This document was developed in collaboration with the Ontario Ministry of Training, Colleges and Universities, Access to Professions and Trades Unit in April, 2005. Requirements may have changed by the time you submit your university transcripts for evaluation. Please review The Society of Management Accountants of Ontario (CMA Ontario) website or contact the Society before submitting your transcripts.

Copyright in this Career Map is held jointly by t he Queen's Printer for Ontario and The Society of Management Accountants of Ontario, ©, 2005. This Career Map may be used or reproduced by any third party for non-commercial, not-for-profit purposes, provided that no fee, payment or royalty of any kind shall be charged by the third party for any further use or reproduction of the Career Map by any person. Any proposed commercial or for-profit use or reproduction of this Career Map requires a written license from the Queen's Printer for Ontario and The Society of Management Accountants of Ontario.

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Certified Management Accountants (CMAs) are strategic financial management professionals who synthesize and analyze financial and non-financial information to help organizations set and achieve their strategic objectives. Combining accounting and business expertise with professional management skills, CMAs help guide organizations in making important business decisions, such as identifying new market opportunities, better allocating their resources, and maximizing organizational value.

The Canadian Certified Management Accountant (CMA) designation is internationally recognized for high professional standards in the management accounting field. To use the designation “Certified Management Accountant” or initials “CMA” or work as a Certified Management Accountant in the Province of Ontario, you must be a member in good standing of The Society of Management Accountants of Ontario (CMA Ontario) and have been certified by CMA Ontario or an affiliated provincial / territorial partner in The Society of Management Accountants of Canada (CMA Canada).

CMA Ontario is the professional body responsible for the accreditation, regulation and continuing professional development of CMAs in the Province of Ontario – under the authority of the Society of Management Accountants of Ontario Act, 1941 . It maintains rigorous standards of accreditation and professionalism in management accounting to protect the public interest.

In addition, under the Public Accounting Act, 2004, CMA Ontario will be entitled to carry out direct licensing and regulation of its members who practice public accounting, upon meeting the required standards set by the regulatory body for public accounting in Ontario, the Public Accountants Council.

With 20,000 members, CMA Ontario is an integral part of a profession that is 45,000 members strong across Canada and around the world.

The CMA designation is distinct from other accounting designations such as Chartered Accountant (CA) and Certified General Accountant (CGA), which have different professional bodies, qualification requirements and areas of practice. For information on the CA and CGA bodies, contact them directly or refer to the Career Maps posted on the Government of Ontario website.

How to Earn the CMA Designation in Ontario

To earn the Certified Management Accountant designation in Ontario, you must meet CMA Ontario’s General Admission Requirements and complete the CMA Accreditation Program. The requirements and program are based on the CMA Canada National Standard for the Accreditation of Certified Management Accountants.

To meet the General Admission Requirements, you must:

• Be a Canadian citizen or legally entitled to work in Canada
• Be a resident of Ontario
• Be able to proficiently speak, read and write English at a business level
• Not have been removed or dismissed for cause from an academic institution or professional organization
• Not be currently the subject of an outstanding conduct complaint in any professional organization
• Not have been convicted of a criminal offence that would affect the integrity or professionalism of a Certified Management Accountant and
• Agree to abide by the Code of Professional Ethics of the Society and its bylaws, standards, policies and rules.

In addition to meeting the General Admission Requirements, you must successfully complete the five basic components of the CMA Accreditation Program:

1: Earn a university degree from a recognized university
2: Successfully complete the CMA Prerequisite Studies, which are specific accounting and management studies at the university level
3: Pass the national CMA Entrance Examination
4: Successfully complete the two-year CMA Strategic Leadership Program and
5: Complete 24 months of qualifying practical experience, concurrent with the CMA Strategic Leadership Program.

You'll find detailed information on each of the above components in the CMA Accreditation Program section of this Career Map, starting on page 6.

University graduates interested in earning a Master degree together with the CMA designation may be eligible for admission to a Combined CMA/Master program.

