What is the CMA (Cost Management Accountant) Salary in India?
Certified Management Accountants (CMAs) play a crucial role in the financial management and decision-making process of organizations. In India, the CMA certification is offered by the Institute of Cost Accountants of India (ICMAI). CMAs are skilled professionals who are well-versed in cost management, financial planning, analysis, and control.
Cost and Management Accountancy (CMA) has emerged as a popular career choice among 12th students in recent years, primarily due to the lucrative salary prospects. The average CMA salary in India offered during the ICMAI campus placements is around Rs. 10 lakhs per annum. This year, there has been a significant 30% increase in the packages offered to fresher CMAs.
The salary of a Cost and Management Accountant varies based on several factors such as job profile, location, expertise, and industry. Those with additional qualifications like CA or CFA can earn even higher, ranging from Rs. 15-20 lakhs per annum.
In 2023, the CMA salary in India ranges from Rs. 3 lakhs to Rs. 40 lakhs, with an average of Rs. 10 lakhs per annum (Rs. 83,000 per month). These figures are based on the placements of 500 newly selected CMAs during the ICMAI campus placements in 2022.
Additionally, the highest package offered to a fresher CMA in off-campus placements is Rs. 27 lakhs per annum. With experience and expertise, the salary of a CMA can further increase, reaching up to Rs. 55 lakhs per annum.
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CMA Salary Overview
| Particulars | CMA Salary per Annum | CMA Salary per Month |
|---|---|---|
| Starting Salary | Rs. 6.5 Lacs | Rs. 54,000 per month |
| Least Salary | Rs. 2 Lacs | Rs. 16,000 per month |
| Highest Salary of Fresher | Rs. 22 Lacs | Rs. 183,000 per month |
| CMA Average Salary in India | Rs. 10 Lacs | Rs. 83,000 per month |
| Highest CMA Salary | Rs. 55 Lacs | Rs. 458,000 per month |
CMA Salary Abroad
Cost Management Accountants (CMAs) are highly valued worldwide, with many nations offering lucrative salaries to professionals in this field. The annual package for a CMA working abroad is typically around $85,000.
Earning Potential in Management Positions
Experienced CMAs can earn even more, with some reaching up to $125,000 per year in management positions. In countries like the USA, CMAs enjoy various perks and higher incomes compared to traditional accountants. They are often offered more attractive compensation packages and have better prospects for advancement into senior financial management roles.
Factors Affecting CMA Salary in India
The salary of Cost Management Accountants (CMAs) in India is influenced by various factors, including:
- Job Profile: Different job roles within the field of cost management accounting offer varying salary ranges based on responsibilities and seniority.
- Job Location: Salaries can vary significantly based on the city or region where a CMA is employed, with metropolitan areas often offering higher compensation.
- Industry: The industry in which a CMA works can impact their salary, with certain sectors like finance and consulting offering higher pay scales.
- Experience: As CMAs gain experience in their field, their salary tends to increase, reflecting their expertise and contribution to the organization.
- Organization: The size and reputation of the organization can also influence salary levels, with larger and more prestigious firms often offering higher compensation packages.
Cost Management Accountant Salaries for Different Job Profiles
| Job Role | Average CMA Salary (INR) |
|---|---|
| Financial Analyst | ₹5.45 Lacs |
| Senior Financial Analyst | ₹7.73 Lacs |
| Finance Manager | ₹11.22 Lacs |
| Senior Finance Manager | ₹20.48 Lacs |
| Chief Financial Officer | ₹36.33 Lacs |
| Accountant | ₹3.08 Lacs |
| Cost Management Accountant | ₹5.00 Lacs |
Job Profiles for Cost and Management Accountants
- Financial Analyst: Analyzes future financial performance and tracks economic performance in junior and senior roles.
- Finance Manager: Oversees financial functions within a company.
- Chief Financial Officer (CFO): Manages financial forecasting and reporting, serving as a key advisor to the CEO.
- CMA: Performs financial services such as pricing, costing, and taxation verification.
- Cost Accountant: Analyzes and records profits and costs for an enterprise.
CMA Salary Based on Industries in India
| Industry | CMA Salary (INR) |
|---|---|
| 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 |
Top Paying Industries for CMA in India
- Oil & Gas: Offering an average salary of ₹19 Lakhs.
