Certified Management Account (CMA) Jobs in Australia: A Guide

Are you interested in pursuing CMA jobs in Australia as an Indian? CMA stands for Certified Management Account, a professional credential that demonstrates expertise in management accounting. You might be wondering what are the benefits, opportunities, and requirements of becoming a CMA in the “land down under”. In this blog, we will provide you with a comprehensive guide on CMA jobs in Australia, including a list of CMA jobs, their roles and responsibilities, how to become a CMA in Australia, and skills required for the role. Read on to know more!

Average Salary	AU$ 97,500/year
Top Industries	Accounting, Banking and Financial Services, Manufacturing, Transport and Logistics, and Government and Defence.
Top skills	Financial Analysis, Budgeting, Forecasting, Management Accounting, and Strategic Planning

List of CMA Jobs in Australia

Management accounting is the process of providing financial information and analysis to support strategic decision-making and planning in an organization. Unlike financial accounting, which focuses on reporting historical data to external stakeholders, management accounting focuses on generating forward-looking data and insights for internal stakeholders.

There are many opportunities for CMAs in Australia, as the demand for management accounting skills is high across various industries and sectors. Some of the popular CMA jobs in Australia are:

Management Accountant

Salary: AU$ 90,000 – AU$ 110,000 per year

Qualifications:
– Bachelor’s degree in accounting, finance, or related field 

– CMA certification or working towards it 

– Minimum 3 years of experience in management accounting 

– Advanced Excel skills and experience with ERP systems 

– Excellent communication and interpersonal skills

Duties:

– Prepare and analyze monthly management reports and financial statements 

– Assist with budgeting, forecasting, and variance analysis 

– Provide business partnering support to operational managers 

– Implement and improve accounting policies and procedures 

– Ensure compliance with tax and statutory requirements

Financial Analyst

Salary: AU$ 80,000 – AU$ 100,000 per year

Qualifications: 

– Bachelor’s degree in accounting, finance, or related field 

– CMA certification or working towards it 

– Minimum 2 years of experience in financial analysis 

– Strong analytical and problem-solving skills 

– Proficient in Excel, PowerPoint, and BI tools

Duties: 

– Perform financial modelling and scenario analysis 

– Conduct market research and competitor analysis 

– Evaluate and advise on business cases and investment proposals 

– Support strategic planning and decision-making 

– Prepare and present financial reports and dashboards

Must Read: How to Become a Financial Analyst?

Cost Accountant

Salary: AU$ 70,000 – AU$ 90,000 per year

Qualifications: 

– Bachelor’s degree in accounting, finance, or related field 

– CMA certification or working towards it 

– Minimum 2 years of experience in cost accounting 

– Experience in the manufacturing industry preferred 

– Knowledge of standard costing methods and systems

Duties: 

• Calculating and monitoring product costs and margins
• Analyzing cost drivers and variances
• Reviewing inventory levels and movements
• Assisting with cost reduction and efficiency improvement initiatives
• Maintaining and updating cost accounting system and records

Must Read: How to Become a Cost Accountant?

Chief Financial Officer (CFO)

Salary: AU$ 170,000 – 180,000 per year

Qualifications: 

• Bachelor’s degree in accounting, finance, or related field.
• A CMA certification or equivalent professional qualification in accounting.
• A minimum of 10 years of experience in senior financial management roles.

Duties: 

• Leading and overseeing the financial operations and strategy of an organization.
• Managing the budgeting and forecasting processes.
• Ensuring the accuracy and compliance of financial reporting and auditing.
• Providing financial advice and guidance to the senior management and board of directors.
• Developing and maintaining relationships with external stakeholders.

Vice President (VP), Financial Planning & Analysis

Salary: AU$ 200,000 – AU$ 250,000 per year

Qualifications:

• Bachelor’s degree in accounting, finance, or related field.
• A CMA certification or equivalent professional qualification in accounting.
• A minimum of 7 years of experience in financial planning and analysis roles.

