Certified Management Accountant (CMA): Jobs, Roles & Salary in India

A Certified Management Accountant (CMA) is a professional certification in management accounting and financial management. It is administered by the Institute of Cost Accountants of India (ICMA).

CMA focuses on management accounting, financial planning, decision-making, and performance management & emphasizes on using financial information to drive business decisions.

JOB OPPORTUNITIES

CMA Job opportunities have increased in the following sectors such as:

• Government Sector
• Banking & Finance Sector
• Education sector
• Private Sector
• Training Sector
• Research Sector
• Service & Public utility
• Medical/ Health Services
• Information Technology (IT)

CAREER ROLES

As a Certified Management Accountant (CMA), you'll have a wide range of job opportunities across various industries. Here are some roles where CMAs can make a significant impact:

1. Cost Accountant

Cost Accountants play a vital role in optimizing resource allocation and minimizing unnecessary expenditures. By analyzing production costs, they recommend strategic moves to maximize profitability. With a CMA certification, you'll be equipped to drive business growth and efficiency.

2. Financial Analyst

Financial Analysts analyze financial data to predict business performance, assess risk, and provide investment recommendations. CMAs play a crucial role in guiding mergers and acquisitions, capital budgeting, and corporate finance decisions.

3. Management Accountant

Management Accountants apply their CMA skills to prepare internal financial reports, inform strategic decisions, and drive performance management. They support business planning and have in-depth knowledge of an organization's financial health, enabling them to make informed long-term plans.

4. Financial Manager

Financial Managers oversee an organization's financial health, controlling financial reports, investment activities, and long-term planning. CMAs in this role play a crucial part in maximizing profits and developing sustainable growth strategies.

5. Chief Accountant

Chief Accountants administer accounting activities, financial reporting, and regulatory compliance. CMAs at this level ensure the accuracy of financial information, manage budgeting activities, and lead accounting teams.

6. Internal Auditor

Internal Auditors assist management in ensuring that financial and operational activities align with organizational policies, regulations, and standards. CMAs in this role identify risks, assess control systems, and recommend improvements to enhance governance and compliance.

SALARY OF A CMA IN INDIA

In India, CMA salaries vary significantly with experience as follows:

• Entry-level: Rs. 4.0 – 8.0 lakh per year.
• Mid-level (3–7 years’ experience): Rs. 8.0–18.0 lakh per year.
• Senior-level (10+ years): Rs. 20.0 lakh to 35.0+ lakh per year depending on company size and industry.

Key Factors Influencing Salary

• Experience & Skills
• Industry
•  Location
• Company: Top companies like the Big Four (PwC, Deloitte, EY, KPMG), Amazon, and J.P. Morgan offer premium salaries. 

Frequently Asked Questions (FAQs)

What is the salary of a CMA?

As a newly qualified Cost and Management Accountant, the average starting salary is Rs. 4 lakhs to Rs. 6 lakhs. Whereas, the experienced ones can earn up to Rs. 20 lakhs to Rs. 35 lakhs, though there can be no upper limit.

The CTC can be different for different geo-locations and can also differ from company-to-company based on normal industry practices.

Is there any campus placement drive by ICMAI for newly qualified CMAs?

After completing CMA a candidate can apply for campus placements by applying through the CMA website

Is there any training provided by ICMAI before the campus placement?

Yes, the Institute of Cost and Management Accountants of India provides a comprehensive training on:

• How the interview process is conducted.
• How to build a resume.
• How to crack the interview.
• Mock interviews.

How much does a CMA in practice charge for his/her services?

There is a vast scope for practice for Cost Accountants, for which they must obtain a Certificate of Practice from the Institute. A Cost Accountant may set up the practice on his own as a Proprietor or set up a new Partnership Firm with like-minded Cost Accountants in practice or may be admitted as a new partner in the existing firm of Cost Accountants in practice. For practicing Cost Accountants, the Institute has issued suggested fees guidelines, which may be seen at https://icmai.in/upload/pd/Scale_of_Fees.pdf.