Depending on your region, attaining both certifications might even double your salary. More and more professionals are getting CMA certified every year, and it’s the fastest-growing global certification. According to the Bureau of Labor Statistics, both CGMA and CMA designation holders can expect a similar level of growth in their respective industries. In fact, demand for management accounting is expected to grow 4% in the next 10 years, which matches the average for all professions. As a result, either certification can be considered a safe and stable long-term career choice. The IMA is thrilled to report that CMAs in lower-level positions benefit the most from their certification.
Your Career
Now that you know the best positions for a CMA certification salary, you should also consider the highest paying locations in the country. Several cities in a handful of states pay much higher than the average, despite high demand for CMAs all over the United States. You may want to consider looking for work in these areas if you live nearby. Before you take the CMA exam, let’s discuss how much you can expect to make each year. According to the IMA 2018 Global Salary Survey, the global average salary for a CMA was $81,000. If you include bonuses and other compensation, that number rises to $92,000.
CMAs vs Non-CMAs in the UAE
The average base CMA salary in the U.S. in 2020 was $105,000 and $118,500, respectively. The Northeast region had the highest median base salary ($115,000), while the Mid-Atlantic region had the highest median total compensation ($127,000). Additionally, CMAs making more in management positions is a universal occurrence.
Chartered Financial Analyst (CFA)
- The Certified Management Accountant certification (CMA) is sought after by employers and growing increasingly common for accountants to earn.
- Nearly half of all IMA members, 49% specifically, report an increase in salary after obtaining the certification.
- While both reflect prestigious accounting qualifications, they are very different in focus.
- The median base salary for CMAs in Europe was $70,000, and the median for non-CMAs was $50,000.
The difference was even greater when you look at the total compensation earned by CMAs vs non-CMAs. For example, CMAs mean total compensation was $38,283, while that of non-CMAs was only $33,309. The median salary in the Middle East was the highest in this region, with a mean base salary of over $44,000 and a median base salary of $30,000. In this region, those aged 58 or older (Baby Boomer+) had a mean base salary of $77,858 and a median base salary of $77,543. In stark contrast, those aged 26 or younger (Gen Z) had a mean base salary of $10,829 and a median base salary of $4,833. In 2023, women in the United States who participated in this survey earned around 85% of what men earned in average salaries.
Compensation by Gender and Age in the Middle East, India, and Africa Region
For the U.S., this figure is considerably higher at $130,000 for base salary and $154,000 for total compensation. The percentage of respondents holding the CMA® (Certified Management Accountant) in China increased significantly, with 53% holding the CMA. The CMA continues to positively impact compensation, with CMAs earning 28% more in median total compensation than those without the certification. Participants in the Northeast region had the highest median base salary ($115,000), while those in the Plains region had the lowest ($100,000). The region with the highest median total compensation was the Mid-Atlantic region ($127,000).
The average CMA salary in this region is $40,000, and the median pay is around $30,000. Organisations seek CMAs intensively because they need experts to oversee financial operations in modern, competitive market environments. According to the Institute of Management Accountants (IMA) 2023 Global Salary Survey, Certified Management Accountants (CMAs) earn 24% more in median total compensation than their non-CMA peers. 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.
More than 73% of CMAs agreed that the certification improved the career opportunities available to them. The figure below represents the median 2023 CMA salary for countries with at least 1% of survey responses. This means that residents of countries from the UK and Switzerland to Russia and Kazakhstan can enjoy the benefits of this prestigious career path. While salary numbers vary, there’s no doubt that citizens of European countries can make good money in this field. 83% of survey respondents in KSA mentioned that they loved their jobs, and 81% said they felt valued and supported by their work organizations. The most likely reason for this anomaly is due to the changing demographics of respondents in top management.
Career Advancement and Job Security
However, the gap is much smaller at the Lower Management level, with women earning nearly the same. A chartered management accountant survey was conducted in 2021 to understand the movement of salaries within the field of management accounting, especially after the COVID-19 pandemic. Typically, CMAs around the globe not only make more money than non-CMAs but also more than CPAs. And, accountants holding both the CMA and the CPA earn the highest median total compensation. 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. For this reason, the IMA says the increase in female respondents might account for Asia’s significant salary decrease.
- For example, CMAs mean total compensation was $38,283, while that of non-CMAs was only $33,309.
- For the purposes of this post, we will be talking about the USA-specific data first, then covering several other major regions of the world for which data is available.
- This particular breakdown of the certified management accountant salary survey is my favorite.
- Across Asia, CMAs made an average base salary of $30,000, and $34,000 in average total compensation.
- In Asia, China follows America with the second largest number of CMAs globally.
The remainder of their compensation came in the form of bonuses, profit sharing, overtime, and other benefits. Younger professionals typically make less due to being in the early stages of their careers. This is up by 10% compared to the 2019 report, leading to larger variations in the wage gap reported.
As you can see, this is a certification that can give you a lot of room for growth. CMA compensation can be low to start, but what you make in the end is much higher. I highly recommend becoming a Certified Management Accountant if you plan to stay on this career path for at least 5-6 years. Ultimately, bear in mind that the best possible salaries will likely only be available to those with 10+ years of experience. According to PayScale, the average salary for a CMA is $65k a year (or $28 an hour).
Experience and education should have an impact on your salary, and taking cma certification salary on more responsibility ought to come with financial perks. On average, those in middle management earned $53,535 in mean base salary and $52,838 at the median. Meanwhile, respondents in lower management reported less than 50% of their salaries, with a mean base salary of $24,337 and a median of $21,511.
Here’s how much you’d earn as a Gen Z entering the market as a CMA, compared to Gen X and other generations. Salaries for CMA-certified professionals exceed non-CMA salaries in all the countries examined in this article. Also, the CMA designation will allow you to earn up to $68,000 and higher, whereas a non-CMA will earn around $38,000.
The exam is offered by the Institute of Management Accountants (IMA) and is one of the most prestigious certifications in the accounting and finance fields. A CMA certification offers significant advantages in terms of career advancement, salary potential, and job satisfaction. If you’re ready to start prepping for the CMA exam and unlock the career opportunities you’ve been waiting for, now is the time. A CMA certification is globally recognized and equips you with the skills to make effective financial and business decisions. Institute of Management Accountants (IMA), which offers the CMA credential, has a community of over 140,000 professionals who contribute across industries and take on specialized roles. Tapping into this network can provide you with the advice you need to expand your professional goals and maybe even find your dream job in finance, IT, healthcare, sports, or other growing industries.