While CMAs are well-compensated for their services, other perks identified in the survey include flexibility to move across industries, job performance bonuses, and improved job satisfaction. If you’re already a Certified Public Accountant, here’s the good news— you only need to pay $425 to skip the program and take the exam. But if for some reason you still want to complete the program as a CPA, it only costs $1,895. Alternatively, you can earn this certification through CIMA qualifications. Completion of all CIMA certification tests automatically qualifies you for the CGMA designation and membership into CIMA. In order to make the choice easier, I took a look at the 2 certifications and saw what their key differences are.
Certified Investment Banking Operations Professional
In comparison, CGMAs have more job opportunities and lower requirements for entry, but registration costs are higher if you’re not already established as an accountant. The average salary for a CMA is $67,926 a year, and it’s very rare for jobs to pay less than $62,500. However, you can also see that the highest paying jobs max out at around $86,000 per year.
What’s most exciting about the Middle East/Africa/India region (MEAI) is the level of growth it has experienced over recent years. cma certification salary In fact, it is well worth it because job satisfaction is high, not to mention more and more CMAs feel the certification has given them the ability to move between industries with ease. Since 2018, there has been an upward trend in salary figures across different regions in the United States. Now that we’ve addressed the global trends, let’s move on to specific regions.
Increases to the CMA Salary
While it had the lowest mean and median base salary in the MEAI region, there were still improvements in various aspects. Perhaps the most glaring figure from these results is that despite having advanced education, professionals in India only had an average salary of around $22,500 and a median salary of around $8,000. 76% of respondents in this region reported an increase in how much they made. And although the older group had higher salaries, younger respondents were more likely to experience a rise in earnings.
With deep knowledge of management accountancy, business acumen, and leadership skills, CMAs often rise faster than non-certified peers to top management roles. This ability to ascend to leadership positions quickly gives CMAs an edge, compensation-wise, over other accountants. However, CMAs generally earn more than their non-certified peers at every career stage. Based on the info, you can see that average pay for CMAs is higher than CGMA but far more difficult to obtain certification.
CMA Certification Salary vs. CPA Licensure Salary
The CMA accounting salary as a percentage of the non-CMA salary increased from 2017 to 2018. Consequently, the IMA believes this could be because more of the respondents held the CMA in 2018 than in 2017. 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.
- So, learn more about the CMA salary in this summary of the IMA salary survey.
- Before you take the CMA exam, let’s discuss how much you can expect to make each year.
- The demand for CMAs has increased significantly post-pandemic, and CMAs remain highly sought after in today’s competitive job market.
- This was followed closely by those in the banking sector, with a median base salary of $144,250.
- This region continues to maintain the highest salaries overall by a large margin, but it did experience a 10% decrease since 2018.
The 2 notable exceptions are Lakes, AL and Green River, WY— these two cities offer a high salary in a low cost-of-living area, so they’re great for maximizing your earning potential. There are other ways to look at your prospective income then just the base salary expected of the certification. More specialized positions can make much more money overall if you know what to look for. Luckily for you, possessing a CMA designation qualifies you for a wide range of work in management accounting.
If you are looking for a career that will allow you to continue learning and grow across industries, then the CMA is right for you. This impressive increase further proves the importance of earning your CMA certification. In the previous report in 2021, CMAs earned around $29,000 more than non-CMAs. If you have ever wondered if taking the test on one of the upcoming CMA exam dates and earning your certification was worth it, then you are going to want to keep reading. 2023 marked the 11th annual global survey and notes a lot of changes by authors Benjamin Knoll, Ph.D. and Kristen Senz.
Continuing Professional Education (CPE) Costs:
The CMA exam, or Certified Management Accountant exam, is a critical step for accounting and finance professionals aiming to advance their careers. This guide provides an in-depth understanding of the CMA program, exam requirements, and preparation strategies to help you achieve the coveted CMA certification. If you’re ready to become a Certified Management Accountant, let’s dive in!.
- While CMA compensation fell, it did so at a slower rate than non-CMA compensation.
- The countries within these regions may not see the same changes as the regions as a whole.
- In the 2023 survey, 69 countries around the globe participated in the IMA Salary Survey by sharing their CMA salary, education and certification details, job satisfaction, and several other factors.
- In 2023, the reported base salary in KSA was $47,420, while the median base salary was just $31,000.
- Regardless of fluctuations, CMAs make more than non-CMAs at all levels of management.
For example, privately owned enterprises earn significantly more than their state-owned counterparts. Private enterprises typically earn more than state-owned enterprises, regardless of your management level. It’s 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% on average.
IMA’s 2018 and 2019 Global Salary Surveys have shown that, across the board, the gap in compensation is getting bigger every year. The past three Global Salary Surveys have shown that, across the board, the gap in compensation has gotten bigger every year. You can also read previous years’ CMA salary statistics and trends to learn how they’ve changed over time.
In the U.S., professionals who are CMA (Certified Management Accountant) or CPA (Certified Public Accountant)-certified earn more than those who hold neither designation. IMA’s Salary Surveys compare earnings specific to management accountants and those holding CMA® (Certified Management Accountant) certification. IMA’s latest survey findings show that there are clear earnings-specific advantages for CMAs.
The ability to work abroad or in top-tier companies with international exposure can be a significant advantage in today’s interconnected global economy. While the exam fees cover the cost of taking the test, study materials can range in price from $699 to $2,000+ USD, depending on the study resources and review courses you select. Many candidates will choose to take both parts of the CMA exam in one testing window to streamline their certification process, though you have the flexibility to take the parts separately if needed. This fee covers the cost of administering the CMA exam, including the development, delivery, and scoring. It is important to note that this fee is non-refundable, meaning if you choose to cancel or reschedule your CMA exam, the fee is not reimbursed.
Nearly half of all IMA members, 49% specifically, report an increase in salary after obtaining the certification. However, CMA premiums are highest in Europe (45%) and the lowest in the Asia-Pacific region (11%). Ultimately, it’s up to you to decide which area is more important for your career, but you could also benefit from earning both certifications. This would offer the most job security, flexibility, and opportunities for advancement and salary increases. The value of holding the CMA® (Certified Management Accountant) continues to be high. The median total compensation for respondents holding the CMA in the UAE was 103% higher than those without the certification.
Fast-growing economies such as the UAE and Saudi Arabia are making waves in the region and are offering really competitive salaries to attract the best talent. To earn these salaries, you will have to pass your CMA exams and a good tuition provider that can support you on this journey will be a key success factor. Get on track speedily by joining our network of students worldwide right now.
Now, if you live in India and are thinking of earning your CMA, do not let the above stats discourage you. It turns out that CMAs in India earn more than their non-CMA counterparts, especially if they hold an advanced degree. If you have ever wondered if earning your CMA designation was worth it, then read on because the next few numbers are pretty encouraging. That said, a surprisingly massive gap in compensation between the oldest and youngest age ranges was still reported.
