Is CMA USA in Germany Beneficial to do ? Eligibility Criteria for the CMA USA
Admin 29 Dec, 2023 CMA USA in Germany
Germany is one of the countries wherein CMA USA is given prime importance. When we talk about CMA USA in Germany, many things come to mind, like the job prospects, validity, and difference of the course from other nations. These aspects of the CMA USA certification are often not discussed in detail, which leaves the individuals confused, trying to figure out if they should pursue this certification or not. Needless to say, CMA USA is a globally recognized course that can help US CMA-certified professionals get fantastic career opportunities. CMA USA gives your career a necessary push, ranging from a higher salary to career opportunities in foreign nations.
So, if you are planning to apply in Germany, this article might help. Herein, we have covered deep insights regarding the CMA USA in Germany.
What is CMA USA in Germany?
The CMA USA is a global certification accredited by the USA-based official body called the Institute of Management Accountants (IMA). The certificate is the same no matter from which country you apply for it, as the ultimate accreditation is by the same organization, i.e., IMA.
The US CMA credential is offered for financial accounting proficiency and some management skills while making strategic business decisions. It is one of the prestigious and high-level credentials that signify an individuals effort and expertise in management accounting and financial management. It is one of the best management and accounting certification programs that have helped candidates get fantastic career opportunities.
Knowing the basics of the CMA USA in Germany, let us look at some key information that an individual must adhere to if they are going to apply for the CMA USA certification in Germany.
Eligibility Criteria for the CMA USA Exam
To pursue CMA USA in Germany, there are some requirements that you have to fulfil. Any discrepancy in the fulfillment of these requirements can lead to disqualification.
- A candidate must have an IMA Membership.
- They must acquire a bachelors degree from a recognized college/ university.
- Two years of work experience is very important in management and financial accounting.
- The Statement of Ethical Professional Practice of IMA must be followed.
Exam Structure of CMA USA
Below are certain points regarding the exam structure.
- The exam structure for CMA USA in Germany includes two parts. A candidate must clear both parts to become a US CMA.
- The exam is computer-based, and both exam parts are four hours long.
- The exam consists of 100 MCQs and two questions of thirty minutes each.
- The total time duration of the CMA exam is four hours.
- A candidate has to score 360 out of 500 in both exam parts, to pass the CMA USA certification exam.
Thats all for the exam pattern of CMA USA in Germany. It is essential to note that only after qualifying the first part will the candidates be allowed to give the second part or vice versa. Another thing to note here is that the CMA exam happens thrice a year, i.e., in January/ February, June/ July, and September/ October.
Now let us get to the syllabus.
Syllabus for CMA USA Certification Exam
After one has applied for CMA USA in Germany, a candidate needs to know about the syllabus. Here is the syllabus for the same!
Part 1
- Analysis and Technology - 15%
- Internal Controls - 15%
- Cost Management - 15%
- Performance Management - 20%
- Planning, Forecasting, and Budgeting - 20%
- External Financial Reporting - 15%
Part 2
- Corporate Finance - 20%
- Decision Analysis - 25%
- Risk Management - 10%
- Professional Ethics - 15%
- Financial Statement Analysis - 20%
- Investment Decisions
Fee Structure of CMA USA Certification
CMA USA in Germany has a different fee structure for students and working professionals. Let us have a look at them!
For Students
| Particulars | CMA USA Fee for Student Category (in $) |
| Membership Registration | 135 |
| IMA Entrance Fee | 210 |
| Part 1 Exam Fee | 345 |
| Part 2 Exam Fee | 345 |
| Total | 1035 |
For Working Professionals
| Particulars | CMA USA Fee for Working Professional (in $) |
| IMA Membership Fee | 260 |
| IMA Entrance Fee | 280 |
| Part 1 Exam Fee | 460 |
| Part 2 Exam Fee | 460 |
| Total | 1460 |
Now that you have gained some basic knowledge regarding CMA USA in Germany let us look at some other key points.
Is CMA USA Valid in Germany?
It has already been established that CMA USA is a globally acclaimed certification. Ranging from Europe to Asia to America to the Middle East It is valued equally in every part of the world.
Therefore, CMA USA is valid in Germany as well. The eligibility criteria, exam pattern, fee, etc., are the same. Candidates must go through the CMA USA training course in Germany before enrolling and preparing accordingly.
US CMA Salary in Germany
The salary of a CMA USA in Germany depends upon the designation and post on which a candidate is serving.
The average salary of a CMA USA in Germany ranges from 38,843 Euros to 55,545 Euros. Always remember that with a higher salary, the responsibilities also increase.
The salary can vary depending upon the posts. According to some sources, the overall percentage of CMAs in Germany will increase to 58% in 2021. As the demand for US CMAs grows, the salary also increases.
Let us now look at the job opportunities for CMA USA in Germany.
US CMA Jobs in Germany
There is no shortage of job opportunities for US CMAs in Germany. Take a look at some of the job roles you can work in!
Management Accountant
A management accountant is one of the major job roles. Candidates applying for the job of a management accountant can plan and strategize the company's processes, thereby managing the risks associated with decision-making. Along with management skills, communication skills are also important for public and private businesses. The salary of a CMA USA in Germany as a Management Accountant is 64,434.
