The certification demonstrates that an individual has the necessary skills and knowledge to be a successful financial professional. Earning the CMA credential can help individuals open doors to new opportunities and pave the way for a successful career in the financial industry. And with a median salary of over $68,000 per year, becoming a CMA is a great way to increase your earning potential. Let us know in the comments below, or contact us today to learn more about how we can help you achieve your financial goals.
If your job is demanding or requires a lot of travel, you may not have time for more accounting education. And if you’ve worked only in private accounting, you may have to take a pay cut to get the needed public experience, Taylor explains. If that’s the case, it might be easier to pursue the CMA, which does not require this experience, he says. 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.
Enroll in a CMA review course- How To Become a CMA
The countries within these regions may not see the same changes as the regions as a whole. A good example is China, whose numbers did hold despite a decrease in Asia’s overall compensation. Younger CMAs are responding to the Global Salary Survey in greater numbers. Candidates in the Middle East, Africa, and India were impacted the most (54%), while respondents in Europe and the Americas had the least impact (33% and 30%, respectively). Those with a CMA certification were less likely to experience a salary cut than non-CMAs (35% vs. 38%).
Simply put, survey respondents find that having their CMA designation allows them to transition across all areas of business. It is encouraging to see that this gap is trending in the right direction overall, especially when you consider that the 2016 results showed women only earned 69% certified management accountant salary on average. In fact, the number of CMA candidates has been steadily increasing over the years. Obviously earning your CMA has its financial benefits, but respondents had even more good things to say about it. There has been a ton of growth in the Middle East over the past few years.
Should you only have one management accounting certification?
According to the most recent data from the Institute of Management Accountants , certified management accountants earn an average of 20% more than those without credentials. The CMA is among the most widely recognized and respected management accounting certifications. To earn the CMA designation, candidates must complete a rigorous two-part exam covering financial reporting, planning, analysis, and decision-making. CMAs must also meet experience and education requirements and adhere to a professional code of ethics. The CMA credential is valid for life, provided holders maintain their membership in good standing with the Institute of Management Accountants .
- After getting certified, CMAs often have a lot more work to do than other management accountants or financial analysts who don’t have the CMA designation.
- CMA holders usually have a background in business, while CFA holders need to have studied finance or economics in school.
- Certified Management Accountant salary can vary between $19,000 to $46,500 depending on factors including education, skills, experience, employer & location.
- CMAs with the highest median base salary were found in the agriculture industry and made $122,003.
- I highly recommend becoming a Certified Management Accountant if you plan to stay on this career path for at least 5-6 years.
CMA prepares you to better comprehend business, finance, and accounting. The key advantage of CMA certification is that it is regarded as the most significant accounting certification for management due to its excellent blend of business and accounting. To maintain your CMA certification, you must obtain relevant work experience and pass the CMA exams. CMAs develop strategies for pricing products or services and managing investments to assist organizations in realizing their full profit potential. CMAs have to use their knowledge of financial trends and analytical skills to make budgets and forecasts for their organizations. The CMA issued by the Institute of Management Accountants is recognized worldwide as a mark of excellence in management accounting.
Common CMA salary ranges in the United States
The lowest increase in median total compensation was in the Northeast region. While it’s incredibly clear that having some certification is better than none, respondents were asked how the certified management accountant certification impacted their career. We learned that 87% of those holding the CMA believe that their certification improved their confidence in their ability to perform in their positions. The median base salary for CMAs in the Middle East and Africa was $35,000, and increases to $39,500 when you add in other forms of compensation. This is the region where the CMA certification makes the most difference.
- A management accountant is a type of certified management accountant whose job is to deliver financial information to an organization’s executive staff to assist them in making decisions.
- The figure below represents the median 2020 CMA salary for countries with at least 1% of survey responses.
- Unfortunately, there is still a notable salary gap between women and men in the United States.
- The CFO is also responsible for deciding on significant business matters.
- Certified Management Accountants are finance experts focusing on strategic planning, budgeting, making investment decisions, and managing performance.
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.
Cost Control- Job Duties of a CMA
CMA Philippines provides you with the largest community of management accounting professionals in the country. Our team of reviewers are established professionals with decades of experience in areas of personal finance and hold many advanced degrees and certifications. In becoming a CMA, you can open up new career opportunities, network with other professionals, gain access to exclusive resources, and earn higher salaries than those without certification.
Becoming a CMA advances your career by opening up new, upper-level positions. After all, making cost-minded decisions is a valuable asset in any industry. Because of their business and managerial knowledge, CMAs are adept at supervising teams and managing projects. Any company that needs to compare multiple projects, such as large manufacturers, will value CMAs because they are qualified to make high-level business decisions. Approximately 90% of CMAs felt certification gave them more confidence to perform their job at a high level, and more than 90% would recommend CMA certification to a friend. Visit our CMA Requirements resource page for more information on all of the CMA requirements and how you can meet them.
How much does a certified management accountant earn in New York?
How much does a CMA make in New York City, New York? As of Apr 22, 2023, the average annual pay for a CMA in New York City is $36,729 a year.