CMA Salary in India, Scope, Job Opportunities
CMA course is designed to provide extensive training and knowledge to graduates to pursue careers in various roles such as finance manager, accountant, costing manager, financial advisor etc. The demand for CMA graduates is increasing significantly in domestic and international markets. CMA syllabus is comprehensive that trains the candidates through internship, training, projects, etc. for the required profession.
Career Prospects And Job Scope for CMA
CMA graduates are in high demand in India and abroad due to the wide range of CMA jobs available in the private and public sectors. Furthermore, Indian CMA salaries for graduates include some extra benefits and competitiveness, such as incentives and bonuses.
Jobs in Cost Management Accounting in India and abroad, as well as CMA process earnings for the course, are plentiful, with excellent placement opportunities for graduates worldwide.
CMA course provide excellent career opportunities in a wide range of reputable organisations, both private and public, in India and abroad. The following are some of the best CMA new job opportunities.
- Cost Accountant Trainee
- Costing Manager
- Cost & Management Accountant
- Junior Finance Associate
Some of the best CMA job designations for aspirants with experience are:
- Cost Accountant
- Chief Finance Officer
- Finance Analyst
- Corporate Controller
- Finance Controller
Areas of Recruitment For CMA
CMA graduates are in demand for every area of recruitment, such as finance, management, accounting and research institutes. Most companies in India and abroad prefer CMA graduates to work with their company or institution as they are proficient in their sectors. Some areas of recruitment for the course are:
- Finance
- Management
- Accounting
- Research
Salary Packages for CMA
The CMA Salary in India in the public and private sectors of various reputed organizations is around INR 17 LPA, i.e., the average salary of CMA in India is around INR 17 LPA [According to Glassdoor]. Therefore, the scope for the course of CMA is a very wide range and high demand for the job with a decent salary package for the graduates. The table below shows the salary range of a CMA in India:
| CMA Salary Range | Amount (INR) |
| Highest Salary | 21 LPA |
| Lowest Salary | 13 LPA |
| Average Salary | 17 LPA |
Source: Glassdoor
The salary packages paid to the graduates may slightly vary up or down based on the skills and abilities of the graduates and depending on the areas of recruitment. Some of the very best CMA jobs in India after the course are:
|
Designation |
Average Salary (INR) |
| Financial Analyst | 5.45 LPA |
| Finance Manager | 11.22 LPA |
| Chief Financial Officer (CFO) | 36.63 LPA |
| Accountant | 3.08 LPA |
| Senior Financial Analyst | 7.73 LPA |
| Senior Finance Manager | 20.48 LPA |
| Certified Management Accountant | 5 LPA |
Source: Payscale
Government Jobs For Cost Management Accounting Aspirants
CMA graduates have a high job scope in almost every government sector with a good salary figure. After completing the CMA course, the job scope in India in the government sector for the graduates is diverse, and the jobs are highly rewarding. Some of the very best CMA govt jobs are as follows:
| Top Government Companies | Job Profiles | Salary (INR) |
| NAFED | Accounts Manager | 6 LPA |
| Inland Waterways Authority Of India | Chief Financial Officer | 12 LPA |
| Regional Centre for Biotechnology | Senior Accounts Assistant | 8 LPA |
Source: Naukri
Some of the best government jobs for CMA in India are:
- Senior Finance Officer
- Senior Investment Officer
- Senior Costing Manager
- Cost Accountant
Private Jobs for Cost Management Accounting Aspirants
As the jobs in the government sector, CMA job opportunities in the private sector are also plentiful and are opened in various reputed organizations in India and Abroad. The CMA starting salary for the graduates is around INR 5 LPA. Some of the CMA job vacancies in the private sector industries are as follows:
| Top Private Companies | Job Profiles | Salary (INR) |
| Kanodia Global | Cost Accountant | 7 LPA |
| Malabar Gold & Diamonds | Costing Manager | 6 LPA |
| Hyundai Steels | Senior Cost Accountant | 8.5 LPA |
Source: Naukri
Some other Cost Management Accounting Jobs in India offered in the private sector are as follows:
- Finance Controller
- Finance Analyst
- Chief Financial Officer
- Corporate Controller
What is the role of a Certified Management Accountant?
The role of a Certified Management Accountant comes with the commitment to tracking the company's income and expenses. Certified Management Accountants endeavour for private businesses, public companies, and government agencies.
The daily work routine of a Certified Management Accountant includes recording and grating numbers, selecting and managing company investment, risk management, budgeting, planning, strategizing, and decision making.
Cost Management
Cost management in CMA is responsible for coordinating the overall process of planning and controlling the budget of a business. CMA supports the business to evaluate the expenditure to reduce the chance of getting over budget. It evaluates the exact cost while the project is still ongoing.
Performance Management
Similar to CMA, Performance management looks into the performance of the market of the financial sector of the particular farm and enhances performance within the workforce.
