CMA Salary Guide: How Much Do CMAs Make?

Bryce Welker
·12 min read

AI was used in the creation of this article. The article was reviewed, fact-checked and edited by a content review team. We might earn a commission if you make a purchase through one of the links. McClatchy newsrooms were not involved in the creation of this content.

According to Accounting Today, there has been a surge in new CMAs in recent years, indicating the growing appeal of this certification in the accounting field. In the dynamic world of finance, Certified Management Accountants stand out with an average annual salary of $120,000.

This notable salary underscores the vital role CMAs play in business strategy and financial decision-making. Achieving CMA certification is more than just a professional achievement; it represents a significant boost for career growth in the field of accounting.

Recognized for its rigor and relevance, the CMA certification opens doors to advanced career opportunities and higher salary brackets.

Key Takeaways

  • CMAs vs. Non-Certified Professionals: CMAs enjoy a significant salary advantage, with a median base salary of $120,000, approximately 21% higher than non-certified accounting professionals.

  • Advanced Education Impact: CMAs with education beyond a bachelor’s degree, which accounts for over 56% of CMAs, typically see higher salaries.

  • Experience Correlation: Salary increases with experience, especially for CMAS in senior roles. For example, top management CMAs can earn up to $195,000, demonstrating the significant impact of experience on earning potential.

  • Higher Salaries in Specific Sectors: CMAs in industries like technology and financial services often receive higher compensation, showcasing the sector-specific demand for CMA expertise.

  • Location-Based Salary Differences: Geographical location significantly affects CMA salaries, with those in urban and economically developed areas generally earning more than those in rural or less developed regions.

  • CMA plus CPA: Professionals with both CMA and CPA certifications achieve the highest median base salary of $137,800, demonstrating the market’s high regard for a diverse skill set.

Understanding CMA Salary Structures

Twenty-one percent. This is the higher median annual compensation the IMA says CMA-certified accountants have over non-certified peers.

Several factors shape CMA salaries:

  • Role: The complexity and responsibility of the role greatly impact the management accountant’s salary.

  • Education and CMA Certification: Higher educational qualifications and obtaining the CMA certificate correlate with higher salaries.

  • Experience: Experienced accounting professionals with a CPA command higher salaries.

  • Geographical Location: Economic conditions and living costs in different regions affect accountant professionals’ salary levels.

  • Industry: The employment sector can lead to significant variations in compensation for former CPA candidates who have earned the CMA designation.

Average CMA Salary Insights for Specific Jobs

CMA salaries vary widely, reflecting the diverse skill set they bring to different positions. A certified management accountant’s pay highly depends on the job they choose.

Here are some average salaries for typical roles in the industry:

  • Financial Analyst: $96,220

  • Senior Accountant: $95,000

  • Management Accountant: $132,000

  • Finance Manager: $142,000

  • Director of Finance: $196,105

  • Chief Financial Officer (CFO): $153,100

  • Budget Analyst: $75,349

  • Risk Manager: $106,026

  • Strategic Planner: $82,492

  • Controller: $92,220

Certified management accountant salary averages vary depending on the role. However, for many of those with a CMA credential, their salary may exceed six figures.

Role of Education and CMA Certification in Salaries

Becoming a Certified Management Accountant intertwines education, certification, and practical experience, each of which plays a pivotal role in shaping a professional’s career trajectory and salary potential.

Here’s a deeper dive into this educational pathway, enriched with an intriguing statistic:

Bachelor’s Degree Requirement

The first step towards CMA certification is obtaining a bachelor’s degree. This foundational stage equips candidates with essential knowledge in accounting and finance, setting the stage for advanced learning and professional development.

Rigorous CMA Exam

The CMA exam is a challenging and comprehensive assessment covering advanced management and financial accounting, strategic planning, and decision analysis. Passing this exam requires more than traditional financial accounting knowledge.

CMA candidates must also master cost and performance management, internal controls, financial analysis, and strategic decision-making. This ensures CMAs are equipped for strategic roles in business, contributing significantly to organizational financial strategy and operations.

CMA’s Practical Experience Requirement

Beyond academic achievements, CMAs must complete two years of professional experience in management accounting or financial management. This requirement ensures that CMAs have theoretical knowledge and practical skills honed in real-world scenarios.

Beyond the Bachelor’s Degree

An interesting dimension to this educational journey is that 56% of CMAs have pursued education beyond a four-year degree. This significant percentage underscores a commitment to continuous learning and professional growth among CMAs. It reflects a trend where higher education is not just a stepping stone but a continuous ladder leading to enhanced expertise, better job opportunities, and, consequently, higher salaries.

