Should I Pursue CMA, and What Is the Average Salary Someone Can Expect?

People with a strong finance and accounting base can consider getting a Certified Management Accountant (CMA) certification. This reputable qualification helps advance one's professional journey and also opens many opportunities in the management accounting field. To become a Certified Management Accountant, you have two choices: US CMA or Indian CMA. Both have value but differ slightly in the eligibility criteria, exam structure, global recognition, and range of job opportunities they provide.  If you want to pursue US CMA or India CMA but are unsure of whether it's the right career move, here is some information that can help you make an informed decision.

Key Takeaways

• Compelling Reasons to Pursue CMA

• CMA US and CMA India Certification: Which One to Choose?

• Career Options After CMA Certification

• Salary of a CMA

Compelling Reasons to Pursue CMA

CMA accreditation is the right choice for anyone aiming to enter leadership roles in the management accounting field. Here are some reasons why you should pursue a CMA in India. 

1. High Demand in the Job Market: Top employers prefer CMA-certified candidates for several challenging job roles in the finance industry. This certification assures employers that they are hiring candidates with excellent accounting skills and immense potential to devise efficient management accounting strategies. A CMA course will help you enhance your credibility and gain a competitive edge. 
2. Vast Job Opportunities: CMA qualification provides a number of job opportunities for finance and accounting professionals. Indian business sectors, particularly manufacturing, financial services, and consultancy, hold the CMA India certification in high regard. The certification provides individuals with career prospects like those of cost accountants, financial analysts, internal auditors, and many more. However, CMA professionals gain access to a broader range of international work opportunities.
3. Career Advancement: Getting a CMA qualification can be a great move if you are a finance or accounting professional aiming for a leadership role. It will help you gain crucial management skills and make you stand out. To become a CMA in India, you have to obtain a CMA India certification.
4. High Remuneration: CMA professionals can expect to earn more than non-CMA professionals. This is because employers consider CMAs to be highly talented professionals who can produce quality output for their business. So, CMA certification is a valuable credential that will help job seekers land high-paying jobs.
5. Global Recognition: The US CMA certification has solid international recognition., especially in the financial sector. It is regarded as a worldwide standard for management accounting practitioners. Despite being in high demand in India, the CMA India might not be accepted abroad. Therefore, if working abroad is part of your professional goals, you must pursue US CMA.
6. Strong Professional Network: The Institute of Cost Accountants of India (ICAI) oversees the CMA India program. Those who obtain a CMA India certification can become associate members of the institute. A membership in ICAI opens great opportunities to network with other CMAs in the country, stay updated with industry trends, find better employment opportunities, etc.

The CMA US certification is issued by the Institute of Management Accountants (IMA). This professional organization has a remarkable global network of about 140,000 accounting and finance professionals. When you pursue US CMA, get certified, and become a member of the IMA, you will gain more exposure to the trends and opportunities in the finance industries in any part of the globe.

1. Continuing Education: Maintaining the validity of the CMA certification necessitates ongoing education. So, finance and accounting professionals need to stay current on finance industry developments and best practices. CMAs are thus guaranteed to remain current and competitive in their industry. If you pursue US CMA, you can gain knowledge of the global financial and accounting sector.
2. Enhance Your Resume: Completing the CMA course will increase your chances of getting picked up by renowned employers. It will give you a competitive edge over other candidates and increase your earning potential. 

CMA US and CMA India Certification: Which One to Choose?

The CMA US and CMA India certifications are valuable assets for any accounting and finance professional, but they differ in certain aspects. The differences are listed below:

Feature	CMA India	CMA US
Eligibility	12th pass or Bachelor’s degree from a recognized university	Any bachelor’s degree from a recognized university or any related professional certification
Examination Pattern	4 parts, covering cost accounting, financial accounting, indirect taxation, etc.	2 parts, covering financial planning, analysis, control, and decision-making
Recognition	Recognized in India but may have limited recognition abroad	Recognized globally
Job Opportunity	Job opportunities in several major Indian companies	Access to vast employment opportunities worldwide

Your decision to pursue the CMA US or CMA India certification should be based on your career goals and aspirations. The CMA in India is an excellent option if you want to learn in-depth about Indian accounting practices and pursue a long-term career in India.

However, professionals abroad should pursue the US CMA program and get certified. This program has a solid global reputation, which opens doors to a wide range of jobs worldwide. It also helps you have a deeper understanding of management accounting concepts that apply worldwide.

 

Career Options After CMA Certification

The career options after US CMA and CMA India are the same, except the scope of finding opportunities varies. Some of the most in-demand jobs available for candidates with a CMA certification are:

• Financial Analyst
• Cost Accountant
• Financial Risk Manager
• Various C-suite executive posts

Chief Financial Officer (CFO)

Salary of a CMA

The CMA salary varies in India and abroad. The average annual wage for a CMA in India is around INR 7 lakhs, with a salary range of INR 3.6 to INR 40.2 lakhs. However, CMAs working in the U.S. and other countries are paid more. For instance, a CMA in Dubai can earn an average annual salary of USD 36,000. The average yearly wage of a CMA in the United States is USD 82,636. 

Conclusion

US CMA and CMA India certifications hold tremendous value in the finance sector. They are considered the golden standard for hiring exceptional professionals for various job roles in finance and other firms.

To get a CMA certification, join a prestigious institution like NorthStar Academy for a CMA training course and take your career to the next level. The classes are conducted under our renowned mentor, M Irfat. He has various prestigious certifications like CA, US CMA, CPA, and CIMA UK. We have a record of coaching thousands of students to qualify for the CMA certification exam.