While someone with an experience level between two and five years is expected to earn 58,800 USD per year, 31% more than someone with less than two year's experience. Discover if this is the right career path for you with a free virtual work experience. All salary data sourced from the Association of Accounts and Financial Professional in Business 2021 U.S. Data represents national and regional information, not school-specific data.

It involves keeping track of budgets, knowing how to read financial reports, giving clients financial advice, and working with a lot of different people. Therefore, it is paramount that you have open and solid communication skills to accurately articulate complex financial information to clients or colleagues in a way they understand. Forecasting is another vital duty of the CMA, which includes predicting future trends based on current data. CMAs analyze past data, such as industry trends and customer profiles, so that businesses can make educated guesses about future financial outcomes.

Idex Corporation- Companies hiring CMAs

Because it consistently shows why earning your CMA designation is worth your while, regardless of where you live in the world. It is encouraging to see that this gap is trending in the right direction overall, especially when you consider that the 2016 results showed women only earned 69% on average. If you’re wondering how to negotiate a salary raise in your accounting position, the CMA designation is enormous leverage that proves both your abilities and readiness to grow. If you were ever wondering if earning your CMA designation was worth it then read on because the next few numbers will blow your mind. On one hand, it’s expected that the older you are, the more experience you likely have. In this case, it’s not too surprising that older age groups earn more than younger ones. What’s most exciting about the Middle East region is the level of growth it has experienced over recent years.

• They should also understand how to use databases like Access or Oracle for storing accounting information.
• After getting certified, CMAs often have a lot more work to do than other management accountants or financial analysts who don't have the CMA designation.
• The Certified Management Accountant salary range is from $58,927 to $79,108, and the average Certified Management Accountant salary is $68,187/year in the United States.
• CMAs also help to set goals and objectives that will enable businesses to reach their desired targets.
• This mobility gives you the opportunity to gain more experience and advance your career.
• A previous survey found that the majority of CMAs go on to hold senior management positions.

The IMA sent this survey to over 20,000 IMA members located in the United States and received 1,300 usable responses. For the purposes of this post, we will be talking about the USA-specific data first, then covering several other major regions of the world for which data is available. Now that we’ve addressed the global trends, let’s move on to specific regions.

Popular Companies for Certified Management Accountant (CMA) Certifications

The CMA is most suitable for those looking to develop business management skills, while the CPA remains the preferred choice for individuals interested in taxation and auditing. Meanwhile, CPA certification covers auditing, taxation, personal finance, and business regulation. CMAs are qualified to work in many fields, such as corporate finance, accounting, budgeting, and financial analysis. CPAs are primarily focused on taxation and auditing for organizations and individuals. Taylor Valve Technology is the largest maker of high-quality valves in the United States.

Furthermore, https://personal-accounting.org/ in America held steady from this year to last, while salaries in Europe increased. Furthermore, the IMA suspects that an increase in the number of respondents between the ages of years old could account for some of this decrease. If you’re interested in earning the Certified Management Accountant certification, there truly are a whole host of reasons to do so. But one of the biggest reasons to become a CMA is the increased earning power you’ll enjoy. There are a lot of common skills between the two designations but the differences can be pivotal.

Global Salary Survey at a Glance

For example, Payscale reports average CMA salaries of $97,000 per year as of August 2022. Accounting professionals often earn salaries above the median wages in the general labor market. As noted in this University of Scranton editorial, specialized accountants are well-positioned to benefit from rising labor market demand. This bodes well for accounting managers — especially for those skilled with tech-based team and process management tools. There are many CMA USA exam study courses available, but not all of them are created equal.

For example, CMAs mean total compensation is $38,283, while non-CMAs is only $33,309. For starters, previous surveys have found that CMAs earn 31% higher median total compensation, while individuals with just their CPA earn 22% higher median total compensation than their non-certified peers.

Typical Salary Difference by Education for Most Careers

CMAs understand business operations at many levels and can recognize when processes need to be adjusted to maximize profits while minimizing costs. CMA professionals must demonstrate a high level of proficiency with digital filing systems. Professionals who have their CMA should have used cloud storage services like Dropbox or Google Drive before.

The BLS does not specifically track Certified Management Accountant Salary Guide manager salary data or job numbers. Instead, it groups the profession in with its broader category for "accountants and auditors." All BLS data cited in the tables below is generalized for all accountants and auditors. Part 1 covers financial reporting, planning, performance, and control. Part 2 covers financial decision-making, strategic planning, and global business environments. There are a few different ways to earn your management accounting certification.

This is about 50% more than the salary of non-CMA accountants in Asia, which was $20,000 base and $23,000 in total. The median base salary for CMAs in the Americas in 2019 was $102,500, and the median for non-CMAs was $80,000. This region continues to maintain the highest salaries overall by a large margin, but it did experience a 10% decrease since 2018.