CMA Global Salary vs Non-CMA Compensation

Ever wonder what the average Certified Management Accountant salary is?

According to the Association of Accountants and Financial Professionals in Business, the highest-paid CMAs in the Americas make around $195,000 annually. The base average certified management accountant salary in the Americas for 2023 was $129,961. Including bonuses and compensations, the average net income for a CMA employee is $153,874.

If you’re interested in furthering your career in finance and accounting then it’s completely understandable that you would want to know your earning potential, and whether it justifies the CMA exam cost.

Read on to learn all the details from the 2023 Global CMA Salary Survey, including specific details from the USA, KSA, Europe, United Arab Emirates, and the Middle East/Africa/India.

Originally published in 2019, this article was updated and republished on August 13th, 2024.

Want to jump to a specific country? Click the links to a section of the CMA Salary Survey below!

1. Worldwide
2. United States of America
3. Middle East, India, and Africa Region
4. Middle East
5. India
6. Africa
7. China
8. Kingdom of Saudi Arabia
9. United Arab Emirates
10. Europe

Global CMA Salary

I think it’s pretty obvious by now that the CMA is a career differentiator in more ways than one.

For starters, it allows you to stand out amongst your CPA peers thanks to your specialized knowledge of management accounting.

And while this article will break down a few key regions, let’s take a look at a Certified Management Accountant’s salary from a global perspective first.

A Global Perspective of a CMA’s Salary

In the 2023 survey, 69 countries around the globe participated in the IMA Salary Survey by sharing their CMA salary, education and certification details, job satisfaction, and several other factors.

2,572 members responded, down from prior years. In 2023, the majority of respondents came from the U.S. (31%) and China (29%). These changes in respondent demographics can impact some of the year-to-year comparisons, which I’ll touch base on later.

2023 marked the 11th annual global survey and notes a lot of changes by authors Benjamin Knoll, Ph.D. and Kristen Senz. Their hope is to empower members and demonstrate the value of education and certification. They also want to emphasize the importance of the satisfaction employees have with their job, workplace, flexibility, etc.

So, let’s dive in.

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CMA Global Salary vs Non-CMA Compensation

One interesting pay gap I’d like to discuss is the one between CMAs and their non-CMA peers.

If you have ever wondered if taking the test on one of the upcoming CMA exam dates and earning your certification was worth it, then you are going to want to keep reading.

Because it absolutely is!

It literally pays to add the CMA designation to your resume. In the previous report in 2021, CMAs earned around $29,000 more than non-CMAs.

The latest report in 2023 shows a similar trend. Being CMA-certified was linked to a 21% increase in total compensation on average. Plus, nearly half of all IMA members reported an increase in their salary with a CMA.

This impressive increase further proves the importance of earning your CMA certification.

Obviously, there are several contributing factors that may lead to this salary difference.

For starters, CMAs are often older than non-CMAs. They also tend to have more experience in the field and already hold higher management-level positions.

Don’t let these details discourage you, though. In fact, the benefits of a CMA certification are even more significant for early-career professionals. In this group, CMAs earned around 41% more than their non-CMA peers.

Regardless of region, non-CMAs tend to out-earn their non-CMA peers. The following chart is eye-opening. Have a look:

Global Salary and Compensation by Region, CMA vs. Non-CMA

Global CMA vs CPA Salary

I have had many individuals who are CPAs ask me if adding the CMA designation is worth it. In the previous year’s CMA Salary survey, some interesting findings were made.

Having either a CMA or CPA was associated with a higher median base salary. For instance, in the Americas, having a CMA increased it by over $20,000. Meanwhile, having a CPA raised it by over $26,000 on average.

Globally, accountants who have both the CMA and CPA designations had a median base salary that was around 50% higher than counterparts who had neither. Depending on your region, attaining both certifications might even double your salary.

It is clear from these results that earning your CMA and CPA validate different skill sets. Each certification is valued as it signifies having a unique range of knowledge and skills.

