Today, in the world of finance and accounting, the Certified Management Accountant (CMA) profession has emerged as a golden opportunity for a prosperous career. However, beyond the prestige and knowledge it imparts, a question often lingers in the minds of aspiring CMAs: What will be the average salary? What if they want to work in India? How much will they make? Or what’s the US CMA salary in India? So, are you also juggling with the same questions? You have landed on the right page!
The CMA certification, conferred by the Institute of Management Accountants (IMA) in the United States, has become the benchmark of excellence for management accountants globally. As Indian businesses expand globally and become increasingly complex, CMAs are in high demand to navigate the intricate financial intricacies. This surge in demand naturally translates into competitive compensation packages for skilled professionals.
Do you know?
According to the 2021 IMA survey for the Middle East/Africa/India (MEAI) region, individuals with a US CMA certification earn a median salary that’s 76% higher than those without the certification. In India, the median total compensation for US CMA holders is $16,300, while it’s $27,000 in the MEAI region and $67,500 globally. US CMA professionals in India enjoy an average total compensation of $29,685, which is 53% more than their non-US certified CMAs.
That’s fascinating. Isn’t it? Let’s come to the point of what we are here… Come along… but before we begin, we want you to understand what’s the difference between the two or…
US CMA vs India CMA
|Aspect||US CMA||CMA in India|
|Issuing Authority||Institute of Management Accountants (IMA)||The Institute of Cost Accountants of India (ICAI)|
|Certification Eligibility||Requires an undergraduate degree||Recognizes both graduates and non-graduates|
|Membership Requirement||IMA Membership is mandatory||Membership with ICAI is necessary|
|Exam Structure||Two-part exam: Part 1 and Part 2||Three-tiered exam structure: Foundation, Intermediate, and Final|
|Exam Frequency||Offered throughout the year||Conducted twice a year (June and December)|
|Syllabus Coverage||A global perspective on financial management||Focuses on Indian accounting and cost management|
|International Recognition||Recognized worldwide||Primarily recognized within India|
|Career Opportunities||Provides opportunities globally||Mainly relevant for careers in India|
|Job Market||High demand in international markets||Strong demand within the Indian job market|
Now, let’s understand…
Steps to Become a US CMA in the USA
If you aspire to study in the USA, the following steps can guide you in pursuing US CMA Course in the USA:
IMA Membership: Your First Step
Becoming a Certified Management Accountant (CMA) in the USA begins with joining the Institute of Management Accountants (IMA). This membership is your gateway to a prestigious career in financial management.
Educational Requirements: Building the Foundation
To embark on your CMA journey, you must hold either a Class 12th or Higher Secondary Certificate or an Associate Degree if you’re in the USA. These qualifications lay the groundwork for your future success as a CMA.
Undergraduate Degree: A Stepping Stone
In addition to the previous requirements, you’ll need to possess an undergraduate degree in a relevant field. This degree equips you with the essential knowledge and skills to excel in the world of finance and management.
Professional Experience: Nurturing Expertise
To round off your eligibility, you must accumulate a minimum of 2 years of professional experience in Finance, Accounting, or Management. This hands-on experience ensures that you’re well-prepared to take on the challenges of the CMA certification.
Flexibility for Undergraduates
The IMA offers a valuable provision for undergraduates. Even if you don’t possess an undergraduate degree at the outset, you can still pursue the CMA course in the USA. You have up to seven years after obtaining your CMA USA certificate to submit your undergraduate degree, making it a flexible and achievable goal for aspiring CMAs in India.
Skills required to become a CMA in the USA
Below are some of the skills you may require to pursue a course in this field.
- Financial Analysis
- Cost Management
- Strategic Planning
- Risk Management
- Decision Support
- Financial Reporting
- Management Accounting
- Internal Controls
- Corporate Finance
- Performance Management
- Data Analysis
- Communication Skills
Despite possessing these skills, variations in US CMA salaries in India and the USA can be attributed to specific factors. The factors affecting US CMA Salary in the USA and India are:
Firstly, geographical location plays a pivotal role, with salaries typically higher in major metropolitan areas. Secondly, years of experience and the level of expertise in financial management can greatly influence earning potential. Additionally, the industry or sector in which a CMA works, such as finance, healthcare, or manufacturing, can lead to variations in compensation. Lastly, professional certifications beyond CMA, like CPA or MBA, can elevate one’s earning potential. Overall, a combination of these factors contributes to the wide range of salaries among CMAs in both countries.
US CMA Salary: India vs USA
In India, the Certified Management Accountant (CMA) credential is gaining significant recognition, fueled by the proliferation of multinational corporations (MNCs) and offshore establishments. As a CMA fresher in India, you can anticipate an annual salary ranging from Rs. 5 lakhs to Rs. 7 lakhs, which can escalate to Rs. 12 lakh per annum as you accrue corporate experience and bolster your academic background. Over time, your earnings will synchronize with your career progression.
But you can boost your earnings by….
