With over 140,000 members in 150 countries and a legacy of more than 100 years, I will try to explore for you whether the same translates for US CMA Salary in India.
Another, thing to understand is that as a CMA, what is your calling in this industry. Because I am pretty sure, that just like 99% of the people. Even you might have heard about US CMA. Either from some coaching institutes or may be some constant advertisements you saw on YouTube.
US CMA Salary in India
So, let me divide this discussion of US CMA salary in india, into some sub part. Firstly, I will walk you through on what kind of work you would be doing. Secondly, throwing light on some competing qualifications. Thirdly, I will look into the trends in management accounting. Finally will end the discussion on this by giving you some hard numbers on salary and growth.
What kind of work?
So, irrespective of whether you have done US, UK or India CMA,work remains the same. Which is management accounting. And while you ride away saying that, it is costing. But the reality is that it’s more than just costing. In fact, as a management accountant you would working with;
- Capital Budgeting
- Forecasting optimum capital allocations
- Some of you might also get the opportunity to work in strategy.
Now, that’s way different that just doing costing as a management accountant. Also, based on the quality of work that you do, also defines what kind or level of US CMA salary in India you should expect.
Evolution of Work with Experience
As, you saw in the above real image of work profile of senior level manager in management accounting. Let me summarise, how this work changes over time from fresher to senior level.
So, no matter which profile you check, at the start mostly you are doing instructional work. For example as an analyst or an intern you are doing activities like variance analysis or budgeting and forecasting. So, let me just take the example of variance analysis; the activity of benchmarking or comparing actual results versus intended results. Now, that would mean variance analysis should answer things like;
- Why did one department perform better than the other
- Or, why did the marketing expenses increase compared to last year.
- Finally, has the increase in workforce led to increase in revenue?
As you become more experienced as a management accountant, you basically do the advance reporting and strategic stages of the same instructional work. Which is another factor which will affect the attractiveness or dullness of US CMA salary in India.
Alright, so now you need to face some real facts here, which is competition. Unless you want to spend the rest of your life as a cost accountant just creating MIS Dashboards, acceptance can help here.
So, first of all this field is not a regulatory compliance kind of work. Which means that it’s open to all who can prove their skills. After all, it’s analysis and of course there is finance. So the bigger companies of course will have the more competition while small companies won’t, which again becomes a factor for us cma salary in India.
Which means, that you will be competing with the candidates from the below background;
- Chartered accountants
- CFA Charterholders
- Also Tier 1 MBA Graduates
- Finally the few CIMA graduates if you manage to actually spot them.
Trends in Management Accounting
So, just like any other field, did you expect management accounting will be spared from technological baptism?
Ofcourse not! But having said that it doesn’t mean that people are losing their jobs. What is does mean, is that basic level analysis is not enough. Let me quickly summarise the major trends in management accounting which can affect the US CMA Salary in India.
- Firstly data analytics and intelligence is not a desirable but necessary skill today.
- Secondly, sustainability and environment is the new keyword making its way into all annual reports and indirectly management accounting.
- Thirdly, the errors you could make, which would cost or be costly now are minimised using tech.
- Finally, the focus on profitability which is the key outcome which finally you expect after spending so much time analysing.
Live Statistics of US CMA Salary in India
US CMA Salary Survey by IMA
So, what I did is just pull out the US CMA salary in India survey given by the IMA(Institute of management accounts), the body which awards the CMA Qualification across the board. Some points to note here is that;
- Firstly the lower management salary is shown as 12k, which is roughly INR 70,000/- Per month
- Secondly, at mid management the survey claims the salary doubles
- Thirdly, you should notice very clearly that CMA’s are valued double in Middle East and Africa and triple globally.
So, you might wonder why? Simple because of so many competing qualifications.
PayScale Survey CMA salary in India
Now, when I looked at some other independent survey’s on salary of CMA’s. The results are mixed.
- First thing to notice, is that as a financial analyst expect the salary to be on average take home; INR 35-40 K
- Secondly as a senior financial analyst with around 2-3 years of experience your average take home would be 50-60k after accounting for taxes and other deductions
- Finally, the six figure mark gets crossed once you have a decent play in the industry of around 4-5 years.
However, my conclusions is still pending. Wait for the end.
So, what do I have to say finally on the US CMA salary in India. Well to be honest, it doesn’t matter. So, no matter what management accounting or management qualification you come with. Finally, it is difficult to say, if US CMA itself is affecting that, or for that matter any degree is affecting it. In fact, even you are a regular analyst in finance, the salaries are similar.So, don’t be so hard on yourself researching too much on CMA Vs CFA Vs CA, there is so much that ‘c’ can do, ultimately its the ‘e”. Experience matters.!