- Engineering/Construction: Providing salaries ranging from ₹7.8-8.5 Lakhs.
- Education & Training: Offering salaries between ₹6.3-8.1 Lakhs.
- Clinical Research: Offering an average salary of ₹3.9 Lakhs.
- Analytics/KPO: Providing an average salary of ₹6.6 Lakhs.
- FMCG Companies: Offering salaries ranging from ₹5.7-7.3 Lakhs.
- Financial Services: Providing an average salary of ₹3.5 Lakhs.
- IT Services & Consulting: Offering an average salary of ₹10.1 Lakhs.
CMA Salary Based on Industries in the USA
| Industry | CMA Salary in USD |
|---|---|
| Educational Industry | $103,000 |
| Medical | $94,500 |
| Retail and Wholesale | $106,000 |
| Finance | $90,000 |
| Manufacturing | $100,000 |
| Government Sector | $94,500 |
| Public Accounting Sector | $85,500 |
Average Salary of CMA in Various Countries
The work location of a CMA significantly influences their compensation. Over 100 countries recognize CMA as a profession, with the Middle East and the USA being the most popular locations. The average compensation for CMAs after completing the course is notably high in the United States, making it an excellent location to work as a CMA.
Here is the average salary of CMAs in various top-paying countries:
| Country | CMA Average Salary (USD) |
|---|---|
| USA | $109,119 |
| Dubai | $111,000 |
| Canada | $100,000 |
| United Kingdom | $69,426 |
| European countries | $81,403 |
| Asian countries | $40,354 |
| The Middle East | $40,722 |
If you work in a financially affluent country with a high demand for CMAs, you are likely to earn more than in a country that is still developing with low demand for CMAs.
Before deciding where to work and reside, consider each country’s living expenses and benefits. This decision is crucial for your career, so ensure you weigh every aspect before making your final choice.
Average CMA Packages in Different Cities of India
The salary of a CMA in India varies based on the job location, considering the cost of living and other factors. Here are the average CMA salaries in different cities:
| Indian Cities | Salary Per Annum |
|---|---|
| Mumbai | ₹2.5-14 Lacs |
| Kolkata | ₹6-10 Lacs |
| Bangalore | ₹6-9 Lacs |
| Kerala | ₹6.5 Lacs |
| Jaipur | ₹3-6 Lacs |
| Delhi | ₹6.5 Lacs |
The salary range reflects the diversity in economic conditions and job markets across these cities.
CMA Annual Package in Government Jobs
Cost Management Accountants (CMAs) have opportunities to work in various government companies or Public Sector Undertakings (PSUs). Here are some examples of CMA salaries offered by government organizations:
| Government Companies | Job Profile | CMA Salary |
|---|---|---|
| NAFED | Manager of Accounts | ₹6.5 Lakhs |
| Regional Centre for Biotech | Senior Accounts Assistant | ₹8.5 Lakhs |
| IWAI | CFO | ₹12 Lakhs |
These figures highlight the competitive salaries offered to CMAs in government jobs, reflecting the importance of their expertise in financial management and accounting within the public sector.
CMA Annual Package in Government Jobs
Cost Management Accountants (CMAs) have opportunities to work in various government companies or Public Sector Undertakings (PSUs). Here are some examples of CMA salaries offered by government organizations:
| Government Companies | Job Profile | CMA Salary |
|---|---|---|
| NAFED | Manager of Accounts | ₹6.5 Lakhs |
| Regional Centre for Biotech | Senior Accounts Assistant | ₹8.5 Lakhs |
| IWAI | CFO | ₹12 Lakhs |
These figures highlight the competitive salaries offered to CMAs in government jobs, reflecting the importance of their expertise in financial management and accounting within the public sector.
Average CMA Salary in Top Private Companies in India
Cost Management Accountants (CMAs) are highly valued in top private companies, offering competitive salaries. Here are examples of CMA salaries in some of these companies:
| Private Companies | Job Profile | CMA Salary |
|---|---|---|
| Big 4 Firms | ₹10.5 Lakhs | |
| Hyundai Steels | Senior Cost Accountant | ₹8.5 Lakhs |
| Malabar Gold & Diamonds | Costing Manager | ₹6 Lakhs |
| Kanodia Global | Cost Accountant | ₹7 Lakhs |
These figures showcase the rewarding career opportunities for CMAs in top private companies, with salaries reflecting their expertise in cost management and accounting.
