The Average Salary for Certified Management Accountants: A Comprehensive Guide
The average salary for a Certified Management Accountant (CMA) can vary significantly based on factors such as location, level of experience, and the specific industry. This article provides a detailed overview of the salary ranges for CMAs in the United States and in India.
United States: CMA Salary Trends
As of August 2023, the average salary for a Certified Management Accountant (CMA) in the United States typically ranges from $80,000 to $120,000 per year. However, these figures can vary depending on the factors mentioned above.
Salary Distribution by Experience Level
Entry-level CMAs: This is typically for candidates with 0-3 years of experience. Salaries in this category usually start at around $60,000 to $80,000 per year. Mid-level professionals: For candidates with 3-6 years of experience, the salary range can be between $80,000 and $100,000 per year. Senior CMAs or managerial roles: For those with significant experience (more than 6 years), the highest salaries can range from $120,000 and above, especially in high-demand industries or major metropolitan areas.The information on salaries for CMAs in the United States is derived from various sources including professional salary surveys and job boards. For the most accurate and up-to-date data, it is advisable to check resources provided by professional organizations such as the Institute of Management Accountants (IMA) or reputable job platforms.
India: CMA Salary Breakdown
In India, the salary packet for candidates who have cleared both groups of the final examination and become a member of the Institute of Chartered Management Accountants of India (ICMAI) can range from Rs 3 lakh per annum to Rs 3 lakh per month. The initial salary is typically Rs 3 lakh per annum, which can increase to Rs 12 lakh in five years and further to Rs 36 lakh per annum in 7-10 years in CMA firms.
Exposure and Career Growth
Selected candidates can gain rich exposure in diverse sectors, different regions, and various types of audit and consultancy assignments if they are mobile. For long-term career growth, interested candidates are encouraged to send their resume, a copy of their membership certificate, and a copy of their certificate of practice if available, to the specified email address mentioned on the ICMAI website.
The ICMAI offer is also available to Chartered Accountants (CA), who should also send their member card downloaded from the self-service portal of the Indian Chartered Accountants Institute (ICAI).
According to online content related to CMAs, the average salary package in India can be in the range of Rs 6 lakh to Rs 9 lakh per annum (6–9 LPA).
It is important to note that no one becomes rich merely by clearing a professional course. While the CMA exam can start you on a good salary, individual success depends on how well the money earned is managed and invested.
Conclusion
The salary potential for Certified Management Accountants is promising, particularly for those with significant experience and a strong presence in high-demand industries. For accurate and up-to-date information, it is advisable to consult professional organizations and job boards.