CMA Careers: Your Guide to High-Paying CMA Roles

CMA Careers Your Guide to HighPaying CMA Roles

So here’s the deal on CMA careers. You’re a new member of the IMA, have passed the CMA exam, fulfilled all of your CMA certification requirements, and are now officially a Certified Management Accountant.

You’ve buffed up your CMA resume and are eager to get networking to land your first post-CMA designated job.

But you’re stuck.

Stuck because you don’t really know what kind of certified management accounting careers are out there.

Sure you see job titles like Chief Financial Officer or Corporate Controller, but does that qualify you? Is this what is considered a CMA career?

Well wonder no more, because I am diving into all the CMA careers you will be able to explore now that you’ve earned your CMA certification.

Understanding Your New CMA Skillset

Understanding Your New CMA Skillset

CMA careers are highly diversified and as such, open the doors to so many new and exciting job opportunities after CMA certification.

What does a CMA do, exactly?

The role of Certified Management Accountants is to utilize their decision-making, planning, and performance management skills to provide expert advice and reporting. From there, they work to create and implement a financial strategy that will benefit their organization.

These strategic roles are a major difference between CPA and CMA careers and job positions.

There are six pillars of knowledge that you acquire on your journey to become a CMA that guides you toward your new CMA career. You may have seen these highlighted by the IMA, but if not, here they are:

  • Strategy, Planning, and Performance: The ability to guide decisions, manage risk, and monitor performance.
  • Reporting and Control: Being able to measure your organization’s performance against standards and regulations and report on your findings.
  • Technology and Analytics: Knowing how to enhance organizational success by using relevant technology and analyzing data.
  • Business Acumen and Operations: Functioning across many arenas to improve company-wide operations.
  • Leadership: Stepping up and into a role that inspires and guides your team to achieve the goals of your organization.
  • Professional Ethics and Values: Working with integrity, ethics, and legal compliance and demonstrating a professional attitude at all times.

CMA Career Paths

CMA Career Paths

Is CMA a good career? In most cases, yes. Becoming a CMA can provide you with solid six-figure earning power, a career with plenty of room for growth and advancement, and excellent job security thanks to a unique skill set that’s hard to come by. As AI (artificial intelligence) is changing accounting jobs, the CMA positions you as a leader with more opportunities than ever.

So you finally got your CMA results back, and you passed the exam. Congratulations!

Now that you’re certified, hunting for a job may not be as easy as reading “Hiring Certified Management Accountant – please apply!”

You need to know what job titles to look for and from there, decide if their job duties are in line with how you picture advancing your CMA career.

Note that the following salary figures do not include the impact of the CMA. According to a recent survey by the Association of Accountants and Financial Professionals in Business, the median base salary for those holding a CMA is 58% higher than that of a non-CMA. So, CMAs can expect to earn significantly and have the leverage to negotiate their salaries further than their non-CMA peers.

Here are a few of the most common career paths after CMA that you can apply for:

Management Accountant

Do you thrive off planning and strategizing? Then management accounting could be the path for you.

Most CMA careers require your ability to plan and strategize, but as a management accountant specifically, you will be expected to budget, plan and strategize so that your company’s top managers and executives will be able to make risk-assessed decisions about their financial future.

While you must be an expert when it comes to accounting, you must also possess the skill that allows you to communicate this data in a way that is understandable for non-experts. High-level communication skills are a must!

You can find management accountants in private or public businesses, or within government agencies.

Average Management Accountant Salary

The average salary for management accountants in the U.S. is $62,500 per year. This translates to just over $32 per hour. The lowest salary reported for a management accountant was $52,500 annually, while the highest was $87,500 annually.

Financial Analyst

If you enjoy studying market trends and the microeconomic aspects of finances, then becoming a financial analyst may be right for you.

This role requires careful attention to detail so the analyst can assess the financial condition of a potential investment to make sure it is worthwhile.

Some other typical job duties for a financial analyst include advising businesses on how to issue corporate bonds or split stock, as well as performing financial research and analysis to provide information on the business’s profitability, stability, liquidity, and solvency.

As a financial analyst, you can work anywhere from a bank or an insurance company to a startup or global enterprise.

Average Financial Analyst Salary

The average financial analyst in the U.S. is paid $64,480 annually. This translates to just over $33 per hour. Of the financial analysts surveyed, the lowest salary was $44,850 annually while the highest was $107,250.

