Though a degree in accounting will provide you with general accounting knowledge and skills, the following concentrations can lead you down a specific career path. In this article, we overview what an accounting degree is, various accounting concentration areas available and ten jobs you can get with an accounting degree. If you’re wondering what you can do with an accounting degree, rest assured it’s a valuable asset. In fact, renowned billionaire investor Warren Buffet once called accounting the language of business. The CMA is respected in over 150 countries with over 100,000 certifications earned globally. Education, experience, location, type of company, bonuses, and advancement opportunities can adjust CMA salary up and down.
- Those with a CMA certification were less likely to experience a salary cut than non-CMAs (35% vs. 38%).
- They made about 50% more than their non-CMA peers, who had a base salary of $56,500 and total compensation of $57,500.
- Read our in-depth CMA salary information or jump to the benefits of becoming a CMA.
- They provide the “why” behind the numbers, manage project proposals, and advise on the potential for future profits.
Most CMA professionals work in an office, sometimes as part of a company’s financial department, as full-time employees. A CMA may also make financial decisions for a company if working in https://personal-accounting.org/ an executive position. The Americas and Asia have experienced relatively little change in compensation. Average salaries fell for everyone in the Middle East and Africa during this year.
Of those recipients, 6.5% responded and were considered valid for the purposes of this survey. While this may seem like a rather limited pool to draw from, this represents an increase from those surveyed in previous years. As a CMA and entrepreneur myself, I can personally see the value in privately owned enterprises.
CMA Salary in China by Management Level
On average, those in senior management positions earn 23% more than their middle management peers. And they are not the only ones who feel that having your CMA opens more doors. In fact, 83% of salary survey respondents feel their certification helped create job opportunities and give them a leg ahead of the competition. Now CMAs earn 56% more in median salary and 58% more in median total compensation than their non-certified peers. Many concentrations within accounting can lead to different career paths. While an accounting degree often leads to jobs in accountancy, auditing and taxation, some outside of accounting include financial managers, financial advisors and budget or financial analysts.
Once you make the leap from middle management to Senior or Top management you do see an increase though. Senior and top management CMA employees can earn upwards of $50,000 depending on their position. Whether you work in private or state-owned enterprises will affect these numbers.
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. The biggest takeaway from these numbers is that women tend to experience the largest pay gap when they are in higher management positions. 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. The certified management accountant credential is often juxtaposed with the certified public accountant (CPA) credential. While either credential can provide a career boost, the CMA and the CPA licenses are vastly different.
And in the 2018 IMA salary survey, 69% of all respondents testified to receiving a pay raise within the last year. All regions reported a similar result, and the median raise of 6% was up from last year’s 5%. Typically, CMAs around the globe not only make more money than non-CMAs but also more than CPAs. And, accountants holding both the CMA and the CPA earn the highest median total compensation.
CMA compensation went down 16.6%, and non-CMA compensation decreased 25.6%. While CMA compensation fell, it did so at a slower rate than non-CMA compensation. Getting certified used to only make a marginal difference (10% in past surveys) in Europe, but that difference became much more substantial at 50%. IMA’s 2018 and 2019 Global Salary Surveys have shown that, across the board, the gap in compensation is getting bigger every year.
Consequently, the IMA believes this could be because more of the respondents held the CMA in 2018 than in 2017. If the CMA seems even more intriguing to you now, you’ll be happy to see exactly how much you can make as a CMA and if the premium applies in your home country. So, learn more about the CMA salary in this summary of the IMA salary survey.
Gender Breakdown for Certified Management Accountant (CMA)
In the 2021 IMA Global Salary Survey, over 62% of respondents held the CMA certification, which is a promising increase from 53% the previous year. Of those who were not certified, over 80% said they intend to pursue the CMA in the future. Across the survey, IMA saw little, if any, difference in impact on compensation between genders (an improvement from the previous year), management levels, company sizes, or education levels. Across all management levels, CMAs earn more than their peers, especially in senior management positions, where they make as much as 58% more in total compensation. CMA (Certified Management Accountant) salaries continue to rise, and even during the COVID-19 pandemic, most CMAs reported their compensation either increasing or remaining the same. More and more professionals are getting CMA certified every year, and it’s actually the fastest-growing global certification.
Taking the U.S. CMA Exam? Get the info you need now!
The average salary for a CMA is around $85,000 per year, but there are many factors that can determine CMA salary such as experience, location, specific CMA job description and more. Career advancement and increased career opportunities are among the top reasons people earn the CMA certification. Holding certified management accountant salary the CMA can be the qualification you need to move into better-paying positions, holding job titles in upper-level management and beyond. Holding a CMA certification may make you eligible for job titles such as financial analyst, corporate accountant, senior account, or chief financial officer.
Cost/Benefit Analysis of CMA Certification
Advancement opportunities may arise after gaining experience, and obtaining the CFA Institute’s Chartered Financial Analyst (CFA) certification can be beneficial. At a minimum, a bachelor’s degree in accounting is required, with some employers desiring a master’s degree. An accounting degree prepares you to speak and understand that language, whether you pursue accountancy, auditing, sales management, advising or one of the many other accounting career paths. Gaining the designation of CMA is a significant challenge, because there is so much to learn in the realms of both accounting and management.
The global mean and median base CMA certification salary may rise and fall from year to year. However, the figures remain high and attractive to future Certified Management Accountants. ERI’s compensation data are based on salary surveys conducted and researched by ERI. Certified Management Accountants are required to hold a bachelor’s degree from an accredited college or university, or have a professional accounting certification. Additionally, candidates must have an active membership in the Institute of Management Accountants (IMA). In 2020, the overall percentage of survey respondents who held a CMA certificate in Europe increased to 65%.
