Over time, there has been a notable surge in the demand for CMA candidates as organisations increasingly appreciate the importance of having professionals who possess robust financial management skills and strategic planning expertise.
CMA graduates not only excel in cost management and enhancing efficiency but also bring valuable expertise in risk assessment and management, rendering them indispensable assets to organisations, be it in the private or public sector.
Did you know a recent survey claimed that CMA professionals can earn as much as 58% more compared to non-CMA professionals?
With that being said, mentioned below is a detailed guide exploring the diverse figures for CMA salary in India across different states and how they can be affected by multiple factors.
Average CMA Salary In India
As of now, CMA salary in India varies widely, starting from INR 1.2 Lakhs and going up to INR 20 Lakhs annually. On average, experienced CMA graduates can expect an annual salary of around INR 6 Lakhs.
It's important to note that this figure can fluctuate significantly based on various factors, including your employer, location, level of experience, specific job role, and more.
Factors Affecting CMA Salary In India
The CMA salary in India can be influenced by multiple factors. Such include,
Experience is a significant determinant of CMA salaries. CMAs with several years of experience tend to command higher salaries, as they bring the necessary practical knowledge and skills to their position.
To understand it better, let us add a table comparing the years of experience and changing salary figures.
|Years of Experience||Average Annual Salary|
|Entry Level (1-2 Years)||INR 3.7 Lakhs|
|Mid Level (4-5 Years)||INR 5.7 Lakhs|
|Senior Level (9-10 Years)||INR 20 Lakhs|
The geographical location of the job can also cause discrepancies in your total compensation as a CMA graduate. Metropolitan cities such as Mumbai, Delhi, or Pune often have a high cost of living and tend to provide higher CMA salaries compared to other smaller cities or rural areas.
|State||Salary Per Annum|
|Bangalore||INR 3.8 lakhs|
|Jaipur||INR 3.3 - 6 lakhs|
|Kolkata||INR 6-10 Lakhs|
Job Role and Responsibilities
The specific role or responsibilities entrusted to an individual can also affect the total compensation package significantly. CMAs in leadership roles, such as CFOs or financial managers, generally earn much more than those in junior-level positions.
The different job roles that you can explore as a CMA graduate include,
Financial Analyst - In your role as a financial analyst, your responsibilities will encompass evaluating financial data, appraising investment performance, and furnishing valuable insights to support the decision-making process. Primarily, the annual salary offered to a financial analyst in India is approximately INR 4 lakhs.
Chief Financial Officer - The role of a Chief Financial Officer, also known as CFO, is at the topmost position of an organisation. They are pivotal in shaping the organisation's financial direction and performance, leading it towards consistent growth. Currently, the average annual salary offered for the role of a CFO is nearly INR 46.6 lakhs, making it a lucrative career for all finance aspirants to look up to.
Cost Accountants - Cost accountants are entrusted with the responsibility of providing valuable financial information and analysis related to the cost of products, services, and operations. The current average salary for cost accountants is nearly INR 4.8 lakhs per annum, which is subject to change following factors like experience and location.
Apart from the mentioned roles and factors, the salary levels for CMAs in India can also vary depending on factors such as market demand, negotiation skills, economic conditions, etc.
Growing Importance of CMA Certification In India
The Certified Management Accountant certification, commonly known as the CMA certificate, has been gaining significant popularity in recent years owing to its great value to the business and finance world. It demonstrates an individual’s commitment and dedication to professional development and expertise in the finance domain, thus making them an invaluable asset to the organisation.
In addition, the CMA certificate also harbours several benefits, such as global recognition, higher earning potential, competitive advantage, and more.
According to a recent survey, as much as 88% of candidates have agreed that the CMA certificate has played a vital role in boosting their professional confidence. Considering all the presented reasons and statistics, it can be easily predicted that the popularity of CMA-certified candidates is likely to experience a rapid surge in the upcoming years.
With the growing demand for skilled finance professionals, CMA candidates are in high demand across diverse sectors, including manufacturing, healthcare, technology, and finance. Earning a CMA certification can unlock a multitude of compelling career prospects and the potential for greater income. Indeed, numerous companies prioritise CMA-certified individuals for leadership positions within the realms of finance and accounting.
On that note, we present to you the CMA USA course offered by Imarticus Learning. From expert mentoring to unlimited access to study materials and top placements, the list of advantages that this program brings to the table is endless.