Cost Accountant

Cost accountants are responsible for recording and analyzing each cost incurred by a business. In turn, they use this information to identify where the company is losing money unnecessarily and how to improve its financial management.

Some of the everyday job duties of a cost accountant include preparing asset, liability, and capital account entries, documenting financial transactions, and making financial recommendations based on the analysis of financial history.

As you can imagine, this role could be highly beneficial in several business models, so, unsurprisingly, cost accountants can be found working with retail sectors, consulting firms, or directly within a business or corporation.

Average Cost Accountant Salary

The average cost accountant in the U.S. is paid $75,548 annually. This translates to $38.74 hourly. Of the cost accountants surveyed, the lowest was paid $65,000 annually while the highest was paid $92,500.

Accounting Manager

Accounting Managers develop and maintain accounting systems and procedures used by other accountants to collect and analyze data.

Typical job duties would include overseeing daily operations, monitoring and analyzing data, creating financial statements and reports, as well as upholding strict accounting policies and principles.

Accounting managers oversee other accountants and are typically found working for large companies or organizations where there are multiple accountants employed.

Average Accounting Manager Salary

The average salary for an accounting manager is $90,000 in the U.S. That is approximately $46 hourly. Accounting managers typically start at $70,000 annually and can earn as much as $120,000 annually later in their careers.

Staff & Senior Accountant

Senior accountants are more managerial than junior or staff accountants and do not typically perform administrative tasks. Instead, they are responsible for reporting cost margins, productivity, and expenditures within a company.

Some common tasks include preparing month-end procedures, reconciling accountant balances, and maintaining a general ledger. In addition to this, senior accountants are expected to mentor junior staff, as well as lead accounting initiatives with other accounting teams and departments

As you can imagine, to become a Senior Accountant you must have not only expert management accounting skills, but also years of experience, great communication skills, and strong leadership skills.

Average Staff & Senior Accountant Salary

The average accountant is paid $53,625 annually. This translates to $27.50 per hour. Entry-level staff accountants can expect to earn a starting salary of $45,995 annually, while senior staff accountants can earn as much as $68,468.

Corporate Controller

A corporate controller is someone who oversees a company’s financial and accounting functions. This includes everything from billing, accounts payable, accounts receivable, and budgeting, to name a few.

In fact, when I first began working on my own business, I was working full time as a Corporate Controller and working nights and weekends to turn this dream into a reality!

Common job duties include preparing the annual budget, preparing internal and external financial statements, assessing current accounting operations, as well as coordinating activities for external auditors.

Corporate controllers often oversee other accountants, so the skills and knowledge learned from earning your CMA are invaluable.

While the expertise of a controller can be utilized in any business, it is larger companies and organizations that tend to attract this position more.

Average Corporate Controller Salary

The average corporate controller earns $137,000 annually in the U.S. That is $70.51 hourly. Starting salaries for corporate controllers begin at $115,000, but more senior employees in this position can earn $185,000 annually.

Chief Financial Officer (CFO)

What is a CFO? It’s one of the top positions you can rise to in business, and is often considered a CEO’s right hand.

CFOs oversee everything from financial reporting and forecasting to a company’s investments and financial business decisions.

Some of the most critical job duties performed by a CFO include tracking cash flow, analyzing their financial strengths and weaknesses, and proposing corrective actions.

It often takes years of experience to develop the unique skills required to become a Chief Financial Officer, but earning your CMA is absolutely the fast track.

Average CFO Salary

The average Chief Financial Officer (CFO) earns $146,474 annually in the U.S. or $75.11 hourly. Of the CFOs surveyed, the lowest salary reported was $115,000 while the highest was $212,500.

How to Promote Yourself as a CMA

How to Promote Yourself as a CMA

A lot of time and effort goes into studying for the CMA exam, passing it, fulfilling requirements, and the other logistics that go into launching your CMA career.

Even once you’ve checked all of the boxes, it’s important that you keep the momentum going and promote yourself as a CMA.

This is something you can start at any stage in the process (yes, even before you’ve passed the CMA). Here are the best ways to do it.

Get social on LinkedIn

Professional social media networking is a huge way to get more involved in your industry and establish yourself as an up-and-comer, or as a leader in the field. LinkedIn is one of the most popular ways to do this because it already caters to a professional audience.

You can use direct messaging, write articles, engage with hashtags, and connect with people already in your network on LinkedIn. A little effort, over time, can go a long way in setting yourself up for professional opportunities.

