CMA Salary Certified Management Accountant Salary Guide
This marks a 20% increase in CMA salary and a 24% increase in total compensation compared to non-CMAs for the same role. The growing demand for professionals skilled in financial management and strategic decision-making has made CMAs an essential asset for organisations, contributing to their higher compensation. The Institute of Management Accountants awards the Certified Management Accountant certification to individuals who demonstrate advanced knowledge and expertise in areas of management accounting. They specifically focus on areas related to financial planning, financial analysis, analytics, and financial risk mitigation. They made about 50% more than their non-CMA peers, who had a base salary of $56,500 and total compensation of $57,500.
Cities With the Highest Average CMA Salary
Among non-CMAs, median base salary was $80,000 in the Americas and $30,000 globally. The average base CMA salary in the Americas was ~28% greater than that of a non-CMA, and the average CMA salary, globally, was ~117% greater than that of a non-CMA. The IMA 2020 Global Salary Survey showed that the average CMA base salary in the Americas was $105,000 (compared to $60,000 globally).
In the most recent survey, CMAs located in KSA earned average base salaries that were 68% higher than their non-certified peers and a median total compensation that was 79% higher. There are several factors that may attribute to this gap, including ambition, discipline, and advanced degrees, but it is still encouraging. This was one of the only few statistics of China included in the 2023 global survey. Many accounting professionals hold dual CMA and Certified Public Accountant (CPA) credentials. These certifications offer better opportunities and higher earning potential. While the average salary for both CMA and CPA is similar in the U.S., the difference varies in other markets and countries.
Increased Job Satisfaction and Career Fulfillment
CMA salaries are representative of the value that CMAs bring and the exciting opportunities they can explore. Read our in-depth CMA salary information or jump to the benefits of becoming a CMA. In 2023, women respondents in Europe reported base salaries that were 88% that of men’s and total compensations that was 89% of what men earned. According to the IMA, the average base salary for a CMA in Europe in 2023 was $104,369.
- While the upfront costs of the CMA certification—such as exam fees, membership fees, and study materials—can be significant, the investment tends to pay off quickly.
- Not only is the average CMA salary higher than the average non-CMA salary, but the salaries of CMAs in management positions are also higher than those of non-CMAs in management.
- According to the IMA survey, the median CMA USA salary is $137,137, with a median total compensation of $163,932.
In addition to base salary, CMAs can also earn significant bonuses and profit-sharing, especially as they advance into managerial or executive roles. When you ask what do CMAs do, the role is mainly related to management and cost accounting, and most people who earn this certification have a background in these areas. Let’s look more closely at these areas of accounting to provide more context. By going beyond balancing the books, you’ll be equipped with skills to contribute toward business decisions at the management level.
How has COVID-19 impacted CMA salaries?
That said, because women respondents made up about 19% of the data sample, it’s best not to draw any firm conclusions based on this singular report. The majority of responses came from males, most cma certification salary of which were in the Millennial generation. Of this 2023 survey group, 93% of respondents held baccalaureate degrees, while only 46% earned an advanced degree. In fact, more than half of respondents in this region noted that their salary had risen after the COVID-19 pandemic, even after considering the increasing costs of living.
- Doing all of that proves that you’re qualified enough to sit for both parts of the CMA exam.
- CMAs focus on strategic management whilst CPAs focus on auditing and assurance.
- This may suggest that the pay gap between genders is headed in the right direction and becoming narrower over time.
- In addition to careers like Senior Financial Analyst, or Senior Cost Accountant, you may have a spot in the C-suite waiting for you as a Certified Management Accountant.
- While this may seem like a rather limited pool to draw from, this represents an increase from those surveyed in previous years.
This table demonstrates that both the global base CMA salary and total compensation decreased slightly from last year. CPAs, on the other hand, may see higher salaries in public accounting and auditing roles. The salary growth of CMA professionals has persisted during the global industry transformations triggered by the COVID-19 pandemic. Salaries for CMAs across the USA increased by 75% despite financial corrections for inflation.
