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CMA Salary Expectations & Opportunities

Learn why CMAs command higher salaries than non-CMAs

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

The average base CMA salary globally is around $72,000. In the U.S., the average base CMA salary is $133,000. 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.

IMA Global Salary Survey Report

Institute of Management Accountants (IMA) periodically conducts a global salary survey Opens in new window 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.

2023 Global Salary Survey at a Glance

The 2023 IMA Global Salary Survey collected data from over 2,500 IMA members in 69 different countries. In the survey, 31% of the responses came from the United States, 29% from China, 8% from India, 6% from the United Arab Emirates, and the remaining percentage was split among the remaining countries.

The figure below represents the median 2023 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 Compensation by Country

Source: Institute of Management Accountants

Median CMA salary by region

See below for a comparison of CMA vs. Non-CMA mean base salaries across the different regions surveyed.

  • Mean Base Salary in the Americas 2023
  • Mean Base Salary in AsiaPac 2023
  • Mean Base Salary in Europe 2023
  • Mean Base Salary in the Middle East, Africa, and India 2023

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

Beyond the CMA Salary

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 73% of CMAs agreed that the certification improved the career opportunities available to them.

Career advancement

69% reported that having their CMA certification improved their opportunities for career advancement.

Job satisfaction

CMAs consistently rate their overall job satisfaction highly. On average, 75% 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, and 83% would recommend CMA certification to a colleague or friend in the same line of work.

Job confidence

Approximately 83% of CMAs felt that the certification gave them more confidence to perform their job at a high level. 

Career mobility

71% of CMAs said that having their CMA improved their ability to move up not only within their organization but also within their industry and across industries. 

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How CMAs add value to the accounting industry

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 advisors 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.

How the CMA serves your career path

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.

Frequently Asked Questions

About CMA Salary Expectations & Opportunities

Should I get both a CMA and CPA certification?

Both globally and regionally, having both a CMA and CPA certification results in a higher median salary. To learn more about combining a CMA and CPA certification, visit our accounting certifications resource page.

 

How do I become a CMA?

To become a CMA, you’ll need to fulfill all the requirements set by IMA and pass the CMA exam. To save yourself time and money, you should study with a trusted CMA review course to help you pass the first time. 

Gleim CMA has helped 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 free comprehensive CMA Exam Guide.

Historical CMA Salary

2021 CMA Salary

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.

 

2020 Median CMA Salary and Compensation by Country

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.

2020 Base CMA salary in the Americas.

2020 base CMA Salary in Asia.

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%).

2020 CMA Salary

CMA salary statistics time and time again confirm the key takeaway—CMAs earn more.

The IMA 2020 Global Salary Survey showed that the average CMA base salary in the Americas was $105,000 (compared to $60,000 globally). Among non-CMAs, median base salary was $80,000 in the Americas and $30,000 globally. The average base CMA salary in the Americas was ~28% greater than that of a non-CMA, and the average CMA salary, globally, was ~117% greater than that of a non-CMA.

The 2020 IMA Global Salary Survey collected data from over 4,000 IMA members in 80 different countries, with 47.6% of the responses coming from China, 28.1% from the U.S., 4% from the United Arab Emirates, and the remaining 20.3% split among the remaining 77 countries.

Average CMA salary by region

Across all management levels, CMAs earn more than their peers, especially in senior management positions, where they make as high as 58% more in total compensation.

CMA salary in the Americas

The median base salary for CMAs in the Americas in 2020 was $102,500, and the median for non-CMAs was $80,000. This region continues to maintain the highest salaries overall by a large margin, but it did experience a 10% decrease in 2020. 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 was $28,710, and the median for non-CMAs was $20,000. Asia experienced relatively little change in compensation in 2020 (a 5% decrease).

CMA salary in Europe

The median base salary for CMAs in Europe was $70,000, and the median for non-CMAs was $50,000. Of all regions, Europe saw the largest increase (17.4%) in survey respondents age 20-29.

