For starters, almost all respondents from India hold their baccalaureate degree and 63% have an advanced degree. Though India was calculated separately, I wanted to touch base on some of the key findings for this region. Egypt, KSA and UAE, had the highest response rate of those regions with response rates of 26.4%, 23% and 20.3% respectively. Your CMA Accounting salary is partly dependent upon the industry in which you work, but keep in mind that the following numbers are not represented equally. Read on to learn all the details from the 2020 USA CMA Salary Survey.
CMA professionals are eligible for the Indian Cost Accounts Service/Job. Various Ministries of Government of India have authorized CMA professionals in practice for certifying various returns and to issue Compliance Certificate as per their formats.
Instead, I urge you to keep an open mind and if you live in this region, do your own local research before making a decision. You can command a higher salary if you have certain designations to complement your accounting experience and education. For instance, you can earn much more money with the certified management accountant or the chartered global management accountant designation. The CMA is granted by the Institute of Management Accountants to accountants with an undergraduate degree and two years of experience, as long as they pass the two-part CMA exam. Though the overall salary and total compensation levels are lower this year, there are still signs for optimism. More than three-fourths of survey respondents expect to receive a raise this year, with a median expected increase of 8%.
Obtaining one of these designations may help you command a higher salary. Management accountants often supervise lower-level accountants who handle basic accounting tasks, such as recording income and expenses, tracking tax liabilities. This information is used to prepare income statements, cash flow statements, and balance sheets, In smaller firms, you may end up performing these tasks yourself. A management accountant performs analysis to forecast, budget, and measure performance and plans, then presents them to senior management to assist in operational decision making. More information and analysis, including additional tables and figures, can be found in the full IMA Global Salary Survey report available at /salary_survey.
Like all other regions, CMAs in the UAE earn more than their non-CMA counterparts. In fact, CMAs in UAE earn 54% and 57% higher median salary and median total compensation than those who are not certified. CMAs with the highest median base salary were found in the manufacturing industry and made $100,000. From the data collected it appears that these individuals receive more bonuses, profit sharing and/or overtime than other industries.
Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. Management Accountant in United States are likely to observe a salary increase of approximately 11% every 16 months. The national average annual increment for all professions combined is 8% granted to employees every 16 months.
As the economy grows, these workers will continue to be needed to prepare and examine financial records. In addition, as more companies go public, there will be greater need for public accountants to handle the legally required financial documentation.
Most of those who haven’t received a raise expect one in the coming year. Europe hits a high of 15% in the age range and decreases slightly to 13% for those 50 and over. And the Middle East/Africa region has a high of 12% for those in their 40s. “This year is especially encouraging as CMA holders have been generally better off in maintaining both their jobs and compensation levels during the pandemic than those without the CMA.” So what is a Certified Management Accountant, and how does their skill set vary from the traditional accounting role? In addition to a standard set of accounting skills, a CMA also possesses strategic planning abilities.
For starters, it allows you to stand out amongst your CPA peers thanks to your specialized knowledge of management accounting. For starters, the median total salary for a CMA in the UAE was $42,150. This is quite a bit more than those in the MEA who earned a median total salary of only $19,000. As we have seen in most regions, the salary earned by a CMA vs Non CMA is significant and the KSA is no different.
As this is only the second year conducting a single global survey annually, comparing this year’s results to prior year’s global reports must be done with caution. CMAs were slightly less likely to have experienced a salary cut than non-CMAs (35% vs. 38%) across all regions. If you’re already into your career as a CPA, the Certified Management Accountant credential can help to give you your career an additional boost. The CMA credential fosters the strategy and decision-making skills accounting and finance professionals need to progress to higher-level careers, like President and CFO. According to Institute of Management Accountants, the organization that runs the CMA program, professionals who earn both a CPA and CMA earn 50% more than their non-certified peers. After gaining a CPA license, your career can progress down a variety of paths. Executives and directors in top-tier accounting positions can earn upwards of $200,000 annually, more than four times the average starting salary for a general accountant.
An experienced CMA earns a salary well into the six-figure range. Expect an average salary of around $125,000 per year if you achieve this level in your career. PayScalePayScale maintains an extensive database of salaries for many occupations. Users can compare accounting salaries and learn about popular accounting career paths. Although earning potential varies, nearly all industries need accountants to analyze financial information and prepare documents. Salaries for cost accountants vary by industry, and students should consider the industry in which they plan to work when choosing a major.
Across Europe, the total compensation for a CMA averages out at $84,000 a year. There is a 140% pay gap between people who have CMAs versus people who have other careers.
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.
Below you will find a detailed breakdown based on many different criteria. On top of base salaries, 55% of CIMA students in the UK received a bonus in 2016, with the average bonus amounting to 8% of annual salary. The average bonus increases to 12% of annual salary for qualified members, with 68% reporting they received one in 2016. According to the research, even those in the process of gaining their qualifications report earning 22% higher than the national average wage, receiving an annual salary of £33,638. Certified Management Accountants enjoy a higher frequency and number of salary increases throughout their career when compared with non-certified accounting professionals. As you can see, being a management accountant offers a lot of choice for employment.