This educational framework for CMAs illustrates a blend of academic rigor, practical experience, and a commitment to lifelong learning, all contributing to their professional growth and financial success in the dynamic field of management accounting.

The Impact of Experience on CMA Salaries

Experience plays a pivotal role in shaping the salaries of Certified Management Accountants, with a clear progression observable from entry-level to top management positions. This progression reflects the increasing responsibilities and complexities of roles and underscores the growth potential within the CMA career path.

Entry-Level CMAs: At the beginning of their careers, CMAs typically earn around $92,030 as a starting salary. This phase is focused on foundational accounting and financial management tasks, providing a solid base for future advancement.

Academic Position in College/University CMAs holding academic positions in colleges or universities have an average salary of $117,200, according to the IMA. These roles typically involve teaching, research, and contributing to the academic field of management accounting.

Middle Management: As CMAs gain experience and move into middle management roles like Finance Managers or Controllers, their salaries notably increase, averaging around $122,000. This jump indicates the enhanced responsibilities and the application of more advanced financial skills.

Senior Management: In senior management positions, such as Finance Directors or Senior Finance Managers, CMAs can expect to earn an average salary of $150,000. These roles often involve significant oversight of financial operations and strategic organizational contributions.

Top Management: Reaching the pinnacle of their career, CMAs in top management roles, including Chief Financial Officers or Chief Executive Officers, can earn upwards of $195,000. This top-tier salary reflects these professionals’ high level of expertise, decision-making capabilities, and strategic influence. It also leads to increased job satisfaction.

These salary figures demonstrate the progression in earning potential as CMAs climb the corporate ladder. The significant salary jump from entry-level CMA starting salaries to top management positions highlights the value of experience, expertise, and leadership in management accounting.

CMA Salaries Across Various Sectors

Certified Management Accountants are sought after in various sectors, each presenting unique opportunities and salary prospects. Here’s how CMAs contribute and are compensated across different industries:

  1. Manufacturing: In this sector, an accounting professional may play a pivotal role in cost management and enhancing financial efficiency. Their expertise in analyzing production costs and optimizing expenses is crucial, often leading to competitive salaries.

  2. Healthcare: CMAs in healthcare are instrumental in managing complex budgets and financial planning. Their ability to navigate the financial challenges of this sector is highly valued, reflected in their compensation.

  3. Technology: The tech industry, known for its rapid growth and innovation, relies on CMAs for strategic financial management. CMAs here are often compensated generously for their role in guiding financial decisions in a fast-paced environment.

  4. Financial Services: CMAs focus on financial analysis and risk management in this sector. Their skills in assessing financial products and managing risks command high salaries, given the critical nature of these roles.

  5. Nonprofit: CMAs in the nonprofit sector are key to budgeting and financial stewardship. While salaries here might not match those of the corporate sector, the role’s impact on organizational sustainability is significant.

Geographical Variations in CMA Salaries

The salary of CMAs varies significantly across different global regions. The following statistics are based on the IMA’s Global Salary Survey. This variation is evident in base salaries and total compensation, including bonuses, benefits, and other financial incentives. Here’s a breakdown by region:

Americas

  • Base Salary: The mean base salary is $129,961, with a median of $120,000.

  • Total Compensation: On average, total compensation is $153,874, with a median of $132,000.

Asia-Pacific (AsiaPac)

  • Base Salary: The mean base salary in this region is $36,985, with a median of $26,092.

  • Total Compensation: The average total compensation is $44,548, with a median of $29,686.

Europe

  • Base Salary: European CMAs earn a mean base salary of $104,369 and a median of $90,661.

  • Total Compensation: The mean total compensation is $124,024, with a median of $98,298.

Middle East/Africa/India

  • Base Salary: The mean base salary in these regions is $32,878, with a median significantly lower at $16,000.

  • Total Compensation: The average total compensation is $39,583, with a median of $19,200.

CMA vs CPA: Comparing Median Base Salaries in the Americas

In accounting, both CMAs and CPAs are highly regarded certifications, each offering unique advantages and career opportunities. A key aspect where these certifications differ significantly is in their impact on median base salaries, particularly in the Americas. Here’s a comparative overview:

No Certification (Neither CMA nor CPA)

Accounting professionals without either certification have a median base salary of $99,375. This figure serves as a baseline to understand the financial value added by obtaining either or both certifications.

CMA Only

Accountants who have obtained only the CMA certification report a higher median base salary of $120,000, according to the IMA. Receiving more money demonstrates the value that the CMA certification adds in terms of salary, reflecting its focus on management accounting, strategic planning, and financial analysis.

