Like most accountant certifications, in order to qualify for the CMA exam, you must have a few years of work experience in accounting. So, having a degree in a finance field can help you get that work experience before taking the CMA exam. Management accountants will focus mostly on financial planning and strategy, ensuring that financial data can be translated into risk-adjusted decisions. Management accountants will work closely with senior management, translating financial data into key observations. The answer is yes – the CMA certification will be a proof of your knowledge in finance and management accounting, which will give you a big advantage over non-certified peers.

• The CMA exam can be taken anytime, but the certification will not be awarded until candidates have completed at least two years of work experience.
• This report details how test-takers performed in each topic area.
• Additionally, candidates must have an active membership in the Institute of Management Accountants .
• In addition to being considered proficient in financial accounting, the CMA adds management skills to your resume.
• The exam fee is refundable within 30 days from the date of exam purchase, as long as the candidate did not set an appointment with Prometric.

The average base salary in 2018 was $30,258 in China, and in 2020 it was $28,978. Now CMAs earn 56% more in median salary and 58% more in median total compensation than their non-certified peers. That said, CMA certification requirements are different from CPA stipulations. Prospective CPAs must join the American Institute of CPAs and pass a CPA exam, entailing a separate set of fees, exam requirements, and continuing education mandates. Earning both the CPA and CMA designations may be time-consuming and expensive. Many accountants who pursue CMA certification are already certified public accountants .

IMA Global Salary Survey Report

At first glance it can be tough to choose since both of these are in high demand. We’re on your team and salary of certified management accountant are passionate about helping you achieve your career goals, even if it means we don’t make a dime.

• However, that does come with a slight downside when it comes to salary.
• CMA salaries are representative of the value that CMAs bring and the exciting opportunities they can explore.
• In addition to education, many employers prefer applicants who hold the Certified Management Accountant designation, which is offered by the Institute of Management Accountants .
• With a PhD-level research team in house, SalaryExpert, provides up-to-date salary and compensation data.
• Your CMA Accounting salary is partly dependent upon the industry in which you work, but keep in mind that the following numbers are not represented equally.
• Don’t extrapolate too much with this information though, because it’s only a trend of this particular year.

These women’s median base salary and total compensation is only 79% of that of their male peers, which represents the largest pay gap by far. While it’s incredibly clear that having some certification is better than none, respondents were asked how the certified management accountant certification impacted their career. We learned that 87% of those holding the CMA believe that their certification improved their confidence in their ability to perform in their positions. Instead, I urge you to keep an open mind and if you live in this region, do your own local research before making a decision.

More Money in CMA Accounting

Professionals who meet IMA’s educational and experience prerequisites may pursue CMA certification. Aspiring CMAs also need to pass a two-part exam and follow IMA’s code of professional ethics. The CMA exam tests your knowledge of 12 core areas, including strategic financial management, financial planning, and performance management.

This reporting shows that CMAs are valued for their expertise at every level. Nearly 80% https://personal-accounting.org/ of respondents agree that achieving the CMA provides them with career opportunities.

Popular Companies for Certified Management Accountant (CMA) Certifications

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.

According to the Association of Accountants and Financial Professionals in Business, the highest-paid CMAs in the Americas make upwards of $170,000 annually. The base median certified management accountant salary in the Americas for 2021 was $110,000. Including bonuses and compensations, the average net income for a CMA employee received is $124,000. A certified management accountant can function in many different roles within a company. A CMA can perform the regular duties of a cost accountant, but can also inform strategic decisions about the numbers they’ve crunched. A CMA can be found in public or private companies, doing corporate, consulting, or other forms of management accounting. However, candidates who work at least 20 hours per week in continuous, part-time roles can apply their experience toward certified management accountant requirements.

CMA Exam Academy, a CMA will make 47% more than an accountant without additional certifications. $85,000 per year, but there are many factors that can determine CMA salary such as experience, location, specific CMA job description and more.

• The most likely reason for this anomaly is due to the changing demographics of respondents in top management.
• Cost of living is calculated based on accumulating the cost of food, transportation, health services, rent, utilities, taxes, and miscellaneous.
• Around the world, CMA salaries are ⅓ higher per year than the salaries of non-certified professionals.
• The median total compensation in the latest survey increased to $105,000 while the median total income was $118,000.
• The average base CMA salary in the Americas was ~28% greater than that of a non-CMA, and the average CMA salary, globally, was ~117% greater than that of a non-CMA.
• Asia experienced relatively little change in compensation in 2020 (a 5% decrease).

This is a common certification for management accountants, crucial figures in the status and success of a company. Often CMAs’ work involves cost accounting, financial planning and management. 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.