According to the Institute of Management Accountants (IMA) 2023 Global Salary Survey, Certified Management Accountants (CMAs) earn 24% more in median total compensation than their non-CMA peers.
According to the IMA's 2023 survey findings, professional CMA practitioners earn superior salaries, receive enhanced job security and career progression, and experience strong professional fulfilment. The CMA credential remains vital for financial experts worldwide because of rising organisational demands for strategic financial leadership.
While self-study alone can be challenging, enrolling in a US CMA course can significantly improve your chances of passing the exam and gaining a strong foothold in the market.
CMA Salaries by Region
USA
CMAs in the USA are among the highest earners globally. According to the IMA survey, the median CMA USA salary is $137,137, with a median total compensation of $163,932.
This marks a 20% increase in CMA salary and a 24% increase in total compensation compared to non-CMAs for the same role. The growing demand for professionals skilled in financial management and strategic decision-making has made CMAs an essential asset for organisations, contributing to their higher compensation.
Europe
In Europe, CMA professionals also enjoy competitive salaries, though they may not reach the same levels as the US. However, the total compensation figures are still strong, driven by the growing recognition of CMAs in enhancing business performance and financial strategy. The average CMA salary in Europe is $104,369. If bonuses are added to this base CMA salary, the total compensation is around $124,024.
European businesses continue to acknowledge the importance of skilled financial professionals who can navigate complex financial environments and drive long-term growth.
Middle East & Africa (MEA)
The future appears bright for CMAs operating within the Middle East and African (MEA) territory. The regional organisations in this area understand that CMAs provide significant worth through their contributions to organisational efficiency and financial stewardship.
The average CMA salary in this region is $40,000, and the median pay is around $30,000. Organisations seek CMAs intensively because they need experts to oversee financial operations in modern, competitive market environments.
India
The Indian region demonstrates a growing demand for CMA professionals. However, compensation can be significantly lower than professionals in all other global regions. It is startling that this degree remains popular even though salaries are far below those in other countries.
The rising use of digital financial technology and organisations' demands for strategic accounting practices result in salary growth. The average CMA salary in India is $22,500, with the median at $8,000. This equates to an average CMA salary (per month) of $1,875. As the region develops further and professionals take control of financial leadership roles, CMA certification value will keep growing simultaneously.
The Global Perspective
On a global scale, the median total compensation for CMAs is $86,955, 21% more than the compensation earned by non-CMAs. This premium demonstrates the financial benefits of holding a CMA certification and highlights the credential's worldwide recognition.
Career Advancement and Job Security
The CMA certification provides financial success, career development opportunities, and robust employment security for the long term. Survey results indicate that 82% of CMAs found new job possibilities because of their certification, and 77% believe their companies value their contributions. CMAs have reported that their certification makes them excel in various business areas, with 75% reporting better functionality across different operational functions.
CMA Salary Growth Post-Pandemic
The salary growth of CMA professionals has persisted during the global industry transformations triggered by the COVID-19 pandemic. Salaries for CMAs across the USA increased by 75% despite financial corrections for inflation. Data from multiple geographical areas demonstrate that the market relevance and value of Certified Management Accountants continue to grow regardless of recent industry reformations caused by the pandemic.
Gender Pay Equity Among CMAs
A particularly encouraging trend in the 2023 IMA survey is a narrowing gender pay gap among CMAs. In younger age groups, mainly those aged 20-29, women reported a 25% higher median base CMA salary than their male counterparts. Although gender pay disparities still exist in certain regions, especially among professionals aged 50 and older in the U.S., the growing gender equity is a positive development for the profession.
The Future of CMA Salaries
Technological advancements and the increasing reliance on data-driven decision-making will continue to drive salary growth for CMAs. The IMA survey points to their expanding role in key areas such as digital transformation, risk management, and strategic financial planning.
As businesses seek skilled professionals to guide their financial strategies, CMAs will remain in high demand, and their salaries will reflect this trend.
Summing Up
According to the IMA's 2023 Global Salary Survey, CMA-certified professionals achieve higher pay even when compared to their non-certified counterparts in every geographical region. Holding the CMA certification delivers more than improved earnings. It builds career flexibility and ensures professional financial stability while delivering meaningful job contentment.
Financial expertise is increasingly valuable across industries. The CMA certification is an intelligent career investment for finance professionals who want long-term success in international employment opportunities.
A US CMA course can make clearing the exam easier. Imarticus offers a well-structured CMA course with excellent resources to support your preparation.
Frequently Asked Questions
Is Certified Management Accountant remuneration similar to Certified Public Accountant pay scales?
While both CMA (Certified Management Accountant) and CPA (Certified Public Accountant) certifications offer strong career prospects, CMA salaries tend to be higher in management roles, particularly in corporate finance and strategic planning. CPAs, on the other hand, may see higher salaries in public accounting and auditing roles. The best choice depends on career goals and industry preferences.
Are CMA salaries graded differently between the various industries?
CMA professionals can receive a range of salaries, which vary depending on their roles and industry. Offerings like financial services to technology enterprises and healthcare institutions lead CMAs toward higher compensation than their counterparts delivering services to non-profit and government entities.
What influence does professional work experience have on Certified Management Accountant compensation levels?
The experience level determines what CMAs can earn in salaries. Junior CMAs start their career with lower pay than experienced professionals who have worked ten years and beyond. CFOs and financial directors earn considerably higher salaries because they contribute business strategy expertise while having financial planning abilities and leadership responsibilities.
Can CMA professionals earn performance-based bonuses in their professional practice?
CMA professionals can benefit from performance-based bonus programs offered by various organisations. Performance bonuses link compensation to financial results across three criteria: business outcome measurements, cost reduction accomplishments, and strategic career development activities. Senior CMAs frequently hold leadership positions that earn base compensation and incentive payouts, which are usually quite hefty.
