Now that the pandemic restrictions have finally eased down, the startups that gained popularity during lockdown, profitable corporates and international firms have now started hiring in full swing. This progressive growth in the economy directly affects the finance industry. This in turn means that the need for skilled financial planners and accountants is sure to rise. If you aim to enter into the finance industry, get ready to be welcomed with enticing opportunities and packages that will make you feel great about your decision. If you’re planning to do a course in Certified Management Accountant you won’t just get to enjoy a high salary package and benefits in India but also abroad in countries like Canada. Intrigued about the CMA Salary packages that await you in India and Canada? Here’s a detailed list to clear your clouds of doubt.
Factors that affect your Salary as a CMA
There are many factors that affect your salary as a professional Certified Management Accountant. Here are some of the key areas that you should consider before estimating what your salary package could be like.
- Job profile: After completing US CMA, there are many professions that one can consider based on your skills and interests. The job profile you choose affects salary to great extent. Here are some of the most common professions chosen after US CMA and the salaries one can derive after that.
CMA Salaries based on job profile in India
|Accountant||8 to 13 lpa|
|Management Accounting Analyst||9 to 13 lpa|
|Financial Consultant||6 to 10 lpa|
|Reporting Analyst||5 to 8 lpa|
|Financial Advisor||10 to 20 lpa|
CMA Salaries based on job profile in Canada
- Location: Location in terms of the city, as well as the country, certainly affects the salary you make as a Certified Management Accountant. If you work in a country that’s economically prosperous and has a great demand for CMAs you’re sure to earn more than in a country that’s still developing and has a low demand for financial experts. Here’s a list of CMA salaries across 5 top hiring countries
Before you decide on which country you want to work and settle in, you should also consider the cost of living in each of these countries and the perks that they offer. Since it’s going to be the most important decision of your career, make sure you think over every aspect before making your final move.
- Experience: While taking a professional course can help you skip the training period as a CMA and make you ready for the job, you’re still going to need your experience level for higher salary packages. As per the research conducted by AmbitionBox, here’s a graphical presentation of the CMA salary progression in India and Canada based on the experience.
CMA Salary packages based on experience in India
Experience-wise salary progression chart
Now coming to the salary packages offered in Canada, here’s a statistical representation by Salary Expert, giving you a glimpse of what you can expect from the current financial job market.
Since Canada is developing its financial base at a fast rate, the salaries offered by the firms out there are way higher than the ones available in India currently.
- Industry: Different industries offer different salaries and growth opportunities to CMAs. While the dynamics of each industry has changed drastically after the pandemic, it’s difficult to tell what the future of each of these industries may have in store. Here’s what the current facts and figures have to say about the salaries offered to Certified Management Accountants in India and Canada. This data is derived from the information available on AmbitionBox.
CMA Salary packages offered in India based on industry
|Industry||Average Annual Salary|
|FMCG Companies||₹ 5.7 lpa – ₹ 7.2 lpa|
|Education / Training Companies||₹ 6.3 lpa – ₹ 8.1 lpa|
|Analytics / KPO / Research Companies||₹ 6.6 lpa|
|Engineering & Construction||₹ 8.5 lpa|
|PetroChemicals Companies||₹ 16.0 lpa – ₹ 20.0 lpa|
Salary packages offered to CMAs in Canada based on industry
|Industry||Average Annual Salary|
|Medical and health services||$80,418 pa|
|Educational Services||$97,843 pa|
|Communications and Utility Services||$35.96 – $48.11 an hour|
The Company You Choose Work In
While some firms offer better growth prospects some firms offer better salary packages. The firm you choose also plays an important role in deciding the salary you earn. Most CMA graduates often prefer working for corporate companies as they offer better salary packages and add more weightage to the CV. However, certain SMEs also these days offer great packages and exposure to CMAs. Here’s a company-wise differentiation of CMA salaries.
Company-wise differentiation of CMA salaries in India
Company-wise differentiation of CMA salaries in Canada
- Company size: Company size may not have a direct impact on your income but it does affect your learning, workload and eventually your growth. These factors in turn affect your salary package. However, the more you enhance your career trajectory by taking up short-term courses and improving your strategic business decisions, the better chance you have of gaining a competitive edge.
CMA comes across as a short course with great demand in the current market. However, you need to have the right kind of skills that fill in this demand gap efficiently. In this case, the coaching you take truly matters. We at Zell Education ensure that you gain professional skills with the help of the latest case studies and experiential learning.
Certified Management Accountant (CMA) is a credential awarded by the Institute for Management Accountants, USA. This global certification is open to all students who have completed their 10+2 or the high school equivalent. If you are interested in pursuing a career in accounting, check out our Certified Management Accountant (CMA) course.
Is US CMA accepted in Canada?
US CMA is recognized globally by several countries like the UK, China, India, Canada and other Middle-Eastern countries.
Which country is the best to work as a CMA?
Currently, the demand for Certified Management Accountants (CMA) in the US is quite high and there are many opportunities for career growth as well.
What is the primary role of a CMA?
A CMA needs to record numbers, plan budgets, analyse potential risks, manage company investments and help with financial decision making.