A CMA can work in any number of companies, including government agencies, private businesses, and public companies. Some of the tasks that CMAs perform can include managerial accounting, risk management, planning, budgeting, data analysis, strategizing, and decision making. But if you take a closer look at the base salary differences for each credential, you may find it easier to make a decision. 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. On the other hand, the Americas and Europe saw more favorable salary trends.
- And they are not the only ones who feel that having your CMA opens more doors.
- 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.
- Now that you know the best positions for a CMA certification salary, you should also consider the highest paying locations in the country.
- You pay for each section of the exam that you sit for as well as a registration fee.
In the U.S., professionals who are CMA (Certified Management Accountant) or CPA (Certified Public Accountant) certified earn more than those who hold neither certification. And holding both certifications increases earning potential even more. In 2020, the overall percentage of survey respondents who held a CMA certificate in Europe increased to 65%. As the popularity of this professional certification grows, high salaries hold steady. Experience and education should have an impact on your salary, and taking on more responsibility ought to come with financial perks.
CMAs often find themselves in roles encompassing financial analysis, managerial accounting, strategic planning, and decision-making, all contributing to their worth within an organization. With a CMA designation, the salary ranges vary, but they commonly fall into higher brackets, reflecting the expertise and value CMAs offer to employers. To become a certified management accountant, you must pass the CMA exam. After meeting these requirements, you’re eligible to take the two-part exam. Once granted certification, you need to maintain your certification per IMA requirements. Becoming a certified management account, or a CMA, is a process that involves earning certification through the Institute of Management Accountants, or IMA.
CMA Salary Expectations & Opportunities
Both have ample opportunities for career growth and income potential. Eligibility for the CMA certification also includes joining as a member of the IMA, which is the organization that certifies management accountants. Membership is a requirement and must occur prior to enrolling in the CMA program.
Then corporate controller is a high-powered accounting career choice perfect for you. The Institute of Management Accountants (IMA) requires active membership for eligibility for CMA certification. I have a separate guide to becoming a CMA in just over eight months – check it out. Those with this certification typically earned 17% more annually than their non-credentialed peers. The Association of Certified Fraud Examiners (ACFE) offers a Certified Fraud Examiner (CFE) credential that provides you with the technical knowledge necessary for forensic accountants. As you climb the ladder, you may progress from junior to staff accountant.
Related Certifications by Salary
Respondents from Asia and the Pacific agreed most often the CMA certification strengthens their ability to move across all areas of the business (88%). Your career trajectory in accounting can take you to the top of a company, and there are a vast number of avenues you can pursue. Benefits like high salaries, networking opportunities, and job security mean an accounting career has many positives for those who choose it. While accountants are skilled at working with numbers, CFOs need good people and management skills. The ability to communicate effectively, articulate goals, cast vision, and manage multiple projects are necessary to success as a CFO. Even at the lower end of the scale, the salary for a VP of finance is impressive.
Chief Financial Officer
CMAs working in public accounting tend to earn the lowest median base salary and total compensation, bringing in $86,000 and $97,150 respectively. CMAs with the highest median base salary were found in the agriculture industry and made $122,003. The overall median base salary and median total https://accounting-services.net/cma/ compensation increased in 2021, despite the extraordinary events of 2020. Across Asia, CMAs made an average base salary of $30,000, and $34,000 in average total compensation. This is about 50% more than the salary of non-CMA accountants in Asia, which was $20,000 base and $23,000 in total.
This work has to be done in financial management or management accounting. The CMA is arguably the most global management accounting certification and will unlock opportunities wherever you go. Once you are certified, your credentials will give you added credibility and strengthen your negotiating position with employers. But keep in mind that the cost of living in this state is much higher than the national average, which could have a negative effect on your overall job satisfaction.
CMA Salary and Compensation by Region
When you obtain a CMA certification, you’ll be eligible to get into titled positions in international businesses. What is CMA, and what will you gain when you transform your unfulfilling career with a CMA credential? This article covers the versatile role of a Certified Management Accountant and how to start on this exciting career path.
Management accountants use their decision-making, planning, and performance management skills to provide expert advice and reporting to a company. From there, you would create and implement a financial strategy for your company. A staff accountant is a mid-level position between junior and senior accountants.
CMA Global Salary vs Non-CMA Compensation
Certified Management Accountants are highly coveted for their unique skills. The Certified Medical Assistant (CMA) certification through the American Association of Medical Assistants (AAMA) has become a standard requirement among many employers. While salaries among CMAs are comparable to non-CMAs, this designation often leads to more and better employment opportunities. The medical assistant profession comes with average salaries in the $30,000s and top salaries in the mid- to upper- $40,000s – well above $20 an hour. This means that residents of countries from the UK and Switzerland to Russia and Kazakhstan can enjoy the benefits of this prestigious career path. While salary numbers vary, there’s no doubt that citizens of European countries can make good money in this field.
Not that a lot of careers or jobs will require both of these designations, it’s a huge benefit to have both when pursuing a career in executive level management. Next is the 2-year work requirement, which you could realistically complete while you’re still in college. IMA allows exam candidates 3 years to pass the CMA exam — which also has a very low pass rate. Let’s take a look at some of the unique advantages of both of these certifications and see why some accounting professionals might choose the CMA over CPA certification. I’ll also try to explain some of the major differences between the CMA and CPA.
Careers in financial management require a new set of skills that general financial professionals may not hold. A CPA, or a certified public accountant, handles tax preparations, audits, and financial matters for individuals or small businesses. A CMA is similar in that both a CPA and CMA handle finances, but a CMA also manages finances that lead to better decision-making for a company. A CMA prepares financial documents and reports used to make strategic decisions and manage the finances of an entire corporation or business. The main difference between what a CPA and CMA does is financial management. Certified Management Accountants enjoy a higher frequency and number of salary increases throughout their career when compared with non-certified accounting professionals.