While I can’t speak highly enough of earning your CMA, 71% of respondents across all regions have found that earning the certified management accountant certification provided them with skills to land a job they love.

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Certified Management Accountant U.S. Salary

Now that we’ve addressed the global trends, let’s move on to specific regions.

For the purposes of this post, we will be talking about the USA-specific data first, then covering several other major regions of the world for which data is available.

The IMA sent this survey to all IMA members and received a total of 793 usable responses from the United States.

68% of these usable respondents hold the CMA certification and it was found that they earn 24% more in their median salaries than those without any certification.

But let’s talk a little bit more about the numbers you can expect…

If you live and work in the United States, I bet you wonder what your annual salary could be in CMA accounting.

Here are the figures for the base salary for CMAs in the United States.

How Much Does a CMA Accountant Make in the USA?

Overall salary and compensation in the U.S. have continued to increase.

There was a dip in salary in 2018. However, the salary of IMA members in the United States has continued to increase ever since. On average, the IMA surveys have recorded a 15% increase in salary per year.

Based on the 2023 United States survey, the median base salary for US-based CMAs was around $124,000. Meanwhile, the median total compensation, which included bonus pay, profit-sharing, and other forms of compensation was around $139,000.

CMA vs CPA vs Non-Certified Professionals in the USA

It really pays to hold the CMA certification. It was found that respondents holding a CMA certification reported a 24% higher median salary than those holding neither certification. Those with both certifications earned around 39% more.

Average Accountant Salary by Years of Experience and Qualifications in the USA

While it’s incredibly clear that having some certification is better than none, respondents were asked how the certified management accountant certification impacted their careers.

We learned that 82% of CMAs agreed that this certification had improved their overall job prospects and opportunities. 77% noted that it also increased their chances for promotions and career advances, and 87% would recommend their friends or colleagues in a similar line to pursue a CMA.

So if you ever questioned whether or not earning your CMA was worth it, the overwhelming majority believe it absolutely is worth your time!

CMA Salary by Industry in the USA

Your CMA Accounting salary is partly dependent upon the industry in which you work, but keep in mind that the following numbers are not represented equally.

CMAs with the highest median base salary were found in the information technology industry and made $147,000. This was followed closely by those in the banking sector, with a median base salary of $144,250. Next was the medical/health services industry with $134,500.

CMAs working in contract construction, public accounting, and funds/trusts/other financial vehicles tend to earn the lowest median base salary, bringing in $108,641, $100,750, and $89,000, respectively.

CMA Salary in the USA by Region

Since 2018, there has been an upward trend in salary figures across different regions in the United States.

For the most part, the median base salary was pretty evenly distributed across the USA.

The highest was in the Plains states, where a $130,000 median base salary was recorded. Meanwhile, the South region recorded the lowest median base salary of $115,000, which was not too far off from the Plains states.

The total compensation followed a similar trend, with the highest median total compensation of $155,500 in the Plains and the lowest of $126,000 in the South.

To get a better idea of the kind of money you’d be earning as a full-time CMA, let’s take a look at the average salary by region:

Average USA CMA Salary and Total Compensation by State & Region

Gender Pay Differences in the USA

While a gender pay gap does exist in the United States, it is considerably smaller among respondents who are younger or early on in their careers. I am also happy to report that this pay gap is virtually non-existant in the Midwest and Mountain regions.

In 2023, women in the United States who participated in this survey earned around 85% of what men earned in average salaries. When comparing median base salaries, these numbers were a little more favorable, with women earning 86% of what men did.

Here’s a more in-depth look at the gender pay differences based on age.

Compensation in the USA by Gender and Age

The biggest takeaway from the 2023 survey is that women tend to experience the largest pay gap when they are older and in higher management positions. In 2023, women aged 58 years or older only earned 75% of what men earned in base salary. Meanwhile, those aged 43-57 earned 90% of what men did.

Within younger age groups, these numbers increase further to 91% and 92%. This may suggest that the pay gap between genders is headed in the right direction and becoming narrower over time.

