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CMA Canada vs CMA USA:Which One is Best to Choose in 2024
Admin 29 Dec, 2023 CMA Canada vs CMA USA
Growth is a vital goal of success. Success is not just a point; it is a path of constant growth. Professionals in the financial management industry are getting the hang of this fact and increasingly trying to pursue prestigious certifications in their field, such as CMA.
Some might confuse the CMA Canada vs CMA USA and which one to pursue. CMA USA and CMA Canada have specific points of difference which we will discuss below. From exam structure to pass rates, we will cover every fact for your reference. This blog will help you understand the underlying details and choose the best certification for you.
So, without further ado, let us begin by knowing what CMA USA and CMA Canada are!
What is CMA USA?
CMA or Certified Management Accountant is a top-level financial certification that increases the potential of getting jobs in top companies with high pay grades. Earning this certification and listing it on your CV can give you better chances of selection in Big 4s and other MNCs. Anyone who wishes to gain a specialized certificate in the field of accountancy can apply for the CMA USA certification course and prepare for it.
Have a look at some key highlights of the exam.
| Particulars | Details |
| Name of the Certification | Certified Management Accountant (CMA) USA |
| Official Accreditation Body | Institute of Management Accountants (IMA) |
| CMA Exam | Part I Financial Planning, Performance, and Analytics.Part II Strategic Financial Management. |
| Exam Sessions | The exam is conducted in May/ June and December/January. |
| Duration of the CMA USA Course | 6-9 months (if done with NorthStar Academy) |
| Pass Rate | The pass rate globally is 50% for the CMA USA certification exam. |
Before discussing CMA Canada vs. CMA USA, it is essential to note that the CMA USA exam is rigorous and challenging. To gain certification, one has to fulfill several eligibility criteria. Following are some eligibility requirements for the CMA USA exam.
- One needs to have an IMA (Institute of Management Accountants) Membership.
- A Bachelor's degree from a highly recognized institution/university.
- Candidates must have at least two years of work experience in Management Accounting or Financial Accounting post or pre-completion of the CMA USA Exam.
- Candidates must abide by the Statement of Ethical Professional Practice of the Institute of Management Accountants.
Now, let us understand what CMA Canada is the other aspect of CMA Canada vs. CMA USA
The CMA certification holds vast importance in the accounting world of Canada. Candidates can also gain the CMA Canada certification by studying in Canada. Learning in Canada is highly feasible and happens in two phases, i.e., development and application. The CMA Canada's entrance exam structure is similar to that of the CMA USA exam with two parts. After clearing the entrance exam, candidates must gain two years of experience in the relevant field of Finance and Accounts.
CMA Canada is also a very challenging exam. CMA Canada is explicitly designed for people residing in Canada with some educational and experience requirements.
To know more about CMA Canada vs. CMA USA salary, read the other sections of this article.
US CMA Salary in Canada
While discussing the CMA Canada vs. CMA USA, it is essential to know the salary. The higher the experience, the better the scope and salary. The average salary of a CMA in Canada is $60,000.
For instance, a beginner applying for the job gets $43,388 on average. Similarly, the experienced CMAs can make up to $79,000 annually in Canada.
On the other hand, a US CMA average income is $107,817 per year. An entry-level CMA earns $80,000, and a candidate having work experience of 2-7 years earns up to $93,000.
Candidates who have work experience of 10 years have $110,000 as their yearly salary. And finally, professionals who have more than ten years of experience earn up to $125,000.
We hope you have got better clarity now regarding the CMA US salary in Canada. Let us now look at some job roles and their related salaries.
US CMA Salary in Canada as Per Job Roles
While talking about the CMA Canada vs. CMA USA, a candidate must know that an individual's salary varies according to the job roles.
Below is the table depicting various salaries for different job posts. Have a look!
| Job Roles of CMA | Salaries (per annum) |
| Financial Analyst | $72,000 - $100,000 |
| Analyst | $88,000 |
| Finance Officer | $64,000 |
| Finance Manager | $70,000 - $85,000 |
| Internal Auditor | $64,000 - $92,000 |
| Financial Administrator | $92,000 |
| Reporting Manager | $108,000 |
| Senior Auditor | $$63,000 - $90,355 |
| Program Finance Officer | $55,000 - $59,000 |
| Financial Advisor | $72,000 - $97,000 |
| Business Planning Manager and Analyst | $65,900 - $109,000 |
CMA Jobs in Canada
Apart from knowing about CMA Canada vs. CMA USA, it is essential to have thorough knowledge about the CMA jobs in Canada.
Below is the list of jobs one can apply for after acquiring any CMA Certifications.
1. Senior Accountant
The primary role of a senior accountant is to prepare, review, and analyze the monthly reports for management, thereby consolidating asset management reports. A senior accountant organizes and coordinates the monthly settlement through the reconciliation process. Apart from this, they also implement enhancements and maintain the accounting system. The average salary of a Senior Accountant is $72,000 per annum.
2. Senior Cost Accountant
A senior cost accountant partners with the operations management to provide technical assistance and advice. They analyze the cost of the products and variances associated with the manufactured goods. They also assist in long-term and short-term projects and special assignments of the company. The average salary of a Senior Cost Accountant is $73,000 per annum.
3. Finance Manager
As a finance manager, one must maintain a relationship with the client and stakeholders to understand the business environment and fulfill financial tasks thoroughly. Finance managers assist in developing and executing the forecasting processes that help solve issues arising in the company. Financial analysis is also taken into account by the financial Manager to help clients understand the implications of the decisions. The average salary of a Finance Manager is $94,000 per annum.
