CMA Salary Expectations & Opportunities

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

The average CMA salary globally is $72,430. In the U.S., the average CMA salary is $105,000. This is roughly $30,000 higher than the average salary for a Certified Public Accountant (CPA) based on averages from the U.S. Department of Labor. CMA salaries are representative of the value that CMAs bring and the exciting opportunities they can explore. Read our in-depth CMA salary information or jump to the benefits of becoming a CMA.

Each year, Institute of Management Accountants (IMA) conducts a global salary survey to discover trends in compensation and other useful information for members. 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.

2021 Global Salary Survey at a Glance

The 2021 IMA Global Salary Survey collected data from over 3,000 IMA members in 79 different countries. In 2021, 29.5% of the responses came from China, 39.2% from the U.S., 3.6% from the United Arab Emirates, and the remaining 27.7% were split among the remaining countries.

The figure below represents the median 2020 CMA salary for countries with at least 1% of survey responses. This is the simplest and most recent CMA salary breakdown you’ll find.

Median CMA salary by region

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.

You can also read previous years’ CMA salary statistics and trends to learn how they’ve changed over time.

Becoming a CMA not only offers great salary benefits, but also improves other aspects of your life and career. Don’t underestimate the importance of these factors. There’s more to your career than simply what you make.

Career opportunities

More than 75% of CMAs agreed that the certification provides career opportunities. A plant controller in the U.S. responding to IMA’s survey said, “I would not have my current job without my CMA and would certainly not have the salary that I currently have. My CMA has increased my salary significantly and opened up a lot of doors.”

Career advancement

As in the past, career advancement was cited as the number one reason why respondents pursue the CMA. From IMA’s survey responses, a corporate controller in Oman said, “Within a year of attaining the CMA certification, I have been promoted to a role significantly higher than the one I was performing previously. Part of the reasoning behind management’s decision was my CMA certification.”

Raises and job growth

As of 2020, most CMAs (57%) report receiving a raise within the last year. This is highest in the Americas (67%) and lowest in the MEAI region (48%). The median raise for Asia, Europe, and MEAI was 10% of total compensation, and the median raise was 4.4% of total compensation for the Americas.

Job satisfaction

CMAs consistently rate their overall job satisfaction highly. On average, nearly 80% of CMA candidates report loving their jobs. In addition, most CMA candidates believe their jobs have a significant impact on the decisions and direction of their respective organizations.
Approximately 90% of CMAs felt certification gave them more confidence to perform their job at a high level, and more than 90% would recommend CMA certification to a friend. Visit our CMA Requirements resource page for more information on all of the CMA requirements and how you can meet them.

Career mobility

Most CMAs agreed that the CMA designation boosts their ability to move up not only within their organization, but also within their industry and across industries. A respondent in Turkey said, “The CMA certification improved my soft skills, IFRS [International Financial Reporting Standards], strategic management, and many other skills, therefore increasing my competence and confidence. My company’s view of my skills is also very much improved. This year, I am listed in the vertical potential pool, which means I will get a promotion in two years.”

Certified Management Accountants specialize in managerial accounting. They provide the “why” behind the numbers, manage project proposals, and advise on the potential for future profits.

• Because of their business and managerial knowledge, CMAs are adept at supervising teams and managing projects. Any company that needs to compare multiple projects, such as large manufacturers, will value CMAs because they are qualified to make high-level business decisions.
• As financial experts, CMAs are excellent at understanding different investment opportunities and making informed decisions while managing risk. This makes them excellent financial advisers and executive decision makers.
• Certified Management Accountants are uniquely skilled. They bring a level of business expertise beyond the scope of non-certified accountants and possess financial knowledge that non-accounting executives lack. This makes CMAs suited to management positions in almost any company, from not-for-profit businesses to major Fortune 500 companies.

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.

• CMAs can easily move across many different kinds of industries and businesses. This mobility gives you the opportunity to gain more experience and advance your career.
• The CMA is an internationally recognized certification. Obtaining it will open doors in other countries and at large international companies.
• The business knowledge you’ll gain by becoming a CMA will serve as a valuable asset when negotiating for management positions and climbing to an executive position.
• While CMAs specialize in managerial accounting, they’re still comfortable enough with cost accounting to have a firm understanding of financial statements and reports. Being the bridge between the financial and management sides of the company means you get to experience both worlds.
• The Big 4 firms specifically request the CMA for certain upper-level positions, so the CMA is the path to a top-notch role. This is because managerial accounting enables CMAs to understand clients from a business perspective.
• CMAs report that their favorite aspects of the job include their relationships with coworkers, employee benefits, and salary.

In the 2021 IMA Global Salary Survey, over 62% of respondents held the CMA certification, which is a promising increase from 53% the previous year. Of those who were not certified, over 80% said they intend to pursue the CMA in the future. Across the survey, IMA saw little, if any, difference in impact on compensation between genders (an improvement from the previous year), management levels, company sizes, or education levels.

Based on the responses to the survey, IMA saw that, among the different levels of management, CMAs often earned more than their non-certified peers. CMAs in lower management earn 90% more in median base salary compared to non-CMAs at the same level. Those in senior management had the smallest difference between the median base salary of CMAs vs. non-CMAs (CMAs earn 13% more compared to non-CMAs).

Those in top management who hold the CMA earn 64% more in median base salary compared to non-CMAs at the same level. 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%).

This reporting shows that CMAs are valued for their expertise at every level. Nearly 80% of respondents agree that achieving the CMA provides them with career opportunities.

Should I get both a CMA and CPA certification?

Over the course of their careers, people holding only a CMA certification earn approximately 59% higher than the median income, while those holding only a CPA certification earn 106% higher than the median income, and those holding both certifications earn 149% higher than the median income.

To learn more about combining a CMA and CPA certification, visit our accounting certifications resource page.

How has COVID-19 impacted CMA salaries?

Although the COVID-19 pandemic had a serious impact on the global economy, many IMA respondents indicated their compensation wasn’t negatively impacted. Overall, 64% of respondents said there was either an increase or no change in their compensation during the pandemic. The remaining 36% said they had their salary decreased, received a lower bonus or none at all, or were placed on unpaid leave (furloughed).

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%).

Comparing the impact of COVID-19 on CMAs vs. non-CMAs for the 107 unemployed respondents, CMAs were less likely to say their job had been impacted by COVID-19 than non-CMAs (21% vs. 33%), less likely to be working on improving their skill sets (26% vs. 44%), and less likely to be making a career change due to COVID-19 (9% vs. 21%).

These results suggest CMAs are more confident in their skill set and are valued at their organizations. For CMAs in the Americas, Europe, and the Middle East, Africa, and India regions, high numbers of respondents agreed that the certification gave them more confidence to perform their job at a high level (87%, 86%, and 90%, respectively). Respondents from Asia and the Pacific agreed most often the CMA certification strengthens their ability to move across all areas of the business (88%).

How do I become a CMA?

The smartest route to earning your CMA, of course, is to use the best CMA review! Gleim CMA has been helping candidates pass the CMA exam for over 40 years, and our course has trained more CMAs than any other. When you choose Gleim for your CMA prep, 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.