Compensation by Gender and Age

It’s true that there have been some interesting and impactful changes to Certified Management Accountant salaries both globally and directly in the United States. While the increase in salary with a CMA has not been as significant as previous years, this does not mean earning your CMA is not worth it.

In fact, it is well worth it because job satisfaction is high, not to mention more and more CMAs feel the certification has given them the ability to move between industries with ease.

If you are looking for a career that will allow you to continue learning and grow across industries, then the CMA is right for you. It sure was for me. The CMA designation completely changed my life.

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Certified Management Accountant Salary in the Middle East, India, and Africa Region

What’s most exciting about the Middle East/Africa/India region (MEAI) is the level of growth it has experienced over recent years.

In fact, more than half of respondents in this region noted that their salary had risen after the COVID-19 pandemic, even after considering the increasing costs of living.

The number of usable responses for this year’s salary survey is 707 for the entire MEAI region.

Perhaps what you might find most interesting is that while the Middle East alone already consists of 22 countries, over 93% of the MEAI salary survey respondents came from just nine countries. These countries include (ranked in order from highest to lowest engagement):

• India
• United Arab Emirates
• Egypt (note that “Africa” in this region is mostly from Egypt)
• Saudi Arabia
• Qatar
• Jordan
• Kuwait
• Turkey
• Bahrain

The majority of responses came from males, most of which were in the Millennial generation. Of this 2023 survey group, 93% of respondents held baccalaureate degrees, while only 46% earned an advanced degree.

Results from the certified management accountant salary survey showed that the majority of respondents held middle management and lower management or entry-level positions.

CMA Salaries in the Middle East, India, and Africa Region by Age and Gender

Analyzing salaries by age range has always been interesting to me. Of course, it’s expected that the older you are, the more experience you likely have. So it’s not too surprising that older age groups earn more than younger ones.

That said, a surprisingly massive gap in compensation between the oldest and youngest age ranges was still reported.

In this region, those aged 58 or older (Baby Boomer+) had a mean base salary of $77,858 and a median base salary of $77,543. In stark contrast, those aged 26 or younger (Gen Z) had a mean base salary of $10,829 and a median base salary of $4,833.

However, don’t let these numbers discourage you. 76% of respondents in this region reported an increase in how much they made. And although the older group had higher salaries, younger respondents were more likely to experience a rise in earnings.

Compensation by Age in the Middle East, India, and Africa Region

Compensation by Gender and Age in the Middle East, India, and Africa Region

In terms of gender disparities, we still see a pay gap, but it’s important to note it has been improving over the years.

Based on age, we can see that this pay gap was the least significant in women in Gen X and Gen Z. In Gen X, women earned about 87% of what men earned in base salary, while women in Gen Z earned 84% of what men did in total compensation.

That said, because women respondents made up about 19% of the data sample, it’s best not to draw any firm conclusions based on this singular report.

CMA Salary vs Non-CMA Compensation in the Middle East, India, and Africa Region

If you have ever wondered if earning your CMA designation was worth it, then read on because the next few numbers are pretty encouraging. 

For this region as a whole, individuals who had a CMA designation earned, on average, 33% more than those who did not. Impressively, this gap further widens to 143% for CMAs in top management and 99% for CMAs in senior management. This proves that getting your CMA can bring about various incentives in your career and salary progress. 

Compensation in the Middle East, India, and Africa Region by CMA Designation

 

Obviously, earning your CMA has its financial benefits, but respondents had even more good things to say about it.

“It gives me knowledge to work in high-level positions, the ability to work at international companies… and raised my salary for a better life.” — Senior accountant in Retail & Wholesale from Egypt

In fact, 87% mentioned that a CMA helped them gain more confidence to perform at a higher level, and nearly 80% said that it had opened the door to better career opportunities, giving them a leg up on their competition.

If you’re wondering how to negotiate a salary raise in your accounting position, the CMA designation is enormous leverage that proves both your abilities and readiness to grow.

