In India, what is the salary of a Cost Management Accountant (CMA)?
The career option of CMA has become increasingly popular among 12th-grade students in recent years. CMAs are compensated very well because of their high salaries. The average CMA salary in India offered in ICMAI campus placements is Rs 10 lakhs. As of this year, fresher CMA packages have also been hiked by 30%.
There are many factors that influence the salary of a Cost and Management Accountant, such as their job profile, location, expertise, and industry. The earning potential for CAs and CFAs can reach 15-20 lakhs a year if you have additional degrees in these fields.
We will discuss the annual salary and monthly salary of a CMA in India 2023, including the starting, average, and maximum salaries. Also, you can view the job roles of CMAs, their industries, and the scope of their work.
India’s average CMA salary per year
An average CMA salary in India is Rs 10 lakhs per annum (Rs 83000 per month). ICMAI campus placements in 2022 selected 500 newly qualified CMAs.
A fresher CMA receives an annual package of Rs 27 lakhs in off-campus placements. It is possible for a CMA to earn as much as Rs 55 lakhs per year with experience and knowledge.
| Particulars | CMA Salary per Annum | CMA Salary per Month |
| Salary at the beginning | 6.5 lakhs rupees | A monthly salary of 54,000 rupees |
| The lowest salary | Amount of Rs. 2 lakhs | Monthly income of Rs. 16,000 |
| Freshers’ highest salaries | The amount is Rs. 22 lakhs | The monthly pay is Rs. 183,000 |
| Highest CMA Salary | In the region of Rs. 55 lakhs | The monthly salary is Rs. 458,000 |
| In India, the average salary for a CMA is | Amount of Rs. 10 lakhs | 83,500 rupees per month |
The table below shows the annual and monthly salaries for CMAs in India in 2023:The table below shows the annual and monthly salaries for CMAs in India in 2023:The attempts and time needed to complete the CMA course and the rank secured (if secures) in the CMA Final exams will also impact your salary. So try to crack the CMA Final exams on the first attempt with a rank.
Do CMAs abroad earn?
As a result of the current market needs, nations around the world pay highly to cost accountants. It costs $85,000 per year to work as a CMA abroad.
Are you wondering how much a CMA can earn in crores?
There are then clear figures to be seen. The average salary for a CMA with experience is $125,000.
In particular, Certified Management Accountants in the USA are able to earn higher incomes and enjoy various perks. Furthermore, CMAs have more attractive compensation packages and have a better chance of advancement in senior financial management positions than non-CMAs.
Factors Affecting CMA Salary in India
Many factors affect the salary of Cost Management Accountants, such as their job profile, location, industry, and experience. A CMA’s earnings will be discussed in the following section.
Salary Information for Cost Management Accountants
Depending on their job profiles, CMAs earn different salaries. A salary table for CMAs based on various job profiles can be found below.
| Role in the company | Salary of an average CMA |
| Analyst of financial data | ₹5.45 lakhs |
| Financial analyst, senior | Amount: 7.73 lakhs |
| Managing financial resources | The amount is 11.22 lakhs |
| Finance manager with senior responsibility | The amount is 20.48 lacs |
| Finance Director | ₹36.33 lakhs |
| A chartered accountant | In the amount of 3.08 lakhs |
| Managing Costs Accountant | The amount is five lakhs |
The different job profiles for Cost and Management Accountants are:
1. An analyst in the financial field –
The economic performance of a company is closely tied to its ability to analyze future capabilities and financial value. Their positions in the company range from junior to senior.
2. Manager of Finance –
An organization’s finance manager oversees its financial operations.
3. Finance Director –
Among the top positions in the company is that of CFO. CEOs consider them to be their right hands. Forecasting and reporting financial data is their job.
4. The CMA is
The CMA is responsible for performing finance services, such as pricing goods, costing, and certifying taxation and cost records.
5. Accountants specializing in cost analysis –
Every company’s profit and cost are analyzed and recorded by these people.
