Cma Quebec Entrance Exam Study Manual
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I am often asked about the difference between CMA US vs CMA Canada. Here is a quick analysis for your information.
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UPDATE: Please note that CMA Canada is now part of CPA Canada. This Canadian CMA program is no longer open for new candidates.
You can learn about here. CMA US vs CMA Canada: Exam Structure CMA (US) The certification is offered by IMA, a US-based organization focuses exclusively on advancing the management accounting profession. To start the process, candidates must first become a IMA member (pay the fee) and register for the exam. There are two parts of the exam and candidates can take it in any order and within the same window.
CMA (Canada) The CMA designation is granted by 12 provinces and jurisdiction. Each of them can have different CMA exam requirements but as far as I know, the process is similar.
To get a CMA, candidates have to take an approved university program. After completion of the program, they take an CMA Entrance Examination.
After passing you perform case studies under the 2-year CMA Strategic Leadership Program, a case examination, and then present to the CMA board. CMA US vs CMA Canada: Prerequisite and Experience Requirement CMA (US) Bachelor degree is accepted from virtually any country. After passing the exam, candidates are required to fulfill 2 years of relevant experience in order to become a CMA.
There is much flexibility in the process: candidates can take the exam before they graduate, and the experience can be gained before, during or after the exam. CMA (Canada) I will take Ontario’s requirement in this example. Candidates are required to have a post-secondary degree. They also need to complete 17 designated topics with a minimum grade of 60% in each undergraduate course or 70% in each graduate course. If candidates take business, commerce or accounting degree programs at the university, the courses should be covered.
Certain university programs have been accredited by CMA Canada, and graduates of these programs may qualify for an exemption of the entrance exam. Pass Rates CMA (US) The exam is tough with pass rates of 31% for Part 1 and 48% for Part 2. North American candidates have at around 50%. CMA (Canada) I cannot find supporting data but from what I gather, the exam is not particularly easy, but passing rate is very high, around 90%. CMA US vs CMA Canada: Statutory Rights and Recognition CMA (US) CMA granted by IMA is a professional certification without any statutory rights e.g. Signing of audit report.
You can call yourself a CMA in Canada but it has to be stated as “CMA (IMA)” or “CMA (US)”. According to my friends in Canada, most employees are happy with American version — if it is a global firm they might even prefer the one from IMA.
CMA (Canada) CMA in Canada may perform audits in certain provinces, but some provinces require a CA or CGA to sign off on a CMA. Outside of Canada, if you call yourself a CMA people presume that you’ve got the US version. While not strictly required you might want to put CMA (Canada) on your business card.
At the same time, CICA and CMA Canada joined together January 1, 2013, to create Chartered Professional Accountants of Canada as the national organization to support unification of the Canadian accounting profession under the CPA banner. In other words, by becoming a CMA Canada you can now be known as the CPA Canada as well. Conclusion Going through the US or Canadian version of the CMA help you develop the same knowledge base, but path towards the designation is quite different. CMA (US) is global designation with large portion of certificate holders outside of the US, e.g. In China and the Middle East.
The process more exam-oriented: the prerequisite and experience requirement is very flexible but the exam itself is much tougher. The CMA Canada designation is pretty much designed for Canadians only with the restrictive educational and experience requirements. If you are a Canadian, the benefits of getting CMA (Canada) is that the exam is easier and you can get a “CPA” title now with the CA/CMA/CGA unification drive. What Is Your Recommendation? For Canadians here are more helpful blogs and sites relevant to the Canadian CMA exam:. If you are not a Canadian, or you plan to work in places other than Canada, I would recommend that you go for the US CMA designation.
You may find the following links useful:. For more information on CMA exam tips and study tactics, sign up to my e-course which is completely free. You can learn about the mini e-course or sign up directly below: Join us if you want to get tips on how to plan, study and pass your CMA exam on your first attempt! Hello Stephanie, Your information on this page is still very good; the Canadian CMA will be around for another 10 years, only the program has ended; This is a good page to get more info on the “new” CPA As the CPA becomes the only designation, the provincial bodies will develop their own sites. Now they can charge more for courses and membership fees since there is no more competition.
I still prefer the US CPA certification process; at least you do not have to pay $ 1,200/year in basic membership fees to keep your CPA. Hi Andrew, unfortunately Canada has its own set of CMA certification (to be rolled into the new CPA Canada designation). I don’t think in normal circumstances, the CMA certification would be seen equivalent to a Canadian bachelor degree, but maybe there are a few ways to work around it. That’s why evaluators won’t tell you the answer right away as they need time to go through your education as a whole. If it takes their time, it means $$. Hope you understand. If you think their service is not useful (which I tend to agree with you, because likely it won’t be considered equivalent), then don’t get the report then.