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CMA Salary Survey Results in the Middle East

Now that we’ve explored the salaries of the wider Middle East/Africa/India (MEAI) region, let’s focus a little more on each one.

The median salary in the Middle East was the highest in this region, with a mean base salary of over $44,000 and a median base salary of $30,000.

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CMA Salary Survey Results in India

Though India did not have a separate report, I wanted to touch base on some of the key findings for this country.

For starters, India had the highest percentage of respondents with more than a four-year degree compared to the Middle East and Africa.

Perhaps the most glaring figure from these results is that despite having advanced education, professionals in India only had an average salary of around $22,500 and a median salary of around $8,000.

This was lower than the Middle East and drastically lower than the global average of $69,000 for average base salary and $83,000 for average total compensation.

Now, if you live in India and are thinking of earning your CMA, do not let the above stats discourage you. It turns out that CMAs in India earn more than their non-CMA counterparts, especially if they hold an advanced degree.

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CMA Salary Survey Results in Africa

Africa also has some interesting statistics I would like to share with you.

While it had the lowest mean and median base salary in the MEAI region, there were still improvements in various aspects.

For starters, the gender pay gap was the lowest in Africa compared to the Middle East and India. In 2023, women earned around 83% of what men did in terms of median salary and 88% in total compensation.

And if you live in Africa, you definitely do not want to miss out on the opportunity to secure your CMA. The CMA premium was the greatest for those living in this region. In fact, those with a CMA out-earned their non-CMA peers by 81% in terms of average salary.

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Certified Management Accountant Salary in China

China is one of the CMA’s fastest-growing regions.

However, there isn’t an individual 2023 salary survey report released for China. Nonetheless, we’ll explore the data for China included in the 2023 global survey and dive deeper into the numbers based on the 2020 China survey. 

Keen to hear even more interesting statistics? Let’s break them down!

**Please note, all figures will be represented in U.S. dollars to avoid confusion. This also happens to be the monetary unit data is collected in when submitting IMA survey results.

Average Certified Management Accountant Salary in China

Similar to some other regions surveyed in previous years, the average base CMA salary in China has decreased slightly.

The average base salary in 2023 was $26,092, with a median of $30,000. This was one of the only few statistics of China included in the 2023 global survey. Based on previous reports, compensation varied by region in China. For example, the highest CMA earners in China lived in Shanghai.

Gender Pay Differences in China

Because of the limited data available from China in the 2023 survey, we’ll explore the data available in the 2020 report. 

Just like all the other regions, China experienced a gender pay gap in certified management accountant salary.

Thankfully, that pay gap is getting much tighter around the globe.

In 2019, women of all ages in China earned 70% of the salary of their male counterparts. The smallest gap is in the 30-39 year range, where women earned 77% of the mean salary. Women aged 40-49 were a close second, earning 72% of the mean salary of their male peers.

It’s 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.

It’s important to note that the latest salary survey found that most women in CMA roles held lower management positions. This more than likely contributes to the lower salary figures and is something you may want to keep in mind if you are a female looking to become a CMA in China.

Compensation by Gender and Age in China

Compensation for CMAs vs Non-CMAs in China

This particular breakdown of the certified management accountant salary survey is my favorite.

Why? Because it consistently shows why earning your CMA designation is worth your while, regardless of where you live in the world.

The mean base salary for CMAs in China was $31,180, while non-CMAs earned $26,484. The difference was even greater when you look at the total compensation earned by CMAs vs non-CMAs. For example, CMAs mean total compensation was $38,283, while that of non-CMAs was only $33,309.

Compensation by CMA Designation in China

So, what exactly does this salary difference mean?

Simply put, survey respondents found that having their CMA designation allows them to transition across all areas of business.

Not only that, but 89% of respondents felt more confident in their ability to perform at their job!

CMA Salary in China by Management Level

Since we’re on the topic of career advancement, I think it’s important to mention that while the average CMA in China earns just over $38k annually, you can surpass this figure.

