Certified Management Accountant (CMA) Salary & Income Report

certified management accountant salary

What is the average Certified Management Accountant (CMA) salary?

Each year the Institute of Management Accountants (IMA) conducts a global salary survey to discover trends in compensation and other useful information for members. The IMA is the largest management accounting association in the world, and its certification branch, the Institute of Certified Management Accountants (ICMA), is responsible for the development, administration, and grading of the CMA exam.

Data from the IMA 2019 Global Salary Survey shows that the average Certified Management Acccountant (CMA) base salary in the Americas is $101,178 (compared to $54,401 globally). Only 37% of respondents this year hold the CMA, down 19% from last year, and the pool of respondents is 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). But even if those figures are slightly suppressed by less experienced accountants, they are great news for anyone interested in the profession. Earning the CMA remains one of the best professional development options available to accountants, and the benefits extend beyond just a higher salary.

The median base salary for CMAs is $102,500 in the Americas and $65,000 globally. Among non-CMAs, median base salary is $80,000 in the Americas and $30,000 globally. All said, the average base CMA salary in the Americas is ~28% greater than that of a non-CMA, and the average CMA salary, globally, is ~117% greater than that of a non-CMA.

Salary outlook for Certified Management Accountants 2019

Getting your Certified Management Accountant certification is a fantastic way to make more money and get ahead. In addition to being one of the most profitable accounting certifications, the CMA gives you the opportunity for career advancement into senior management positions, like a CFO or controller.

Becoming a CMA comes with significant perks, and we’ll cover a range of advantages, starting with compensation. We’ll also provide some supporting statistics from IMA’s most recent Global Salary Survey, which draws insights from 5,208 total responses (twice the previous year’s count) from respondents in 78 countries.

Average Certified Management Accountant salary by region

CMA salary in the Americas

The median base salary for CMAs in the Americas is $102,500, and the median for non-CMAs is $80,000. This region continues to maintain the highest salaries overall by a large margin, but did experience a 10% decrease since last year. Median total compensation for CMAs in the Americas is as high as $115,000.

CMA salary in Asia

The median base salary for CMAs in Asia is $28,710, and the median for non-CMAs is $20,000. Asia has experienced relatively little change in compensation (a 5% decrease).

CMA salary in Europe

The median base salary for CMAs in Europe is $70,000, and the median for non-CMAs is $50,000. Of every region, Europe saw the largest increase (17.4%) in survey respondents age 20-29 this year.

CMA salary in the Middle East and Africa

The median base salary for CMAs in the Middle East and Africa is $30,000, and the median for non-CMAs is $12,250. The Middle East and Africa region saw the greatest decline in median earnings going into 2019, at 30%.

About salary trends

Compensation for CMAs has fluctuated over the past several years. Globally, average compensation has recently decreased, but it is important to remember a few things when looking at these numbers, including:

  • The numbers reflect large regions, not necessarily individual countries. The countries within these regions may not see the same changes as regions as a whole. A good example is China, whose numbers did hold despite a decrease in Asia’s overall compensation.
  • Large numbers of younger CMAs have an impact on reported figures. Younger CMAs are responding to the Global Salary Survey in greater numbers—almost 70% of respondents to the 2019 IMA Global Salary Survey were under 40 years old, which significantly impacts the calculation of average salaries. Younger professionals typically make less due to being in the early stages of their careers.
  • Median compensation decreased roughly twice as much for non-CMAs than for CMAs, which goes to show that the value of the CMA designation remains high despite fluctuations in pay.
  • Regardless of fluctuations, CMAs make more than non-CMAs at all levels of management. The IMA’s 2018 and 2019 Global Salary Surveys have shown that, across the board, the gap in compensation is getting bigger every year.
  • Globally, the gap between women’s and men’s compensation is virtually nonexistent, which is especially significant since women’s salaries were only 90% of men’s during the previous year.

According to IMA’s most recent report, 85% of respondents who do not hold a CMA intend to earn the credentials in the near future. This is no surprise, given that CMAs make about 118% more in median total compensation than non-CMAs Additionally, professionals who hold both a CMA and CPA make more than professionals who hold only one certification.

Raises

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%. Globally, the median annual raise for CMAs has increased.

Other compensation

This past year, CMAs worldwide received about 84% of their total compensation via their base salary.

The remainder of their compensation came in the form of bonuses, profit sharing, overtime, and other means. About 63% of CMAs who responded to IMA’s 2019 Global Salary Survey reported receiving a bonus in 2018, while 13% received profit sharing, another 13% received overtime pay, and 26% received no additional payment.

Differences in pay by gender

In 2018, the salary gap between women’s and men’s compensation improved worldwide, and it should be noted that globally, the salary gap is nearly nonexistent. In the prior year, women’s base salaries and total compensation were both only 90% of men’s on average.

This is good news particularly for younger CMAs, because it shows that men and women who are beginning their careers are off to a level start. The gap in salaries is greater, however, among older CMAs, but it is not as wide as in previous years.

Other perks of the Certified Management Accountant credentials

Satisfaction of the job

CMAs’ satisfaction with their role has increased since last year, and quite significantly. In 2018, 77% of CMAs reported some level of satisfaction, compared to only 58% the year before. Asia’s increase was the greatest overall. It should be noted that this increase in satisfaction occurred despite the fact that less than half of all respondents said that their salary was competitive.

Working hours

In 2018, CMAs worked an average of 44.2 hours per week, nearly a whole hour less on average than in 2017. In the United States, work hours tend to be longest, coming in at around 46.1 hours on average. In China, CMAs work the shortest weeks on average (~42.3 hours), while also reporting the greatest amount of overtime pay.

