About 60% of all CMAs report having received a raise within the last year. In the Americas, this percentage was highest, at 67%, and it was lowest in the Middle East and Africa, at about 49%. Median compensation decreased roughly twice as much for non-CMAs than for CMAs, which goes to show that the value of the CMA designation remains high despite fluctuations in pay.
- 62% of respondents have a CMA certification (66% of U.S. respondents), a number that increased from 53% the previous year.
- And while this article will break down a few key regions, let’s take a look at a Certified Management Accountant’s salary from a global perspective first.
- With its renowned reputation for excellence, Idex Corporation is one of the top companies for certified management accountants looking for rewarding opportunities.
- He began his professional career in editorial services in 2001 and…
- In fact, CMAs in UAE earn 63% and 65% higher median salary and median total compensation than those who are not certified.
CMAs analyze the data related to expenses, income, and profits to identify areas of potential reductions or cost savings. Based on education, the highest salaries receive people with Bachelors Degree with salary of 883,313 NOK. In the first-ever survey, in 2015, global mean and median base salaries for IMA members were $65,868 and $49,410 respectively. Now, global mean and median salaries for IMA members are $72,430 and $60,000. Obviously, a lot changes every year, so let’s dive into some of the biggest highlights from the 2022 global CMA salary survey. 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.
Earn a Bachelor’s Degree- How To Become a CMA
Accounting manager salaries vary according to factors like education, experience, and location. The CMA USA exam study course you choose can make a big difference in whether or not you pass the exam. You want to ensure that you find a course that will give you the best chance to pass the CMA USA exam. Once you have earned the CIA designation, you must complete 40 hours of continuing professional education every year to maintain your credential.
- These reasons include employee benefits, good working relationships, interesting and challenging work, job security, and more.
- Younger CMAs are responding to the Global Salary Survey in greater numbers.
- On the other hand, there tends to be a massive gap in compensation between the two oldest age ranges.
- And, accountants holding both the CMA and the CPA earn the highest median total compensation.
- For example, CMAs mean total compensation is $38,283, while non-CMAs is only $33,309.
It should cover all of the topics on the https://personal-accounting.org/ USA exam so that you don’t have any gaps in your knowledge. To pass the CMA USA exam, you need to have a strong understanding of accounting concepts and principles. You also need to be able to apply these concepts and principles to real-world situations.
Median Salary and Total Compensation by Management Level, CMA vs Non-CMA
I have had many individuals who are CPAs ask me if adding the CMA designation is worth it. In the previous year’s CMA Salary survey, there were some interesting findings. Obviously, there are several contributing factors that may lead to this salary difference.
In 2019, 31.4% of the respondents came from the U.S., while this year 39.2% did. In 2019, 53% of respondents we CMAs, while this year that number has grown to 62%.
The CMA Salary vs. the Non-CMA Salary
People with only a CMA earn 59% higher median total compensation than people without a CMA or CPA. For the last several years, the Institute of Management Accountants has conducted salary surveys.
- These results suggest CMAs are more confident in their skill set and are valued at their organizations.
- For instance, the Projections Central data summarized below shows that certain states expect much stronger accounting job growth.
- In addition, they will also help you better understand the material by breaking down each section of the exam into smaller parts.
- Review courses can provide structure and guidance as you prepare for the exam and can be accommodating if you struggle with any particular areas.
- Some candidates study while working a full time job, and therefore can only dedicate a few hours each week.
Certified Management Accountant Salary Guides who have both the CMA and CPA designations earn 50% higher median total compensation. If you’re interested in furthering your career in finance and accounting then it’s completely understandable that you would want to know your earning potential, and whether it justifies the CMA exam cost. Earning a CMA certification can open new doors, particularly for management accountants who want to work more closely with C-suite executives. A CMA certification demonstrates that an accounting professional has mastered the 12 most critical practice areas of management accounting. The Institute of Management Accountants has released its annual salary survey, indicating that Certified Management Accountants generally earn more than those without the certification.
Historical CMA Salary
Apple offers competitive salaries and benefits, such as medical coverage, 401 contributions, and even employee stock purchase plans. CVS Health is a healthcare and pharmacy services company operating in the US. As such, they need CMAs to monitor their financial situation and ensure they meet their goals. Data, financial markets, and events happening around the world are analyzed by a financial risk manager so that an organization can identify potential threats to its economic success. Those with experience working with internal control processes will better understand how to identify weaknesses, develop solutions, and create a strong control environment. CMA applicants need to know a lot about internal controls because they will be in charge of evaluating, putting in place, and keeping an eye on control systems in their organizations.
Is a CMA worth it?
Yes. If you want work in corporate accounting in a leadership position where you make strategic financial and business decisions, the CMA is worth it. If you are mostly interested in auditing and attestation, it probably makes more sense to pursue the CPA (Certified Public Accountant) certification.
Don’t extrapolate too much with this information though, because it’s only a trend of this particular year. The 2017 report noted the opposite, that the mix of respondents moved from being U.S.-centric to increasingly global. The average base salary in 2018 was $30,258 in China, and in 2020 it was $28,978. Management accountants who want to close their skills gap and create opportunities to advance in their profession should consider enrolling in a CMA program and seek learning support. Franklin University offers undergraduate and graduate courses that encompass topics covered on the exam plus a significant amount of experiential learning. «It’s ideal for management accountants, but it may not be a valuable investment for someone in public accounting or if they have no desire to advance in the profession,» said Hoelzer. «However, someone transitioning from public accounting to industry accounting is well advised to pursue the certification.»