This is especially true in the MEAI region, where the total compensation for women was actually 62% higher than men in the age group, while those ages made 59% less than men. Both globally and regionally, having both a CMA and CPA certification results in a higher median salary. To learn more about combining a CMA and CPA certification, visit our accounting certifications resource page. However, based on what’s available, it seems that the compensation by management level is what you would expect. Entry or lower-level professionals tend to earn less than those in middle management. The mean base salary for CMAs in China was $31,180, while non-CMAs earned $26,484.
However, rescheduling is possible with a penalty fee, provided the request is made a certain number of days in advance of your CMA exam date. This total cost includes various components such as the CMA exam fees, IMA membership fees, CMA entrance fees, and any additional study materials or courses. Bryce Welker is a regular public speaker and contributor to several online publications, including Forbes, Inc.com, and Entreprenuer.com. Bryce is the mastermind behind over twenty different websites devoted to providing people like you with the resources necessary to successfully pass certification examinations. It’s much harder to become a Certified Public Accountant than it is to get your CMA certification. And if you’re more focused on short term career goals, then there’s barely a difference between the two certifications.
When comparing median base salaries, these numbers were a little more favorable, with women earning 86% of what men did. CMAs working in contract construction, public accounting, and funds/trusts/other financial vehicles tend to earn the lowest median base salary, bringing in $108,641, $100,750, and $89,000, respectively. While it’s incredibly clear that having some certification is better than none, respondents were asked how the certified management accountant certification impacted their careers. CMAs continue to make the most of their certification by bringing in a premium of 18% over their non-CMA peers. The 2023 survey shows that CMA certification is highly valuable for early-career professionals globally.
Career Advancement and Leadership Opportunities
However, compensation can be significantly lower than professionals in all other global regions. It is startling that this degree remains popular even though salaries are far below those in other countries. According to the IMA’s 2023 survey findings, professional CMA practitioners earn superior salaries, receive enhanced job security and career progression, and experience strong professional fulfilment. The CMA credential remains vital for financial experts worldwide because of rising organisational demands for strategic financial leadership. Some professionals choose to gain both the CPA and the CMA, affording them greater career opportunities and a higher salary range. According to IMA, professionals with both the CMA and CPA earn a median of 50% more than non-credentialed professionals in the same industry.
Average Certified Management Accountant Salary in Europe
In China, the role of the management accounts focuses heavily on establishing and maintaining financial policies and management information systems. Business performance is heavily monitored and therefore a senior financial analyst in China can command higher salaries. In Asia, China follows America with the second largest number of CMAs globally. If this information has convinced you the CMA certification is what you want, you can take the next step by learning how to become a CMA. You can also learn how to pass the CMA exam on your first attempt from my free e-course.
While CMA compensation fell, it did so at a slower rate than non-CMA compensation. About 60% of all CMAs report having received a raise within the last year. In the Americas, this percentage was highest, at 67%, and it was lowest in the Middle East and Africa, at about 49%.
Instead, the average number of hours per week survey respondents worked was 45.1. And in fact, this figure is slightly less than last year’s average of 45.5. And in the 2018 IMA salary survey, 69% of all respondents testified to receiving a pay raise within the last year. All regions reported a similar result, and the median raise of 6% was up from last year’s 5%. That means the CMA generates an almost 50% income increase for accountants.
Overall, the CMA certification offers a higher ROI for those pursuing corporate finance, financial strategy, or leadership roles in business. Despite the financial investment, the benefits of earning your CMA certification are substantial. The entrance fee covers the verification of your educational qualifications and professional experience. It also provides support throughout the certification process, including a review of your qualifications before you can sit for the CMA exam. The IMA offers a CMA scholarship program for students pursuing their degree in accounting or finance. These scholarships can help offset the cost of the membership and provide access to valuable resources for CMA exam preparation.
The CMA designation is recognized worldwide, making it a valuable asset for those seeking international career opportunities. Many multinational corporations and organizations in diverse industries require or prefer candidates with the CMA designation for leadership roles. The global recognition of the CMA also allows professionals to work in various countries, increasing mobility and the potential for career advancement across borders.
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