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Most duties and tasks of a CMA involve gathering financial data, analyzing data, and making decisions based on findings. Based on our compensation data, the estimated salary potential for Certified Management Accountant (CMA) will increase 10 % over 5 years. For example, you can earn valuable work experience while attending school or studying for the CMA exam.
Approximately 80% of CMAs reported that their certificate enhanced their ability to work across all areas of a business. Many of the transferable skills they hone equip them to take on leadership roles in financial services and accounting departments. You will need years of experience to develop the unique skills required to become a Chief Financial Officer, but earning your CMA will definitely put you on the right path. A Chief Financial Officer is one of the top positions you can rise to as a CMA in business.
Accounting Exam Prep
Take the next steps towards a career in financial management and begin the steps necessary to enroll in the CMA program. If you’re looking for a fully online course as part of your CE credits, consider Financial Markets or the Business and Financial Modeling Specialization, both of which are on Coursera. You can work at your own pace when enrolled in these courses, and they cover applicable and helpful topics for CMAs.
- While becoming a CMA requires a lot of time and hard work, the benefits, salary increase, and opportunity potential that are unlocked once you obtain the CMA are well worth the effort.
- Perhaps the most glaring figure from these results is that despite having advanced education, the median total compensation in India was only $16,300.
- Last year women earned 86% median base salary and 84% median total compensation to that of their male counterparts.
- However, the figures remain high and attractive to future Certified Management Accountants.
- 56% of Europeans in this industry agree their compensation is competitive.
- With the recent increase of entry-level women CMAs, we can expect the gender wage gap to slowly decrease as they rise within their respective organizations.
Including bonuses and compensations, the average net income for a CMA employee received is $124,000. Certified management accountant certification has many benefits, including higher earnings and increased job opportunities. If you see yourself working in the financial industry for years to come, this is the certification you need to move into higher-paying positions that may be the dream job for you.
Experience the Surgent Difference
But one of the biggest contributors to the job satisfaction of CMAs is opportunities for advancement, which often come with pay increases. On the other hand, the Americas and Europe saw more favorable salary trends. Furthermore, salaries in America held steady from this year to last, while salaries in Europe increased. Furthermore, the IMA suspects that an increase in the number of respondents between the ages of years old could account for some of this decrease.
- Similar to all the other regions surveyed in previous years, the average base CMA salary decreased slightly.
- IMA’s latest survey findings show that there are clear earnings-specific advantages for CMAs.
- These changes in respondent demographics can impact some of the year-to-year comparisons, which I will touch base on later.
- The majority of responses came from males with an average age of 36 years.
- In addition to your education, you must obtain two consecutive years of CMA work experience in management accounting or financial management.
According to the IMA’s CMA Salary Survey, CMAs earn 58% higher median total compensation than individuals without the CMA designation. The average CMA in America (of any age) earns $124,000 annually in total compensation. From there, you have massive potential for growth in markets certified management accountant salary around the world. A previous survey found that the majority of CMAs go on to hold senior management positions. 57% of IMA survey respondents in Europe reported an average 10% annual raise. When it comes to compensation by management level in the UAE, it is what you would expect.
Global CMA vs CPA Salary
CMAs worldwide received about 84% of their total compensation via their base salary. The remainder of their compensation came in the form of bonuses, profit sharing, overtime, and other benefits. Visit our CMA Requirements resource page for more information on all of the CMA requirements and how you can meet them. This is roughly $30,000 higher than the average salary for a Certified Public Accountant (CPA) based on averages from the U.S. CMA salaries are representative of the value that CMAs bring and the exciting opportunities they can explore.
More clearly put, the mean salary for women of all ages is $51,478 while the mean salary for men of all ages is $67,507. On the other hand, there tends to be a massive gap in compensation between the two oldest age ranges. Your CMA Accounting salary is partly dependent upon the industry in which you work, but keep in mind that the following numbers are not represented equally. If you live and work in the United States, I bet you wonder what your annual salary could be in CMA accounting. Now that we’ve addressed the global trends, let’s move on to specific regions. One interesting pay gap I like to discuss is the one between CMA’s and their Non-CMA peers.
The goal of a CMA is to plan for the future of a business while monitoring and managing the financial health of the business now. CMAs may work with other accountants, managers, or stakeholders in a company to compile financial plans and create financial strategies. Holding a CMA can boost your earning potential, move you into upper-level management positions, and build the reputation that comes with the CMA certification. It’s also an internationally recognized credential that carries recognition globally. ERI’s compensation data are based on salary surveys conducted and researched by ERI. CMAs in America make the highest median total compensation of all regions, bringing in $124,000 annually.
The Gleim CMA Exam Guide explains everything you need to know about the CMA exam and how to get started today. Becoming a CMA not only offers great salary benefits, but also improves other aspects of your life and career. The figure below represents the median 2020 CMA salary for countries with at least 1% of survey responses. Certified https://personal-accounting.org/what-is-posting-in-accounting/ Management Accountants are experts at explaining the “why” behind the numbers, not just the “what.” Elevate your credibility and gain a competitive edge in your career. It’s much harder to become a Certified Public Accountant than it is to get your CMA certification. The testing process is much more involved and pass rates are far lower.
That’s because achieving one requires dedication, focus, and motivation. Some of the most critical job duties performed by a CFO include tracking cash flow, analyzing their financial strengths and weaknesses, and proposing corrective actions. This position requires you to be an expert in accounting with high-level communication skills. For a full dive into your earning potential across the globe, be sure to check out my post on CMA Salary.
