In India, a CMA typically makes 6.0 lakhs a year, or 50.0k per month. The 118 most recent wages from a variety of CMAs across sectors are the basis for the salary estimations.
If you're considering a career as a Certified Management Accountant (CMA) in India, you may be wondering about the salary prospects that await you.
In this blog post, we will explore the Certified Management Accountant salary landscape, shedding light on average earnings and factors that can influence compensation.
What is CMA?
CMA means Certified Management Accountant. It's like a special award for accountants and people who work with company money, showing they're really good at planning finances, making smart money decisions, and following important work rules.
This special award comes from a group called the Institute of Management Accountants, but people all over the world think it's important.
Getting a CMA means someone knows a lot about how to handle company money well. They have to pass a big test that covers things like making budgets, checking how money is spent, and choosing the best ways to use money.
They also need to have finished college, worked with money at a job for two years, and promise to work in an honest and fair way.
People who get their CMA can get better jobs in companies, helping decide how to spend money, make plans for the future, and make sure the company is using its money wisely. It's a great thing to have if you want to be seen as an expert in managing money and making smart financial choices.
Salary Range for CMAs in India:
The salary of a CMA in India varies from 3 lakhs to 40 lakhs annually, with an average of 10 lakhs per annum ( 83,000 per month) based on 500 recently placed CMAs in ICMAI campus placements.
Additionally, the highest starting package for a fresh CMA in off-campus placements is 27 lakhs per annum, and with experience, the highest salary can reach up to 55 lakhs per annum.
In 2023, the CMA salaries in India on an annual and monthly basis will be as follows:
| Particulars | CMA Salary in India (Per Annum) | CMA Salary in India (Per Month) |
| Starting CMA Salary in India | 6.5 Lakhs | 54,000 per month |
| The Lowest CMA Salary in India | 2 Lakhs | 16,000 per month |
| Highest CMA Salary in India (Fresher) | 22 Lakhs | 183,000 per month |
| CMA Average Salary in India | 10 Lakhs | 83,000 per month |
| Highest CMA Salary in India | 55 Lakhs | 458,000 per month |
The time and attempts taken to complete the CMA course, as well as the rank achieved in the CMA final exams, can influence the salary. Striving to pass the CMA final exams on the first attempt with a good rank can enhance earning potential.
CMA Salaries in India Vary Based on Different Job Profiles:
| Job Role | Average CMA Salary |
| 5.45 Lakhs | |
| 7.73 Lakhs | |
| 11.22 Lakhs | |
| 20.48 Lakhs | |
| 36.33 Lakhs | |
| 3.08 Lakhs | |
| 5 Lakhs |
CMAs work in various job profiles, including Financial Analyst, Finance Manager, Chief Financial Officer, and Cost Accountants, performing roles related to financial analysis, financial management, cost analysis, and more.
Responsibilities of these Roles:
Financial Analyst
- Looks at Money Details: Checks how money is being spent and made, helping plan for the future.
- Helps with Budgets: Helps decide how much money should be spent and where.
- Makes Reports: Puts together information on the company's money situation for the bosses.
- Studies the Market: Keeps an eye on trends to guess future money needs and opportunities.
Senior Financial Analyst
- Builds Detailed Money Plans: Makes detailed plans to guess how different decisions could affect money.
- Gives Advice: Offers deep insights and advice to top managers on making smart money decisions.
- Finds Better Ways to Do Things: Looks for ways to make money handling more efficient and helps others do the same.
- Teaches Others: Helps guide and teach less experienced financial analysts.
Finance Manager
- Oversees Money Matters: Makes sure that all the money reports and plans are accurate and done on time.
- Handles Risks: Looks out for financial risks and figures out how to avoid or reduce them.
- Leads the Team: Manages a team, making sure they work well together and meet their goals.
- Talks Money: Shares financial information and advice with different parts of the company.
Senior Finance Manager
- Plans for the Future: Leads in planning the company's financial future, making sure money goals and company goals line up.
- Leads in Money Decisions: Plays a big part in making big money-related decisions.
- Solves Tough Problems: Deals with complicated money issues and figures out how to solve them.
- Works with Others: Makes sure financial plans work well with what other departments are doing.