Duties:

• Supporting the CFO of Global Corporate and Institutional Banking APAC (GCIB APAC) and the broader Financial Planning Team with the financial planning and analysis activities for the region by:
  • Preparing monthly financial reports and dashboards.
  • Coordinating the annual budgeting and quarterly forecasting processes.
  • Conducting variance analysis and commentary, providing insights and recommendations on business performance and opportunities.
  • Ensuring compliance with internal policies and external regulations.

Top Recruiters for CMA Jobs in Australia

Here are some fo the top recruiters for CMA Job profiles in Australia:

• Lloyd Connect Melbourne
• Accenture
• CMA CGM
• CMA Electrical and Data
• Wimmera Catchment Management Authority

Must Read: ICWAI CMA Syllabus 2023 Foundation, Intermediate, Final

How to Become a CMA in Australia?

To apply for CMA jobs in Australia and become a CMA, one needs to meet the following eligibility criteria:

• A valid work visa to Australia.
• CMA certification from the Institute of Certified Management Accountants (ICMA)
• Have a bachelor’s degree in accounting, commerce, finance, or a related field from a recognized university or a professional qualification in accounting.
• Have at least five years of relevant work experience in management accounting or a related field.
• Be a member of the ICMA Australia.

To obtain the CMA certification from ICMA Australia, one needs to complete the following steps:

• Enroll in the CMA program offered by ICMA Australia or one of its Recognized Provider Institutions (RPIs).
• Complete the two post-graduate level courses of the CMA program: Strategic Cost Management and Strategic Business Analysis.
• Pass the two online exams of the CMA program: Part 1 (Strategic Cost Management) and Part 2 (Strategic Business Analysis).
• Maintain the CMA certification by completing at least 30 hours of Continuing Professional Development (CPD) activities per year.

Must Read: CMA June 2023: Application (Out), Exam (July), Pattern, Eligibility

What does a CMA do?

A CMA performs various roles and responsibilities depending on their level of experience, industry, and organization. Some of the common tasks that CMA jobs in Australia demand are:

1. Preparing and analyzing financial statements and reports
2. Developing and monitoring budgets and forecasts
3. Evaluating and advising on business performance and profitability
4. Conducting cost-benefit analysis and risk assessment
5. Implementing and improving internal controls and processes
6. Providing strategic guidance and recommendations to senior management
7. Leading and managing teams of accountants and other professionals

A CMA can work in various sectors and functions, such as finance, accounting, operations, marketing, human resources, supply chain, project management, etc. A CMA can also work as a consultant or an educator.

Relevant Read: Top 15 Highest Salary Jobs for Commerce Students [2023]

Skills Required to Become a CMA

To become a successful CMA, one needs to have a combination of technical skills, soft skills, and professional ethics. Some of the essential skills that CMA jobs in Australia require are:

Accounting Knowledge 

A CMA needs to have a solid understanding of accounting principles, standards, methods, and systems. A CMA also needs to be proficient in using various accounting software and tools.

Analytical Skills

A CMA needs to have strong analytical skills to collect, process, interpret, and present financial data and information. A CMA also needs to be able to identify problems, opportunities, trends, and patterns in the data.

Communication Skills

A CMA needs to have effective communication skills to communicate clearly and persuasively with various stakeholders, such as managers, clients, auditors, regulators, etc. A CMA also needs to be able to write concise and accurate reports and presentations.

Critical Thinking Skills

A CMA needs to have critical thinking skills to evaluate situations objectively and logically. A CMA also needs to be able to apply creativity and innovation to solve problems and generate solutions.

Leadership Skills

A CMA needs to have leadership skills to lead and motivate teams of accountants and other professionals. A CMA also needs to be able to delegate tasks, manage conflicts, provide feedback, and foster collaboration.

Ethical Skills

A CMA needs to have ethical skills to uphold the highest standards of integrity, honesty, professionalism, confidentiality, and social responsibility. A CMA also needs to be able to comply with the code of ethics and conduct of the ICMA and the relevant laws and regulations.

FAQs

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