IMA's 2020 Global Salary Survey

Only one age group, respondents ages 20 to 29 in the MEAI region, had women’s median total compensation as being higher than men’s (62% higher). Incidentally, this same region also had the highest salary gap for all regions, 59% for those ages 40 to 49.

CMA CERTIFICATION

The CMA certification validates a skill set that signals to current and future employers that those holding the certification will be valuable in helping an organization succeed. Table 3 shows the median salary and total compensation by region and CMA certification, indicating significantly higher salaries for CMAs vs. non-CMAs. Overall, CMAs earn a median salary that’s 60% greater than non-CMAs and a median total compensation that’s 63% higher. This is particularly interesting given that 51% of CMAs in this year’s survey received their certification within the last two years, meaning they have only just begun to experience the added impact of having a certification.

The difference in median salary and compensation between CMAs and non-CMAs has decreased compared to last year (when it was 117% and 118%, respectively), but those results were unusually high, driven by several shifts in the demographics of the respondents—including a significant number of non-CMAs in their 20s with much lower salaries compared to CMAs. Comparing this year’s results to the 2018 report in which CMAs had 62% higher median salary and 67% higher median total compensation than non-CMAs is more meaningful.

The earning power of the CMA is consistent across regions, with the median salary and total compensation higher for CMAs vs. non-CMAs for every region. The MEAI region has the largest difference between CMAs and non-CMAs in both median salary (102%) and median total compensation (92%), which is consistent with prior years. In the Americas region, CMAs earn a median salary and total compensation that’s 31% and 32%, respectively, higher than non-CMAs. This is also consistent with prior years. In the Asia and Europe regions, CMAs earn a median salary that’s 29% and 32% higher, respectively, compared to non-CMAs.

Based on these results, employers continue to place a high value on the set of skills represented by the CMA certification. Respondents consistently commented on how their skills as a CMA positively affected their job performance. For example, a treasury analyst from Saudi Arabia stated, “The CMA gives you immense knowledge and a foundation to thrive as a finance professional. [The CMA] also enables you to understand various aspects and roles of finance and accounting in a business. As a CMA, I learned to deal with complex real-life financial decisions in the workplace, as well as how to interpret numbers to formulate a plan of action.”

Across all management levels, those holding the CMA earn a higher median salary and total compensation compared to those without the certification. Besides those in academia, the largest difference between the median salary and total compensation exists for those in senior management (51% and 58%, respectively). This result is largely driven by younger respondents holding the CMA in senior management positions. For those ages 20 to 29 holding the CMA and in senior management positions, the median salary and total compensation is 100% and 107% higher, respectively, compared to those in the same age group and management level without the certification. This is evidence that the CMA opens doors to upper management and higher compensation in the early stages of one’s professional career.

Further, the majority of those in top management and senior management are CMAs (62% and 61%, respectively). More specifically, the following job titles were more likely to be filled by CMAs than non-CMAs: CFO (67%), controller (59%), director of financial planning and analysis (63%), and senior financial analyst (66%).

The average age of those holding the CMA is 38, almost three years older than those without the certification. Overall, the average number of years the respondents have held the CMA is almost seven, with those in top management holding the certification for more than 14 years on average.

Eighty-seven percent of non-CMAs in the survey said they intend to pursue the certification in the future, indicating that the value of the certification is well known. As in previous years, the value of the CMA is recognized by respondents in their comments. A vice president from Pennsylvania said, “The greatest value is self-fulfillment and satisfaction in knowing that I have achieved a certification that sets me apart in my profession and to which I maintain a high standard of excellence.” And a financial reporting manager from Dubai said, “The value of the CMA is more than expected. After completing the CMA, there is a globally renowned certification attached to my name. My skills are enhanced, and people have started recognizing me.”

The differences in median total compensation for respondents in the U.S. who hold the CMA, the CPA (Certified Public Accountant), or both compared to U.S. respondents holding neither are compared in Figure 3. Overall, those holding either the CMA, CPA, or both earn a higher median total compensation compared to those holding neither the CMA nor CPA. Those holding only the CMA earn 36% higher median total compensation, while those holding only the CPA earn 29% higher median total compensation. Those holding both certifications earn 55% higher median total compensation.

The fact that holding both certifications increases earning power compared to holding just one of them strengthens the argument that the CMA and the CPA validate different skill sets. Employers continue to attach value to the breadth of knowledge and skills obtained by both certifications. This result holds across all age groups. Those ages 40 to 49 holding both certifications earn 47% higher median total compensation compared to those not holding either certification.

