MONTVALE, NJ / ACCESSWIRE / December 13, 2023 / IMA® (Institute of Management Accountants), the worldwide association of accountants and financial professionals in business, today released its 2023 Global Salary Survey, showing that globally, CMA® (Certified Management Accountant) professionals' total compensation value averages 21% higher than non-CMAs.
The median total compensation for CMAs in the Americas revealed that CMAs earn 20% more in median salary and 24% more in median total compensation than non-CMAs. These respondents reported the highest median salary and total compensation figures, earning $137,137 and $163,932, respectively, compared to other regions. The global median total compensation for CMAs is $86,955, which is $14,853 more than the global median total compensation for non-CMAs.
"It is encouraging to see that the value of CMA certification continues to be strong, particularly through economic and technological changes," said Mike DePrisco, president and CEO at IMA. "In addition to their increased salaries, CMAs are also reporting higher percentages of job satisfaction and career opportunities, with 82 percent saying that the CMA opened the door to jobs they were not qualified before earning the certification and 77 percent feeling that they are valued by their organizations and believe they are making a positive impact."
Post-pandemic, the majority of IMA members - including nearly three-quarters of those in the Americas - reported rising salaries, even after accounting for inflation and cost-of-living increases. Additionally, about one quarter of CMAs asserted that their certification is more valuable now following the pandemic.
Expanding Career Opportunities
Among those whose salaries have increased, 82% said their CMA has improved career opportunities and 77% reported more opportunities for career advancements and promotions. Furthermore, 75% said the CMA improved their ability to move across all areas of their business and 62% said that it has increased their salaries. Additionally, the survey results showed that the CMA certification was particularly valuable to early-career professionals whose median salary premiums tied to the CMA were the highest, with Gen Z professionals at 32%, compared to Baby Boomers at 12%.
Normalizing Work from Home
IMA members are working from home compared to before the pandemic. According to the survey, 22% of IMA members said they work from home all or most of the time, compared to 13% before the pandemic. Working from home is most common in the Americas (36% all/most of the time) and least common in Asia/Pac (10% all/most of the time).
Globally, 55% of IMA members reported salary increases compared to what they earned before the pandemic. In terms of industry, 74% of those employed in nonprofits said their salary has increased compared to before the pandemic, compared to only 49% of those who work in the automotive industry, and 63% in medical health/services fields.
IMA's Global Salary Survey surveyed 2,789 professionals, with 2,572 being valid responses after validation checks and the elimination of outliers. Responses came from 69 countries, with 39% identifying as female and 61% identifying as male. The global and U.S. data is available on IMA's website, where additional regional reports are forthcoming.
About IMA® (Institute of Management Accountants)
IMA® is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant), CSCA® (Certified in Strategy and Competitive Analysis), and FMAA (Financial and Managerial Accounting Associate) certification programs, continuing education, networking, and advocacy of the highest ethical business practices. Twice named Professional Body of the Year by The Accountant/International Accounting Bulletin, IMA has a global network of about 140,000 members in 150 countries and 350 professional and student chapters. Headquartered in Montvale, N.J., USA, IMA provides localized services through its six global regions: The Americas, China, Europe, Middle East/North Africa, India, and Asia Pacific. For more information about IMA, please visit www.imanet.org.
CONTACT:
Giuseppe Barone
IMA
(201) 474-1681
giuseppe.barone@imanet.org
Brian Sherry
Stern Strategy Group
(908) 325-3860
ima@sternstrategy.com
SOURCE: IMA
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