The Chartered Management Accountant (CMA) exam is gaining popularity, especially among commerce students aspiring to excel in cost and management accounting. This certification trains individuals to become Certified Management Accountants who are highly skilled accounting professionals.
With broad applicability across diverse industries, the CMA certification is highly relevant in India’s dynamic business landscape. The CMA program’s emphasis on ethical practices, ongoing professional growth, and the scope for entrepreneurial endeavours highlights its relevance in today’s competitive business environment where adaptability, integrity and innovation are paramount for success.
Beyond conferring a competitive advantage in the job market, CMA full form opens doors to a worldwide network of financial professionals, rendering it a strategic and valuable pursuit for individuals seeking to enrich their financial acumen.
If you are considering pursuing CMA in India, read on as we dispel all your doubts about the job prospects and salaries.
Career Options and Salaries After CMA in India
Here are some of the most widely pursued job roles one can pursue after completing the CMA certification in India:
Financial Analyst
Financial Analysts are tasked with meticulously monitoring financial statements, preparing reports, and conducting in-depth analyses to enhance company productivity.
These professionals play a pivotal role in assessing potential investments, demanding a keen eye for detail to ensure their viability. Their responsibilities include advising on corporate bonds, stock splitting, and conducting comprehensive financial research.
Salary: INR 3.8 LPA – INR 19.5 LPA
Cost Accountant
After the CMA certification, one can work as a Cost Accountant. These professionals collect, analyse, and report cost details, identify inefficiencies, and implement cost-saving measures. They leverage their CMA training to effectively communicate strategic plans to senior executives, facilitating cost optimisation.
CMA-certified Cost Accountants plan and submit regular financial reports, propose policy changes to boost revenue, and scrutinise data to recommend improvements.
Salary: INR 5 LPA – INR 13 LPA
Corporate Controller
A Corporate Controller assumes a high-ranking leadership role, primarily responsible for managing an organisation’s financial and accounting functions. Their purview extends to overseeing staff responsible for various financial operations, including financial reporting, accounting, regulatory compliance, and internal control systems.
Depending on their experience, their responsibilities may involve enhancing the efficiency of accounting systems and evaluating business performance metrics.
Salary: INR 7.5 LPA – INR 42.9 LPA
Financial Risk Manager
Financial Risk Managers (FRMs) employ analytical and decision-making prowess to foresee and mitigate potential threats, safeguarding an organisation’s financial well-being.
FRMs analyse possible shifts that could impact a company’s financial and strategic objectives, applying their analytical skills and work experience from the CMA course. They also predict and strategise for future financial changes.
Salary: INR 2 LPA – INR 21 LPA
Why Should You Pursue the CMA Certification?
CMAs often secure better remuneration than their non-CMA counterparts due to the specialised expertise they gain from the rigorous CMA program.
Their proficiency in financial management, cost accounting, and strategic decision-making positions them as invaluable resources for organisations aiming to enhance their financial efficiency. A closer examination of the CMA’s job prospects and pay packages underscores the relevance of pursuing this certification for career advancement in India.
A simple comparison between the average salary of a CMA and a non-CMA accountant in India highlights the difference a CMA certification can make to a professional’s income potential.
Depending on the job role, a CMA-qualified professional’s salary in India ranges between INR 2 LPA and INR 42.9 LPA. Top-tier professionals in leadership roles, such as Chief Financial Officer (CFO), earn higher remunerations (INR 14 LPA – INR 47.1 LPA). On the other hand, a general accountant makes between INR 2 LPA and 4 LPA. Thus, pursuing a CMA certification is always a wise decision.
Conclusion
CMAs are strategic thinkers, leveraging analytical skills to enhance overall company success. They find opportunities in corporations, non-profits, government entities, and various businesses. This pathway presents a lucrative career with the potential to make a significant impact on an organisation’s financial strategies and outcomes.
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FAQs
- Is it worth doing CMA in India?
While the CMA course may not be as widely recognised as the CA (Chartered Accountant) qualification, it holds equal significance. It presents substantial opportunities, making it a niche yet promising choice.
- Does Big 4 hire CMA?
Yes, The Big 4 companies hire CMAs extensively, making it a sought-after qualification for students.
- Do banks hire CMA?
Yes. Many private and public banks hire CMAs as Asset Managers in India.
