What is the Cost Management Accountant (CMA) Salary in India?

cma salary in india

In recent years, CMA has gained popularity as a career choice among students in the 12th grade. The high CMA salary is the main justification. The ICMAI campus placement offers an average CMA salary in India of Rs 10 lakhs annually. A 30% increase in the packages provided to newer CMAs has also been observed this year.

The job profile, location, area of specialization, and industry in which they operate are just a few of the variables that affect a cost and management accountant’s pay. If you have further CA or CFA degrees, you might even make up to 15-20 lakhs rupees annually.

This post will inform you of the starting, average, and maximum CMA salaries in India in 2023 on an annual and monthly basis. Additionally, you can look at the career roles, top industries for CMAs to work in, and scope of each.

CMA Average Salary in India

The average CMA pay in India is Rs 10 lakhs per year (or Rs 83000 per month), with salaries ranging from Rs 3 lakhs to Rs 40 lakhs. The yearly wage is based on the 500 newly chosen CMAs who will be placed on the ICMAI campus in 2022.

In addition, the highest salary offered to a new CMA during off-campus postings is Rs. 27 lakhs annually. A CMA’s highest annual compensation can reach up to Rs 55 lakhs with experience and knowledge.

The salary for CMAs in India on an annual and monthly basis are shown in the table below for 2023: 

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

Your compensation will also be impacted by the number of times you need to take the CMA course, the time it takes, and the rank you get (if you do). So make an effort to pass the CMA Final examinations with a rank on your first try.  

How much CMA Earns Abroad?

In response to the demand on the market, countries all over the world pay accountants enormous salaries. The annual compensation for a CMA working abroad is $85,000.

Are you wondering if a CMA can make crores?

The figures then become clear. In managerial roles, an experienced CMA can earn up to $125,000.

A Certified Management Accountant typically earns more money than a standard accountant, especially in the USA. CMAs are also given more desirable salary packages than non-CMAs and have better opportunities for progression in senior financial management positions.

CMA Salary in India Based on Different Factors

Cost management accountants’ pay is based on a variety of criteria, including their position, location, industry, level of experience, and employer. You will learn about a CMA’s earnings based on many aspects in the section that follows.  

Cost Management Accountant Salaries for Different Job Profiles

The CMAs’ salaries vary depending on their job descriptions. You can see a CMA’s salary for various job descriptions in the table below. 

Job Role Average CMA Salary
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 ₹05 Lacs

The various career paths for cost and management accountants include:

  1. Financial Analysts: They are essential to assessing the company’s financial value and future potential as well as monitoring its financial performance. In the company, they hold both junior and senior positions.
  2. Finance Manager – The finance manager is responsible for managing all financial operations for the business. 
  3. Chief Financial Officer (CFO) – The CFO is one of the company’s key jobs. They are regarded as the CEO’s right hand. Their responsibility is to closely monitor financial reporting and projections.
  4. CMA – A CMA’s job is to perform financial services such costing, certification, and cost and tax record verification.
  5. Cost Accountants – They are responsible for analysing and documenting every profit and cost a company makes. 

CMA Salary Based on Industries

Every sector offers unique CMA packages in India and distinct career prospects. Here are the top industries in India that are paying the CMAs, even though standards have altered since the pandemic:

Industry CMA Salary
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

The United States is the first nation that comes to mind when we discuss other countries. As shown below, the CMA salary in the USA varies depending on the industry:

Industry CMA Salary in USD
Educational Industry $103000
Medical $94500
Retail and wholesale $106000
Finance $90000
Manufacturing $100000
Government Sector $94500
Public Accounting Sector $85500

Average Salary of CMA in Various Countries

A CMA’s workplace has a major impact on their salary. The Middle East and the USA are where CMA is most common even though over 100 nations now recognize it as a profession. The United States is the best place to work as a CMA because the average pay for employment after completing the course is very high there. 

Let’s now examine the best-paying nations for cost management accountants: 

Country CMA Average Salary
USA USD $109,119
Dubai USD $111,000
Canada USD $100,000
United Kingdom (UK) USD $69,426
European countries USD $81,403
Asian countries USD $40,354
The Middle East USD $40,722

You will earn more money working in an economically developed country with a sizable market for CMAs than you would in a developing country with little demand for CMAs.

Consider each country’s cost of living and benefits before determining where you want to live and work. Make sure to weigh all of your options because this will be your most important career decision before deciding.

Average CMA Packages in Different Cities of India

The location of the employment determines the CMA salary in India. The average salary in India is determined by several variables, including the city’s cost of living.

The following table lists the CMA salary ranges for various cities:

Indian Cities Salary Per Annum
CMA salary in Mumbai ₹2.5-14 Lacs
CMA salary in Kolkata ₹6-10 Lacs
CMA salary in Bangalore ₹6-9 Lacs
Kerala ₹6.5Lacs
Jaipur ₹3-6 Lacs
Delhi ₹6.5 Lacs

CMA Annual Package in Government Jobs

Government positions are also open to cost management accountants. The CMA pay offered by public sector entities is as follows: 

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

Average CMA salary in India in Top Private Companies

In India, the Big 4 businesses pay CMAs an annual compensation of 10.5 lakh rupees.

