Certified Management Accountant: The Fast Track to a Six Figure Salary

salary of certified management accountant

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. Additionally, the increased number of CMAs among respondents could indicate that accountants are seeing how financially https://personal-accounting.org/ advantageous having the CMA can be. If the CMA seems even more intriguing to you now, you’ll be happy to see exactly how much you can make as a CMA and if the premium applies in your home country. So, learn more about the CMA salary in this summary of the IMA salary survey.

In terms of gender disparities, we still see a pay gap, but it’s important to note it has been consistently decreasing over the years. Women of all ages in the Middle East now earn 76% of the average man’s mean salary. Others want to graduate, get some work experience, and then determine if the CMA route is right for them. Experienced accountants may find the path to CMA much easier, as they have more extensive knowledge and may require less study.

Search Management Accountant Job Openings

Proper planning and following a schedule will ensure that you are progressing smoothly. The average salary of Management Accountant is $72,623, and the average salary of Management Accountant I is $61,500. The average salary of Management Accountant I is lower than Management Accountant. For a comprehensive analysis on CMA salaries in India, please check out this salary survey released by the IMA. In the past 7 years, over 35,000 CMA candidates came knocking at my door seeking guidance. And just like them, I’m here to show you how you can pass the CMA exam on your first attempt without wasting money or time.

Is the CMA designation worth it?

Yes. Management accountants who earn CMA certification enjoy higher salaries, global recognition, and a leg up on their competition. This designation sets CMAs apart from other professionals in corporate finance and management accounting.

Ultimately, you may want to settle for a slightly lower salary in an area that will cost far less to live in. However, cities in California can still be worth your time if you’re okay with paying higher expenses. Before you take the CMA exam, let’s discuss how much you can expect to make each year. The report notes that there was an increase in the number of young respondents (20-29 years old), who normally occupy the lower-paying positions. Although the COVID-19 pandemic had a serious impact on the global economy, many IMA respondents indicated their compensation wasn’t negatively impacted.

Certified Management Accountant demographics in US South Region

Given the CMA’s use of computers and spreadsheets for most of their job responsibilities, they will typically work in the company’s headquarters on a daily basis and not experience a lot of work travel. In addition to education, many employers prefer applicants who hold the Certified Management Accountant designation, which is offered by the Institute of Management Accountants . Your extra financial knowledge and expertise put you a level up when compared with non-certified management accountants and increase the value that you can bring to any size organization. In addition, because the demand for CMAs is high, you can work in practically any industry. So whether you’d like to move across various industries for accounting or you’d like to remain in just one, it won’t be hard to find a job. The biggest takeaway from these numbers is that women tend to experience the largest pay gap when they are in higher management positions.

salary of certified management accountant

On average, women of all ages in China earn 70% of the salary as their male counterparts. The smallest gap is in the year range, where women earn 77% of the mean salary. Women aged are a close second, earning 72% of the mean salary of their male peers.

Skills for Certified Management Accountants

For some senior positions, employers seek candidates with master’s degrees in business administration . When you’re searching for certified public accountant or certified management accountant ? It depends on your career goals, but here are some points to consider. They made about 50% more than their non-CMA peers, who had a base salary of $56,500 and total compensation of $57,500. The median base salary for CMAs in the Americas in 2019 was $102,500, and the median for non-CMAs was $80,000. This region continues to maintain the highest salaries overall by a large margin, but it did experience a 10% decrease since 2018. Median total compensation for CMAs in the Americas is as high as $115,000.

Overall salary and compensation in the U.S. have continued to increase. It is clear from these results that earning your CMA and CPA validate different skill sets and that each certification is being valued for having a unique range of knowledge and skills. This is a massive increase and further proves the importance of earning your CMA certification. One interesting pay gap I like to discuss is the one between CMA’s and their Non-CMA peers. There are three fees required for CMA certification – IMA membership, CMA entrance fees, and the CMA exam fee.

Why Get a CMA Certification?

Working at a high level for financial planning and business management, there are plenty of open doors for CMA careers. A CMA can work in any number of companies, including government agencies, private businesses, and public companies.

  • If examinees fail the exam, they can resume their exam prep and take the exam again the next testing window, up to three times per year.
  • On the other hand, the Americas and Europe saw more favorable salary trends.
  • That means the CMA generates an almost 50% income increase for accountants.
  • For starters, it allows you to stand out amongst your CPA peers thanks to your specialized knowledge of management accounting.
  • SalaryExpert, powered by ERI, provides verified salary and cost of living data to the public with a comprehensive platform for evaluating compensation, career, relocation, and education decisions.
  • Some candidates study while working a full time job, and therefore can only dedicate a few hours each week.

The IMA salary survey says no, CMAs don’t have to work incessantly for their pay. 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%.

This is best accomplished by choosing one of the best CMA review courses. There are additional resources that will improve your chances of success, like working with a CMA coach or tutor, practice question banks, and additional CMA textbooks. A Certified Management Accountant is someone who has obtained a certification through the Institute of Management Accounting . This certification qualifies a CMA to work in financial accounting and strategic management. 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.

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Plus, both exams are fairly close in difficulty so there’s no advantage there salary of certified management accountant either. Is the other major designation to consider aside from CMA and CPA.