Industry-based CMA salaries
Every industry in India offers different CMA packages and growth opportunities. Even though the standards have changed since the pandemic, here are what top industries are paying to CMAs in India:
| Industrie | Salary for CMAs |
| Gas & Oil | Amount of 19 lakhs |
| Construction and engineering | In the range of 7.8-8.5 lakhs |
| Educating and training | Amounts ranging from 6.3 to 8.1 lakhs |
| Studies conducted in the clinic | A total of 3.9 lakhs |
| Analytical/KPO | Amount: 6.6 lakhs |
| Companies that produce FMCG products | The amount ranges between 5.7 and 7.3 lakhs |
| Service Providers | Amount of 3.5 lakhs |
| Services & consulting in information technology | In the amount of 10.1 lakhs |
We immediately think of the USA when we talk about abroad. In the USA, a CMA’s salary also varies by industry, as follows:
| Sectors | Salary for CMAs in USD |
| The educational industry | Awarded $103,000 |
| Health care | It is $95,000. |
| The retail and wholesale markets | A $10,000.00 loan |
| Investing | Almost $9000 |
| The manufacturing industry | One million dollars |
| A sector of the government | $94500 |
| Accounting sector for public companies | Amount of $85550 |
Various countries’ average salaries for CMAs
Compensation for CMAs is also heavily influenced by their location of employment. Over 100 countries recognize CMA as a profession, but the Middle East and the United States are the most popular. Likewise, the average salary after completing the course is high in the United States, making it the best place to work as a CMA.
Let’s check various top-paying countries for Cost Management Accountants:
| Counties | Salary of a CMA |
| UNITED STATES | One hundred and nineteen dollars and eleven cents |
| The UAE | One hundred and eleven thousand dollars |
| Canadian | Amount: $100,000 USD |
| UK (United Kingdom) | 69,426 USD |
| The European Union | Eighty-one thousand four hundred three dollars |
| Continents of Asia | Amount: $40,354 USD |
| In the Middle East | Amount: $40,722 USD |
Work in a nation that is economically affluent with a huge market for CMAs, and you will make more money than you would in a country that is still growing.
You must also examine each nation’s living expenses and benefits before deciding where to work and reside. Consider every perspective before making the most crucial career choice of your life.
The average CMA package in different cities in India
CMA salaries in India also vary by location. Several factors determine the average package in India, including the cost of living in the city.
| The cities of India | Annual Salary |
| Salary of a CMA in Mumbai | Amounts ranging from 2.5-14 lacs |
| Salaries for CMAs in Kolkata | Six to ten lacs |
| Salary of a CMA in Bangalore | Six to nine lacs |
| Kerala | ₹6.5 lbs |
| Rajasthan | The amount is between 3-6 lacs |
| The national capital | Amount of 6.65 lakhs |
The below table mentions the salaries of CMA in different cities:
In government jobs, CMAs receive an annual package of compensation
Accountants who specialize in cost management can also work for the government. Here is the CMA salary offered by government companies or PSUs:
| Companies affiliated with the government | An overview of the job | Salaries for CMAs |
| NATFE | Accounts Manager | The amount is 6.5 lakhs |
| The Regional Biotechnology Center | Deputy Senior Accountant | Amount of 8.5 lakhs |
| IFWA | Director of Finance | Twelve lakh rupees |
Top private companies pay the highest average salary for CMAs in India
The CMA salary in India in Big 4 firms is ₹10.5 Lakhs per annum.
| Companies that are privately owned | Profile of the position | Salary for CMAs |
| The Hyundai Steel Company | Accountant at the senior level | Amount of 8.5 lakhs |
| Gold and diamonds from Malabar | Manager of costs | A total of 6 lakhs |
| The Kanodia Group | Accounting Costs | Amount of 7 lakhs |
Salary of CMA interns in India
CMA training stipends or salaries must be paid by all organizations according to ICMAI rules:
| The employer | A practicing CMA or a CMA firm | Organization/Corporate |
| 1st year | 2,000 rupees | Amount 8,000 */Rs. Amount: 10,000 |
| The second year of the program | 3,000 rupees | 10,001 / 12,500 |
| Three-year-old | Four thousand rupees | The price is Rs. 12,057*/Rs. It is 15,000. |
** Metropolitan and ‘A’ Grade Cities
* Other Places
Cost Management Accountants’ Roles
In his role as a CMA, he is responsible for tracking the company’s finances, including earnings and expenses. Private, public, and government companies are all possible places for him to work. A CMA’s day-to-day tasks include planning, making decisions, budgeting, recording numbers, and preparing data.
CMAs play a number of roles, including:
1. Managing costs –
It is their responsibility to manage and control the budget. Managing expenditures and minimizing the risk of overspending is what they do for businesses.
2. Management of Performance –
Improving the performance of the firm in the market through analysis of the financial sector. In accordance with the organization’s structure, they assign responsibilities.
3. Controls internal to the company –
Assuring financial integrity and accountability and preventing fraud are their responsibilities. The CMA manages compliance with laws and regulations and prevents employees from committing fraud.
4. Identify profitable opportunities –
Specific ratios are determined by CMA in order to conduct analysis. The profitability of a business is calculated by dividing assets, expenses, and revenues by their equivalent values. It is essential to have a good understanding of profit margins, equity returns, asset returns, and capital returns.