Chief Financial Officer (CFO)
- Top Money Boss: Helps make big company decisions, especially about money.
- Plans Money Strategy: Makes and oversees the big-picture money plan.
- Talks to Investors: Keeps investors and the financial community updated and happy.
- Makes Sure Rules are Followed: Makes sure the company is following all financial rules and checks on money handling.
Accountant
- Keeps Track of Money: Keeps detailed records of all the money coming in and going out.
- Takes Care of Taxes: Prepares tax forms and makes sure taxes are paid correctly and on time.
- Handles Bills and Payments: Manages bills that need to be paid and money that needs to be collected.
- Checks the Numbers: Makes sure all money records match up and fixes any mistakes.
Cost Management Accountant
- Figures Out Costs: Looks closely at how much things cost to help the company spend wisely.
- Watches the Budget: Keeps an eye on spending to make sure it stays within the plan.
- Helps Set Prices: Helps decide how much to charge for products or services to make a profit.
- Gives Money Advice: Provides useful information to help managers make decisions about spending and saving money.
Industry-wise Salary Variations:
The CMA salary in India can also vary across different industries.
Industries such as consulting, financial services, manufacturing, and information technology are known to offer competitive salaries to CMAs due to the strategic nature of their roles and the value they bring to the organization.
However, it's essential to note that CMA salary in India variations can exist within each industry based on factors like company size, location, and individual performance.
CMA Salaries also Differ Across Industries in India:
| Industry | CMA Salary |
| Oil & Gas | 19 Lakhs |
| Engineering/Construction | 7.8-8.5 Lakhs |
| Education & Training | 6.3-8.1 Lakhs |
| Clinical Research | 3.9 Lakhs |
| Analytics/KPO | 6.6 Lakhs |
| FMCG Companies | 5.7-7.3 Lakhs |
| Financial Services | 3.5 Lakhs |
| IT Services & Consulting | 10.1 Lakhs |
CMA Salary Based on Experience
While having the right skills is important, gaining experience is also crucial for Certified Management Accountants (CMAs) to earn higher salaries. Here's a simple breakdown of CMA salaries in India based on experience:
The following table mentions the CMA Salary in India based on experience.
| Years of Experience | Annual Average Salary |
| 0-1 | INR 2 to 4 LPA |
| 1-2 | INR 4 to 6 LPA |
| 2-3 | INR 6 to 8 LPA |
| 3-4 | INR 8 to 10 LPA |
CMA Salary in India Based on Companies
The amount of money a Certified Management Accountant (CMA) makes in India can depend on where they work. Some companies pay a lot, while others focus more on helping employees grow. The company you choose really matters when it comes to how much you earn as a CMA salary in India. Usually, working for big companies means you'll get a better salary.
| Company name | Average Annual Salary |
| Accenture | INR 7 to 12 LPA |
| L&T | INR 6 to 12 LPA |
| Wipro | INR 4.1 to 25.3 LPA |
| ONGC | INR 16.2 to 23 LPA |
Regional Disparities in CMA Salaries
Certified Management Accountants (CMAs) experience significant salary variations across India. Factors like regional economic strength, specific industry concentrations, and variations in the cost of living influence these disparities. Below is a closer look at how CMA salaries can differ between metropolitan hubs, tier-II and tier-III cities, and locations with varying living standards.
CMA Salary Trends in Metropolitan Cities:
| Metropolitan Cities | Average Annual Salary |
| Mumbai | INR 7 to 12 LPA |
| Delhi | INR 6 to 12 LPA |
| Bangalore | INR 4.1 to 25.3 LPA |
| Chennai | INR 16.2 to 23 LPA |
Mumbai: India's financial heartland continues to offer the highest average CMA salaries, currently ranging from 10,00,000 to 16,00,000 per annum. This is driven by a sustained demand for CMAs from multinational corporations and financial institutions.
Delhi: CMA salaries in Delhi remain competitive, typically falling between 9,00,000 and 13,00,000 annually. The city's diverse economic landscape, substantial government presence, and thriving service sector support robust compensation packages.
Bangalore: The IT capital of India still rewards CMAs handsomely, with typical salaries between 9,50,000 and 14,00,000 per year. The demand for specialized CMAs with expertise in technology, finance, and analytics continues to push salaries upwards.