Continuously update and improve your resume

Work accomplishments, new projects, new roles, and even professional training or events are all things that may merit a spot on your resume. Be sure to add relevant experiences and keep the freshest recommendations.

By building that practice into your early professional life, you’ll always be ready to apply for a job or advocate for a promotion.

Network with peers, colleagues, and superiors

Living in a digital-first world has actually made this a lot easier. You may not even have to jump on a flight to attend an industry conference; it may be available via webinar or virtual event.

But, network you must.

Who you know goes a long way into who you can hit up in the future when you’re looking to expand your impact or make an employment change.

Learn to advocate for yourself

A new CMA is typically offered a standard salary and bonus structure, but that doesn’t mean you shouldn’t be ready to negotiate a new contract or ask for a raise. There will be strategic times throughout your CMA career when it’s important to do so. You can ask for bigger opportunities once you’ve earned them.

As a CMA, you have a lot of opportunities. If you lay the groundwork, you’ll be ready to take the right one when it comes along.

CMA Careers and Opportunities by Industry

CMA Careers and Opportunities by Industry

As I mentioned above, there are many CMA career paths – from working with a multinational corporation or government agency to private business or academic institutions.

But what industries tend to draw in CMAs the most?

It turns out that more than 30% of CMAs work in Manufacturing, but the remaining 70% work in a variety of industries:

  • 7% – Wholesale and Retail Trade
  • 8% – Education
  • 3% – Transportation, Communications, and Utility Services
  • 3% – Contract Construction
  • 2% – Agriculture, Forestry, and Fisheries
  • 3% – Government
  • 8% – Medical/Health Services
  • 4% – Information Technology
  • 9% – Finance, Insurance, and Real Estate
  • 7% – Other Services
  • 3% – Public Accounting
  • 12% – Nonclassifiable

Source: 2019 IMA US Salary Survey

According to the 2019 IMA Salary Survey, CMAs are big earners. If your potential certified management accountant salary is influencing which industry to work towards, then have a look at the below chart:

Industry

Base Salary

Total Compensation 

Count

 Educational Services

$98,000

$104,000

129

Information Technology

$96,750

$102,950

64

Medical/Health Services

$94,500

$96,940

138

Contract Construction

$85,000

$91,000

51

Transportation, Communication, and Utility Services

$94,500

$99,026

56

Wholesale and Retail Trade

$98,000

$106,000

109

Agriculture, Forestry, and Fisheries

$84,500

$87,000

26

Public Accounting

$85,500

$94,000

50

Nonclassifiable

$89,250

$93,500

200

Finance, Insurance, and Real Estate

$91,000

$101,000

151

Other Service

$90,000

$93,500

111

Manufacturing

$100,000

$112,500

496

Government

$90,000

$91,750

52

Total

$94,000

$102,000

1633

There are so many job opportunities for CMAs to choose from, which makes choosing a career exciting.

Whether you are hell-bent on becoming the CFO of a major corporation, or diving into the nitty-gritty as a Cost Accountant, the opportunities are abundant. If you’re still working on your certification, here are some strategies to help you pass the CMA on your first try.

If you’re ready to begin the journey toward a higher-paying career, check out our CMA review course. We provide all the support you need so you can pass the exam and secure your dream job.

Tell me, which of these CMA careers sounds most like your dream job? Drop me a line in the comment section below!

Nathan Liao

Hi, I’m Nathan Liao (aka the CMA Coach)! In the past 8 years, over 37,000 CMA candidates came knocking at my door seeking guidance. And just like them, I’m here to show you how you can pass the CMA exam on your first attempt without wasting money or time. Click here to learn more about me and the awesome team behind CMA Exam Academy.

50 Comments on “CMA Careers: Your Guide to High-Paying CMA Roles”

  1. Hi Nathan,
    I am a student pursuing the US CMA certification. While I am aware about the CMA syllabus, I have a few questions related to the scope of US CMA certification,
    1)Can a US CMA holder qualify for asset management or investment management roles at investment banks.
    2)What according to you is the best job position to apply for, after completing CMA for a student with 0 work experience.

    Thanks

    1. Hello,

      Thank you for your questions.

      Keep in mind that to be eligible for the CMA certification, besides passing the exam for both parts, candidates need to fulfill both work and education requirements. For more info on the CMA requirements, I invite you to visit https://cmaexamacademy.com/cma-certification-requirements

      The IMA offers all members the jobs.imanet.org platform where they can find and apply for jobs that are the best match for their skills.