5. Investing Decision –
Additionally, they allocate funds to business and investment opportunities. In their role, they analyze potential risks and uncertainties of investment proposals as well as look for long-term benefits.
Recruiting for CMAs in these areas
Globally, especially in India, the demand for CMAs is increasing rapidly. Their industry expertise makes them a preferred employer for most companies. There are many fields and industries where CMAs work. The following industries are flourishing:
- Affecting finance
- A research study
- A management approach
- Accountancy
CMAs in India: Types and Types
For students to become qualified management accountants, they may choose from a range of subdisciplines. For college students, cost management accountants are a viable career option. A Cost management accountant has the following subdisciplines.
1. An advisor in the financial sector
A financial advisor also advises corporations on bond issues and conducts financial analysis and research that provide insight into a company’s profitability, stability, and liquidity.
2. Accounting Manager
As a CMA, the management accountant subcategory is important. Planned and strategic thinking are essential skills for students in this profession. It is nevertheless essential for accountants to have skills in budgeting, planning, and strategic thinking. The report will also assist management in making long-term financial decisions.
3. Certified Public Accountant
Cost Management Accountants and Chartered Accountants are both respected professions. Moreover, it is regarded as one of India’s most respected professions. Auditors prepare business tax forms, provide financial advice, and audit financial accounts.
4. Accountant with cost responsibility
Normally, a cost accountant monitors and analyzes all costs incurred by a business. In this way, the organization is able to identify areas that incur losses and improve its financial management.
5. Finance Director
Everybody wants to hold a CFO position because it is regarded as a prestigious position. The right hand of the CEO may be a person who excels in business. Reporting and forecasting are usually the responsibility of the CFO. In India, CMA’s Salary is high.
CMA Jobs in India: Top Companies
It is common for prestigious organizations to seek CMA professionals. The financial planning of businesses with CMA professionals is often superior to the financial planning of businesses without CMA professionals.
These are the top companies hiring CMAs, including the four biggest:
- DELTA
- India EY
- Advisory firm PWC
- KPMG
The following are some other top companies where CMA professionals can work:
- An Amazon.com
- HOPE
- Accenture, Inc.
- Toubro Larsen & Co.
- Infracom
- Aspirin by Cyquirex
Placements on CMA Campuses in 2022
CMA campus placement 2022 companies:
- IOCL
- Motors made by Tata
- Accenture, Inc.
- Limited by CEAT.
- CITA India Pvt. Ltd. LTD. LTD.
- Company DuPont
- A bank operated by ICICI
- Motors made by Tata
- The GAIL Group Limited
- The Invenio Group
Salary comparison between CA and CMA in India
Despite being accounting-based qualifications, CA focuses on taxation, auditing, and accounting, while CMA focuses on management accounting. CMA programs are primarily focused on strategic management accounting.
In India, the average CA salary ranges from Rs. 8-9 lakhs per year, and it increases with experience. CMAs are typically paid Rs. 10 lakhs per year in campus placements.
Questions and Answers
Ques 1. How much does a CMA with experience in India make?
Ans. In the case of a CMA with four to nine-year experience, the average yearly salary is 21.8 lakhs.
Ques 2. CMAs are required to have the following skills:
Ans. In India, a CMA must possess the following skills:
- Understanding of accounting fundamentals generally accepted accounting principles (GAAP), and tax principles
- Understanding and using cost accounting theoretically and practically
- Financial concepts are well-understood
- Assesses core risks, capital investments, and operational structure
- The ability to present and communicate, to write, and to interact with others are soft skills
Ques 3. In what currency can CMAs earn?
Ans. There is a possibility of earning crores as a CMA. In addition, working as a CMA in a foreign country such as the United States increases your chances of earning crores.
Ques 4. What are the chances of a CMA getting a job?
Ans. The completion of the CMA course does not guarantee you a job. The candidate’s performance in the exams will be entirely determined by their knowledge, skills, and knowledge of the subject matter.
Ques 5. Is there a salary for US CMAs in India?
Ans. It is estimated that a CMA in India earns approximately $85,000 per year in US dollars.
Ques 6. CMA is better than CA, right?
Ans. Considering the scope of future career prospects, the demand for skills, knowledge, and salary, CA is better than CMA.
Ques 7. Can the CMA become the CFO?
Ans. A CMA can become a CFO. In order to become a CFO, he must pass the three levels of the exam. Additionally, a CMA candidate will find it easier since he has a good understanding of finance.
Ques 8. Does CMA have the capability to audit taxes in India?
Ans. Tax audits cannot be performed by a CMA under section 288 of the IT Act, 1961.