Chennai: The city stands out as a major production center for various industries, including automobiles, electronics, textiles, and pharmaceuticals. This translates into a consistent demand for skilled CMAs who can optimize manufacturing operations. CMAs in Chennai can expect annual salaries ranging from 9,00,000 to 12,00,000.
Hyderabad: Hyderabad's IT industry serves both national and international clients. CMAs with experience in globally-oriented companies may command even higher salaries at the upper end of the 8,00,000 - 12,00,000 range, especially as they move into management and strategic advisory roles.
Salaries in Tier-II and Tier-III Cities:
| Tier-II and Tier-III Cities | Average Annual Salary |
| Pune | INR 6.5 to 1` LPA |
| Jaipur | INR 5 to 8 LPA |
| Coimbatore | INR 5.5 to 8.5 LPA |
| Visakhapatnam | INR 5 to 8 LPA |
| Surat | INR 4.5 to 7.5 LPA |
Pune: As a major IT and manufacturing center, Pune's CMA salaries are rising, with a current range of 6,50,000 to 11,00,000 annually. The city's growth trajectory is attracting talent and pushing compensation levels higher.
Jaipur: With expanding industries and improving infrastructure, Jaipur's CMA salaries currently range from 5,00,000 to 8,00,000 annually. While still lower than major metros, these salaries reflect the city's upward economic trajectory.
Coimbatore: Coimbatore's CMA salaries remain relatively consistent, currently ranging from 5,50,000 to 8,50,000 annually. Growth in the manufacturing and engineering sectors supports these salary levels, which align with the city's cost of living.
Visakhapatnam (Vizag): As a big port city, Vizag is growing in manufacturing and shipping. CMAs who can optimize shipping costs, analyze risks, and create financial plans for big projects are valuable. Salaries range from 5,00,000 to 8,00,000 per year.
Surat: Known for diamonds and textiles, Surat needs CMAs with very specific skills in managing precious materials, optimizing textile production, and handling international trade. Salary of a CMA ranges usually fall between 4,50,000 and 7,50,000 per year.
Note: The salaries mentioned above are taken from different sources; they may vary from company to company and on other relative factors.
Impact of Regional Cost of Living on CMA Salaries:
Chennai vs. Kolkata: Metropolitan cities like Chennai generally necessitate higher CMA salaries due to elevated living expenses. The difference might be increasingly narrowed by Kolkata's improving economic prospects and expanding IT presence.
Hyderabad vs. Ahmedabad: Hyderabad's booming IT sector and rapidly increasing development contribute to CMA salaries that can currently outpace those in Ahmedabad. However, Ahmedabad's growth in manufacturing and pharmaceuticals could lead to a narrowing gap over time.
Tier-III cities: Smaller cities and towns offer potentially lower CMA salaries, but they often retain strong purchasing power due to a more affordable standard of living. Cities like Nagpur, Surat, and Kochi, with specific industry strengths, attract high-skilled CMAs by offering a balance between income and quality of life.
CMA salaries across India show a dynamic landscape shaped by location-specific factors. Metropolitan areas retain the highest earning potential but ambitious CMAs can find fulfilling, financially rewarding careers in emerging tier-II and tier-III cities with unique industrial strengths and lower living expenses.
Factors Influencing CMA Salaries:
A Certified Management Accountant's (CMA) salary in India is influenced by several key factors. Understanding these factors can help CMAs negotiate effectively and make strategic career choices. Here's a closer look at some of the most important determinants:
Professional Experience:
A newly certified CMA might start with an annual salary in the range of INR 4-6 lakhs. This serves as a foundation upon which they can build their expertise. As they gain 5-7 years of experience, their command of financial analysis, budgeting, and strategic cost management strengthens, leading to salaries in the INR 7-9 lakh range.
Senior CMAs with 10+ years of experience can easily command salaries exceeding INR 10-15 lakhs, often reaching INR 20 lakhs or more in leadership positions within large organizations.
Industry Sector:
Sectors like finance, consulting, technology, and manufacturing have differing salary structures. CMAs specializing in risk assessment, investment analysis, or financial modeling within the finance and consulting sectors can expect higher premiums due to their specialized knowledge.
