This year, 2789 responses for the salary survey were received from around the globe. While this may seem like a rather limited pool to draw from, this represents an increase from those surveyed in previous years. Because more often than not, you see this weird occurrence where lower-ranked professionals can earn higher than those of higher ranks. As we have seen in most regions, the salary earned by a CMA vs Non-CMA is significant and the KSA is no different. As we have seen in most continents apart from North America, this is a somewhat low median salary.
Of every region, Europe saw the largest increase (17.4%) in survey respondents age this year. 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. Median total compensation for CMAs in the Americas is as high as $115,000. The median base salary for CMAs in the Americas in 2020 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 in 2020.
Best Paying Jobs for CMAs
Their hope is to empower members and demonstrate the value of education and certification. They also want to emphasize the importance of the satisfaction employees have with their job, workplace, flexibility, etc. While both reflect prestigious accounting qualifications, they are very different in focus. CMAs focus on strategic management whilst CPAs focus on auditing and assurance.
Stacking CMA and CPA Credentials
The highest paid certified management accountants had both the CMA and CPA. 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.
- After all, making cost-minded decisions is a valuable asset in any industry.
- In this region, those aged 58 or older (Baby Boomer+) had a mean base salary of $77,858 and a median base salary of $77,543.
- It’s important to note that the latest salary survey found that most women in CMA roles held lower management positions.
- The CMA credential remains vital for financial experts worldwide because of rising organisational demands for strategic financial leadership.
- CMAs in lower management earn 19% more in median base salary than non-CMAs in a similar position.
Career Advancement and Job Security
However, there isn’t an individual 2023 salary survey report released for China. Nonetheless, we’ll explore the data for China included in the 2023 global survey and dive deeper into the numbers based on the 2020 China survey. Within younger age groups, these numbers increase further to 91% and 92%. This may suggest that the pay gap between genders is headed in the right direction and becoming narrower over time.
Global Senior Leadership Programme Specialisation: Chief Finance Officer
- This fee ensures that the candidate has met the necessary qualifications before embarking on the certification process.
- Many candidates will choose to take both parts of the CMA exam in one testing window to streamline their certification process, though you have the flexibility to take the parts separately if needed.
- Although the COVID-19 pandemic had a serious impact on the global economy, many IMA respondents indicated their compensation wasn’t negatively impacted.
- CFOs and financial directors earn considerably higher salaries because they contribute business strategy expertise while having financial planning abilities and leadership responsibilities.
- While the average salary for both CMA and CPA is similar in the U.S., the difference varies in other markets and countries.
Finally, you must become a member of the AICPA— after all, these steps are supported as a part of the AICPA leadership program.
Most importantly, 77% of European respondents mentioned that they loved their job. From there, you have massive potential for growth in markets around the world. For starters, India had the highest percentage of respondents with more than a four-year degree compared to the Middle East and Africa. Now that we’ve explored the salaries of the wider Middle East/Africa/India (MEAI) region, let’s focus a little more on each one. If you live and work in the United States, I bet you wonder what your annual salary could be in CMA accounting. 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.
CMAs made an average of 36% more in total compensation, which may seem small compared to the global average increase of 67%, but that’s because the base salaries in the Americas are already cma certification salary so high. Average CMA and non-CMA salaries in the Americas are the highest of anywhere in the world. The median base salary for CMAs in Asia was $28,710, and the median for non-CMAs was $20,000. Asia experienced relatively little change in compensation in 2019 (a 5% decease). Asia experienced relatively little change in compensation in 2020 (a 5% decrease).
Median Salary and Total Compensation by Management Level, CMA vs. Non-CMA
Across Asia, CMAs made an average base salary of $30,000, and $34,000 in average total compensation. This is about 50% more than the salary of non-CMA accountants in Asia, which was $20,000 base and $23,000 in total. Only 37% of 2019 respondents held the CMA certification, down 19% from the year prior, and the pool of respondents was much younger on average than in past surveys. This explains the slight drop in numbers across the board (CMAs and more experienced accountants earn higher salaries). The IMA 2019 Global Salary Survey showed that the average Certified Management Accountant (CMA) base salary in the Americas was $102,500 (compared to $65,000 globally).
As the popularity of this professional certification grows, an increase in salaries follows suit as well. The table below compares the salaries of respondents in KSA based on management level. The table below highlights the salary in KSA based on management level, age, education, and experience. While this doesn’t seem like much, the average professional earned more in KSA than in the Middle East/Africa/India (MEAI) region. Similar to some other regions surveyed in previous years, the average base CMA salary in China has decreased slightly.
In particular, their education requirements, job outlook, and salary differ the most. Compensation varies greatly across this region and also depends on whether you are a local or an expat working for a global corporation. This could be a reflection of the length of time that the CMA certification has been available and is trusted by corporations in the US. The IMA is well known for the calibre of graduates it produces in the US and companies have made this certification a priority, attracting graduates with high salaries and perks.
For starters, the gender pay gap was the lowest in Africa compared to the Middle East and India. In 2023, women earned around 83% of what men did in terms of median salary and 88% in total compensation. Based on the 2023 United States survey, the median base salary for US-based CMAs was around $124,000. Meanwhile, the median total compensation, which included bonus pay, profit-sharing, and other forms of compensation was around $139,000. These reports break down key compensation information and identify the factors that drive this data. The latest IMA Salary Survey provides insight into workplace changes and how certification translates to value in today’s market.
Candidates in the Middle East, Africa, and India were impacted the most (54%), while respondents in Europe and the Americas had the least impact (33% and 30%, respectively). Those with a CMA certification were less likely to experience a salary cut than non-CMAs (35% vs. 38%). The figure below represents the median 2020 CMA salary for countries with at least 1% of survey responses. Becoming a CMA advances your career by opening up new, upper-level positions. After all, making cost-minded decisions is a valuable asset in any industry. Approximately 83% of CMAs felt that the certification gave them more confidence to perform their job at a high level.