However, cities in California can still be worth your time if you’re okay with paying higher expenses. Once again, PayScale is very helpful in showing us what the best paying positions are. Some of the highest paying positions held by Certified Management Accountants are CFO, Corporate Controller, Senior Financial Analyst, Financial Controller, and Financial Analyst.

• This content has been made available for informational purposes only.
• Many accounting students and professionals want to advance their careers and increase their salaries, but they don’t know which certification to choose from CMA vs CPA.
• However, mid-career professionals will easily reach the $65k average.
• You need to be able to demonstrate employment for at least two consecutive years in financial management or management accounting to be eligible to earn your CMA certification.
• From the private sector to government entities, from finance to operations, CMAs possess the agility to thrive in various industries and roles.

Several cities in a handful of states pay much higher than the average, despite high demand for CMAs all over the United States. You may want to consider looking for work in these areas if you live nearby. As you can see, being a management accountant offers a lot of choice for employment. It’s worth continuing on this career path even if you don’t start out with the best possible pay.

Find the Accounting Career for You

A professional certification, like the CMA, covers everything you need for proficiency in FP&A. On the other hand, external auditors can be independent professionals or employed by an audit firm to provide objective opinions on clients’ finances and compliance processes. They are well-versed in the laws, rules, and regulations around local, state, and federal taxes. As a tax accountant, you’ll work with individuals and businesses for all their tax-related needs.

• Younger professionals typically make less due to being in the early stages of their careers.
• It’s also an internationally recognized credential that carries recognition globally.
• They manage many positions we’ve discussed today, like auditors, staff and junior accountants, and other finance professionals.
• The figure below represents the median 2020 CMA salary for countries with at least 1% of survey responses.
• Earning the certified management accountant certification means you are officially a CMA.
• The 2 notable exceptions are Lakes, AL and Green River, WY— these two cities offer a high salary in a low cost-of-living area, so they’re great for maximizing your earning potential.

Because more often than not, you see this weird occurrence where entry-level positions earn more than middle management. Just like many other regions, the median salary and median total compensation for an entry-level CMA are high. This particular breakdown of the certified management accountant salary survey is my favorite. 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. Each year, Institute of Management Accountants (IMA) conducts a global salary survey to discover trends in compensation and other useful information for members.

CMA certification teaches financial planning, performance, and analytics as well as strategic financial management. Getting certified can propel your career in finance or accounting into the field of financial management. Expect more opportunities in your career, a potentially higher salary, and the reputation of being a certified financial professional. Earning the certified management accountant certification means you are officially a CMA. Learn how to prepare for the certification, get started in corporate finance, and more. Obtaining a CMA accounting certification demonstrates your advanced skill set in management accounting and will therefore distinguish you from your non-certified peers.

CMA vs. CPA salary

Obviously earning your CMA has its financial benefits, but respondents had even more good things to say about it. 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. There has been a ton of growth in the Middle East over the past few years. In fact, the number of usable responses for this year’s salary survey has tripled since the 2017 survey results were published. In fact, certain countries in the Middle East have boomed so much in the CMA sphere, that the IMA had to take this into special account when conducting the latest salary survey.

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A few years of experience as an accountant is generally all you need to progress to a staff accountant. CPAs will find that additional management training makes them more marketable to the industry. If you are a CMA and your job’s duties involve overseeing your company’s taxes, for example, the additional knowledge gained by becoming a CPA could be beneficial. If you are either a CPA or CMA, you will earn around $10,000 more per year than your counterparts without these credentials. Heightened public demand for financial transparency in business and government has increased the need for qualified and ethical financial experts.

Global CMA Salary

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%. About 60% of all CMAs report having received a raise within the last year. In the Americas, this percentage was highest, at 67%, and it was lowest in the Middle East and Africa, at about 49%.

The IMA’s 2018 Global Salary Survey shows that, across the board, the gap in compensation is getting bigger every year. The CMA certification is more valuable than ever, and the sooner you decide to get it, the sooner you can begin earning more. Younger CMAs are responding to the Global Salary Survey in greater numbers.

In addition, those holding the CMA are more likely to hold specific job titles compared to non-CMAs. A higher percentage of CMAs are directors (73%), CFOs (72%), and finance managers (66%). 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. In the US, a Certified Management Accountant https://accounting-services.net/cma/ earns more money than a typical accountant and is eligible for a number of advantages. A CMA gives better compensation and offers more growth chances in senior financial management positions than a non-CMA. You need to be able to demonstrate employment for at least two consecutive years in financial management or management accounting to be eligible to earn your CMA certification.

All regions reported a similar result, and the median raise of 6% was up from last year’s 5%. Specifically, total compensation for those in top management positions in the Americas was $160,000, $87,240 in Europe, $76,000 in Asia, and $35,650 in the Middle East/Africa region. Earn the Certified Medical Assistant (CMA) designation and get a few years of experience under your belt and you’ll soon enjoy an average salary that’s about $10,000 above the mid-level. The BLS reports that medical assistants at the upper end of the salary range (top 10%) earned an average of $48,720 ($23.43 per hour) during this time. According to the IMA, the average base salary for a CMA in Europe is $92,443.