4. Financial Analyst
As a financial analyst, the professional will provide advice and undertake analysis in reporting, planning, and budgeting & costing areas. They are also responsible for assessing and reviewing financial information and transactions to ensure integrity and accuracy. Financial analysts also develop and apply various economic policies and procedures to ensure compliance with the legislation. The average salary of a financial analyst ranges from $72,000 to $100,000 per annum.
5. Finance and Administration Manager
The finance and administration manager manages the provision of general administration and financial services to undertake the process of budgeting, planning, and analysis. The managers are responsible for implementing programs that comply with the legislation's regulations. The salary of a finance and administration manager is $92,000 per annum.
These are the top five job roles in Canada with high-paid salaries. The salaries might differ slightly in terms of CMA USA in different countries. Let's look at how international students can apply for CMA in Canada.
US CMA in Canada for International Students
As per the CMA Canada vs. CMA USA, let us first discuss how international students can apply for the CMA credential in Canada.
To gain the CMA USA credential, a candidate, be it national or international, has to fulfill specific requirements. Here they are!
- Candidates must have completed a university program (Bachelor's degree in accounting fields) that the CMA board has approved.
- A candidate must obtain at least 75% marks to sit for the exam.
- After completing the university degree, a candidate has to give the CMA exam and excel in it.
- Upon excelling in the exam, they have to undergo a CMA strategic leadership program for two years, wherein they will work closely on case studies to present them to the CMA board.
After fulfilling these requirements, candidates can quickly gain the credential. But let us first look at how to apply for the CMA exam in Canada.
- Go to the official website and complete the application form.
- Submit the documents required and the international student application fee of $250.
- Candidates must also provide proof of an IELTS score of 7.0 or a TOEFL score of 90 to sit for the exam.
CMA Canada vs. CMA USA is a frequently asked question by students. To apply in Canada, candidates have to fulfill the requirements mentioned above.
CMA USA and CMA Canada: Key Differences
There are some critical differences between CMA Canada vs. CMA USA. Have a look at the table below to know more!
| Particulars | CMA Canada | CMA USA |
| Professional Organization | Cost Management Accountants of Canada (CMA Canada) | Institute of Management Accountants (IMA) |
| Experience Requirement | Candidates need a university degree. They can give the exam, and two years of experience working in the CMA Strategic Leadership program is required. | A candidate must have a bachelors degree along with two years of work experience in the relevant field. |
| Pass Rates | The pass rate of CMA Canada is 90%. | The pass rate of CMA USA is 50%. |
| Duration | The duration is 2 years. | The duration is around 18 months. |
| Exam Sessions | The exam sessions can begin in October, June, or December. | The exam sessions begin in June. |
| Validity | CMA Canada is only valid in Canada. | CMA USA is globally accredited. |
So, these are the critical differences between CMA Canada vs. CMA USA. Candidates can apply for the exam after fulfilling the eligibility requirements. Both CMA Canada and CMA USA have the same exam structure. Candidates can have a syllabus list and prepare accordingly for the exam.
FAQs (Frequently Asked Questions)
1. Can you do CMA in Canada?
If you reside in Canada, you can apply for CMA Canada. However, if you are an international student, you must fulfill specific eligibility criteria to apply for the credential. The eligibility criteria for international students are given above in the section 'CMA in Canada for International Students.'
2. How do you become a CMA in Canada?
To become a CMA in Canada, candidates must undertake a university program. After this, they can sit for the CMA exam. Upon excelling in the examination, candidates must undergo two years of work experience in the CMA Strategic Leadership Program before they finally gain the credential. However, you can also pursue the CMA USA certification while residing in Canada. The whole thing of CMA Canada vs. CMA USA boils down to whether you want to work in Canada only or need global recognition with CMA USA.
3.Is CMA valuable in Canada?
CMA US is globally acclaimed and is recognized in Canada too. But certain companies in Canada require Canadian qualifications. So, if you wish to settle and work in Canada, it is best to apply for CMA Canada rather than CMA USA.
4. What is the CMA salary in Canada?
The average salary of a CMA is $69,000 in Canada. The pay can differ based on the experience of the candidate.
5. Which country pays the highest salary to CMA?
Canada and the US pay the highest salary to CMAs. The salary for a CMA in Canada is $113,000, while the wages for a CMA in the US are $75000. Candidates can undertake the CMA Canada or CMA USA course to gain high-paid jobs in top companies.
5. Which country has the best scope for CMA?
CMA USA has the best scope in the USA. However, if you undertake the CMA USA course, you can work in any part of the globe with high-salary jobs. Every country is going to prioritize you over the non-certified candidates. Thus, for rapid career advancement, enroll in the CMA USA course!
6. Which country has the best scope for CMA?
CMA USA has the best scope in the USA. However, if you undertake the CMA USA course, you can work in any part of the globe with high-salary jobs. Every country is going to prioritize you over the non-certified candidates. Thus, for rapid career advancement, enroll in the CMA USA course!
Conclusion
Which one should You Choose? So, the ultimate question of choosing between the certification lies with two factors.
- Do you want to work in other countries, including Canada?
- Do you want to go for an easier exam with a higher passing rate or a difficult one with a low passing rate?
CMA Canada is preferred mainly by those residing in Canada and who would like to work there. However, if you want global recognition with higher job opportunities, then CMA USA should be your first preference.
For the CMA USA preparation, go for one of the top training institutes, NorthStar Academy (NSA). With a pass percentage of 83%, the academy provides you with exclusive study material and live sessions with mentors that help clarify your doubts.
CMA is a challenging exam, so it is essential to have assistance from the top mentors of NSA. You also get bundle discounts that make our certification courses budget-friendly.
What's more? The CMA certification courses are generally for 12-18 months, but with Northstar Academy, the duration is reasonably reduced to just six months. Apply soon to Northstar Academy! and get started with your CMA Journey.