Their main responsibilities include:
- Arbitrating the organization structure and assigning responsibilities.
- Creating a performance measures and targets system.
- Reviewing performance.
- Acting accordingly.
Profitability Analysis
CMA carries out the profitability by going through specific ratios depending on the goal of the analysis. Performance management invents profitability ratios by dividing a profit or equivalent value by revenue assets, expense, and equity. CMA should know profit margin, return of assets on capital employed and return on equity.
Investment Decisions
CMA took the investment decision to demonstrate important investment decisions regarding the amounts of funds fixed in the investment opportunities. CMA is usually bound to select an exact investment proposal that will give a yield return over a long time. They set a minimum rate of return against which management can evaluate the performance of the long-term project.
Internal Controls
Internal controls reduce company fraud, and it usually executes some mechanisms, rules, and different procedures to safeguard the financial and accounting information, promote accountability and prevent fraud. It usually controls all the rules and regulations in compliance with its workplace. It prevents employees from stealing assets or committing any fraud, and it also improves the accuracy and timeliness of financial reporting.
Financial Reporting
Financial reporting brings out the company's overall financial results to the stakeholders and the public. In association with financial reporting, CMA prepares various documents such as financial statements, balance sheets, statements of cash flows, prospectus, and annual reports. CMA also provides more details on certain topics prescribed by the accounting framework.
Planning and Budgeting
CMA commits to a number of key policies and responsibilities in planning and budgeting, such as planning annual operations and coordinating the work of various parts of the business, communicating specific plans to all precise managers, motivating managers to achieve the organization's goals, and evaluating supervisor performance.
Types of a Certified Management Accountant
Students can pursue a career as a certified management accountant in a variety of sub-disciplines. Students can pursue a career as a certified management accountant as an alternative. The sub-disciplines of a career as a certified management accountant are listed below:
Management Accountant: A major sub-discipline of a career as a certified management accountant is management accounting. Students interested in this field should be able to plan and strategize. Accountants are still expected to budget, plan, and strategize, which will assist company managers in making risk access decisions about the company's financial future.
Financial Advisor: A financial manager's responsibilities include a committed role in the financial conditions of a potential investment to make it worthwhile. Other duties include advising businesses on how to issue corporate bonds or split stock, as well as conducting financial research and analysis to provide information on business profitability, stability, liquidity, and solvency.
Chartered Accountant: A chartered accountant's career is regarded as the most prestigious job role in sub-disciplines such as Certified Management Accountant. In the United States, it is referred to as a globally recognised job role. In India, chartered accountant positions are open to members of the ICAI (Institute of Chartered Accountants of India). Auditing financial statements, filing corporate tax returns, and financial advising are all part of the job.
Cost Accountant: A cost accountant's job is to record and analyse every cost incurred by a business. It can use this data to determine where the company is losing money and how to improve its financial management.
Accounting Manager: An accounting manager's responsibilities include developing and maintaining accounting systems and procedures used by others in the field to collect and analyse data. It is mandatory to keep an eye out for other accountants and work for large industries or organisations that employ a large number of accountants.
Staff and Senior Accountant: A senior accountant's responsibilities are greater than those of a junior or staff accountant. They are responsible for the company's cost margins, productivity, and expenditures. A senior accountant's typical responsibilities include preparing month-end procedures and reconciling accountant balances.
Corporate Controllers: A corporate controller is someone who oversees an industry's financial and accounting functions, which include billing, accounts payable, accounts receivable, and budgeting.
Chief Financial Officers (CFO): A CFO position is considered to be a top position that anyone would want to work for. A person can shine brightly in business and be regarded as a CEO's right hand. The CFO is typically in charge of all financial reporting and forecasting.
Job Opportunities Abroad For Cost Management Accounting
After studying CMA, job opportunities for the graduates are in diverse areas and in good numbers to choose from, along with a decent annual salary package. Some of the best CMA jobs, along with a good salary package, are as follows:
- Costing Manager
- Cost Accountant
- Chief Financial Officer
- Finance Controller
- Financial Analyst
Top Companies for Cost Management Accountants
Check the list below for the top international companies that hire CMA graduates:
- Flex
- Reckitt
- Goodman
- Coherent
- Dow
- CMC Materials
Best Countries for Cost Management Accountants
Below is the list of some of the best countries around the globe which offer job opportunities to CMA Graduates:
- UK
- Ireland
- Switzerland
- Germany
- Luxembourg
- Japan Australia
Various Career Designations Abroad for Cost Management Accounting Students
The scope of CMA is highly rewarding, and there is huge career growth for the CMA graduates, just immediately after completing their course and with a decent annual salary package along with some additional benefits and incentives. Some of the very best jobs offered to the graduates of CMA to work abroad are:
- Cost Accountant
- Chief Finance officer
- Chief Investment Officer
- Finance Analyst
- Finance Controller
- Accountant Trainee