US CMA vs Indian CMA: Salary Comparisons in India & Globally

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      US CMA vs. Indian CMA: Salaries in India and Worldwide

      Last Update On 2nd December 2024
      Duration: 4 Mins Read

      The CMA certification is an international certification that validates an individual’s mastery in financial management and business decision-making along with a strong ethical compass. The US CMA and the Indian CMA programs also strive to implement these skills. But they do vary in terms of remuneration and employment prospects; this holds particularly for Indians. This article compares the pay scale and job responsibilities of US CMA vs Indian CMA in India and the international arena to enable you to decide the certification that will best suit your career.

      us cma vs indian cma

      What is Indian CMA?

      The certification course that the Indian CMA belongs to is the certification program of the Institute of Cost Accountants of India (ICAI). It builds up specialization in cost and management accounting, financial analysis and entire decision making.

      What is US CMA?

      The US CMA certification is offered, managed and awarded by the Institute of Management Accountants in the United States. This is an internationally acclaimed certification programme that incorporates and validates professionalism in the sphere of financial planning, analysis, financial control, as well as in the domain of financial decision-making and ethical standards.

      Global Recognition of US CMA vs. Indian CMA

      The only difference between the US CMA and the Indian CMA is global recognition. The examination is recognized in more than one hundred countries around the world and thus is important for the individuals who plan to work in a foreign country.

      Indian CMA 

      The Indian CMA is the dominant major in India and has limited international recognition. Since the certification is global, the graduates will have access to more job markets particularly the international firms. Also, 

      US CMA

      The US CMA curriculum is also relevant to the current global standards and thus desirable to those who intend to practice in an international organization.

      US CMA vs. Indian CMA: Salaries and Roles in India and Worldwide

      India

      In India, US CMA holders earn significantly higher salaries compared to their non-certified peers. According to the 2021 IMA survey, the median total compensation for US CMA salary holders in India is $16,300, which is 58% higher than the median total compensation for non-certified professionals.

      For CMA freshers in India, salaries range between Rs. 5 lakh and Rs. 7 lakh per year. This can increase to Rs. 12 lakh per year with experience and a strong academic background. Financial Controllers can earn up to Rs. 15 lakh per year, and CFOs can earn up to Rs. 25 lakh per year.

      In contrast, the average salary for an Indian CMA professional in India is INR 8.1 LPA (approx. INR 69,000 monthly). However, salaries vary based on knowledge, skills, experience, job profile, location, expertise, and industry.

      USA

      In the United States, US CMA professionals command an average annual salary of $126,000, according to the 2021 IMA survey. This demonstrates the significant earning potential for US CMA holders in the US job market.

      Other Countries: Japan, Australia, UK, UAE, Singapore, Canada

      Globally, US CMA salaries vary by country. In Canada, the average salary is CAD 80,000-100,000 per year. In the United Kingdom, it is £50,000-70,000 per year. In Japan, Australia, the UAE, and Singapore, US CMA professionals also earn significantly more than their non-certified peers, reflecting the global recognition and value of this credential.

      In contrast, the Indian CMA is primarily recognized within India, with limited global acceptance and earning potential compared to the US CMA. This is crucial for Indian professionals aspiring to work internationally.

      Indian CMA Salary in India

      The Indian CMA is a respected credential in India but is not widely recognized globally. The average salary for a CMA in India is INR 8.1 LPA (approx. INR 69,000 monthly). However, salaries vary based on knowledge, skills, experience, job profile, location, expertise, and industry. For freshers, the average base salary is INR 8 LPA, with entry-level positions offering the lowest salary of INR 2 LPA. Experienced professionals can earn higher salaries, with CFOs earning an average of INR 46 LPA.

      Roles and Responsibilities of CMAs

      Both US CMAs and Indian CMAs play crucial roles in the financial management of a company. Their key responsibilities include:

      • Conducting financial analysis and preparing reports on company performance
      • Forecasting financial performance and creating and overseeing budgets
      • Identifying and implementing cost-cutting measures
      • Evaluating and mitigating financial risks
      • Providing financial analysis and advisory support for decision-making
      • keeping correct financial records and creating reports that adhere to GAAP

      Conclusion

      Considering the two certifications, the US CMA and the Indian CMA, each has its unique qualities and so the choice depends on what one wants to achieve in his or her career. In case you are in search of international entries with relatively shorter studying periods, then the US CMA may suffice. If you intend to seek jobs mostly in India, then the Indian CMA offers you a basic knowledge in financial management as well as opens several job prospects in the country. These two certifications suggest interest in advancing one’s professional practice, which may be useful in attaining success in management accounting.

      FAQ’s on US CMA vs. Indian CMA

      CMA US or CMA India: Which is better?

      Choosing between the US CMA and Indian CMA depends on your career goals. The US CMA is globally recognized and offers higher salary potential internationally. The Indian CMA is more recognized within India and offers strong job opportunities domestically.

      Can Indian CMA work in the USA?

      Yes, Indian CMAs can work in the USA, but they may face challenges in recognition and salary compared to US CMAs. The US CMA is more widely recognized and accepted in the country.

      Is US CMA equal to Indian CMA?

      No, the US CMA and Indian CMA are not equal. The US CMA is a globally recognized credential with a curriculum aligned with international business practices, while the Indian CMA is primarily recognized within India.

      Is US CMA easy to crack?

      The US CMA exam is considered challenging, with a global pass rate of around 45%. It requires extensive preparation and a strong understanding of financial management concepts.

       

      Partham Barot is an ACCA-certified professional. showcasing his expertise in finance and accountancy. he’s revolutionising education by focusing on practical, real-world skills. Partham’s achievements underscore his commitment to elevating educational standards and empowering the next generation of professionals.
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