Risk management, cost control, and compliance adherence rest squarely on their shoulders, amplifying their significance within an organization. Ken has gained a wealth of business experience through his previous employment as a CPA, Auditor, Tax Preparer and College Professor. Today, Ken continues to use those finely tuned skills to educate students as a professional writer and teacher.
Let’s look into some positions you can hold as an accountant and see how your accounting career could grow from entry-level on. The financial services sector encompasses banking, investment management, insurance, and more. Financial services accountants contribute to risk assessment, financial reporting, and market compliance. Experts predict that the employment of accountants will grow 6% from 2021 to 2031, slightly faster than the average for all occupations. The median salary for an accountant is higher than the national median salary for many other professions, coming in at around $77,000.
The smallest gap is in the year range, where women earn 77% of the mean salary. Women aged are a close second, earning 72% of the mean salary of their male peers. “I was able to advance in my position in the company by earning the CMA. I have also been assigned additional responsibilities.” – 28 yr old senior financial analyst, Bahrain.
Most corporate controllers have many years of work experience as an accountant. Professional experience and leadership skills are also essential for the position. Many controllers have MBAs, and others have professional certifications like the CMA or CPA. Most forensic accounting positions require a few years of experience in general accounting.
Now that we’ve addressed the global trends, let’s move on to specific regions. One interesting pay gap I like to discuss is the one between CMA’s and their Non-CMA peers. She did go on to mention that the IMA is concerned about how this will impact future Certified Management Accountant salaries, and has taken the time to identify trends that may affect it. In 2019, 31.4% of the respondents came from the U.S., while this year 39.2% did. In 2019, 53% of respondents we CMAs, while this year that number has grown to 62%.
To maintain your certification once you have earned it, it’s essential that you complete 30 hours of continuing education annually. Criteria for continuing education include a range of options from self-study programs, online courses, courses at colleges, or programs given by trade associations. Once enrolled in the CMA program, you’re ready to sign up https://accounting-services.net/cma/ to take the exam. Once you select a date, pay the exam fee and register to take the exam at a testing site or remotely. This page is a promotion for SalaryExpert’s Assessor Platform and is not intended for professional use. A CMA course is a useful, some would say essential, tool for passing the CMA exam and becoming a Certified Management Accountant.
In terms of gender disparities, we still see a pay gap, but it’s important to note it has been consistently decreasing over the years. Women of all ages in the Middle East now earn 76% of the average man’s mean salary. Those aged years earn a mean base salary of $78,551 and those aged 50 and over earn $86,198. What’s most interesting here is that these figures are completely opposite of the findings from last year where those aged earned nearly half of their 50+-year-old peers. It’s true that there have been some interesting and impactful changes to Certified Management Accountant salaries both globally and directly in the United States.
A certified management accountant is a financial professional who has earned the Certified Management Accountant (CMA) certification from the Institute of Management Accountants (IMA). Results from the certified management accountant salary survey showed that the majority of respondents held middle management positions and had been working in the field for nearly a decade. The biggest takeaway from these numbers is that women tend to experience the largest pay gap when they are in higher management positions. These women’s median base salary and total compensation is only 79% of that of their male peers, which represents the largest pay gap by far.
Some of the certified management accountant requirements and those needed to become a certified public accountant are similar. Both a CPA and CMA must earn a bachelor’s degree and have several years of professional experience to be eligible for certification. However, a CPA must obtain licensure, whereas a CMA does not need to. In the most recent survey, CMAs located in KSA earned a median base salary that is 106% higher than their non-certified peers and a median total compensation that is 93% higher. There are several factors that may attribute to this gap, including ambition, discipline, and advanced degrees, but it is still encouraging.