CMA
ICMAI campus placement
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.
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.[/vc_column_text][/vc_column][/vc_row]
”CMA
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.
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.
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.
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:
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 |
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.
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.
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”How
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
The figures then become clear. In managerial roles, an experienced CMA can earn up to $125,000.
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.
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
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
The CMAs’ salaries vary depending on their job descriptions. You can see a CMA’s salary for various job descriptions in the table below.
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.
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.
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 |
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:
The various career paths for cost and management accountants include:
- 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.
- Finance Manager – The finance manager is responsible for managing all financial operations for the business.
- 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.
- CMA – A CMA’s job is to perform financial services such costing, certification, and cost and tax record verification.
- Cost Accountants – They are responsible for analysing and documenting every profit and cost a company makes.
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.
Finance Manager
– The finance manager is responsible for managing all financial operations for the business.
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.
CMA
– A CMA’s job is to perform financial services such costing, certification, and cost and tax record verification.
Cost Accountants
– They are responsible for analysing and documenting every profit and cost a company makes.
”CMA
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:
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 |
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:
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 |
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
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.
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:
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 |
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.
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
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.
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.
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:
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 |
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
Government positions are also open to cost management accountants. The CMA pay offered by public sector entities is as follows:
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 |
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
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”Average
In India, the Big 4 businesses pay CMAs an annual compensation of 10.5 lakh rupees.
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 |
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
According to ICMAI regulations, each organization must pay the following minimum CMA training stipend or salary:
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** |
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
*Metropolitan and ‘A’ Grade Cities
* Other Places
”Working
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.
* Other Places
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:
The different duties of a CMA include:
- 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.
- 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.
- 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.
- 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.
- 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.
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.
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.
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.
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.
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
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:
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
Finance
Research
Management
Accounting
”Various
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.
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.
- Financial Consultant
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.
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.
- Management Accountant
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.
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.
- Chartered Accountant
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.
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.
- Cost accountant
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.
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.
- Chief Financial Officer
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.
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
All major organizations are looking for CMA specialists. Businesses employing CMA professionals frequently have superior financial planning when compared to those without.
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:
Therefore, the top firms recruiting CMA, including the top four large firms:
- Deloitte
- EY India
- PwC
- KPMG
Deloitte
EY India
PwC
KPMG
Other notable businesses where CMA professionals can find employment include:
Other notable businesses where CMA professionals can find employment include:
- Amazon
- HPE
- Accenture
- Larsen & Toubro
- Wipro
- Cyqurex
Amazon
HPE
Accenture
Larsen & Toubro
Wipro
Cyqurex
”CMA
Take a look at the list of businesses that participated in the CMA campus placement for 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
Indian Oil Corporation
Tata Motors
Accenture
CEAT Ltd.
CAPITA India Pvt. Ltd.
Dupont
ICICI Bank
Tata Motors
GAIL Limited
Invenio Solutions
”CA
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.
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
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:
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.
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
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.
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.