Senior and top management CMA employees can earn upwards of $50,000 depending on their position. Whether you work in private or state-owned enterprises will affect these numbers.

For example, privately owned enterprises earn significantly more than their state-owned counterparts. Private enterprises typically earn more than state-owned enterprises, regardless of your management level.

Compensation by Management Level in China

As a CMA and entrepreneur myself, I can personally see the value in privately owned enterprises. Not only does it allow you to be your own boss, but it also means you are the only one who can put a cap on your salary.

While it is definitely a lot of work being your own boss, the rewards – both mentally and financially – are without a doubt, incentive enough.

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Certified Management Accountant Salary in the KSA

The Kingdom of Saudi Arabia has seen a growth in Certified Management Accountants, which is clearly why the IMA chose to highlight it in its own report.

Median CMA Compensation in the KSA

Compensation by CMA Designation in the KSA

In 2023, the reported base salary in KSA was $47,420, while the median base salary was just $31,000.

As we have seen in most continents apart from North America, this is a somewhat low median salary. Of course, this is in comparison to the high salary earned by North Americans, which appears to be in a league of its own.

The median total CMA compensation in the KSA for all ages was $38,667. While this doesn’t seem like much, the average professional earned more in KSA than in the Middle East/Africa/India (MEAI) region.

The table below highlights the salary in KSA based on management level, age, education, and experience.

Gender Pay Differences in the KSA

Unfortunately, there were too few female respondents to make a meaningful comparison. In fact, there were no female respondents included in the 2023 Salary Survey for KSA.

In this case, I would refer you to the global salary survey gender pay differences, but keep in mind that drawing quick conclusions based on limited respondents still may not be the best route. Instead, I urge you to keep an open mind. And if you live in this region, try to do your own local research before making a decision.

CMA vs Non-CMA Compensation in the KSA

As we have seen in most regions, the salary earned by a CMA vs Non-CMA is significant and the KSA is no different.

In the most recent survey, CMAs located in KSA earned average base salaries that were 68% higher than their non-certified peers and a median total compensation that was 79% higher. There are several factors that may attribute to this gap, including ambition, discipline, and advanced degrees, but it is still encouraging.

Compensation in the KSA by Designation

Compensation by Management Level in the KSA

I love seeing how a person’s management level affects compensation. Why?

Because more often than not, you see this weird occurrence where lower-ranked professionals can earn higher than those of higher ranks. Just like many other regions, KSA displays a similar pattern.

On average, senior management professionals can earn an average base salary of $169,289 and a median base salary of $88,000. Meanwhile, top management only earned $57,929, on average, and $42,667 in terms of median salary. This was just marginally higher than middle management.

The most likely reason for this anomaly is due to the changing demographics of respondents in top management. Plus, it’s still best to take these results with a pinch of salt due to small sample sizes.

Compensation by Management Level in the KSA

The table below compares the salaries of respondents in KSA based on management level.

Perhaps one of the biggest things I want you to walk away from here is the overall job satisfaction experienced by CMAs in KSA.

83% of survey respondents in KSA mentioned that they loved their jobs, and 81% said they felt valued and supported by their work organizations.

With a CMA, these results are even more impressive. Over 92% of CMAs reported that this certification empowered them to perform even better at their jobs, and another 81% noted improved job opportunities with a CMA.

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Certified Management Accountant Salary in UAE

This year, 2789 responses for the salary survey were received from around the globe. Of those responses, only 153 usable responses were from the UAE. While this may seem like a rather limited pool to draw from, this represents an increase from those surveyed in previous years.

For starters, the median base salary of respondents in the UAE was $32,675 in 2023. This was just a little more than those in the Middle East but significantly greater than the salaries recorded in Africa or India.

However, compared to the global average of $69,000 for average base salary and $83,000 for average total compensation, this is still quite a long way off.

Compensation in the UAE by Gender, Management Level, Age, and Education

Gender Pay Differences in the UAE

In the UAE, women represented just 24% of the respondents, which was lower than the global average of 39%. These figures were still higher than MEAI, which had a negligible number of women respondents; the smallest representation of women globally.

