Certified management accountants earn 58% more than non-CMAs: IMA

The IMA (Institute of Management Accountants) 2021 Global Salary Survey shows that globally, CMA (Certified Management Accountant) professionals’ total median compensation is 58% higher than non-CMAs. The results of the survey were featured in the cover story of the March issue of IMA’s Strategic Finance magazine.

Globally, the difference in median total compensation between CMAs and non-CMAs is $29,000, which corresponds to median total compensation. The difference in median compensation varies greatly by region. Respondents from the Americas region revealed that CMAs earn 22% more in median salary and 25% more in median total compensation than non-CMAs. These respondents reported the highest median salary and total compensation figures, earning $103,000 and $115,000, respectively, compared to other regions.

CMAs were slightly less likely to have experienced a salary cut than non-CMAs (35% vs. 38%) across all regions. Less likely to have a salary decrease were those who strongly agreed their job impacts the strategic direction of the company, those who reported their total compensation package being very competitive with that of their peers, and those who said they love their job.

“We have always known the CMA certification has a positive impact on compensation and job security,” said Kip Krumwiede, Ph.D., CMA, CSCA, CPA, director of research at IMA. “This year is especially encouraging as CMA holders have been generally better off in maintaining both their jobs and compensation levels during the pandemic than those without the CMA.”

Key findings:

• For CMAs in the MEAI region, median total compensation was 92% higher compared to those without the certification
• 46% of respondents in the MEAI region agreed that their compensation package was competitive with their peers
• 3% of the respondents received a raise within the past year; 54.4% were women and 47% were men
• 95% respondents agreed that CMA certification gives them the confidence to perform better and 82% agreed that it creates better career opportunities for them

CMAs less impacted by COVID-19

Comparing the impact of COVID-19 on CMAs versus non-CMAs, CMAs were more likely to say their job had not been impacted by COVID-19 than non-CMAs (33% vs. 21%), and less likely to be making a career change due to COVID-19 (9% vs. 21%).

In the MEAI region, holding the CMA certification continues to add value for professionals. For those holding the certification, median total compensation was 92% higher compared to those without the certification. In addition, 95% of those holding the CMA agreed that the certification gives them confidence to perform their jobs at a high level.

Better career opportunities

Those holding CMAs are more likely to hold upper management job titles compared to non-CMAs. In the MEAI region, 83% respondents agreed that it strengthened their ability to move across all areas of the business, and 82% agreed that it created career opportunities for them.

IMA’s Global Salary Survey was authored by Shannon Charles, Ph.D., CPA, and Krumwiede. It includes responses from 3,085 IMA members across 79 countries, with 44% female and 55% male (and 1% preferring not to disclose) respondents.