      Another useful professional development tool to help you map out your professional journey is Career Driver.

      Hope this helps.

  2. Hello Sir…. I am already an ACCA Member and planning to persue a further degree… I am confused between CMA India and CMA USA… Please guide

  3. I’m curious to know who are some notable CMA holders in Finance leadership roles within the sports and entertainment industry.

  4. Hello Nathan!

    I am a huge fan of yours and the CMA Academy! I am anticipating joining real soon, but I wanted to run a question by you. Unless, in the near future there are no longer testing windows, I was wondering whether to take one part each, (June 30th & Oct 31 testing date) or both parts at the same time (October 31st testing date), considering the 16 week study schedule of the CMA Academy and it cutting it real close to the June 30th window.

    Thank you again and I hope to work with you soon!

    1. Hi Erik,

      I’m glad to hear you’re interested to pursue the CMA and we’d love to guide you through your journey!

      My advice is to take one exam per window. The exams are hard, so it’s best to focus on one part at a time to increase your chances of passing in your first attempt.

      If you start studying now and follow the weekly study plan, you’ll be ready for your first exam by early June and your second exam by the Sep/Oct exam window.

      I look forward to seeing you in the Academy!

  5. Hi, I’m working as an Accountant, but there is no improvement in my career and very low pay. So I decided to take a CMA course and just joined in an institute in Dubai. How this would help me. What can I do to complete this course in 6 months. Please help.

    1. Hi Reesh,

      Since you have already enrolled in a program, the best is to follow their study plan.

      If you have any other questions, please don’t hesitate to reach out.

      Nathan

  6. Hello Nathan! Greetings from this side. I am in final year of B. Com and I would like to know that how US CMA certification can help me kick off my career as in investment banking at JP Morgan , Deutsche Bank or any other?

  7. Hii I m doing right now cma India and I m at my final level after completing of cma exam I want to settle in foreign country for the better life and exposure so can you please guide me which foreign degree is best suits with my cma India degree, actually I m thinking about the cima but you would help Me in this if there are better combination with my cma India degree

    Thanks.

  8. Hello, I am the CEO of a Joint Venture. I felt that finance is my weakness. My goal is to make better decisions in my current position. Also, when I have start ups in the future, I was hoping I can make better decisions. Would CMA suit me?

    1. Absolutely, Elaine. Sounds like the CMA designation would be a fantastic fit for you.

      You can learn more about the value of CMA and the roadmap to earning the certification at this link.

      Thanks,
      Nathan

  9. Hi Nathan

    How strongly would you recommend the CMA over the CPA for someone pursuing a career in FP&A? The traditional way to break into FP&A has been through Big 4 accounting, but I’d like to avoid that route and just cut right to the chase.

    1. Hi Mchelle,

      Financial Planning & Analysis is at the core of the CMA designation. CMAs are trained for this and other areas of business through its rigorous examination.

    1. Hi Sangita, the CMA would help tremendously if you want to stay competitive in the management accounting field and continue advancing your career.

  10. Hey
    I am now a 11th std Commerce student aspiring to become a Financial Controller in US. So I googled about how to become a controller and what I got to know from some sites is that I should go for CPA and some others says I can become a Controller with a CMA USA certificatation. So can you exactly tell me which certification I need to become a financial Controller? Can I become a Controller with a CMA USA certification?

    1. Hi Diya,

      Absolutely. The CMA would be the fast-track to a Controller position.

      Thanks,
      Nathan

  11. Hello sir,
    I read your blog, and I found it very interesting but I have some doubts. I passed my 10+2 this year and decided to complete my graduation and course together so I gave the foundation exam of CMA. So after graduation what kind of job should I opt for as I have no experience?
    I thought of going in the banking field before because I had no knowledge of these job opportunities but now that I read your blog it seems like there are more to this course.

    1. Hi Muskan,

      Are you pursuing the US CMA? I ask because there is no foundation level in the US CMA exam.

      Thanks,
      Nathan

  12. Dear Nathan,
    I wish to be a managment consultant at one of the big three consultancy firms. Is CMA a relevant qualification? I have a BCom(hons) in finance and am going to write part 2 exam in june of next year.
    Thanks

    1. Hi Rahul,

      Yes, the CMA will give you the knowledge and skill set necessary to make financial decisions for a company.

