Are you embarking on a career in CMA but confused if it’s the right choice?
Certified Management Accountant or CMA is one of the most prominent finance courses, which extends proficiency in various financial domains, including financial planning, control, analysis, decision support, and professional ethics. A Certified Management Accountant Certificate can equip you with specialised skills that can further set you on the path to explore roles like a financial accountant, budget analyst, management accountant or even a CFO
Being one of the lesser-known courses, finance aspirants are yet to explore its potential, which is said to be highly rewarding considering the growing financial market and its emerging opportunities. However, the selection of the right career path eventually comes down to one big question. Is the path lucrative?
Allow us to offer you an in-depth insight into the salary figures offered post-CMA certificate completion. But first, let us understand all about CMA and its significance.
What is CMA?
A CMA (Certified Management Accountant) represents a professional credential in the financial management and management accounting fields. Granted by the Institute of Management Accountants (IMA), individuals with CMA certification often work in private firms, public firms, or government organisations to offer their financial assistance across industries. They supervise a broad assortment of tasks, including strategic planning, documenting financial data, and funding to make cognizant decisions that fuel organisational growth.
- Prepare and analyse financial statements
- Create and maintain a company’s budget
- Handle a company's general ledger
- Prepare and demonstrate financial reports
- Make financial predictions
- Prepare and study the company’s tax returns
- Administer staff in finance or accounting departments
- Conduct internal audits
Since CMA-certified individuals oversee financial and accounting management for businesses, their salaries are quite rewarding. The estimated salary range for a Certified Management Accountant is between INR 1.4 LPA to INR 20 LPA, with an average of INR 6 Lakhs offered per annum in India. While the mentioned figures broadly display the salaries offered to CMAs in India, there are various factors at play in deciding the exact number offered to skilled employees.
CMA Salary Based on Different Factors
CMA salary prominently depends on various factors. Let’s explore some of the most prominent ones.
i. Job profile:
After acquiring Certified Management Accountant Certification, candidates can explore various professions based on their interests and skills. The choice of job profile significantly impacts the CMA salary in India.
The following table mentions the CMA salary figures based on job profiles.
|Job Profiles||Average Annual Salary|
|Reporting Analyst||INR 582,446|
|Financial Consultant||INR 756,801|
|Management Accountant||INR 13,60,953|
|Financial Advisor||INR 564,554|
Although equipping the necessary skill sets is vital, a CMA must hold sufficient experience to claim higher salary packages.
The following table mentions the CMA Salary in India based on experience.
|Years of Experience||Annual Average Salary|
|0-1||INR 2 to 4 LPA|
|1-2||INR 4 to 6 LPA|
|2-3||INR 6 to 8 LPA|
|3-4||INR 8 to 10 LPA|
Some companies provide high salary packages, whereas others provide growth prospects to candidates. The choice of the company plays a vital role in determining the CMA salary. Usually, working in corporate companies is advantageous for CMAs since they provide better salary packages.
The following table indicates the CMA salary figures based on the company.
|Company name||Average Annual Salary|
|Accenture||INR 7 to 12 LPA|
|L&T||INR 6 to 12 LPA|
|Wipro||INR 4.1 to 25.3 LPA|
|ONGC||INR 16.2 to 23 LPA|
CMA's future appears promising, considering factors like the rising need for risk management, globalisation, and the need for proficiency in managing cash flow for large firms. As the global economy accelerates towards a major shift and with businesses beginning to function internationally, the opportunities for CMA professionals are expected to rise in India.
Pursuing a CMA course after acknowledging the CMA course details can help you explore better job opportunities.
Pursuing a career as a certified management accountant comes with two key benefits, i.e. increased job opportunities and a handsome paycheck. If you aspire to work in the finance industry for years to come, the Certified Management Accountant Certification helps you to attain high-paying job roles.
Imarticus offers a Certified Management Accountant course that is bound to set your finance career on the road to success. With guidance from industry experts, you’ll be ready to explore the dynamic world of finance within no time!
Enrol now to get started!