University graduates with a minimum of five years of senior level experience in strategic financial management may be eligible for admission to the CMA Executive Program or a corresponding Joint CMA/Master program.

University graduates accredited by one of the following accounting bodies may be eligible for advanced standing in the CMA program :

• American Institute of Certified Public Accountants (AICPA)
• Canadian Institute of Chartered Accountants and its affiliates (CICA)
• Certified General Accountants Association of Canada and its affiliates (CGAAC)
• The Chartered Institute of Management Accountants (CIMA)
• The Chartered Institute of Public Finance and Accountancy (CIPFA)
• Institute of Cost and Management Accountants of Pakistan (ICMAP)

Recognition of Credentials Received from Another Professional Accounting Body Outside or Inside Canada

CMA Ontario , as a partner in CMA Canada, recognizes internationally-trained accounting professionals in Ontario, as well as Canadian-trained accounting professionals, through the following three pathways:

1. Mutual Recognition of qualifying CIMA and CIPFA members

CMA Canada has Mutual Recognition Agreements with two other international accounting bodies – The Chartered Institute of Management Accountants (CIMA) and The Chartered Institute of Public Finance and Accountancy (CIPFA). Through these agreements, CMA Ontario may grant the CM A designation to qualifying CIMA and CIPFA members.

To qualify for the CMA designation under these Mutual Recognition Agreements, you must:

• be a certified member in good standing of CIMA or CIPFA
• have qualified as a professional accountant by completing the entire program of CIMA or CIPFA
• have earned a Canadian university degree or equivalent
• be a Canadian citizen or legally entitled to work in Canada
• have permanently relocated to Ontario
• have gained two years (24 months) of relevant work experience at the managerial level in a management accounting environment while employed in Canada
• have no outstanding disciplinary charges
• have not previously attempted and failed a CMA Canada qualifying examination and
• have successfully completed the CMA Prerequisite Studies topics of Commercial Law and Taxation at the university level while a resident or citizen of Canada.

Once you become a resident of Ontario and have fulfilled the above requirements, you will need to provide the following information to CMA Ontario:

• an application sponsored by a CMA who is in good standing
• a letter from CIMA or CIPFA confirming that you are currently a certified member who is in good standing
• proof of permanent residence in Ontario
• a copy of your university transcripts and
• details of your two years of work experience completed in Canada in a management accounting environment

You must provide certified translations for all documents originally written in a language other than English or French. You can arrange for this through your university, or by going to a certified translator such as the Notary at your local Embassy, or by contacting the Association of Translators and Interpreters of Ontario (ATIO).

2. Professional Advanced Standing for qualifying AICPA, CICA, CGAAC and ICMAP members

CMA Ontario grants qualifying members of the following recognized international accounting bodies special advanced standing in the CMA Accreditation Program, as follows:

• Members of the American Institute of Certified Public Accountants (AICPA), the Canadian Institute of Chartered Accountants and its affiliates (CICA) and the Certified General Accountants Association of Canada and its affiliates (CGAAC) may qualify for advanced standing for the CMA Prerequisite Studies
• Members of the Institute of Cost and Management Accountants of Pakistan (ICMAP) may qualify for advanced standing for the CMA Prerequisite Studies and Part 1 of the CMA Entrance Examination.

To qualify for special advanced standing, you must:

• be a certified member in good standing of AICPA, CICA, CGAAC or ICMAP
• have qualified as a professional accountant by completing the entire program of AICPA, CICA, CGAAC or ICMAP
• have earned a Canadian university degree or equivalent
• be a Canadian citizen or legally entitled to work in Canada
• have permanently relocated to Ontario
• have no outstanding disciplinary charges
• have not previously attempted and failed a CMA Canada qualifying examination and
• be employed in a qualifying position in Canada if applying for advanced standing as an ICMAP member.

You must provide the following information to CMA Ontario:

• a letter from AICPA, CICA, CGAAC or ICMAP confirming that you are currently a certified member who is in good standing
• proof of permanent residence in Ontario
• a copy of university transcript
• if you are applying for advanced standing as an ICMAP member, a letter from your immediate supervisor confirming your current employment.