CMA salary in the Middle East and Africa

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

About 2020 CMA salary trends

Compensation for CMAs has fluctuated over the past several years, yet a CMA salary continues to be a desirable one overall. 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 the regions as a whole.

Large numbers of younger CMAs have an impact on reported figures.

Younger CMAs are responding to the Global Salary Survey in greater numbers. Younger professionals typically make less due to being in the early stages of their careers.

Regardless of fluctuations, CMAs make more than non-CMAs at all levels of management.

The past three Global Salary Surveys have shown that, across the board, the gap in compensation has gotten 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.

In the 2020 IMA Salary Report, 50% of all respondents were women. This is up by 10% compared to the 2019 report, leading to larger variations in the wage gap reported. The Americas remained mostly unchanged with a total salary gap of 86%. The Middle East/Africa/India region (MEAI) had the highest increase at 22%. However, Europe and Asia increased only slightly by 7% and 3%, respectively.

The good news is that younger accountants are continuing to start their careers on relatively equal footing regardless of gender, while the older age groups still show the highest disparities in pay. This is especially true in the MEAI region, where the total compensation for women was actually 62% higher than men in the 20-29 age group, while those ages 40-49 made 59% less than men.

With the recent increase of entry-level women CMAs, we can expect the gender wage gap to slowly decrease as they rise within their respective organizations.

2019 CMA Salary

The IMA 2019 Global Salary Survey showed that the average Certified Management Accountant (CMA) base salary in the Americas was $102,500 (compared to $65,000 globally). Among non-CMAs, median base salary was $80,000 in the Americas and $30,000 globally. The average base CMA salary in the Americas was ~28% greater than that of a non-CMA, and the average CMA salary, globally, was ~117% greater than that of a non-CMA.

Only 37% of 2019 respondents held the CMA certification, down 19% from the year prior, and the pool of respondents was 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). Even if those figures were slightly suppressed by less experienced accountants, earning the CMA remains one of the best professional development options available to accountants, and the benefits extend beyond just a higher salary.

Average CMA salary by region

CMA salary in the Americas

The median base salary for CMAs in the Americas in 2019 was $102,500, and the median for non-CMAs was $80,000. This region continues to maintain the highest salaries overall by a large margin, but it did experience a 10% decrease since 2018. 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 was $28,710, and the median for non-CMAs was $20,000. Asia experienced relatively little change in compensation in 2019 (a 5% decease).

CMA salary in Europe

The median base salary for CMAs in Europe was $70,000, and the median for non-CMAs was $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 was $30,000, and the median for non-CMAs was $12,250. The Middle East and Africa region saw the greatest decline in median earnings during 2019, at 30%.

About 2019 CMA 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 the 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.

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.

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.

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 benefits.

2018 CMA Salary

According to the IMA 2018 Global Salary Survey, 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 was 67% higher than non-CMAs.

The gap between CMA and non-CMA salaries is widening. In 2017, CMAs only earned 50% more in total compensation. The author of the survey report, Shannon Charles, Ph.D., commented, “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 this particular year. The 2017 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 2018 report by region.

CMA salary in the Americas

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

CMAs made 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 of anywhere in the world.

When you compare this year’s CMA salary numbers to the previous year, you can 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 made 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 was $20,000 base and $23,000 in total.

In Asia, the average base salary for a CMA decreased 14.3% from the previous year. 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 made an average base salary of $85,000. Average total compensation was $88,620. They made about 50% more than their non-CMA peers, who had a base salary of $56,500 and total compensation of $57,500.

In 2018, compensation went up for CMAs and down for non-CMAs. Getting certified used to only make a marginal difference (10% in past surveys) in Europe, but that difference became much more substantial at 50%.

CMA salary in the Middle East and Africa

The median base salary for CMAs in the Middle East and Africa was $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 had 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 during 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.

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