Manufacturing CMAs, with their focus on production cost optimization, inventory management, and supply chain efficiency, also command competitive salaries, particularly in multinational companies.
Geographic Location:
CMAs practicing in major metropolitan areas like Mumbai, Delhi, or Bangalore typically earn 10-20% more than their counterparts in smaller cities or towns. This is driven primarily by the higher cost of living, more intense competition for talent, and the presence of large, multinational companies with the need for sophisticated financial management.
Level of Education and Additional Qualifications:
CMAs who hold an MBA alongside their certification exhibit a broader business understanding. This can translate into managerial roles with salaries potentially 15-25% higher.
Specialized certifications like the Financial Risk Manager (FRM), Chartered Financial Analyst (CFA), or Certified Public Accountant (CPA) demonstrate expertise in highly niche areas. CMAs holding such credentials can see an increase of 5-10% in their earning potential.
Additionally, CMAs who possess exceptional communication, leadership, and interpersonal skills stand apart. These "soft skills" are invaluable as they rise through the ranks, attracting the most lucrative salaries within the field.
Career Growth and Future Prospects:
While salary is an important consideration, it's equally vital to assess the long-term career growth and prospects of a CMA.
CMAs are well-positioned to climb the corporate ladder, taking on leadership roles in finance, accounting, and strategic management.
With the right mix of experience, expertise, and continuous professional development, CMAs can unlock higher-level positions that offer not only increased compensation but also greater responsibilities, influence, and job satisfaction.
CMA Certification:
Before delving into the salary aspects, it's important to highlight the significance of the CMA certification salary.
CMAs are highly respected professionals who possess expertise in management accounting, financial planning, and strategic decision-making.
This globally recognized certification sets CMAs apart, showcasing their commitment to professional growth and proficiency in finance and accounting.
Eligibility criteria for CMA certification
Understanding and fulfilling the eligibility criteria for each level of the CMA course is important for aspirants aspiring to carve a successful path in management accounting. By meeting these criteria, individuals can embark on a fulfilling journey towards becoming certified management accountants. Below are the criteria for each stage of CMA:
CMA Level I (Foundation) Eligibility Criteria
Aspirants aiming to begin their CMA at the foundational level must meet the following eligibility criteria:
- Candidates must have cleared class 10 examinations from a recognized educational board.
- Alternatively, candidates possessing a Diploma in Rural Service Examination accredited under the National Council for Higher Education are eligible for enrollment.
- Individuals who have successfully completed the commerce examination recognized by the Qualified National Diploma sanctioned by AICTE/State Board of Technical Education are deemed eligible.
- Candidates should be at least 18 years old at the time of application submission.
CMA Level II (Intermediate) Eligibility Criteria
For those advancing to the intermediate level of the CMA course, the eligibility criteria are as follows:
- Candidates must have cleared class 12 examinations from a recognized educational board.
- Aspiring candidates should have passed the CMA Foundation exam to qualify for the intermediate level.
- Alternatively, candidates who have passed Part 1 Eligibilityof the CAT exam conducted by the Institute of Cost Accountants of India or hold a Bachelor’s degree (excluding fine arts) are eligible.
- Candidates who have successfully cleared the CA Foundation exam conducted by ICSI or have completed the Intermediate level of CA are eligible to apply.
CMA Level III (Final) Eligibility Criteria
At the pinnacle of the CMA journey lies the final level, for which the eligibility criteria are as follows:
- Candidates must have completed both Part 1 and Part 2 of the CMA Intermediate Level to be eligible for the final stage.
- Aspiring CMAs should provide documented proof of completed training to register for the CMA Final examination.
Benefits of Obtaining a CMA Certification
Achieving a Certified Management Accountant salary offers a multitude of benefits for professionals in the financial, accounting, or business industries. Here's a brief overview about the same:
Benefits of CMA Certification:
- Enhanced Career Profile: A CMA certification significantly boosts your resume, positioning you for higher pay, increased benefits, and superior job prospects.
- Comprehensive Knowledge: Unlike traditional degree courses, CMA certification covers a broad spectrum of industry-specific topics, ensuring you stay updated with the latest trends and developments.
