CMA Average Salary in India: A Comprehensive Guide

A Cost and Management Accountant (CMA) is a professional accountant whose specialization is cost management, budgeting, financial analysis, and strategic decision-making in an organization. The CMA average salary in India varies based on experience, industry, and job role, making it a lucrative career choice for finance professionals. They can be recognized as the cost accountants of the Institute of Cost Accountants of India (ICAI-CMA). The CMAs can be the brain behind effective management of organizational performance and financial efficiency.

Such ever-growing demand for CMAs exists in India for industries like manufacturing, banking, IT, consultancy, and public sector companies. A lot of industries are looking into CMAs and how they can enhance their skills such as costing and improving profitability. Naturally, potential CMAs often ask: On an average, what is the cma average salary in india? Let us discover more about it below.

CMA Average Salary In India

On average, CMA Salary, India depends on quite a number of factors such as experience, job role, industry, and location. Following are some of the CMA average Salary trends derived from recent surveys and reports:

Salary break down by Experience Level:

• Freshers CMAs (0-2 years): – 6-10 lakh per annum
• Mid level CMAs (3-7 years): – 10-20 lakh per annum
• Experienced CMAs (8+ years): – 20 lakh and above, where CFOs earn more than 50 lakh per annum

This will vary for the specific industry and size of the organization but the salaries offered for CMAs are always considered handsome when compared to those offered for other finance professionals.

Factors that Influence CMA Average Salary

There are many factors that impact CMA Average salary in India, like

Industry/Sector

Manufacturing & Production: ₹8 to ₹18 LPA

IT & Consulting: ₹10 to ₹22 LPA

Banking & Financial Services: ₹7 to ₹15 LPA

Public Sector and Government Jobs: ₹6 to ₹12 LPAJob Roles

Job Roles:

Cost Accountant: ₹6 to ₹12 LPA

Financial Analyst: ₹8 to ₹15 LPA

Finance Manager: ₹12 to ₹22 LPA

CFO(Chief Financial Officer): ₹50 LPA and Above

Differences in Salary by Location:

Higher salary in metro cities like Mumbai, Delhi, Bangalore, and Chennai.

In smaller cities and towns, there may be slightly lower packages but with lower living costs.

Additional certifications and skill sets to signify presence:

• Competency in SAP, IFRS, GST, Financial Modeling, and Data Analytics gives higher salary packages to CMA professionals.
• Other certifications like CPA, CFA, and ACCA increase salary prospects.

Salary Comparison: CMA Vs. Other Finance Professionals

CMAs earn handsome salaries vis-a-vis other finance professionals in India:

• CMA Vs. CA (Chartered Accountant): Even though CAs earn a tad more at the start, CMAs surpass in cost management and strategic financial planning, putting them on the list of must-haves in any industry.
• CMA Vs. CS (Company Secretary): CSs are concerned with corporate governance, while CMAs explore opportunities across finance, costing, and management accounting.

CMA Vs. MBA (Finance): An MBA in Finance from a premier institute may fetch more, but the CMAs have an advantage in cost management and financial strategy roles.

Career Advancement and Future Trends

For CMAs in India, the future indeed looks brighter and very promising because there will are plenty of opportunities for them to hold leadership positions like those of CFOs, Finance Directors, and Corporate Strategists.

CMAs Should Seek to Enhance Their Capacity to Earn Money:

• Gain industry-specific qualification in high-paying fields, such as IT, consulting, and BFSI.
• Master advanced skills related to financial analytics, SAP, and regulatory compliance.
• Acquire international certification like CIMA, CPA, or ACCA to help migrate to overseas job markets.
• Get networking and keep abreast of trends and regulations in their industry.