US CMA Salary in India: Roles, Careers, and Earnings in India
admin 09 Jan, 2024 Introduction
The United States Certified Management Accountant professional certification is for finance and accounting aspirants in the domain of commerce studies in India. Firstly, it was organized and published by the IMA (Institute of Management Accountants) in 1919 in the United States; in a way, the statutory body ICMAI (Institute of Cost and Management Accountants of India) was also formed in India by the GoI (Government of India) in 1959 after the Republic.
The perspective on CMA is that it is next to the CA prestige level in India. But the truth is, CMA is fairly similar to a Chartered Accountant in terms of process, syllabus, exam patterns, job activities, and responsibility module. Myths will not work in the professional space of the world. One of the most worrying things in India is their chances of getting a high-paying job.
However, the CMA (Certified Management Accountant) professional course is designed to intensify and nurture the young minds of rustics into business leaders in the future. So Big Fours and MNC firms consider CMAs as assets for the companies' business growth.
Careers in the US CMA
The field of Certified Management Accountants offers you a vast range of career prospects. This US CMA professional certification program will enhance your career path, from high growth opportunities to high salary packages. Fresher CMAs are getting seven lakhs per annum on average, and it can even go higher depending on market standards and other factors about company requirements. Your career after your CMA certification will offer you a worldwide work permit.
How to Attain This Career: A Step-By-Step Process
Attain Eligibility
In terms of the requirements part, a licensed CMA US certification requires a bachelor’s degree from an authorized university and two years of work experience in a relevant field. The US CMA course requires the basic eligibility of a 12th-grade certificate in the relevant branch. A student in their final year of graduation can also attend this program, but they will need a degree to become a fully certified CMA.
Earn Work Experience
Aspirants must maintain two consecutive years of professional work experience for this US CMA certification program. If you are unable to work full-time, then you can choose to work part-time and finish the work experience by working 20 hours per week for four continuous years.
Member of the IMA Board
There are many named IMA memberships available as per your required level.
- IMA Professional Membership
- IMA Student Membership
- IMA Academic Membership
Professionals: As per the IMA board, the fee for professional membership is $230 per year, and the first registration cost for your application will be around $15 bucks.
Students: It will work only with the existing students of the accredited university or college. It costs around $39 per year, and it will be renewable to maintain our membership status.
Academic Aspirants: This membership card applies to full-time faculty members of the accredited college, institute, or university. It costs around $120 per year for academic aspirants.
Choosing the Best Institute: Like NorthStar Academy
You can choose the best US CMA training institute via a few sets of checklists for this particular professional curriculum program: Facilities, Support, and Bond with the IMA Association. NorthStar Academy has ticked all the check boxes via its facilities such as placement protection programs, the LMS dashboard, end-to-end support, online training, mock tests, approved study materials from IMA and Becker International, and 100% CMA syllabus coverage surety. To pass both US CMA parts in 6 to 9 months with an 83% pass percentage in NorthStar Academy with the guidance of Mr. M. Irfat.
Prediction Series: To Find US CMA Salary in India
Career Paths in the US CMA: Roles and Descriptions
Career paths for US CMAs in different sectors and their responsible roles are listed below, so take a look.
Sector 1: Corporate Finance
Investment Banking:
Responsibilities: Financial advice
Services: To corporates, governments, and other organizations.
Financial Planning and Analysis:
Responsibilities: Financial planning and analysts
Services: Implementing and evaluating the financial activities.
Financial Analyst:
Responsibilities: Financial analysis
Services: To make decisions on investments, financing, and related deals.
Sector 2: Management Accounting
Management Accounting:
Responsibilities: Resource allocation and other business activities
Services: Provide financial and operational information to help firms to make decisions.
Budget Analyst:
Responsibilities: Manage budgets and evaluate budget execution.
Services: To work on organization development.
Cost Accountant:
Responsibilities: Analyze the efficiency of the production side.
Services: Determine the cost of goods and services to help organizations.
Sector 3: Auditing and Taxation
Tax Accountant:
Responsibilities: Advisory services
Services: Assist the organization with tax compliance and planning.
Financial Audit Manager:
Responsibilities: Conducting financial audits
Services: Assess the accuracy of an organization’s financial statements and reporting operations.
Internal Audit Manager:
Responsibilities: Conducting internal audits
Services: Assess the effectiveness of an organization’s internal controls and reporting steps.
Based on career sectors, roles, and descriptions include responsibilities and services: Will CMA salaries in India be predictable from these US CMA cadet functions?
You can give a supposition range as per CMA's work position and duty type. It will come under guessing. So it will not be considerable here for the US CMA salary in India.
Let's look into the direct salary of US CMAs in the numeric format as per the market standard reports of US CMAs in this finance and accounting management field.
US CMA Salary in India
Based On Industry
Suppose you choose one role, it will fall under one particular industry. So we made salary comparisons with different industries here.