- Business Acumen: CMA equips you with a blend of business and accounting skills, enabling you to make informed business decisions and assume pivotal roles within organizations.
- Accelerated Growth: CMA certification opens doors to management-level positions, providing faster career advancement and greater opportunities for professional development.
- Financial Rewards: CMA-certified professionals command higher salaries, with studies indicating earnings up to 67% more than non-certified counterparts, along with additional benefits like health insurance and pensions.
- Global Recognition: With its international acclaim, CMA certification salary enhances your employability on a global scale, facilitating career opportunities in diverse regions with lucrative salary packages.
- Value as an Employee: CMA training instills a deeper understanding of business operations, making you a valuable asset within your organization and positioning you for roles of increased responsibility and recognition.
FAQs:
Who earns more CMA or CA?
In India, the average yearly remuneration for a certified management accountant is 5,50,000 INR, compared to 8,06,154 INR for chartered accountants. Consequently, we can say that a CA makes more money than a CMA.
Who earns more CS or CMA?
The pay scale for a newly graduated chartered accountant starts at 6-7 lakhs and increases with experience and expertise. In India, CS salaries often range from 5 to 6 lakhs. In India, CMA salary can range from 5-7 lakhs.
Is CMA harder than CA?
In comparison to CA, it is less difficult to obtain. The Cost and Works Accountant's job profile is restricted to cost and financial management, and their compensation is somewhat lower than that of a Certified Public Accountant. Higher education at management institutes is not permitted with a CA certification.
What is the salary for a US CMA in India & Abroad?
The typical income for a US CMA in India is expected to be between INR 8 and 15 lakhs annually; however, for an accountant, this range is restricted to between 0.4 and 5.9 lakhs. Having the US CMA qualification confers a substantial benefit in terms of improved life settling.
Are there opportunities for CMAs to work in sectors beyond finance and accounting in India?
Yes, prospects for CMAs in India are not limited to the financial and accounting industries. They can work in manufacturing, consulting businesses, corporate finance, healthcare, information technology, and even education.
Professionals may use their talents in a range of sectors thanks to the versatility of the CMA degree, which offers strategic financial insights and promotes organizational performance.
Can a CMA work in fields other than finance?
Yes, a CMA can work in fields other than finance. While the CMA certification focuses on financial management, the skills gained, like budgeting and analysis, can be applied in diverse industries such as operations management, strategic planning, consulting, project management, supply chain management, and human resources.
What are the best career options for CMA?
CMAs can hold important roles in both public and private companies, such as Chairman cum Managing Directors, Managing Director, Finance Director, Financial Controller, Chief Financial Officer (CFO), Cost Controller, Marketing Manager, Chief Internal Auditor, and other key positions.
What is the Big 4 after CMA?
After earning a CMA certification salary, individuals may seek employment opportunities with the "Big 4" accounting firms: Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and KPMG. These firms offer various roles in management accounting, financial analysis, and advisory services.
Working for a Big 4 firm provides valuable experience, exposure to different industries, and opportunities for career growth.
Can a CMA get job in bank?
After becoming a CMA, you can apply for many government jobs like UPSC, BANK exams, and Railway exams. You're also eligible for Group-I and Group-II services in any state or Union Territory. Plus, you can join the Indian Cost Accounts Service (ICoAs), which is similar to IAS and IRS positions.
Which degree is best along with CMA?
If you want to do the CMA (Certified Management Accountant) course along with your degree, both BBA (Bachelor of Business Administration) and B.Com (Bachelor of Commerce) can be good options. But which one you choose depends on what you like, what you're good at, and what you want to do in your career
Conclusion :
To sum up, becoming a Certified Management Accountant (CMA) in India offers good pay and lots of job options in different areas. CMAs are experts in managing money and making smart financial decisions. They can work in many fields and get top positions in companies.
In India, CMAs earn around 10 lakhs per year on average, but it can be more based on experience and where they work. Jobs like Cost Accountant, Financial Analyst, and Finance Manager are common for CMAs.
Besides finance, CMAs can work in other industries like consulting, manufacturing, and healthcare. And as they gain experience, they can move up in their careers to higher positions.
So, becoming a CMA opens doors to a great career with good pay and lots of opportunities for growth.