While women may not represent a large percentage, we can see from their salary that female CMAs in the MEA are still under-valued.

Unfortunately, in the UAE specifically, women only earned 47% of what men earned in terms of average total compensation, and 61% of what men did at the median.

Compensation by Gender and Age in the UAE

CMAs vs Non-CMAs in the UAE

Like all other regions, CMAs in the UAE tend to earn more than their non-CMA counterparts. In UAE, CMAs earned 12% higher, on average, and had a total compensation that was 18% higher than those who were certified.

Of the respondents, it was found that more than three quarters of those with a CMA certification strongly felt that this designation had improved their career opportunities as a whole.

Compensation by CMA Designation in the UAE

Compensation by Management Level in the UAE

Due to the small numbers of respondents from UAE in 2023, there is a lack of comprehensive data comparing the salaries based on management level. The large majority fell into the middle management or lower management positions.

However, based on what’s available, it seems that the compensation by management level is what you would expect. Entry or lower-level professionals tend to earn less than those in middle management.

And rightly so.

Experience and education should have an impact on your salary, and taking on more responsibility ought to come with financial perks. On average, those in middle management earned $53,535 in mean base salary and $52,838 at the median. Meanwhile, respondents in lower management reported less than 50% of their salaries, with a mean base salary of $24,337 and a median of $21,511.

Certainly gives you something to work towards, doesn’t it?

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Certified Management Accounting Salary in Europe

There are 10 chapters of the IMA in Europe. This means that residents of countries from the UK and Switzerland to Russia and Kazakhstan can enjoy the benefits of this prestigious career path. While salary numbers vary, there’s no doubt that citizens of European countries can make good money in this field.

In 2023, the overall percentage of survey respondents who held a CMA certificate in Europe increased to 70%. As the popularity of this professional certification grows, an increase in salaries follows suit as well.

Average Certified Management Accountant Salary in Europe

According to the IMA, the average base salary for a CMA in Europe in 2023 was $104,369. If you add in bonuses, overtime, and additional forms of compensation, Europeans can make a mean total salary of $124,024.

Compensation in Europe by Gender, Management Level, Age, and Education

Gender Pay Differences in Europe

In Europe, female CMAs still make less than their male counterparts. However, these numbers are significantly improving over the years. In 2023, women respondents in Europe reported base salaries that were 88% that of men’s and total compensations that was 89% of what men earned.

Compensation for CMAs vs Non-CMAs

Some of the best numbers to showcase the value of this credential is the salary comparisons between people who hold it and those who do not. In Europe, those numbers are compelling.

In 2023, both the average base salary and total compensation for a CMA holders in Europe was 41% higher than those who did not have any certifications. Interestingly, those with both a CMA and CPA earned 97% more in average salary compared to those who had neither. These numbers speak for themselves.

CMA Salary by Management Level

Getting your CMA certification is the first step. From there, you have massive potential for growth in markets around the world.

A previous survey found that the majority of CMAs go on to hold senior management positions. Plus, 63% of IMA survey respondents in Europe said that this designation helped them secure opportunities to advance and get promoted in their careers.

Most importantly, 77% of European respondents mentioned that they loved their job. At the end of the day, that’s really the heart of the matter.

So, if you ever have any questions about working towards your CMA designation, I hope this information helps.

I, personally, feel like the CMA has been a game-changer for my career, and believe it can be for you as well!

Interested in learning how to become a CMA and turn your dreams into a reality?

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As always, thanks for reading.

Hi, I’m Nathan Liao (aka the CMA Coach)! For the last 10 years, over 82,000 accounting and finance pros came knocking at my door seeking guidance and help. If you’re also aiming to conquer the CMA exam on your very first try—without wasting away time or money—you’ve found your ultimate guide. Dive in deeper to discover more about me and the dedicated team that powers CMA Exam Academy. Click here and let’s embark on this journey together!