In addition, you may be asked to provide descriptions of academic courses you have successfully completed.

You must provide certified translations for all documents originally written in a language other than English or French. You can arrange for this through your university, or by going to a certified translator such as the Notary at your local Embassy, or by contacting the Association of Translators and Interpreters of Ontario (ATIO).

3. Other Advanced Standing

Internationally‑accredited professionals with a university degree or international university graduates may be eligible for advanced standing in individual CMA Prerequisite Studies topics based on the specific courses they have successfully completed through a university equivalent to a Canadian university. You'll find f urther information in the Getting Started – While Abroad or After Arriving in Ontario and CMA Accreditation Program sections below.

Recognition of CMA Designation Received in Another Canadian Province or Territory

The CMA designation granted in one Canadian jurisdiction will be recognized in other Canadian jurisdictions subject to conditions set out in a Mutual Recognition Agreement between CMA Ontario and the affiliated provincial / territorial partners in CMA Canada.

Under this agreement, CMA Ontario will admit as members, without further evaluation of their competencies, CMAs in good standing from another Canadian Society who are actively practising and who are not subject to restricted practice in their current Society.

Getting Started – While Abroad or After Arriving in Ontario

You must submit your university transcripts to CMA Ontario for assessment to get started in the CMA program. You can do this while you are still in your home country, or abroad, or after arriving in Ontario.

You must provide certified translations for all documents originally written in a language other than English or French. You can arrange for this through your university, or by going to a certified translator such as the Notary at your local Embassy, or by contacting the Association of Translators and Interpreters of Ontario (ATIO).

You can mail or fax a copy of the transcripts and certified translations to CMA Ontario's Accreditation Department for a free evaluation of whether a recognized university has granted your degree. If CMA Ontario is unfamiliar with the university that granted you a degree, CMA Ontario provide you with information on how you can have your degree assessed by an international academic credential evaluation service.

Once CMA Ontario has determined that a recognized university has granted your degree, it will review the courses you have completed and the grades you have achieved to determine the advanced standing you have attained in the CMA Prerequisite Studies. If CMA Ontario is unfamiliar with a course, you will need to provide a course outline from the university.

You will receive a Transcript Evaluation Report prepared by CMA Ontario. This document will tell you whether your university degree is recognized. If your degree is recognized, it will also outline the CMA Prerequisite Studies topics that you have successfully completed and those that you must complete in order to be eligible for the CMA Entrance Examination once you arrive in Ontario.

Becoming a CMA Ontario Member

Once you have had your transcripts evaluated and are resident in Ontario , you are eligible to apply to become a Student Member of CMA Ontario.

To become a member, you need to:

• Fill in a membership application form, which requires you to:

• confirm that you are a Canadian citizen or legally entitled to work in Canada
• confirm that you are a resident of Ontario
• report whether you have ever been removed or dismissed for cause from an academic institution or professional organization
• report whether you are currently the subject of an outstanding conduct complaint in any professional organization
• report whether you have ever been convicted of any criminal offence and
• agree to abide by the Code of Professional Ethics of the Society and its bylaws, standards, policies and rules

• Pay the required annual membership fee

Members of CMA Ontario can access many resources, free of charge, to help them to find employment. These include:

• a CMA Member Career Site, on which you can post your résumé and search for posted positions
• CMA Ontario’s Member Services Centre, from which you can request research in support of your employment search activities, such as industry and company profiles
• one-on-one employment search counselling and résumé critiquing services
• a special Career and Networking Fair held each fall in Toronto.
  

CMA Accreditation Program

There are five components to the CMA Accreditation Program.

1: Earn a university degree from a recognized university

Before you can begin the specific training that allows you to earn the CMA designation, you must earn a university degree from a recognized university. A recognized university is:

• an institutional member of the Association of Universities and Colleges of Canada (AUCC) or
• a Canadian educational institution that grants a degree equivalent to a degree from an institutional member of the AUCC or
• a non‑Canadian educational institution that grants a degree deemed equivalent to a degree from an institutional member of the AUCC.

