The CMA is the credential that can deliver a tangible return on investment.
According to the salary survey conducted by IMA, CMAs earn on average $115,763 while non-certified professionals earn on average $92,639. Individuals in the accounting and finance profession with no undergraduate degrees earn on average $48,859.
The following list will give you a good idea of what CMAs in various positions earn on average. Figures are presented in thousands:
|Top Level Management||Senior Management||Middle Management|
|Executive Vice President $226||Vice President $153||Director $133|
|Partner $178||Divisional Vice President $141||General Manager $126|
|Corporate Treasurer $163||Corporate Controller $101||Divisional Controller $113|
|Senior Vice President $152||Consultant $99||Manager $101|
|Chief Financial Officer $132||Plant Controller $97|
|President $129||Assist. Corporate Controller $83|
|Owner $124||Supervisor $81|
|Chief Executive Officer $114||Chief Accountant $73|
|Lower Level Management/Entry Level||Academic Positions|
|Financial Analyst $83||Dean $139|
|Auditor $80||Professor $122|
|Systems Analyst $77||Department Chair $100|
|Senior Accountant $71||Associate Professor $95|
|Staff Accountant $52||Assistant Professor $88|
Calculating Your Average Salary
This is a quick way to calculate how much you could potentially earn if you become a CMA.
(This calculation was taken from the Strategic Finance magazine the IMA publishes each month).
|Start with this base figure||$75,807|
|If you are TOP-level management, ADD||$28,000|
|OR if you are ENTRY-level management, SUBTRACT||$25,995|
|Number of years in the field_____, TIMES||700|
|If you have an advanced degree, ADD||$13,873|
|If you hold the CMA, ADD||$11,126|
|If you hold the CPA, ADD||$10,193|
|Your Estimated Salary Level||_______|
For an in-depth explanation of what is expected of you to know to pass the exam on your first try, get a copy of the CMA Coach Study Guide.