Last Updated on August 30, 2024
The corporate world is going through an evolution which significantly changes the strategic planning and value development which are highly valued abilities in today’s market. And you can gain international recognition and a credential by earning the prestigious CMA certification from a powerful nation like the USA. But being in the industry comes with a lot of responsibilities and a great salary package. The average salary of certified management accountant (CMA) in USA is different for different
positions. Compared to non-certified accountants, CMAs frequently make more money. The average yearly pay for CMAs in the US is $113,799.
You must pass the exam given by the Institute of Management Accountants (IMA) to become a Certified Management Accountant. You will study metrics, create project proposals, and give advice to people and businesses as a Certified Management Accountant to maximize the possible profit advantage. Candidates who successfully complete the CMA exam can get jobs in the US financial industry. This article will help you understand the scopes and benefits along with the average salary of CMA, and the process through which you can accomplish them.
Requirements for becoming Certified Management Accountant
A CMA combines unique abilities like management and accounting. Since there is a need for professional certification and highly developed analytical abilities it is difficult to become a CMA. These are the essential items.
- Degree in Bachelor’s
- Work Experience 2 years in a relevant subject, such as accounting or finance
- Certification as a CMA
- A solid grasp of business strategy
The average salary of a CMA is determined by the number of skill sets you possess. In the US there is a certain criteria that has been fixed by the top companies as they look for a CMA. The list is below.Â
- Integrity in Communication and Teamwork
- familiarity with accounting software
- Explicit Financial Reporting Cost Control
Salary of a Certified Management Accountant in the USA
The demand for Certified Management Accountants, a position that is constantly expanding and in great demand, is predicted to increase in 2027. In the US, the yearly average pay is roughly $113,799 (USD). In the USA, a Certified Management Accountant may make about $54.71 per hour. The typical pay for certified management accountants in the US varies depending on a number of variables, including region, years of experience, education, and talents. The typical salary for a CMA in the US includes benefits, including housing and transportation expenses.
Salary based on Experience
| Experience | Average Salary |
| Entry-level CMA (1-3 years) | $79,534 |
| Average | $113,799 |
| Senior Level CMA (8+ years) | $141,356 |
Ways to become a Certified Management Accountant
- Obtain a bachelor’s degree, particularly in accounting, economics, or finance. This is optional in most of the cases. Most of the applicants obtain their CMA certification and then decide the degree they wish to pursue.Â
- Obtaining an IMA membership card is required for CMA certification. There are three types of memberships available: academic, student, and professional. The finest membership for individuals just getting started is for students.
- Participate in a CMA review course: Although IMA includes a course in your price, many students choose to enroll in extra courses for better preparation.
- Sign up to take the CMA exam: Register and pay for the CMA test. Only three windows per year—January/February, May/June, and September/October—are available for taking the CMA exam. You can register by going to the IMA’s official website.
- Take the CMA test: The CMA exam consists of two sections. Each segment lasts four hours. You have the option of taking it within the same window or after another.
Exam Structure for Certified Management Accountant in USA
You must pass both portions of the CMA test in order to receive this certification, which is accessible in two parts. You can take the Certified Management Accountant in USA Part 1 or Part 2 exams in any sequence, but you can only move on to the next one if you pass the first one. If you want to take the exam again after registering for it, you must do so again because your registration is only good for one exam window.
Every year, in the months of January and February, May and June, and September and October, the testing window opens. As a result, you can reserve the time slot of your choice and schedule your exam appropriately.
The CMA is a test administered using a computer. Each exam will last four hours and include 100 multiple-choice questions (MCQs) and two 30-minute essays.
Certified Management Accountant Fellowship
The IMA organization also provides a scholarship for prospective candidates in order to assist students in realizing their dream of becoming CMA USA. Students from all over the world pursue the CMA since it is one of the best courses in the subject of management accounting. This scholarship has been awarded to about 9,200 students worldwide, and more than 1,000 institutions from all over the world have participated in this programme. Over $14 million worth of scholarships have been given to IMA members.Â
Criteria for financial aid
- High-achieving college and graduate students
- Students who have graduated from an accredited institution in the US or elsewhere
- Only 10 students can be nominated for the scholarship per school and academic year.
- The scholarship will be awarded to everyone who receives a professor’s nomination.
Responsibilities of a Certified Management AccountantÂ
The primary duties of a qualified management accountant are to monitor the company’s costs and earnings, but as they gain expertise, their duties increase.
- Financial analysis includes evaluating goals, benchmarks, and the asset performance of a corporation. It also includes a market analysis of financial performance.
- To ensure the stability of the company, risk management involves identifying and managing internal and external possible threats.
- After a thorough profit and financial analysis, profit is divided into assets, revenue, equity, and expenses.
- Making judgements: To ensure that the gains are repaid for a considerable amount of time, they make crucial financial judgements regarding investment prospects.
Different job roles for CMA in the US
A CMA’s skill set allows for a wide range of job options. In the US, a Certified Management Accountant earns more money than a typical accountant and is eligible for a number of advantages. A CMA gives better compensation and offers more growth chances in senior financial management positions than a non-CMA.
- Financial Analyst
- Chief Executive Officer
- Cost Accountant
- Corporate Controller
- Financial Analyst
- VP of Finance
Best US corporations for a CMA
To stay afloat, every business needs personnel who can handle financial obligations, monitor taxation, prepare financial reports, and carry out risk analyses. As a result, a wide range of US businesses are searching for CMAs. When you’re prepared, you can apply to the following businesses:
- Idex Corporation
- Amazon.com, Inc.
- San Diego Gas and Electric Company
- FTI Consulting
- Cummins, Inc
Conclusion
This article gives you all the information about the average salary of a certified management accountant and the steps you can take to become a certified management accountant. If you want to know more about certified management accountants contact Admissify. Our team of professional consultants will help you figure out what is best for you in this field and guide you along the way.Â
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FAQs
How much time does it take for a person to become a CMA?
It may take 6 to 8 years, including bachelor’s and master’s degrees.
Is an American CMA degree recognised in India?
CMA is valid in India as well because it is an internationally approved certification programme.
Is CMA USA a reputable programme?
Depending on your career objectives, a course may be excellent or bad. The best course of action is to pursue CA if you want to expand your knowledge in the field of finance and in your job.
What is the average salary of a CMA in the USA?
The average yearly pay for CMAs in the US is $113,799.
Gaurav Kandari is a seasoned study abroad consultant with over 5 years of experience, specializing in guiding students to the UK, USA, Canada, and Australia. An avid traveler, he draws on his global adventures to enrich his consulting, providing invaluable insights to aspiring scholars.
