CMA Placements: All You Need to Know

This article highlights the job options available to CMA designation holders who completes the course from the Institute of Cost Accountants and the average salaries offered in and outside India.

CMA Placements: The Institute of Cost Accountants (ICAI) offers CMA exam in three stages. The Cost Management Accountant (CMA), formerly known as Cost and Works Accountants (CWA) helps charter holders land a a job in financial sector with a handsome salary. The CMA course helps in training a candidate to manage, analyse and collect the financial information of any area within the company. An average salary of an individual who has completed the CMA course from ICAI ranges from INR 2 LPA to INR 19 LPA. Read further to know more information on CMA placements.

Also Read: CMA Dec 2023 Result for Foundation

About ICAI

The Institute of Cost Accountants of India, abbreviated as ICAI, the institute responsible for the management, regulation and control over the CMA degree that is awarded to cost accountants. The degree of CMA is tough to crack in general and all the part of examination conduction, regulations, training as well as the supply of study materials to the students to appear for the three-part exam of the CMA degree is arranged by the institute in exchange of some fees. 

CMA Placement: Top Employment Opportunities

CMA graduates are demanded by almost all the top organisations. An organisation with a CMA professionals tends to have a better financial planning as compared to an organisation without a CMA qualifier. Top employment sectors recruiting CMA graduates include:

• Government sector
• Private sector
• Banking and finance sector
• Developmental agencies
• Education, training and research sector
• Service and public utility sector 

Cost Management Accountant Placement Statistics

A Cost and Works Accountant of any company is involved in all practices regarding the type of resources, operations and materials used by the company to be financially effective or not. They are the ones who would decide whether the costing for certain projects or production of the company will or will not impact the finances of the organisation positively. The various types of skills a CMA employs help the senior management to make decisions regarding the finances of the company. The CMA degree is valid only if the person has earned any other bachelor degree in finance or accounting along with it. Basic computing skills are also essential along with a CMA degree. 

Average Salaries Offered to Cost Management Accountant Based on Skills

Some of the top annual salary-earning skills in CMA in India as well as all over the world are:

• Chief Financial Officer (CFO): This is one of the top-earning positions a CMA can acquire. A CFO can earn an average salary of approximately Rs 40 lakh per annum. 
• Finance Controller: This post takes the second spot with an average salary of Rs 20 lakh per annum. 
• Finance Manager: This position can get you an average annual salary of Rs 10 lakh per annum.
• Assistant Finance Manager: They can earn an average salary of over Rs 7.2 lakh per annum. 
• Financial Analyst: One of the jobs offered to beginners can fetch an average annual salary of Rs 5.24 lakh.
• Cost Accountant: A job for freshers can fetch an average annual salary of Rs 4.94 lakh.

Average Annual Salary of CMA

Those studying the CMA course know the difficulty levels of clearing the exam. Each candidate is given a maximum of three attempts to clear the CMA exams. However, the attempt in which a candidate clears the exam determines the average salary they may fetch. For instance, those who clear the exam on the first attempt can get a better salary when compared with those who clear the exam on the second or the third attempt. Some of the average salaries of the freshers based on the number of attempts taken to clear the exam are: 

• Freshers, who clear the CMA exam on the first attempt, can get a starting salary of Rs 7 lakh per annum on average. These numbers can go as high as Rs 20 lakh, too. 
• Those who clear the CMA exam in the second attempt can start off with an average annual package of Rs 3-4 lakh. 

Scope of Cost Management Accounting Internationally

The scope of CMA degrees in foreign countries can be judged by the annual average salary package they are being paid. Here are the average salaries offered to CMAs in other countries:

Read More:

• Management Accounting Certification in India
• UGC recognises CA, CS, ICWA exams equivalent to PG degree
• CMA vs CA: Which course should you opt for? (shiksha.com)