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If you are approved to go to Canada, why need to get this equivalency done? For work in the future? Hey Everyone! I have the US CMA from the IMA, moved to Canada and wondered if there is an equivalent to the Canadian CMA and i e mailed the IMA directly and they were very responsive with the following: IMA CMA members should freely promote the fact that they are CMAs. IMA always recommends that you put the place of issue of your CMA on all correspondence (i.e.
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CMA (USA) or something similar) with the public to avoid any confusion. In Ontario, Alberta and Quebec, laws were recently passed which restricts the use of CMA by anyone without a CMA from CMA Canada. IMA recommends that you put Certified by the Institute of Management Accountants or IMA Certified Member as part of your professional credentials if you reside or work in one of these three provinces. Ontario Bill 158 is the newest and most restrictive piece of legislation affecting IMA CMA members. In part, it states that a member: Cannot use the designation “Certified Management Accountant” or the initials “C.M.A.”, “CMA”, “F.C.M.A.”, “FCMA” alone or in combination with other words or abbreviations Cannot put CMA or Certified Management Accountant or similar on business cards. Adding the country of origin (i.e., CMA (USA)) is expressly prohibited Can recognize themselves as a CMA in a speech or other presentation given at a professional or academic conference or other similar forum Can call themselves a CMA in an application for employment or a private communication or RFP respecting the retainer of the individual’s services, if the reference is made to indicate the individual’s educational background and the individual expressly indicates that he or she is not a member of CMA Canada and is not governed by the CMA Canada.
Meaning it depends on what you would require from the certificate itself, the CMA is with regards to managerial finance rather than CPA which has to do with audit etc where it is required that you have the CPA designation to sign on official financial reports which usually takes place by the auditor in the audit firms rather than Director level or Leadership Team personnel, as confirmed by people on this forum and other forums that most employers accept the IMA CMA in Canada. In my opinion the most prestigious “Management Accounting” bodies in the world are CMA Canada and CIMA UK. CMA Canada is full member of IFAC (International federation of accountants) where as CMA US is not. And CMA Canada is quite comprehensive as compare to CMA US. CMA Canada has an entrance exam (which can be exempt based on your educational background); however you have to complete the two years Strategic Leadership Program (SLP) which is the core of the program.
The 2 years SLP is spread over 6 Modules, 1 Annual Case exam and 1 final Board Report Exam and you need 2 years Canadian work experience to get the designation. Well again am not in favor of that assumption, once you are certified by a strong body (IMA) what matters the most is your attitude towards your job and your input as a CMA holder, CMA isn’t looked down at in many financial communities in Canada, having an IMA CMA in Canada shouldn’t affect anyone who doesn’t sign financial statements (i.e: Auditors) while if you are working in corporate finance/banking or any other sectors or even becoming a CFO having a Canadian CMA or an IMA CMA is always an added benefit. After looking at so many CVs and having dealt with people who have a Canadian CMA the added value of it is extremely minor in comparison to the IMA CMA whereas the holder would be a Controller or a Finance Director at a minimum, also IMA CMA is cheaper to maintain (approx.
250$) while the Canadian CMA is around 1,200 CAD per year which is quite a substantial amount. Hi Vikas, it is an opinion so I can’t say it’s right or wrong, but I can’t say I agree with you. I believe you begin by referring to CMA Canada. But then your later argument is on CMA US. I am quite confused.
On the second point which I believe you are making, there are certainly people who could have qualified for both US CPA and US CMA but still choose CMA. There are also CPAs who get CMA as their second qualification. There aren’t a lot but I’ve known quite a few here. So again, can’t agree with your last point on people going for CMA because they have no option. If the CMA qualification is not useless, I don’t think there is a need for this site to exist 😉. Hey Stephanie!
You are doing a great job. I will soon become a Chartered Accountant from ICAP Pakistan, and I have also qualified CMA (USA). I am currently working for a multinational firm. Now, when I search for job opportunities in USA or Canada, obviously they do not mention whether they would be willing to accept applications from foreigners.
1.Do you think I have a chance of being accepted as a viable candidate for a job in USA or Canada? 2.What would be the best way to approach them for a job? 3.Is presence in the the relevant country mandatory? Thank you for your help.