Private Companies Job Profile CMA salary
Hyundai Steels Senior Cost Accountant ₹8.5 Lakhs
Malabar Gold & Diamonds Costing manager ₹6 Lakhs
Kanodia Global Cost Accountant ₹7 Lakhs

CMA Internship Training Salary in India

According to ICMAI regulations, each organization must pay the following minimum CMA training stipend or salary: 

Employer Practicing 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

Working Role of a Cost Management Accountant

As a CMA, he is in charge of monitoring the business’s finances, including revenue and outgoing costs. He may work for public, private, or governmental organisations.  Strategic planning, decision-making, budgeting, keeping track of finances, and data preparation are daily responsibilities of CMA.

The different duties of a CMA include:

  1. Cost management – They are in charge of managing and controlling the budget as anticipated. They support firms with their expenses, keep them under control, and lessen the chance of going over budget.
  2. Performance management – Examining the financial industry and a company’s performance in the market and making improvements. Their responsibility is to distribute tasks in accordance with the organisational framework.
  3. Internal Control – They are in charge of assuring fiscal accountability and integrity as well as preventing fraud. The CMA’s responsibility is to oversee compliance with rules and regulations and prevent staff members from stealing or engaging in fraud.
  4. Examine Profitability – A CMA’s responsibility is to carry out assessments by choosing particular ratios. By dividing equivalent values or profits by assets, expenses, and revenues, they arrive at profitability. It is essential to understand profit margin, equity return, asset return, and capital return.
  5. Investment Decision – They are also in charge of choosing how much money to spend on various business and investment prospects. Their task is to hunt for investment proposals that will be advantageous to the business over the long run while assessing the proposal’s possible risks and level of uncertainty.

Areas for Recruitment for CMA

Worldwide and particularly in India, demand for CMAs is rising quickly. Due to their expertise in their fields, the majority of organisations want to hire them. CMAs work in a variety of disciplines and sectors. Several of the booming businesses include:

  • Finance
  • Research
  • Management
  • Accounting

Various Types of CMAs in India

Students can choose from a variety of subdisciplines to qualify as management accountants. For college students, a career as a cost management accountant is an excellent choice. The following is a list of the sub disciplines that make up a career as a cost management accountant.

  1. Financial Consultant

The responsibility for ensuring the financial feasibility of suggested investments is on the financial manager. He is also in charge of doing financial analysis and research that sheds light on a company’s profitability, stability, and liquidity as well as advising firms on the issuance of corporate bonds.

  1. Management Accountant

For a career as a CMA, the management accountant is a crucial subspecialty. Students must possess planning and strategic skills to succeed in this field. However, budgeting, planning, and strategic thinking skills will be necessary for accountants. Additionally, it will support management in deciding on long-term financial strategies for the company.

  1. Chartered Accountant

A valued profession, chartered accounting is similar to cost management accounting. It is also one of the most well-known occupations in India. The job entails drafting business tax returns, analysing financial accounts, and giving financial advice.

  1. Cost accountant

A cost accountant’s job is to keep track of and evaluate all expenditures made by a company. This enables the company to identify the areas where losses are occurring and improve its financial management.

  1. Chief Financial Officer

Everyone would aspire to have the esteemed position of chief financial officer. A successful businessperson could be regarded as the CEO’s right hand. The CFO is often in charge of all financial reporting and projections. A career in this field could lead to a high CMA Salary in India.

Top Companies offering CMA Jobs in India

All major organizations are looking for CMA specialists. Businesses employing CMA professionals frequently have superior financial planning when compared to those without.

Therefore, the top firms recruiting CMA, including the top four large firms:

  • Deloitte
  • EY India
  • PwC
  • KPMG 

Other notable businesses where CMA professionals can find employment include:

  • Amazon
  • HPE
  • Accenture
  • Larsen & Toubro
  • Wipro
  • Cyqurex

CMA Campus Placements List 2022

Take a look at the list of businesses that participated in the CMA campus placement for 2022:

  • Indian Oil Corporation
  • Tata Motors
  • Accenture
  • CEAT Ltd.
  • CAPITA India Pvt. Ltd.
  • Dupont
  • ICICI Bank
  • Tata Motors
  • GAIL Limited
  • Invenio Solutions

CA vs CMA Salary in India

Even though both the CA and CMA have accounting as their foundation, the CA focuses more on taxation, auditing, and accounting, whilst the CMA is based on management accounting. The strategic management accounting component of the CMA programme takes the stage.

The average CA salary in India is between Rs. 8 and Rs. 9 lakhs annually, and it rises with training and expertise. Contrarily, the typical remuneration offered to CMAs during college placement is Rs. 10 lakhs annually.

Frequently Asked Questions

For a CMA with 4 to 9 years of experience, the average annual salary is 21.8 lakhs.

A CMA in India needs to have the following top skills:

  • Knowledge of generally accepted accounting standards (GAAP), tax fundamentals, and accounting fundamentals
  • Understanding cost accounting theoretically and using it practically
  • Outstanding financial concepts knowledge 
  • possess expertise in areas such as core risk assessments, operational structure, and capital investment
  • Soft talents, such as writing, interpersonal skills, and communication and presentation skills

CMA can make millions of dollars. Additionally, working as a CMA in foreign nations like the USA increases your possibility of earning millions of dollars.

Even after passing the CMA course, employment is not a given. The candidate’s knowledge, skill, and exam performance will determine it entirely.

In India, a CMA may expect to make an average of $85,000 per year in the US.

We can infer that CA is superior to CMA based on potential career breadth, job demand, knowledge, and compensation.

A CMA can indeed become the CFO. He must pass all three of the CFO exam levels. The CMA applicant will also find it simpler because he is well-versed in finance.

No, a CMA is not a person who is authorized to conduct tax audits in accordance with section 288 of the IT Act of 1961.