Are you wondering how much money you could make as a CMA in the United States?
In this blog post, we’ll look at the average salaries of CMAs in different industries and experience levels. We’ll also discuss variables like geography and education that may impact your pay.
So whether you’re just starting your career or a seasoned CMA looking for a raise, this blog post is for you.
Let’s get started!
What is CMA – US?
CMA-US stands for Certified Management Accountant – United States. It is a professional certification in financial management and management accounting.
The certification denotes the holder has expertise in financial analysis, planning, control, decision-making, and professional ethics.
The CMA-US is offered by the Institute of Management Accountants (IMA), a non-profit professional association that provides education, certification, and networking opportunities for accountants and senior financial professionals.
Why is CMA (US) so Highly Regarded?
Global recognition, high standards, employer demand, continuing education, professional development, and networking opportunities are major reasons for the high regard for CMA (US). A brief discussion of each reason is as follows:
Global recognition: The CMA (US) is a globally recognised certification with over 200,000 members in over 170 countries. It means that CMA (US) holders have the opportunity to work in a variety of industries and locations around the world.
High standards: The rigorous CMA (US) exam covers various topics. It ensures that CMA (US) holders have the knowledge and skills to succeed in management accounting.
Employer demand: Employers highly value the CMA (US) designation. A recent Institute of Management Accountants (IMA) study found that 86% of employers said they would be more likely to hire a CMA (US) candidate.
Continuing education: CMA (US) holders must complete 40 hours of continuing education credits (CPE) annually. It helps CMA (US) holders stay current on the latest management accounting trends.
Professional development: The IMA offers a variety of professional development resources to CMA (US) holders, including webinars, online courses, and publications. It helps CMA (US) holders stay ahead of the curve and continue to develop their skills.
Networking opportunities: The IMA has a global CMA (US) holders network. This network allows CMA (US) holders to connect with other professionals, share best practices, and find new job opportunities.
Overall, the CMA (US) is a highly regarded certification that can benefit those who hold it.
What factors influence the pay scale of CMA (US)?
The pay structure of CMAs (US) varies depending on their experience, industry, and location. However, some general factors can impact the pay scale for CMAs.
Experience: CMAs with more experience typically earn higher salaries. They better understand the field and can contribute more to their organisations.
Industry: The industry in which a CMA works can also impact their salary. CMAs who work in industries considered more “prestigious” or “in-demand” typically earn higher salaries. For example, CMAs who work in the financial services industry typically earn higher salaries than CMAs who work in the manufacturing industry.
Location: The location in which a CMA works can also impact their salary. CMAs who work in large cities earn higher salaries than CMAs who work in smaller cities. It is because living expenses are often greater in big cities, and businesses must pay more to recruit and keep talent.
Other factors include their education, certifications, and skills. CMAs with master’s or other advanced degrees typically earn higher salaries. CMAs who hold other certifications, such as the CPA (US), also typically earn higher salaries. Finally, CMAs with specialised skills, such as experience in data analytics or project management, typically earn higher salaries.
Overall, the salary structure for CMAs in the US is intricate and subject to change. Consider the broad parameters mentioned above to understand better what to anticipate regarding income.
What is the Average Salary of CMA US in India?
CMAs earn 20% more than their non-credentialed counterparts. Because the CMA (US) credential signifies a higher skill set and knowledge in financial planning, analysis, and decision-making. Per Payscale, the average salary of a CMA in India is around 8 lakhs. The pay scale can vary depending on the company, position, and experience.
What is the Salary of a CMA (US) Overseas?
The Certified Management Accountant (CMA) designation is one of the most highly respected and sought-after credentials in the accounting profession. Earning your CMA US designation gives you a competitive edge in the job market and can lead to a rewarding career in management accounting.
So How Much can you Expect to Earn as a CMA US in the United States?
According to Payscale, The median salary for CMAs in the US is $99,000 annually. However, your salary will depend on your experience, location, and the size and type of organisation you work for. For example, CMAs in finance and accounting tend to earn more than those in other industries.
What is the average pay of CMA (US) in UAE?
Professionals who hold the CMA credential are highly sought after by employers in the United Arab Emirates, particularly in Dubai. The average salary for a CMA in Dubai is AED 171k per year.
What will be the Salary of a CMA in the UK?
The answer to this question depends on several factors, including the specific job role, the company size, and the location. However, according to Payscale, the average salary for a Certified Management Accountant in the United Kingdom is 56,000 pounds per year.
Future growth of CMA (US) professionals
The demand for CMAs is growing, so salaries will likely continue to increase. According to the IMA (US), from 2020 to 2030, the demand for CMAs is anticipated to increase by 15%, faster than the average for all occupations. The increasing complexity of business drives this growth, the need for more financial analysts, and the growing demand for data analytics skills.
As the demand for CMAs increases, so will their salaries.
Reasons for the CMA’s (US) projected future growth
Here are some specific reasons why the future growth of CMA (US) holders is expected to be strong:
The increasing globalisation of business: As businesses become more globalised, there is a growing need for accountants who understand the different accounting standards and regulations in different countries. CMAs are well-equipped to meet this need, as they have a global perspective on accounting.
The growing importance of data analytics: Data analytics is becoming increasingly important in the business world. CMAs with data analytics experience are in high demand, as they can use their skills to help businesses make better decisions.
The increasing demand for professional development: Employers are increasingly looking for employees committed to their professional development. The CMA certification demonstrates that you are committed to professional development and willing to invest in your skills and knowledge.
Hence, the future growth of CMA designation is expected to be strong. If you are interested in a career in management accounting, the CMA certification is a valuable asset.
This question has no definitive answer, as salaries can vary depending on experience, employer, location, etc. However, people with a CMA US designation earn great salaries worldwide. If you are considering pursuing a career in management accounting, earning your CMA US is a great decision that can lead to a rewarding career.
If you’re ready to take the next step in your career, contact Stride Edutech today. We can help you prepare for the CMA (US) exam and achieve your career goals.
Click here to learn more about our CMA (US) coaching programs.
We look forward to hearing from you!