CMA Internship Training Salary in India
During their internship training, Cost Management Accountants (CMAs) are entitled to receive a stipend or salary as per the rules set by the ICMAI. The minimum stipend or salary varies based on the type of employer and the city’s grade. Here is the breakdown of the minimum CMA training stipend or salary according to the ICMAI rules:
| Employer | Practising CMA / CMA Firm | Corporate/Organization |
|---|---|---|
| Year 1 | Rs. 2,000 | Rs. 8,000*/Rs. 10,000** |
| Year 2 | Rs. 3,000 | Rs. 10,000*/ Rs.12,500** |
| Year 3 | Rs. 4,000 | Rs. 12,000*/Rs. 15,000** |
*Metropolitan and ‘A’ Grade Cities
Other Places
These stipends ensure that CMAs receive fair compensation during their training period, helping them develop their skills and knowledge in the field.
Working Role of a Cost Management Accountant
As a Cost Management Accountant (CMA), individuals are entrusted with crucial financial responsibilities across various sectors. Their role encompasses strategic planning, budgeting, and ensuring financial integrity. Here are the key aspects of a CMA’s working role:
- Cost Management: CMAs manage and control planned budgets, helping businesses optimize expenditures and minimize the risk of overspending.
- Performance Management: They analyze the financial sector and the firm’s market performance, assigning responsibilities to improve overall performance.
- Internal Control: CMAs ensure financial integrity and accountability, preventing fraud and ensuring compliance with laws and regulations.
- Profitability Analysis: They analyze profitability through various ratios, such as profit margin, return on equity, return on assets, and return on capital.
- Investment Decision: CMAs make financial decisions and allocate funds to business or investment opportunities, considering long-term benefits and analyzing potential risks.
CMAs play a critical role in organizations, providing financial expertise to support strategic decision-making and ensuring financial stability and growth.
Areas for Recruitment for CMA:
- Finance: CMAs are in high demand in the finance industry, especially in roles related to financial planning, analysis, and management accounting.
- Research: CMAs are valued for their analytical skills and are often recruited in research roles, especially in areas requiring financial analysis and forecasting.
- Management: CMAs are sought after for management roles where their skills in cost management, budgeting, and financial decision-making are crucial.
- Accounting: CMAs are well-suited for accounting roles, particularly in cost accounting, financial reporting, and internal auditing.
Types of CMAs in India:
- Financial Advisor: Responsible for ensuring the financial viability of investments, advising on corporate bonds, and conducting financial analysis and research.
- Management Accountant: Requires planning, strategy, budgeting, planning, and strategic thinking skills to assist management in making long-term financial decisions.
- Chartered Accountant: Audits financial accounts, prepares business tax forms, and provides financial guidance, making it one of the most recognized professions in India.
- Cost Accountant: Monitors and analyzes all costs incurred by a business to uncover areas of losses and enhance financial management.
- Chief Financial Officer (CFO): Regarded as a prestigious position, the CFO is responsible for all financial reporting and forecasts, making it a profession with high earning potential.
Top companies in India that offer CMA jobs:
- Deloitte
- EY India
- PwC
- KPMG
- Amazon
- HPE
- Accenture
- Larsen & Toubro
- Wipro
- Cyqurex
CMA campus placements in 2022:
- Indian Oil Corporation
- Tata Motors
- Accenture
- CEAT Ltd.
- CAPITA India Pvt. Ltd.
- Dupont
- ICICI Bank
- GAIL Limited
- Invenio Solutions
CA vs CMA Salary in India
While both CA and CMA qualifications are in the field of accounting, their focus areas differ. CA is more focused on taxation, auditing, and accounting, while CMA emphasizes management accounting and strategic management accounting.
In India, the average salary for a CA ranges from Rs. 8-9 lakhs per annum, which increases with experience and expertise. On the other hand, the average salary for CMAs in campus placements is around Rs. 10 lakhs per annum.
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