- Goods Industry or FMCG Companies: Yearly income will be from 5 to 7 lakh rupees in India.
- Education firms: Yearly income will be from 6 to 8 lakh rupees in India.
- Analytics and Research Parks: Yearly income will be around 6.5 lakh rupees in India.
- Engineering and construction sectors: Yearly income will be around 8.5 lakh rupees in India.
- Petrochemicals groups: Yearly income will be from 16 to 20 lakh rupees in India.
US CMA Salary in India: Based On Companies
Your range of salary and standards will vary depending on where you work for a highly reputed company. Here are the top companies listed for your salary differentiation references.
- L&T Construction: A CMA's salary ranges from 6 to 12 lakhs of rupees, but the average salary for certified CMAs is 9 lakhs of INR.
- Cognizant: CMA’s salary ranges from 5 to 7 lakh rupees for freshers, but the average salary for certified CMAs is 6 lakh INR.
- Ford Motors Limited: Decent experience A CMA cadet's salary ranges from 9 to 12 lakhs of rupees, but the centralized salary for certified CMAs is 10 lakhs of INR.
US CMA Salary in India: Based On Cadet Experience
It enhances your skill level, helps you find your area of interest in this field, and gives you a way to gain expertise in one particular role. And it acts as a main factor in determining your salary packages.
- As per the chart statistical reports from 33 different positioned salaries, the CMA salary in India ranges from 3 lakhs to 40 lakhs INR with an average annual income of seven lakhs rupees in India for a perfect CMA cadet.
- So the estimated monthly hands-on salary for the CMAs will range between 52,000 and 54,000 rupees in India.
Why does the prediction system not work with the US CMA's salary?
As proven above, salary varies with different factors like company, role, industry, and experience. Still, the finalized average salary is not yet predicted, but the above-mentioned average salary is dragged down by some selective factors. So the prediction process is not applicable in this field.
To Know: Key Differences Between Indian CMA and US CMA
Compare your US CMA professional course with its twin Indian CMA here in point-wise order and tick your points to poll up your vote.
Indian CMA
- Regulated by the Institute of Cost Management Accountants (ICMAI).
- Duration: 36-60 months
- Number of Papers: 3 Levels - 20 Papers
- Articleship or Training: Minimum of six months
- Exam Mode: Offline (paper and pencil)
- Pass Criteria: 40% in each paper, and overall, 50% is required for aggregate.
- Job Sector: Cost Accountant
- Reported Pass Rate: Maximum 7% and below.
US CMA
- Regulating by the Institute of Management Accountants (IMA).
- Duration: 6-9 months
- Number of Parts: 1 Level, 2 Parts
- Articleship Status: Not required here.
- Exam Mode: Flexible online enabling
- Pass Criteria: 72% in each part
- Job Sector: Management Accountant
- Reported Pass Rate: Maximum 60% and above.
But Reason has predicted: In detail
It all differs with various factors and is considered under market standards during your recruiting process for the vacant position. Salary will also be decided from your side as per your requirements, like role, location, and company. Some fixed factors will decide your salary differently; here, you can’t predict this, but you can guess with previous market standards or market-published reports.
Apart from Salary: CMA Benefits
Some benefits may also be a reason for the non-predictable state of US CMA salaries in India. And a few lists of the benefits for those who made a career as a Certified Management Accountant are
- Great Job Opportunities in India and also the global level of opportunities ahead.
- High Salary based on your skill level and company requirements.
- Business Appeal provides you with knowledge of business decisions, and handling, or management strategy for you to become a business leader in the future.
Conclusion
Overall conclusion statement here: the US CMA professional course is worth studying for your professional career advancement in this field of finance and accounting management. But the decision is yours based on your needs or requirements for your comfort in your preferred job. For your career, try to analyze and find the best training academy like NorthStar Academy, which is here to answer your doubts in one click. We have trained almost 15,000 aspirants since the start. We are on a mission to upskill one million aspirants in their chosen branch. So join with us and move ahead in your career.
FAQ
1. What is a performance report? And when do I receive mine?
The performance report will contain your performance on each of the key topics in the MCQs section and also indicate your overall performance in the essay section. These significant performance reports are emailed approximately 14 days after your results are screened on your candidates’ profile or dashboard.
2. Is it possible to get an extension and switch my testing date?
No, as per the IMA control system, the US CMA Part 1 or Part 2 exam extension will not be possible here with the US CMA exam, and the testing window is only possible with our registered slot.
3. Can I retake the US CMA exams?
US CMA exam parts may be taken only once in a testing window you are registered for. But you can sit for a new testing window as you repeat the registration process for the testing slot. You have to finish both parts in three years. All retakes will cost the same as when you registered the first time. The approximate fee for professionals is $415, and for students and academic members is $311.
4. Do I need a commerce background to enroll in the US CMA course?
Here, many aspirants come from various streams of degrees like engineering, business, administration, economics, and finance. However, an accounting background will be an extra advantage but not required.