Contact the CMA Ontario Accreditation Department to determine whether the university you graduated from is recognized.

2: Complete the CMA Prerequisite Studies

You must also successfully complete the CMA Prerequisite Studies topics through university-level studies. These topics provide the foundation knowledge essential for the professional studies you will complete in the CMA Strategic Leadership Program.

The CMA Prerequisite Studies topics are:

• Management Studies:

• Introductory Management Accounting
• Intermediate Management Accounting
• Advanced Management Accounting
• Corporate Finance
• Operations Management
• Information Technology
• Strategic Management
• International Business
• Human Resources
• Marketing

• General Accounting Studies:

• Introductory Financial Accounting
• Intermediate Financial Accounting
• Advanced Financial Accounting
• Taxation

• Related Studies:

• Economics
• Commercial Law
• Statistics

You must achieve a minimum grade of 60 percent in each course at the undergraduate degree level and a minimum grade of 70 percent in each course at the Master degree level.

If you did not complete all the Prerequisite Studies topics within your degree studies, the following options are available, depending on your qualifications:

a) Take courses at university, on a full-time or part-time basis

Most Ontario universities offer courses on campus that cover the CMA Prerequisite Studies topics. Several Ontario universities and Canadian universities outside Ontario also offer courses by distance learning. The CMA Ontario website provides a list of recognized universities and courses.

You must achieve a minimum grade of 60 percent in each course at the undergraduate degree level and a minimum grade of 70 percent in each course at the Master degree level.

b) Take the CMA Accelerated Program

The CMA Accelerated Program is an intensive seven-month bridging program designed to help you qualify more quickly for the CMA Entrance Examination and review the exam syllabus in preparation for writing the CMA Entrance Examination.

To be eligible, you must have:

• a university degree
• a minimum university level grade of 60 percent in Introductory Management Accounting, Introductory Financial Accounting, Human Resources, Economics, and Statistics and
• the ability to communicate in English, both orally and in writing, at a business level.

Because this program is very intensive, it is also recommended that you:

• are currently employed in a business position or have two years previous business experience and
• have had exposure to the use of computers in business.

The Accelerated Program is offered twice a year – in September (leading to the June Entrance Examination) and in January (leading to the October Entrance Examination).

You can attend full-day Saturday lectures in selected centres or take the program by correspondence. You must achieve a minimum grade of 60 percent to pass this program.

c) Take a Combined CMA/Master program

If you have a university degree , you may be qualified to complete the CMA Prerequisite Studies and the CMA Strategic Leadership Program, and earn a Master degree at the same time, through a Combined CMA/Master program. The CMA Ontario website provides a list of the Ontario universities that offer Combined CMA/Master Programs. These programs are available through full‑time and part‑time studies. If you qualify and opt for this program, you will also cover Component 4 of the full CMA Accreditation Program in your CMA/Master program. To pass this program, you must achieve a minimum grade of 60 percent on CMA evaluations in this program and also attain your Master degree.

d) Take the CMA Executive Program

If you have a university degree and at least five years of senior level experience in strategic financial management , you may be eligible to waive writing the CMA Entrance Examination, and go directly into the CMA Executive Program. In year one of this two-year, part-time program, you will complete the CMA Prerequisite Studies. Year two is an executive version of the CMA Strategic Leadership Program. If you qualify and opt for this program, you would be exempted from Components 3, 4 and 5 of the full CMA Accreditation Program. You must achieve a minimum grade of 60 percent to pass this program.

e) Take a Joint CMA/Master program

If you have a university degree and at least five years of senior level experience in strategic financial management, you may be qualified to complete the CMA Executive Program and earn a Master degree at the same time through a Joint CMA/Master program. The CMA Ontario website provides a list of the Ontario universities that offer Joint CMA/Master Programs. If you qualify and opt for this program, you would be exempted from Components 3, 4 and 5 of the full CMA Accreditation Program. To pass this program, you must achieve a minimum grade of 60 percent on CMA evaluations in this program and also attain your Master degree.

