Review courses, on the other hand, provide structured learning and access to experts, but come at a higher cost. The right choice depends on your personal learning style and the level of support you feel you need. The IMA (Institute of Management Accountants) membership is required for all CMA candidates. While the cost of earning your CMA can vary depending on where you are in your career and your approach to CMA exam preparation, here’s a breakdown of the key costs you should expect. The CFO works closely with the CEO and other executives to drive business growth and ensure financial stability and strives to ensure the company’s financial health supports its overall strategic goals. A controller is a senior-level executive who ensures the financial integrity and stability of an organization and are responsible for overseeing the accounting operations of a company.
It is clear from these results that earning your CMA and CPA validate different skill sets. Each certification is valued as it signifies having a unique range of knowledge and skills. One interesting pay gap I’d like to discuss is the one between CMAs and their non-CMA peers. Becoming a CMA requires obtaining a minimum level of education and work experience and passing the CMA exam. Being armed with this information and the Annual Salary Calculator helps you identify whether you are getting a fair offer regardless of gender, age, or region. CMA (Certified Management Accountant) salaries continue to rise, and even during the COVID-19 pandemic, most CMAs reported their compensation either increasing or remaining the same.
CMA vs CPA vs Non-Certified Professionals in the USA
CMA certification opens up opportunities for higher-level roles in finance and accounting, including positions like CFO, financial director, or corporate strategist. Your first leadership role could be a senior management accountant or accounting manager, which will allow you to lead a team. As your responsibilities grow, you might lead multiple projects and teams as director of corporate finance or corporate controller. The demand for CMAs is rising as organizations seek professionals who can provide valuable business insights and drive performance.
CMA vs CFA Salaries
They also play a key role in budgeting, financial planning, and analysis to support decision making and financial strategy. If you’re interested in entrepreneurship, the CMA gives you the financial expertise necessary to launch and manage your own business — whether in finance, accounting, or another area. Every industry — from financial institutions and healthcare to IT and beyond — needs a CMA. This certification sets you up for success and allows you to climb the corporate ladder.
- When you compare this year’s CMA salary numbers to the previous year, you can see that base salary increased 3.5% and total compensation increased by 1.6%.
- This is in stark contrast to the $87k annual salary a CMA with the same experience can make.
- 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.
- And at the global level, CMAs receive a median total compensation that is 67% higher than that of non-CMAs.
- While the IMA membership is an added cost, it’s essential for gaining access to these valuable resources.
- Also, the CMA designation will allow you to earn up to $68,000 and higher, whereas a non-CMA will earn around $38,000.
Becoming a CMA not only offers great salary benefits but also improves other aspects of your life and career. The 2023 IMA Global Salary Survey collected data from over 2,500 IMA members in 69 different countries. In the survey, 31% of the responses came from the United States, 29% from China, 8% from India, 6% from the United Arab Emirates, and the remaining percentage was split among the remaining countries. While women may not represent a large percentage, we can see from their salary that female CMAs in the MEA are still under-valued.
CMA Salary in the USA by Region
This is the region where the CMA certification makes the most difference. It more than doubles the average total compensation of non-CMA accountants. Non-CMAs in the Middle East and Africa had a base salary of $17,700 and total compensation averaging out at $18,500. 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 certified management accountant credential is often juxtaposed with the certified public accountant (CPA) credential. While either credential can provide a career boost, the CMA and the CPA licenses are vastly different. On average, senior management professionals can earn an average base salary of $169,289 and a median base salary of $88,000. Meanwhile, top management only earned $57,929, on average, and $42,667 in terms of median salary. 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.
According to the IMA survey, the median CMA USA salary is $137,137, with a median total compensation of $163,932. These roles typically come with higher salaries, more responsibilities, and greater decision-making power. CMAs earn, on average, $71,000 per year, with the potential to earn significantly more as they move into senior roles. The average salary for CMAs is higher than the median salary for accountants and is closer to the salaries of Certified Public Accountants (CPAs). In addition to passing the CMA exam, candidates must also meet specific work experience requirements, usually two years in a professional role related to management accounting or financial management. The Certified Management Accountant (CMA) exam is a professional cma certification salary certification exam designed to assess a candidate’s expertise in financial management, accounting, and business decision-making.