Career mobility

In 2018, 78% of CMAs agreed that the CMA designation boosts their ability to move across all areas of the business, and more than 72% agreed that the CMA supports their job security in the Digital Age. The latter factor is growing in importance, as more and more workplace tasks are becoming automated or are performed by robots and other artificial intelligence.

Career opportunities

This year more than three-fourths of CMAs (76%) agreed that the certification provides career opportunities. One respondent to IMA’s survey said, “The CMA certification has given an immense boost in my confidence level and the ability to make decisions. I was promoted from the position of an accountant to financial analyst in seven months and from a financial analyst to finance manager in another seven months.”

Career advancement

As in the past, career advancement was cited as the number one benefit of the CMA (among those who are pursuing the credential). From IMA’s survey responses, a financial reporting manager working in Qatar said, “I am pursuing CMA certification. I feel this is the perfect finance and accounting course to be part of modern business management and strategic partner of any organization.”

What makes a Certified Management Accountant so valuable

The CMA certification is more valuable than ever, and the sooner you decide to get it, the sooner you can begin earning more. Let’s look at what exactly makes it a desirable designation.

How the CMA serves the accounting industry

  • The CMA is better suited to corporate accounting and, as such, it is the leading credential for management accounting.
  • The CMA is in high demand at Fortune 500 companies and companies with manufacturing facilities that require cost and inventory management.
  • Companies that are more likely to need professionals who specialize in management accounting and costing seek out CMAs.
  • CMAs have an edge when it comes to making high-level management decisions due to the focus of their certification.

How the CMA serves your career path

  • The Big 4 specifically request the CMA for certain upper-level positions, so the CMA is the path to a top-notch role.
  • According to IMA, CMAs report that their favorite aspects of the job include their relationships with coworkers, employee benefits, and salary.
  • Given their business savvy, CMAs can influence the financial side of the company while still functioning as an important management team member.
  • The CMA opens the door to the business world and equips you to excel. CMAs enjoy the ability to move across all areas of business.

2018 CMA Salary

According to the 2018 survey report, the global average salary for a CMA was $81,000. If you include bonuses and other compensation, that number rises to $92,000. Total compensation for CMAs is 67% higher than non-CMAs.

The gap between CMA and non-CMA salaries is widening. Last year, CMAs only earned 50% more in total compensation. The author of the survey report, Shannon Charles, Ph.D., commented that “Some of this increase could be partly attributable to a shift in the percentage of CMAs across regions.” There has been a slight increase in the number of CMAs in the Americas and a decrease in Europe and Asia, meaning there is a greater concentration of CMAs in the region of the globe where CMAs are paid the most. Don’t extrapolate too much with this information though, because it’s only a trend of the past year. The 2016 report noted the opposite, that the mix of respondents moved from being U.S.-centric to increasingly global.

Let’s break down the IMA’s report by region.

CMA Salary in the Americas

The median base salary for a CMA in the Americas is $110,000, and median total compensation is $125,000. For non-CMAs, those amounts are $83,800 and $92,000 respectively.

CMAs make 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 so high. Average CMA and non-CMA salaries in the Americas are the highest anywhere.

When you compare this year’s CMA salary numbers to last year’s, you see that base salary increased 3.5% and total compensation increased by 1.6%. In the Americas, the difference between CMA and non-CMA average total compensation increased from 23% to 36%, a jump of 13 percentage points.

CMA Salary in Asia

Across Asia, CMAs make 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 is $20,000 base and $23,000 in total.

In Asia, the average base salary for a CMA decreased 14.3% from last year’s survey. Total compensation fell by 15%. But the salary and compensation of non-CMA accountants fell by much more: nearly 25%. So, salaries fell for all accountants in Asia but less severely for CMAs, meaning the gap between CMA compensation and non-CMA compensation widened. Despite the rough year, the CMA remains a good investment for the future.

The report notes that there was an increase in the number of young respondents (20-29 years old), who normally occupy the lower-paying positions. This could account for the salary decrease.

CMA Salary in Europe

European CMAs make an average base salary of $85,000. Average total compensation is $88,620. They make about 50% more than their non-CMA peers, who have a base salary of $56,500 and total compensation at $57,500.

In the past year, compensation has gone up for CMAs and down for non-CMAs. Getting certified used to only make a marginal difference (10% in past surveys) in Europe, but now that difference (50% currently) is much more substantial.

CMA Salary in the Middle East and Africa

The median base salary for CMAs in the Middle East and Africa is $35,000, and increases to $39,500 when you add in other forms of compensation. This is the region where the CMA certification makes the most difference: it more than doubles the average total compensation of non-CMA accountants. Non-CMAs in the Middle East and Africa have a base salary of $17,700 and total compensation averaging out at $18,500.

Average salaries fell for everyone in the Middle East and Africa this year. 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.

CMA Salary Trends

Total compensation for CMAs has fluctuated over the past few years.

Globally, 2017 continued to see the rise in compensation that began in 2015.
Europe saw a rise in compensation this year after a couple years of decline.
The Americas and Asia have experienced relatively little change in compensation.
The Middle East and Africa region saw a small decline.

CMAs make more than non-CMAs. 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.

How to become a CMA

The smart route to earning your CMA, of course, is to use the best CMA review! Gleim CMA has been helping candidates pass for over 35 years, and our course has trained more CMAs than any other. When you get Gleim, you get everything you need to pass on the first try with confidence. Before you begin, though, you’ll want to know everything about the CMA exam, and you can find it all in our comprehensive (and free!) CMA Exam Guide.

 

*Each year, IMA surveys its members about their salaries. There are a few things you should know to properly understand the results of this survey:

  • The survey is voluntary and available only to members of IMA (membership is required to maintain one’s CMA certification).
  • All salary averages discussed in this article are calculated using the median.
  • Amounts are adjusted to U.S. Dollars for comparison.