3: Pass the CMA Entrance Examination

Once you have earned a degree from a recognized university and successfully completed all the Prerequisite Studies topics, you may apply to write the CMA Entrance Examination. This exam tests your knowledge of the CMA Prerequisite Studies.

The CMA Entrance Examination is held twice annually – in mid-June and mid-October. It includes:

• Part 1: a multiple-choice examination on all Prerequisite Studies topics
• Part 2: an examination that assesses your skills of judgement, analysis, evaluation, integration and communication through a complex business case.

CMA Ontario can help you prepare: it offers optional preparation courses in each part of the exam and a comprehensive study guide.

You must achieve a minimum grade of 60 percent in each of Part 1 and Part 2 of this national examination. When you receive your marks, you will also receive an assessment of your performance relative to everyone else who wrote the exam. If you have not passed either part, you may request, for a fee, a re-mark of your paper and will receive written feedback on your performance.

If you are unsuccessful in either Part 1 or Part 2, you must rewrite that part within 13 months of your first attempt. If you are unsuccessful in both parts, you must rewrite both parts in one sitting within 13 months of your first attempt. You can only make a third attempt on appeal, and depending on your specific circumstances.

4: Complete the CMA Strategic Leadership Program

The CMA Strategic Leadership Program is a post-graduate, part-time program you complete over two years, concurrent with 24 months of progressive practical experience. In this innovative professional studies program, you focus on the best of contemporary and emerging strategic management and management accounting practices while developing communication, interpersonal and leadership skills.

The program includes six integrative learning modules, each of which requires that you attend a weekend interactive session with a group of 20-25 fellow candidates. Before and after each session, you study assigned articles that are posted on CMA Ontario’s website, complete a research report and complete an individual management report or case report. The program has been designed this way so you can learn new concepts, explore them with your peers and apply them within your own business environment. You must have ongoing access to the Internet throughout the program to access program materials.

For a final, seventh module, you work in an assigned team on a complex, integrative business case. You develop a comprehensive written report and also present your findings to a panel of CMAs.

You must achieve a minimum grade of 60 percent to pass this program.

5: Complete 24 Months of Qualifying Practical Experience

Practical experience in a management accounting environment, concurrent with the Strategic Leadership Program, is an essential part of the process of becoming a CMA. As you progress through the Strategic Leadership Program, your on-the-job responsibilities must expand – from providing information, to identifying and evaluating possible courses of action and providing business advice.

Most people fulfil the 24-month practical experience requirement concurrently with their CMA Strategic Leadership Program studies. If this is not possible, you may be allowed to:

• Include qualifying experience that you gain within one year after you have completed the Strategic Leadership Program.
• Include qualifying experience that you gained not more than three years before you started the CMA Strategic Leadership Program.
  

Labour Market Information

Compensation and Labour Market Trends

According to CMA Ontario’s compensation survey released in 2003, Ontario-based CMAs earned an average of $100,000, and candidates in the CMA Strategic Leadership Program earned an average of $59,000. CMA Program fees were paid in full by the employers of 61 percent of candidates, and were paid in part for a further 12 percent. More than 60 percent of CMAs and CMA candidates reported receiving additional compensation above their base salary, in the form of bonuses, profit-sharing and incentives.

According to the Government of Canada’s Job Futures website, the average hourly wage for financial managers is $28.41 – well above the average for all occupations of $16.91. Furthermore, the rate of wage growth is more than twice the average. As financial managers, work prospects for CMAs for 2007 will be good and the rate of employment growth will be above average, with demand increasing because expertise in financial management is necessary in today’s complex corporate world and organizations need more analysis of business operations.

For more information on labour market conditions for this profession, including provincial and regional market conditions, consult the Canada Job Futures website, at http://jobfutures.ca/noc/0111.shtml. The Human Resources and Skills Development Canada (HRSDC) website at http://www.labourmarketinformation.ca/standard.asp?ppid=60&lcode=E also provides valuable insights. This information is also available at public libraries or HRSDC Employment Resource Centres in your community.