The IMA survey points to their expanding role in key areas such as digital transformation, risk management, and strategic financial planning. The CMA certification provides financial success, career development opportunities, and robust employment security for the long term. Survey results indicate that 82% of CMAs found new job possibilities because of their certification, and 77% believe their companies value their contributions. CMAs have reported that their certification makes them excel in various business areas, with 75% reporting better functionality across different operational functions.
For starters, it allows you to stand out amongst your CPA peers thanks to your specialized knowledge of management accounting. Certified Management Accountants enjoy increased career mobility and have skills that are relevant to many industries and at different levels of business. Certified Management Accountants are the strategic thinkers of the accounting industry. You’ll need to pay an initial $250 entrance fee, then pay $415 for each part of the exam.
CMA vs. CGMA Exam Costs
The median base salary for a CMA in the Americas was $110,000, and median total compensation was $125,000. Across all management levels, CMAs earn more than their peers, especially in senior management positions, where they make as high as 58% more in total compensation. Across all management levels, CMAs earn more than their peers, especially in senior management positions, where they make as much as 58% more in total compensation. A previous survey found that the majority of CMAs go on to hold senior management positions.
About 2019 CMA salary trends
- Now that we’ve explored the salaries of the wider Middle East/Africa/India (MEAI) region, let’s focus a little more on each one.
- Experience and education should have an impact on your salary, and taking on more responsibility ought to come with financial perks.
- CMAs often report having more varied and exciting career paths compared to their peers.
If you add in bonuses, overtime, and additional forms of compensation, Europeans can make a mean total salary of $124,024. Due to the small numbers of respondents from UAE in 2023, there is a lack of comprehensive data comparing the salaries based on management level. The large majority fell into the middle management or lower management positions. Like all other regions, CMAs in the UAE tend to earn more than their non-CMA counterparts.
Emphasis is placed on continuing professional development in the UAE and those actively participating in CPE are rewarded financially. Nevada yielded the highest average CMA salary for that region, and Utah the lowest at $62,405. But one of the biggest contributors to the job satisfaction of CMAs is opportunities for advancement, which often come with pay increases. Additionally, the increased number of CMAs among respondents could indicate that accountants are seeing how financially advantageous having the CMA can be.
As you can see, being a management accountant offers a lot of choice for employment. It’s worth continuing on this career path even if you don’t start out with the best possible pay. The IMA’s 2018 Global Salary Survey shows that, across the board, the gap in compensation is getting bigger every year. The CMA certification is more valuable than ever, and the sooner you decide to get it, the sooner you can begin earning more. The report notes that there was an increase in the number of young respondents (20-29 years old), who normally occupy the lower-paying positions.
I think it’s pretty obvious by now that the CMA is a career differentiator in more ways than one. Here are quick answers to some frequently asked questions about earning the CMA credential. Certified Management Accountants are highly coveted for their unique skills. You don’t need to meet an educational requirement, but you do need a minimum of 3 years of work experience in accounting. Additionally, you need to prove that you embody the traits outlined in the CGMA Competency Framework.
The highest was in the Plains states, where a $130,000 median base salary was recorded. Meanwhile, the South region recorded the lowest median base salary of $115,000, which was not too far off from the Plains states. Knowing how each of these factors affects your earning potential will help you evaluate whether your CMA salary is competitive. So, let’s examine how these factors affect accounting professionals in the U.S.
But in return, you can expect to make almost 50% more on an annual basis. Therefore, the benefits far exceed the costs of becoming a Certified Management Accountant. Along with high salaries, CMAs have plenty of other reasons to be satisfied in their jobs. These reasons include employee benefits, good working relationships, interesting and challenging work, job security, and more.