      Thanks,
      Nathan

  13. One question I did have is whether or not a CMA is able to prepare financial statements in the same way a CPA would?

      1. Hello Sir,

        I’m now a 12th student pursuing to become a Chief Financial Officer. When I googled it I got to know that the two certifications – ACCA and CMA will help you to become a CFO. I’m very much confused about which certification to choose. ACCA or CMA? Which certification will help me to become a CFO faster? Can u help me out Nathan?

        1. Hi Rolin,

          For a management accounting role like the CFO, the CMA would fit you best.

          Thanks,
          Nathan

  14. Hi Nathan,

    Huge fan of what you do! I’m considering joining the CMA exam academy. However just wanted to check if a CMA certification will help me land a job in a venture capital Industry?

    Thanks in Advance!
    Alen.

    1. Hi Alen,

      That’s so great to hear! Thank you. I’d love the opportunity to coach you to exam success 🙂

      The CMA would be perfect for that career path. It will equip you with the knowledge and skills necessary to land a job in venture capital and excel in the industry.

      Let me know if you have any other questions.

      Thank you,
      Nathan

  15. Hi Nathan,

    Can a Fresh Graduate with a CMA degree get a position in Assurane or is that only for CPA / CA holders?

    The Blogs amazing, many young CMA aspirants read it.

  16. Greetings Sir..
    I hope you are doing well

    I want to know that, I am working on a bank for last 5 years, is my current job experience can consider for two years work experience after CMA , to get degree of CMA.

    1. Hi Ashish,

      Whether or not your work experience qualifies for the CMA depends on your job title and if you performed tasks that involved internal or external auditing or analysis, handling financial statements, and if you were responsible for analyzing and reporting on financial investments.

      You can read here more about the work experience requirement and how to fulfill it.

      Let me know if you have any questions.

      Thanks,
      Nathan

  17. Sir I’m anusha presently I’m pursuing my degree with CA I additionally applied to CMA from college I’m writing the exam of CA this year from the state of telangana so I need a guidence from you my query is that I want to have a pleasant career with the company of Google so please do suggest me a way to have a good positioned job in Google through the professional course CMA I mean what are all needed to have it

  18. Hello Nathan,

    I’m working as an Assistant Engineer in a Construction and Manufacturing Firm , and I’m planning on applying for the CMA certification as I want to jump from the groundwork to a better office job. Would you be kind enough to tell me if my experience working as an A.E in a construction firm hold any experience when I later apply for a post with my CMA certification?

    1. Hi Donald,

      It’s best to reach out directly to the IMA to verify if your work experience meets the requirement for the CMA certification – they have the last say in that.

      Even if it doesn’t, you can still take the CMA exam and fulfill the experience requirement within 7 years after passing the exam to earn your certification.

      Thanks,
      Nathan

  19. Hi Nathan،

    Thank you for the valuable information.

    I have over 7 years of experience as an accountant and a bachelor’s degree but no official certifications. I am working on my CMA now.

    Do you think it’s a good idea to start now? I honestly never could do it before because of financial reasons.

    1. Hi Iman,

      It’s never too late to earn the CMA and give your career a boost 🙂

      Check out my YouTube video to help you decide whether the CMA certification is worth it for you.

      Thanks,
      Nathan

  20. Dear Nathan,

    I am a senior in Accounting major.

    CMA sounds really attractive.
    Can I still pursue this certificate with my current major?

    1. Hi Gyu,

      Of course you can! Here’s a complete roadmap to becoming a CMA.

      If you have any other questions, just hit reply 🙂

      Thanks,
      Nathan

  21. Hi Nathan,

    I am Shankar from India. You have a nice blog there. It has a lot of information which motivated me to study for the CMA exam.

    I cleared my Part 2 in the month of September 2019 and written my Part 1 on Jan 2020. It would take 30 more days for my result to come. I have no experience yet and am just visiting my sister’s company to have a corporate exposure.

    I don’t know what position I can apply as a person without work experience (I have a BBA in finance) who’s just starting out. I would like to know your ideas?

    1. Hi Shankar,

      I’m glad to hear you’re enjoying my blog. And big congrats on passing Part 1 exam!

      A few positions to apply could be Jr. Accountant, Staff Accountant, or even entry level A/R and A/P to gain some experience.

      But by having the CMA, you won’t stay long in those positions as you’ll be able to move up faster.

      Thanks,
      Nathan

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