CMA Ontario conducts regular information sessions at many newcomer settlement groups to provide information on the employment prospects for CMAs and the employment search services available through CMA Ontario.

Key Industries for CMAs in Ontario

All sectors in the Ontario economy rely on the expertise and knowledge provided by CMAs. According to CMA Ontario:

• 14 percent of CMAs work in financial, insurance and real estate services
• 14 percent in government
• 10 percent in consulting
• 9 percent in technology and communications
• 5 percent in education and associations
• 5 percent in automotive and transportation
• 4 percent in the food and beverage industry
• 20 percent in other manufacturing industries
• 19 percent in other service industries

CMAs work as employees in or independent practitioners for organizations of all sizes and types. They work in strategic planning, finance, information technology, operations, human resources, and sales and marketing departments, often holding Manager, Controller, Director or Management Consultant positions. Many attain Chief Financial Officer, Vice President, President or Chief Executive Officer positions.

Fees for July 2005 to June 2006 (in Canadian Dollars – includes applicable taxes)

CMA Accelerated Program (optional bridging program)	$2,400.00
CMA Entrance Examination Part 1 and Part 2 – total	$642.00
Exam Preparation Program (optional but strongly recommended): Study Guide	$190.00
Full Program including Study Guide	$1,250.00
CMA Strategic Leadership Program (payable in four instalments over two years; includes all study materials and applicable meals)	$7,222.50
CMA/Master Program	Varies by university
CMA Executive Program	$26,750.00
Annual Membership Fees: Before you pass the CMA Entrance Examination	$53.50
As a candidate in the CMA Strategic Leadership Program	$408.74
As a Certified Management Accountant	$719.04

Note: You may need to pay additional fees depending on your individual situation. There is an additional fee, for instance, should you request a re-mark of your Entrance Examination paper.

For more information

For more information on how to become a Certified Management Accountant in Ontario or to request an assessment of your university transcripts, contact:

Accreditation Department
The Society of Management Accountants of Ontario (CMA Ontario)
70 University Avenue, Suite 300
Toronto , O N M5J 2M4
Tel ephone : 416 - 977-7741 or 1-800-387-2991
Fax: 416 - 977-6079
E-mail: info@cma-ontario.org
Website: www.cma-ontario.org

For information on how to become a Certified Management Accountant in o ther Canadian p rovinces and t erritories , contact the related Society listed on the CMA Canada website:

The Society of Management Accountants of Canada (CMA Canada)
Mississauga Executive Centre
One Robert Speck Parkway, Suite 1400
Mississauga , O N L4Z 3M3
Tel ephone : 905 - 949-4200 or 1-800-263-7622
Fax: 905-949-0888
E-mail: info@cma-canada.org
Website: www.cma-canada.org

For information on finding a certified translation service, contact:

Association of Translators and Interpreters of Ontario (ATIO)
1 Nicholas Street, Suite 1202
Ottawa, ON K1N 7B7
Tel: (613) 241-2846
Fax: (613) 241-4098
Toll-free: 1-800-234-5030
Email: atio@fox.nstn.ca
Website: www.atio.on.ca

For information on where and how to get help with settlement in Ontario, including language assessment and training services:

Visit www.settlement.org, or contact:

Ontario Council of Agencies Serving Immigrants (OCASI)
110 Eglinton Avenue West, Suite 200
Toronto, ON M4R 1A3
Telephone: 416-322-4950
Fax: 416-322-8084
Email: ocasi@web.net
Website: www.ocasi.org

For a government contact about accessing professions and trades in Ontario:

Government of Ontario
Ministry of Training, Colleges and Universities
Access to Professions & Trades Unit
Tel: 416-326-5656
Toll Free: 1-888-562-4769
Fax: 416-326-6265
Email: aptinfo@mci.gov.on.ca
Website: www.citizenship.gov.on.ca/english/citdiv/apt/

Copyright in this Career Map is held jointly by the Queen’s Printer for Ontario and The Society of Management Accountants of Ontario, ©, 2005.