The aim of the Institute of Cost Accountants of India is to meet the rising global demand for quality cost management by building on and regulating Cost Accountancy in India. ICWA opens up a world of opportunities for aspirants in fields like management and consultancy.
To Become a professional CMA, you should complete the 3 levels of CMA course.
1. CMA Foundation
2.CMA Intermediate
3.Final
The article here is aimed at providing you with the list of salaries in store for individuals with CMA certification, with variations based on the field of work or industry, work experience, skills and so on. Read this article carefully you will get the complete details of the salary of CA and CMA profession in India.
Eligibility for CMA
Documents need for CMA certification:
- Membership of IMA
- Two years of relevant experience
- Passed both the parts of CMA Exams
- A Bachelor’s degree from an accredited university
The candidate can appear for the exam in the following months
- January and February
- May and June
- September and October
Read Also: Avoid These Mistakes during CA CS CMA Exam
CMA Salary by Job
Job | Average Salaries(Per Annum) |
---|---|
Chief Financial Officer | ₹ 1,795,997 – ₹ 6,853,512 |
Cost Accountant | ₹ 118,149 – ₹ 800,000 |
Internal Auditor | ₹ 150,000 – ₹ 987,342 |
Finance Manager | ₹ 563,739 – ₹ 1,534,429 |
Assistant Finance Manager | ₹ 293,433 – ₹ 875,857 |
Salary of CMA by Industry
The trends in pay reflect major variations with differences in the types of industry that individuals with a CMA certification are working for. While your skills will influence your choice of industry in a major way, it is advisable to make your choice a little flexible and at least explore your chances in one or two industries which are not really your first choices. Here is a list of remunerations offered in leading industries:
Industry | Average Salaries(Per Annum) |
---|---|
Banking | ₹ 530,000 |
Information Technology or IT | ₹ 1,017,369 |
Consultancy | ₹ 712,244 |
Manufacturing and Distribution | ₹ 884,695 |
Telecommunications | ₹ 1,300,000 |
BPO or Business Process Outsourcing | ₹ 498,453 |
Financial Services | ₹ 400,000 |
Read Also: Chartered Accountant Salary as per Industry in India.
CMA Salary Based on Degrees
Your academic qualification will determine the way your pay structure will be designed. However try to find out what kind of influence your degree will wield on hikes, benefits, and other perks. Here is a glimpse of the average salaries fetched by different degrees earned by individuals:
Degree | Average Salaries(Per Annum) |
---|---|
Master of Business Administration or MBA | ₹ 121,084 – ₹ 2,936,142 |
Bachelor’s Degree | ₹ 236,818 – ₹ 2,421,565 |
Bachelor of Commerce, Commerce Economics | ₹ 210,000 – ₹ 3,000,000 |
Master of Commerce or MCom | ₹ 587,000 – ₹ 1,600,000 |
MBA or Master of Business Administration, Accounting, Finance | ₹ 450,000 – ₹ 1,650,000 |
Bachelor of Commerce | ₹ 124,516 – ₹ 1,610,731 |
Bachelor of Commerce, Accounting and Finance | ₹ 292,332 – ₹ 2,153,676 |
Bachelor of Commerce/BCom, Finance | ₹ 243,000 – ₹ 2,200,000 |
MBA or Master of Business Administration, Finance | ₹ 98,920 – ₹ 5,526,606 |
Salary of CMA based on Skills
Skills | Average Salaries(Per Annum) |
---|---|
Accounting | ₹ 828,012 |
Microsoft Excel | ₹ 534,952 |
Account Management | ₹ 489,796 |
Financial Reporting | ₹ 900,000 |
Financial Analysis | ₹ 710,000 |
Microsoft Office | ₹ 554,811 |
Microsoft Word | ₹ 460,000 |
Accounts Payable | ₹ 614,627 |
Senior Financial Management | ₹ 2,195,455 |
Salary of ICWA by Experience
The list of salary variations drawn on the basis of experience in respective fields can help you compare your current pay with that mentioned here as well:
Experience | Average Salaries(Per Annum) |
---|---|
Less than a year | ₹ 291,632 |
1-4 years | ₹ 422,151 |
5-9 years | ₹ 732,025 |
10-19 years | ₹ 1,149,211 |
20 years and more | ₹ 2,904,452 |
CMA Salary by Cities
The costs of living in different cities play a crucial role in the preparation of pay structures of ICWA in India. Here is more:
Cities | Average Salaries(Per Annum) |
---|---|
Hyderabad, Andhra Pradesh | ₹ 530,000 |
Bengaluru, Karnataka | ₹ 915,615 |
Pune, Maharashtra | ₹ 515,000 |
Mumbai, Maharashtra | ₹ 813,892 |
Gurgaon, Haryana | ₹ 1,099,420 |
Chennai, Tamil Nadu | ₹ 780,000 |
*Salaries are subject to change without notice.