CMA Salary in India 2023
CMAs are in high demand, and with good reason. They have the skills and knowledge to help businesses succeed and are well-compensated for their expertise.
This blog will explore the average salary for CMAs in India, the highest-paying sectors, and the key skills that set-top earners apart. We will also provide tips for CMA graduates and aspirants looking to maximise their earning potential.
What is Cost Management Accountant (CMA)?
A CMA specialises in cost accounting and management within an organisation. They analyse and control costs, offer financial insights, and support decision-making for cost efficiency & profitability.
A quick look at CMA India
Designation awarded by the Institute of Cost Accountants of India (ICMAI). It signifies cost and management accounting, financial management, and decision-making support expertise. CMAs are crucial in guiding business decisions and contributing to organisational success.
The CMA India exam comprises three levels: Foundation, Intermediate, and Final. Each level involves comprehensive testing of cost and management accounting concepts. Successful completion leads to the prestigious CMA certification.
Job Profiles for CMA India
The various career paths for cost and management accountants include
- Chief Financial Officer – CFOs oversee financial operations and planning for the company’s stability and success.
- Cost Accountants – Cost Accountants analyse and track costs for optimal spending and accurate financial reporting.
- Financial Analyst – Financial Analysts conduct detailed financial analyses to aid decision-making and assess the financial health of companies.
- Finance Manager – Finance Managers oversee financial functions, ensuring fiscal health, compliance, and strategic planning.
- CMA – CMAs analyse finances, manage costs, and support decision-making for efficient financial operations in organisations.
Different Factors Affecting CMA Salary in India
Significant factors, including experience, sector, location, education, skills, and demand, may influence a CMA’s income in India.
- Experience: A CMA’s pay will increase with their level of expertise.
- Sector: The sector in which a CMA works might also impact their pay. Generally speaking, CMAs in consulting or finance make more money than those in other industries.
- Location: The CMA’s income may also vary depending on where they work. CMAs in major cities make more money than those in smaller towns or villages.
- Education: CMAs with a master’s or higher degree often make more money than those with a bachelor’s degree.
- Skills: A CMA’s income may also be impacted by their skill set. With particular knowledge, such as in risk management or financial modelling, often make more money than those without it.
- Demand: The need for CMAs in India may also impact their compensation. Could demand greater wages if there is a high demand for them.
Current Trends of CMA Salary in India 2023
As of 2023, Current trends of CMA salary in India indicate that experienced professionals earn an average of around Rs. 10,00,000 annually. Factors such as qualifications, industry, and job roles are crucial in determining CMA salaries in the country.
CMA Salary in India Based on Years of Experience
The CMA salary in India can vary significantly based on their experience in the field.
| Experience Range | Average CMA Salary in India per Annum |
| Entry-Level (0-2 years) | ₹3 to 6 lakhs |
| Mid-Level (3-5 years) | ₹6 to 10 lakhs |
| Experienced (6-10 years) | ₹10 to 20 lakhs |
| Senior-Level (10+ years) | Above ₹20 lakhs |
CMA Salaries for Different Job Profiles
The CMAs’ salaries vary depending on their job descriptions. You can see a CMA’s salary for various job descriptions in the table below.
| Job Profiles | Average CMA Salary in Indiaper Annum |
| Chief Financial Officer | ₹35 to 40 lakhs |
| Cost Accountants | ₹6 to 9 lakhs |
| Financial Analyst | ₹6 to 7 lakhs |
| Finance Manager | ₹8 to 13 lakhs |
| CMA | ₹10 lakhs |
Cost Management Accountant Salary Based on Industries
Salary packages for CMAs vary considerably between industries. The demand for CMAs, the complexity of financial operations, and the sector’s financial soundness are all factors that affect pay scales.
| Industry | Average CMA Salary in Indiaper Annum |
| Manufacturing | ₹7 to 12 lakhs |
| Financial Services | ₹6 to 11 lakhs |
| Information Technology (IT) | ₹9 to 11 lakhs |
| Healthcare | ₹4 to 14 lakhs |
| Retail | ₹4 to 10 lakhs |
| Consulting | ₹6 to 13 lakhs |
CMA Salary in India Based on Location
Salaries can vary significantly depending on the city or region where the CMA works. Major cities or commercial hubs may pay more to offset the higher cost of living.
| Location (India) | Average CMA Salary in India per Annum |
| Mumbai | ₹10 to 12 lakhs |
| New Delhi | ₹6 to 7 lakhs |
| Chennai | ₹9 to 10 lakhs |
| Bangalore | ₹10 to 12 lakhs |
| Hyderabad | ₹9 to 10 lakhs |
CMA Salary by Country
The salary for a CMA might differ significantly from one country to another depending on factors like the state of the economy, cost of living, demand, and regional market trends.
| Country | Average CMA Salary per Annum |
| India | ₹10 lakhs |
| United States | $110,000 |
| United Kingdom | £60,000 |
| Australia | AUD$80,000 |
| Canada | CAD$75,000 |
| Singapore | S$80,000 |
| United Arab Emirates | AED 130,000 |
Note: Salary Information Is Approximative and Subject to Change.
It is advised to examine reputable sources and industry studies for the most precise and recent salary data or to speak with HR specialists or recruitment firms. To make wise judgments regarding your job path, evaluate income expectations taking into account a variety of information and criteria.
Benefits and Perks for CMAs in India
CMAs in India enjoy many benefits and perks, including:
- High salaries: The average annual income for CMAs in India is close to INR 10 lakhs, which is high by international standards.
- Opportunities for advancement: CMAs have great prospects for promotion because firms are so interested in hiring them.
- Professional development: CMAs have access to a variety of opportunities for professional development, including conferences and continuing education courses.
- Job security: CMAs are in high demand and have good job security.
- Work-life balance: Because they are not forced to work excessive hours, CMAs often have an excellent work-life balance.
- Benefits: Benefits for CMAs often include retirement plans, life insurance, and health insurance.
- Perks: Aides, including flexible work schedules, paid time off, and company cars, may be provided to CMAs.
In addition to these advantages, being a cost and management accountant confers respect and recognition, which CMAs enjoy.
Conclusion
The CMA salary in India is very competitive, with many opportunities for top earners. If you are interested in pursuing a career in accounting, Stride Edutech can help you prepare for the CMA exam and achieve your career goals.
Are you interested in learning how Stride Edutech can help you achieve your CMA certification? Contact us today to schedule a free consultation. We would happily answer any of your questions and help you start your journey to becoming a CMA.
Visit our website: https://www.strideedutech.com/
For Admission Quote: +91 8939488 188 / +91 8939 488 288
FAQ
1.Which industries offer the highest CMA salaries in India this year?
Industries such as manufacturing, IT, financial services, and healthcare are among the top-paying sectors for CMAs in India in 2023.
2.How can aspiring professionals boost their chances of securing a top-earning CMA salary in India?
To boost earning potential, aspiring CMAs should gain experience, pursue continuous education, and target high-demand industries.
3.Are there specific regions in India with higher CMA salaries than others in 2023?
Yes, metropolitan cities like Mumbai, Chennai, and Bangalore generally offer higher CMA salaries due to increased demand and a higher cost of living.
4.Are there any gender-based discrepancies in CMA salaries in India this year?
As companies strive for pay equity, gender-based salary disparities are gradually reducing, making CMA salaries more equitable for both male and female professionals.
5.Do CMAs with additional professional certifications earn higher salaries in India?
CMAs with supplementary certifications such as ACCA, CPA, or CFA may command higher salaries as they bring additional expertise and credibility to their roles.
