Certified Management Accountant The W A. Franke College of Business

57% of IMA survey respondents in Europe reported an average 10% annual raise. 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.

Candidates might also complete practice questions for the CMA exam. Exam-takers pay fees for IMA membership, IMA’s CMA program, and the CMA exam. The exam fee is refundable within 30 days from the date of exam purchase, as long as the candidate did not set an appointment with Prometric. Test-takers get their scores about six weeks after the end of the month in which they took the exam. Those who fail the exam also receive a performance report from Prometric. Prometric sends out performance reports around two weeks after candidates get their test scores.

What do certified management accountants do?

The IMA reports that the global mean base CMA salary of 2018 was $74,344, while the global median base CMA salary was $66,000. Of the respondents, it was found that those holding their CMA certification strongly felt that this designation had a positive impact on their salary. As we have seen in most continents apart from North America, is the somewhat low median salary. Of course, this is in comparison cma certified management accountant salary to the high salary earned by North Americans, which appears to be in a league of its own. Simply put, survey respondents find that having their CMA designation allows them to transition across all areas of business. It is encouraging to see that this gap is trending in the right direction overall, especially when you consider that the 2016 results showed women only earned 69% on average.

• This is because managerial accounting enables CMAs to understand clients from a business perspective.
• Taking the CMA exam and even paying the one time entrance fee, IMA membership fee, and other CMA exam fees can definitely be worth it.
• The IMA offers all members the jobs.imanet.org platform where they can find and apply for jobs that are the best match for their skills.
• Gleim’s basic and premium adaptive study courses cost $1,349 and $1,599, respectively.

CPAs’ most common career opportunities are tax preparation and auditing. Other options include consulting or working for a financial institution. CMA prepares you to better comprehend business, finance, and accounting. Other practitioners do not advance beyond a particular position and compensation. However, a CMA certification allows you to move quickly into a management role. To maintain your CMA certification, you must obtain relevant work experience and pass the CMA exams.

Professional CMA Requirements

While you don’t have to finish your degree before you take the CMA exam, CMA education requirements include a bachelor’s degree. That means you can begin the process of getting this accounting certification without a college degree. It’s also important to note that your degree does not have to be in accounting or finance. The CMA is arguably the most global management accounting certification and will unlock opportunities wherever you go. Once you are certified, your credentials will give you added credibility and strengthen your negotiating position with employers. A CMA can work in any number of companies, including government agencies, private businesses, and public companies.

The median base salary for 2019 was $100,000, a 6.4% increase over 2018. The median total compensation in the latest survey increased to $105,000 while the median total income was $118,000. Don’t extrapolate too much with this information though, because it’s only a trend of this particular year. The 2017 report noted the opposite, that the mix of respondents moved from being U.S.-centric to increasingly global.

What Career Opportunities do Certified Management Accountants Have?

If you’re planning to sit for the CMA exam a year from now, for instance, it may be prudent to learn the material for one core subject a month. Proper planning and following a schedule will ensure that you are progressing smoothly. Not only does the exam contain 200 multiple-choice questions in total, but candidates are also tested on 12 core subject areas. As such, it’s a good idea to start studying for the CMA early to ensure that you have enough time to thoroughly digest all the exam topics. Becoming a CMA means becoming a part of the IMA community of more than 135,000 accounting and finance professionals around the world. Accounting and finance professionals in more than 100 countries have earned the CMA, a globally respected and internationally recognized credential.

SalaryExpert, powered by ERI, provides verified salary and cost of living data to the public with a comprehensive platform for evaluating compensation, career, relocation, and education decisions. Typically, CMAs around the globe not only make more money than non-CMAs but also more than CPAs. And, accountants holding both the CMA and the CPA earn the highest median total compensation. In 2020, the overall percentage of survey respondents who held a CMA certificate in Europe increased to 65%.

Frequently Asked Questions About a Certified Management Accountant Salaries

You can also read previous years’ CMA salary statistics and trends to learn how they’ve changed over time. 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. CPAs with 10+ years of experience can make as much as $117k each year. This is in stark contrast to the $87k annual salary a CMA with the same experience can make.

However, that does come with a slight downside when it comes to salary. It’s much harder to become a Certified Public Accountant than it is to get your CMA certification. The testing process is much more involved and pass rates are far lower. And if you’re more focused on short term career goals, then there’s barely a difference between the two certifications. But if you take a closer look at the base salary differences for each credential, you may find it easier to make a decision. Certified professionals make 10% more money & hold higher positions.

Compensation by Management Level in the UAE

Each exam part takes four hours to complete, entailing 100 multiple-choice questions and two 30-minute essays. After completing and exiting the multiple-choice section, test-takers cannot go back. Candidates access the essay questions either after completing the multiple-choice section or after three hours, whichever comes first. To become a CPA, you must pass all four parts of the CPA Exam and meet your state’s education, experience, and ethics requirements.