Climbing the Ladder with US CMA: US CMA Salary in India
Becoming a US CMA opens doors to a spectrum of high-level roles, including Finance Manager, Financial Analyst, Financial Controller, Cost Accountant, or Chief Financial Officer (CFO). These positions offer attractive compensation packages of up to Rs. 15 lakh and Rs. 25 lakh per year, respectively. Notably, CMAs outpace their peers across all management tiers, particularly in senior management roles, where they can earn up to 58 percent more in total income.
US CMA Salary in the USA
When contemplating US CMA salary prospects, it’s evident that CMAs in the United States lead the way. According to a 2021 survey by the Institute of Management Accountants (IMA), CMAs in the USA earn an average annual salary of $126,000. While international salaries may fluctuate due to location, industry, and experience, CMAs consistently outperform their non-certified counterparts.
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CMA jobs in USA & India
In today’s globalized business landscape, companies worldwide seek CMAs with expertise in value creation and strategic business management. The CMA designation’s relevance has surged, thanks to India’s economic growth and its engagement with international markets.
Opportunities in India with US CMA Certification
US CMA certification offers numerous career prospects for Indian candidates:
- Finance Manager
- Financial Analyst
- Financial Controller
- Internal Auditor
- Relationship Manager
- Cost Manager
- Chief Financial Officer (CFO)
- Cost Accountant
Respect and Demand for US CMAs
The CMA USA certification is highly respected in the corporate accounting world, assessing critical accounting and management skills. Indian multinational corporations (MNCs) actively seek US CMAs for various roles.
CMA USA: A Lucrative Career Choice
The CMA USA designation is gaining prominence in India due to the rapid global transformation of companies and organizations. Job opportunities for US CMAs are expanding across all economic sectors, including enterprise, education, training, and both public and private sectors.
In a nutshell, obtaining a US CMA certification not only enhances career prospects but also opens doors to diverse job opportunities in both the USA and India, reflecting its growing importance in today’s dynamic business environment.
Top companies that hire CMAs
In this section, we will be discussing the top companies that hire CMAs in the USA and India.
For CMA in the USA
Here’s the list of top companies that hire CMA in the USA:
|Johnson & Johnson||Deloitte|
|World Bank Group||Oracle|
|WNS Global Services||Walmart|
For CMA in India
Here’s the list of top companies that hire CMA in India:
|EY||Larsen & Toubro|
|Regional Centre for Biotech||Indian Oil Corporation|
|Hyundai Steels||CAPITA India Pvt. Ltd.|
|Malabar Gold & Diamonds||GN Associates|
|Kanodia Global||AV Global Advisory Services|
|Wipro||Meru Accounting Pvt Ltd|
Note: This list is not exhaustive, and there are many other companies, startups, and finance giants across the USA & India that offer rewarding career opportunities for CMAs.
It’s a Wrap!
Although a CMA course in the USA is expensive, you should still pursue your ambitions to become a CMA. If you are planning to study a CMA course in the US, you may be looking for ways to raise funding for your study abroad term.
Now that you know that the job profile and US CMA salary in India is quite a lucrative business, it is necessary to understand that the path to this for an Indian is not the easiest. Given the application procedure and other related issues, we recommend that you speak with an expert to understand your chances before taking the plunge.
Nevertheless, do you need some handholding to get you through this? How about a discussion with our expert career counsellors to study abroad with decades of experience concerning education in this field?
Ananya Malhotra, hailing from Delhi’s Mother’s International School, achieved her dream of pursuing a Master’s in Public Policy at the esteemed American University for Fall 2023. Her dedication led her to secure a $14,500 scholarship from AU and a 25% scholarship from CMU. Guided by iDreamCareer’s expertise, Ananya’s unwavering spirit paved her path to academic excellence. This transformative journey showcases the fusion of dreams and hard work, inspiring us all.
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US CMA Salary in India: FAQs
The average US CMA salary in India can vary depending on factors like location, experience, and industry. However, it typically ranges from INR 6 to 12 lakhs per annum for entry-level positions and can go significantly higher for experienced professionals.
Yes, US CMA salaries in India do vary by location. Salaries are generally higher in major metropolitan areas like Mumbai, Delhi, and Bangalore compared to smaller cities and towns.
Industries like finance, consulting, IT, and multinational corporations tend to offer higher US CMA salaries in India due to the complexity of financial operations and the demand for skilled CMAs.
Yes, you can expect steady salary growth as a US CMA in India. Continuous learning, skill development, and experience accumulation can lead to substantial salary increases over time.
US CMA certifications can significantly enhance your earning potential in India. They validate your expertise in financial management, making you a valuable asset to employers.
Anushree has 5 years of experience in the career counseling industry as a Senior Content Writer. She has also worked as a Social Media Marketing Expert for a startup and Content Quality Analyst for the Publishing and E-learning Industry. She has done her Master’s in Commerce and PGDM in Finance & Trade and Marketing & HR, but she is currently following her passion for writing.