subjects are equivalent to two Post Graduate master NZQA units. Each unit would run over an entire semester in a university. With prior experience and knowledge, participants will be able to complete the CMA Program over seven days.

The detailed information of the CMA Australia syllabus is discussed below:

  • Subject 1 – Strategic Cost Management (SCM)

SCM is an advanced-level subject that covers the responsibility of management accountants in modern industrial organizations. This subject also describes the concepts of cost and managerial accounting and other principles which may be used in the contemporary cost management models. 

Topics covered in this subject are:

  1. Management Control Systems
  2. Lean Manufacturing and Quality Control
  3. Cost Accounting and Cost Management in a Lean Environment
  4. Life Cycle Costing Systems
  5. Benchmarking
  6. Activity-Based Cost Allocation Systems
  7. Customer Profitability Analysis
  8. Process Control and Activity-Based Management 
  9. Implementing Cost Analysis and Control Systems
  10. Strategic Performance Management Systems
  11. Environmental and Social Management Accounting
  12. Strategic Governance and the Strategic Audit
  • Subject 2 – Strategic Business Analysis (SBA)

SBA provides specialization-level knowledge to general managers and accountants in accounting and other business functions. This subject identifies management accounting and cost issues related to marketing, risk management, value analysis, and other management models in modern organizations. SBA is an advanced-level subject that enables candidates to apply basic cost accounting and management concepts to analyze business situations.

Topics covered in this subject are:

  1. Strategic Thinking
  2. Strategic Marketing Analysis and Budgeting
  3. Financial Analysis in Product Portfolio Management
  4. Pricing Methods and Strategies
  5. Financial Dimensions of Pricing in International Business Strategies
  6. Promotion: Push Strategy and Human Resource Management 
  7. Promotion: Pull Strategy and Integrated Marketing Communication
  8. Supply Chain Management and the Place-Distribution Decision
  9. Performance Valuation and Strategic Financial Structures
  10. Strategic Value Analysis
  11. Risk Management –Corporate Radar and Early Warning Systems
  12. Strategic Scorecards

What are CMA Australia exemptions for CMA USA? 

Candidates having CMA USA certification get certain exemptions while applying for the CMA Australia program. Exemptions are given based on experience. These include;

  • Accountants having more than 20 years of experience need not give assessment tests. 
  • Professionals with ten years of experience are exempted from Assignments. 
  • Candidates with five years of experience are exempted from the exam but must submit assignments and go through assessment tests. 

FAQs (Frequently Asked Questions)

1. Is CMA recognized in Australia?

Yes, CMA is recognized in Australia but in the private sector. CMA certification is a worthwhile and valuable certification for those who wish to work as a business professional in Australia. So if a candidate qualifies for CMA in India, he can quickly become a member of the Australian accounting body without any qualification exam. Moreover, the CMA Australia in India can work in the Indian MNCs where the certification is accepted.

2. What is CMA Australia?

The CMA Australia is an essential program of the ICMA. Through this program, candidates will develop skills of evaluation, analysis, and synthesis in the areas of account management, strategic cost, and business analysis. Only student members, Graduates, and Associate members of the institute can become a part of the CMA program

3. How do I become a CMA in Australia?

A candidate has to follow specific steps to become CMA in Australia:
Step 1 –CMA Educational Requirements
Candidates must fulfill the CMA educational requirements to become part of the training program. They must have completed graduation in finance or commerce or have recognized professional accountancy qualifications.

Step 2 – CMA Experience Requirements
Candidates must have a minimum of 5 years of experience in financial management, account management, or any other senior business position. 

Step 3 –Eligibility Assessment 
For eligibility assessment, candidates must submit their transcripts, CV, educational qualification certificates, and documents related to work experience.

Step 4 –Join the CMA Program
Pay the CMA program fee and join the workshops.

Step 5 –Give the exam.
After completing the program, candidates must appear for the exam.

Step 6 – Get the Certificate
After passing the exam, candidates will receive their CMA certification. 

4. How much does a CMA earn in Australia?

The average gross salary of a CMA in Australia is $147,502. It is equivalent to the hourly rate of $71. In addition to this, they get an average bonus of $7,316. The average salary of an entry-level CMA is $103,256. While the average salary of the senior level CMA is $183,517.

5. Can I get a job in Australia with an Indian CMA qualification?

An Indian CMA can get a job in Australia by completing the CMA course in Australia. Therefore, a candidate with Indian CMA must earn a CPA certificate before applying for jobs in Australian companies.

Conclusion 

CMA USA is a widely accepted certification. CMA USA professionals can get job opportunities irrespective of the country they are applying in. There are multiple job opportunities for these professionals in various government and private sectors. People looking for overseas jobs, especially in western countries like Australia, must grab this certificate to boost their careers. 

If you want to become a certified US CMA professional, attend the best CMA USA training course to prepare for the exam and fetch good scores. At NorthStar Academy, we bring several years of experience to help students get helpful insights about the program. We provide all the necessary assistance that a student requires to crack the CMA USA examination ranging from initial handholding to personalized training to study materials.

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