Financial Advisor
The main role of a financial advisor is to pay attention to & analyze the financial condition of the company. Some of the responsibilities of a financial advisor include advising businesses on issuing corporate bonds, performing financial research, and extracting information on business profitability, stability, solvency, and liquidity. As a financial advisor, one can work in a bank or insurance company. The salary of a financial advisor is 69,476.
Chartered Accountant
A Chartered Accountant (CA) is responsible for auditing financial statements, filing corporate tax returns, financial advising, etc. It is one of the reputed job roles wherein a candidate must have expertise in accounting and mathematics. The salary of a chartered accountant in Germany is 3,280 EUR per month.
Cost Accountant
Cost Accountants hold the responsibility of analyzing & recording the costs of the business processes. The accountants ensure that the company gains profit and improves its financial management. The major responsibilities are preparing capital, liability, and asset account entries along with providing financial recommendations & documenting transactions. The salary of a cost accountant is 77,554.
Accounting Manager
Accounting managers are responsible for developing and maintaining accounting systems & procedures of the accountants to assess or collect data. The job responsibility includes examining daily operations, conducting data monitoring, establishing fixed accounting policies, etc. They are required to look at the work of other accountants as well. The average salary of CMA USA in Germany as an Accounting Manager is 116,050 per year.
Chief Financial Officer
A Chief Financial Officer is the topmost position. A CFO is the CEOs right hand who oversees everything in a company from financial reporting to Forecasting to making financial decisions for the company. The job responsibilities of a CFO include tracking cash flow, analyzing financial strengths, and proposing the right choices. It requires years of experience to develop the necessary skills to become a CFO. The average salary of a CFO is 122423.
Now that you know about the top job roles of CMA USA in Germany, let us now discuss the countries in which CMA USA is accepted.
What are the CMA USA Accepted Countries?
CMA USA is a globally accepted course that provides fantastic career opportunities to candidates. Candidates can settle and work in a foreign nation and get high-salary jobs. As mentioned in the above section, a CMA always gets mid and senior-level positions.
Some CMA USA accepted countries include the UK, US, China, Lebanon, India, Canada, Middle East, etc.
Candidates must ensure they meet all the requirements before applying for the CMA USA course.
CMA USA Exemptions
We have seen the requirements of the CMA USA exam. Have a look at the exemptions that a qualified CMA USA gets.
- Full exemption from IPA
- Full Exemption from IFA
- Full exemption from CIPFA
- Full exemption from ICWAI
- Full exemption of FIA
- 50% exemption of ICMA
- Exemption of three papers of ACCA
- CMA India, with five years of work experience, will get exemptions from 9 papers of ACCA
- Exemption from 6 papers of CIMA
All these exemptions have to be validated by IMA. To get the CMA USA exemptions, an official letter must be sent to IMA, and the same is the case with other official bodies.
US CMA Internship in Germany
There are a lot of CMA USA job opportunities in Germany. If you plan to do an internship, here are the top internships you can try. Remember that internships can be paid or unpaid.
Finance Intern
A finance intern is responsible for processing monthly closings and creating management reports. A lot of analysis work is also taken up by the finance interns. Apart from this, a finance intern will also be answerable to seniors regarding finance-related questions.
Accounting Intern
As the name suggests, an accounting intern has to keep the companys accounts in check. Other responsibilities include resolving issues related to the invoice, reconciling the bank accounts, participating in month-end closure, etc. An accounting intern is expected to have knowledge of basic accounting principles.
Office Management Intern
The role of an office management intern is to manage the day-to-day tasks like sorting documents, checking inventory, preparing PPTs, etc. They have to coordinate with internal and external stakeholders and assist in the creation of financial information.
Regional Controlling/ Control Intern
A regional controlling intern has to check on the team's day-to-day tasks. They have to create a dynamic atmosphere for the team to yield desired results. A control intern has to analyze the financial data and participate in small and bigger projects.
FAQs
1.Can USA CMA work in Germany?
Yes, A CMA USA can work in any part of the world. Germany is one of the best places that offer candidates fantastic career opportunities and high-paying salaries. So yes, CMA USA in Germany can prove to be a wise decision.
2.Is CMA USA recognized in Europe?
Yes! CMA USA is recognized in Europe and other parts of the world. Be it the US, UK, or any other country, CMA USA provides one with mid and senior-level job roles.
3.In which countries is US CMA valid?
Yes! CMA USA is recognized in Europe and other parts of the world. Be it the US, UK, or any other country, CMA USA provides one with mid and senior-level job roles.
4.Is Indian CMA valid in foreign countries?
No, Indian CMA is not valid in any country apart from India. If you have done CMA in India, then you can only work in India! That is why it is essential to opt for a globally recognized course like CMA USA so that you can work in different nations and gain experience.
Conclusion
Being a professional credential, a US CMA-certified candidate can quickly get jobs in any part of the world. CMA USA in Germany can prove to be an excellent opportunity for candidates who wish to work in top-level positions.
Now, as far as the preparation for the exam is concerned, a candidate must not rely on self-study only. Numerous institutions and academies can help candidates excel in the examination. One such academy is NorthStar Academy. The institution includes world-class mentors who will be there for you 24x7. You will get exclusive study material and recorded classes to help you prepare for the exam efficiently and on time.
Bundle discounts and free demo classes are also offered so that you can ultimately decide whether to sign up for the classes or not. So, what are you waiting for? Contact NorthStar Academy and begin your journey as a CMA USA now +918147470707