CPA Only

Those holding only the CPA certification have a median base salary of $126,274. The CPA is traditionally known for its focus on auditing, taxation, and regulatory compliance, and this salary figure underscores its market value.

Both CMA and CPA

Professionals who have earned both CMA and CPA certifications report the highest median base salary at $137,800. This indicates that possessing a combination of skills and knowledge from both certifications is highly valued in the job market, leading to greater earning potential.

This comparison highlights the distinct financial advantages associated with each certification. While both CMA and CPA certifications independently contribute to higher salaries compared to non-certified professionals, holding both certifications provides the most significant financial benefit, reflecting the comprehensive skill set and expertise these professionals bring to their roles.

Trends in Salary Increases Among CMA Professionals Post-Pandemic

The post-pandemic era has seen a notable trend in salary increases among CMAs and other accounting professionals, as indicated by a global survey of IMA members. Here’s an overview of these trends:

Regional Variations in Salary Increases

  • Globally, 55% of IMA members reported salary increases compared to pre-pandemic levels.

  • The Americas region reported the highest increase, with 72% of professionals experiencing a salary rise.

  • In contrast, the Asia-Pacific region had the lowest increase rate at 36%.

Industry-Specific Salary Trends

  • In the nonprofit sector, a significant 74% of professionals reported salary increases post-pandemic.

  • This trend contrasts with the automotive sector, where only 49% reported an increase.

  • In the medical and health services fields, 63% of respondents noted an increase in their salaries.

Impact of Job Titles on Salary Growth

  • Professionals with job titles like “data analyst” and “manager” reported the highest incidence of salary growth, with 68% experiencing increases.

  • Conversely, those titled “intermediate accountants” reported the lowest occurrence of positive salary change at 27%.

  • Higher management levels saw more substantial salary increases, with 59% of top managers reporting higher earnings.

FAQs

How does the CMA certification influence career progression?

The CMA certification significantly enhances career progression opportunities. CMAs often find themselves eligible for higher-level positions like Financial Managers, Controllers, and CFOs sooner than their non-certified peers. This certification is recognized globally and is often seen as a testament to the holder’s expertise in management accounting, strategic decision-making, and financial analysis.

Are CMAs in demand globally?

Yes, CMAs are in high demand globally. Their expertise in management accounting is not only valued in the U.S. but also in emerging and established markets around the world. Countries with growing economies mainly show a high demand for professionals with CMA credentials, as businesses in these regions increasingly recognize the need for advanced financial management skills.

What is the salary range for CMAs?

Certified Management Accountants (CMAs) have a diverse salary range. In the Americas, for example, CMAs can earn from $92,030 at entry-level positions to upwards of $195,000 in top management roles. Factors such as job title, industry, and experience significantly influence this range.

How does a CMA’s salary compare to other finance professionals?

CMAs generally earn more than their non-certified counterparts. For instance, CMAs in the Americas have a median base salary of $120,000, notably higher than the median for non-certified professionals. This difference highlights the value of the CMA certification in the finance industry.

How does education impact CMA salaries?

Education significantly impacts CMA salaries. For instance, CMAs with an MBA or additional certifications can substantially increase their earning potential. Over 56% of CMAs have pursued education beyond a bachelor’s degree, often leading to better job positions and higher salaries.

What skills enhance a CMA’s salary prospects?

Skills that boost a CMA’s salary prospects include strategic financial planning, cost management, risk analysis, data analytics, and proficiency in ERP systems. These skills are critical for higher-level decision-making and efficiency in financial management.

What is the role of experience in determining a CMA’s salary?

Experience plays a crucial role in salary determination for CMAs. For example, CMAs in top management typically have more experience and can earn around $195,000, while those in entry-level roles earn around $92,030.

How do salaries vary across different sectors for CMAs?

CMA salaries vary significantly across sectors. In sectors like technology and financial services, salaries are generally higher due to the specialized financial expertise required. In contrast, sectors like manufacturing or government may offer lower salaries but can provide other benefits like job security.

What is the impact of geographical location on CMA salaries?

Geographical location has a substantial impact on CMA salaries. For instance, CMAs in urban and economically developed regions, like major cities in the Americas, tend to have higher salaries than those in rural or less developed regions.

What is the job market outlook for CMAs?

The job market outlook for CMAs remains positive. The demand for skilled management accountants is expected to stay strong, driven by the need for strategic financial planning and analysis in various industries. This demand reflects the critical role CMAs play in organizational financial management and decision-making processes.

Sources: