The average salary for a Certified Management Accountant is?

Accounting professionals who specialize in managerial and financial accounting are Certified Management Accountants. CMA salaries range from $85,000 - $95,000 per year, depending on the candidate's experience, location, job description, etc.

What does CMA do?

An accountant who is certified in management accounting can fill a variety of roles inside a company. In addition to performing cost accounting duties, a CMA can help make strategic decisions using their analytical insights. CMAs may work in public or private companies doing corporate or consulting accounting.

Job Descriptions & Responsibilities for CMAs

• Finances

• Financial Analysis Reports & Presentations

• Projection

• Team mentorships in accounting

• Increasing revenue while decreasing spending

• Provide investment advice

• Collaboration with executive teams and management

Pathway to Becoming a CMA

Additionally, a CMA is in a unique position to achieve advancement opportunities because their salaries and job responsibilities are higher than those of traditional accountants. Because of their management experience, CMAs make excellent candidates for positions as controllers, vice presidents of finance, co-op chief executive officers (CEOs), etc.. Often, companies will train accountants for CMA certification and prepare them for executive management roles in the future.

Comparing CPAs and CMAs

It is clear that both CPAs and CMAs are well compensated in today's market, but CMA's need to add value to the table will almost always result in more money. A CMA makes 47% more money than an accountant without additional certifications, according to CMA Exam Academy. CPA Salary NYC is estimated to be around $84,000 to $150,000 depending upon the experience of a CPA.

Is it worth getting a CMA or CPA certification? Is a CMA or CPA the right choice for you? Although the two designations have a lot of common skills, there are key differences between them as well.

CPA

The firm specializes in auditing, taxes, and general accounting. Continuing education must be logged in more hours each year with a mentor CPA.

CMA

It involves applying accounting strategy and management skills to business, requiring two years of work experience and an intense exam process

CMA: What You Need to Know

1. Achieve your Bachelor's degree. CMAs don't need a Bachelor's Degree as they are not required to be accountants or MBAs. You can become a CMA regardless of the type of degree you have earned.

1. Work experience of two years. While CMA candidates can sit for the exam at any time, certification will not be granted until they have worked for at least two years.

2. Learn. A lot of preparation is required for the CMA exam, which is long and detailed. Students who work full-time jobs often can only devote a few hours a week to their studies. Completing their coursework can take two years or more. In around six months, you could prepare for the CMA exam while working part-time or studying full-time. You can choose from several courses, study manuals, and prep classes.

3. Fees must be paid. CMA certification requires three fees - IMA membership, CMA entrance fees, and CMA exam fees. The cost of membership will be about $600 for a student and over $900 for a professional.

4. Obtain CMA certification. There are two examinations each year. To become certified, you must pass both parts.