Whether you work in private or state owned enterprises will affect these numbers. Obviously earning your CMA has its financial benefits, but respondents Certified Management Accountant Salary Guide had even more good things to say about it. On one hand, it’s expected that the older you are, the more experience you likely have.
TheAssociation of Government Accountants offers the Certified Government Financial Manager credential to accountants or auditors working with federal, state, or local government. To earn this certification, candidates must have a bachelor’s degree from an accredited college or university, pass examinations, and have professional-level experience in government financial management. To keep the certification, CGFMs must complete continuing professional education. Knese’s career provides an example of one of the possible paths for management accountants. He started as a public accountant and earned the CPA credential, then advanced to management accounting before earning the CMA credential.
Since 1972, over 75,000 accountants have earned their Certified Management Accountant credential. With such a large membership, it is evident that being a CMA has many benefits.
These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Searle is also a certified public accountant , while Mulling is also a CPA and a certified information technology professional .
Click here to learn more about me and the awesome team behind CMA Exam Academy. They also tend to have more experience in the field and already holding higher management level positions. This is over double the amount of usable survey results as compared to 2018. In fact, last year 50% of the respondents came from the U.S, while this year only 31.4% did. In 2018, 22.8% of respondents came from China, while this year that number has grown to 30%. These changes in respondent demographics can impact some of the year-to-year comparisons, which I will touch base on later. And while we’ve broken down a few key regions, let’s take a look at a Certified Management Accountants salary from a global perspective.
Satisfaction with work-life balance seems to mirror the overall job satisfaction results discussed earlier. Those in the Americas said they were the most satisfied with their work-life balance, with 47% of respondents very or extremely satisfied. Respondents from Asia reported by far the lowest satisfaction (13%), driven mostly by very low satisfaction in China. Those results are interesting given that Chinese respondents reported one of the lowest average-hour work weeks while U.S. respondents reported one of the highest. Originally, the survey was focused solely on members in the United States. Eventually, other surveys were added that covered members in other countries and globally. Last year, those surveys were combined for the first time into a single, global survey for all members.
If you look at the pay variance between Senior level management of CMAs versus Non-CMAs it is quite drastic as well. For example, senior management CMAs earn $90,000 in total compensation annually, while non-CMAs earn just over half of that with $47,000. Entry-level CMA’s still earn much more than entry-level non-CMA employees. The median total compensation for an entry-level CMA is $50,000 while a non-CMA’s salary is only $20,570. Now CMAs earn 117% more in median salary and 118% more in median total compensation than their non-certified peers. From there, you have massive potential for growth in markets around the world.
On the other hand, there tends to be a massive gap in compensation between the two oldest age ranges. That’s right, the number of CMA members in India has grown so much that using their responses would have skewed the results. To ensure you receive the most accurate data, IMA calculated figures based on the Middle East and India as separate entities. What’s most exciting about the Middle East region is the level of growth it has experienced over the past year.
It’s easy to see how earning your CMA is the better option considering the differences in salaries. Plus, both exams are fairly close in difficulty so there’s no advantage there either. Ultimately, you may want to settle for a slightly lower salary in an area that will cost far less to live in. However, cities in California can still be worth your time if you’re okay with paying higher expenses. In the past 7 years, over 35,000 CMA candidates came knocking at my door seeking guidance. And just like them, I’m here to show you how you can pass the CMA exam on your first attempt without wasting money or time.
The report focused on management accountants, including those with the Certified Management Accountant certification. One of the biggest findings we found in the report is the CMA certification provides not only an immediate salary increase, but an increase in overall compensation over the course of a career. Just like all the other regions, China experiences a gender pay gap when it comes to certified management accountant salary. Responses to the survey were indeed global, with a total of 2,585 usable responses coming from 81 countries across the globe. Figure 1 lists those countries that included at least 1% of survey respondents , along with their median salary and total compensation. Your extra financial knowledge and expertise put you a level up when compared with non-certified management accountants and increase the value that you can bring to any size organization.
45% of surveyed staff reported that they haven’t received any bonuses or incentives in the previous year while 55% said that they received at least one form of monetary bonus. If you can afford the costs of higher education, the return on investment is definitely worth it. While someone with a Certificate or Diploma gets a salary of 62,100 USD per year, 15% more than someone having a High School degree. https://personal-accounting.org/ Management Accountant salaries in United States range from 40,200 USD per year to 121,000 USD per year . A person working as a Management Accountant in United States typically earns around 78,800 USD per year. Learn how IMA provides you with the tools and resources you need to navigate today’s business environment. Wasilla, AK typically sees higher pay than Prattville, AL for Management Accountant.