The CMA provides other benefits beyond salary and compensation (see Figure 4). About 90% of all respondents holding the CMA stated the certification gave them more confidence to perform their job at a high level. This benefit had the highest percentage of agreement for those in the MEAI region (95%). Further, more than 90% of all CMAs said they would recommend the CMA to a friend.

More than 70% of the respondents agree that the certification provides career opportunities for them. In fact, even for respondents who intend to pursue the CMA in the future, 76% of those respondents cited career advancement as the primary reason for gaining the certification. “The CMA helped open doors for me in terms of promotions and opportunities for advancement. Being a globally recognized credential that signifies a higher-level talent, it has served as a point of differentiation as I continue to grow my career,” a controller from Michigan said. A senior financial analyst from Lebanon said, “The CMA has widened my knowledge in the finance and accounting fields and has opened a lot of doors for me.”

MANAGEMENT LEVEL

Figure 5 presents the median total compensation by management level and region. The compensation difference between management levels varies by region. In the Americas region, the median total compensation increases steadily by 35% from lower level to middle management, 25% from middle management to senior management, and 20% from senior management to top management. The increases are also significant for the other regions.

ORGANIZATIONAL CHARACTERISTICS

The highest percentage of respondents are employed in the manufacturing industry (23.7%), with finance (12.5%) and wholesale and retail trade (8.7%) coming in second and third, respectively. All sizes of organizations are represented equally, with 24.2% of the respondents from organizations made up of 1 to 99 people, 25.7% coming from companies with 100 to 499 people, 27.3% coming from companies with  500 to 4,999 people, and 22.7% coming from organizations of more than 5,000 people.

The respondents were asked what their organization struggles with the most. The most frequent responses were talent management (26.8%); planning, budgeting, and forecasting (24.9%); and internal controls (22.8%). Across regions, talent management was most concerning for the Americas, Europe, and MEAI regions. The biggest concern noted by respondents in Asia was internal controls (27.6%).

The results vary somewhat across industries, with those in agriculture, education, finance, government, public accounting, and other services listing talent management as their primary concern. Those in agriculture, contract construction, medical/health services, and wholesale and retail trade listed planning, budgeting, and forecasting as a primary concern. Cost management was the biggest concern for those in manufacturing and transportation, communications, and utility services, while decision analysis was the main concern for information technology companies.

JOB SATISFACTION

Table 4 summarizes the percentage of respondents who somewhat or strongly agree with certain job characteristics and salary and job satisfaction. Almost 80% of the respondents agree that they have appropriate information systems to perform their job effectively, and this result is consistent across regions. In addition, the majority of the respondents agreed that their job impacts the strategic direction of the company.

Seventy-six percent of respondents somewhat or strongly agree that they love their jobs, which is virtually unchanged from last year (77%). The Asia region had the highest percentage of respondents agreeing with this statement (79%), while the Americas and Europe regions had the lowest (74%).

ob satisfaction remained steady even though less than half of the respondents globally agree that their salary is competitive with their peers. This indicates that there are intrinsic rewards, such as a sense of achievement, recognition, taking pride in one’s work, and autonomy, that can compensate for a less competitive salary. There are nonmonetary rewards being gained as well, such as health insurance, retirement benefits, and others. The Asia region has the biggest difference between job satisfaction and satisfaction with salary (50%), and the Americas region has the smallest difference (13%).

Job satisfaction is very subjective and is based on everyone’s unique needs and talents. Other factors that may affect job satisfaction include the opportunity for pay raises, forms of additional compensation, and hours worked.

Raises

Overall, 57% of the respondents received a raise within the last year. The highest percentage of respondents receiving raises was in the Americas region (67%), followed by the Europe region (57%), the Asia region (54%), and the MEAI region (48%). The median raise was 10% for the Asia, Europe, and MEAI regions. The median raise was lowest in the Americas region (4.4%).

Additional Compensation

Based on the survey results, overall, respondents received 16% of their median salary in the form of additional compensation, which includes bonuses, profit sharing, overtime pay, and other forms of additional compensation. Consistent with the prior year, the Asia region had the highest percentage of median total compensation coming from forms other than base salary (20% this year vs. 18% last year). Europe had the lowest percentage of median additional compensation (8%).

Globally, 95% of the respondents received one or more forms of additional compensation, with the highest percentage of respondents receiving bonuses (62%), followed by overtime pay (13%) and profit sharing (11%). Twenty-seven percent of the respondents didn’t receive any additional compensation.

Hours Worked

Globally, respondents worked an average of 43.4 hours per week this year, which is almost an hour less than last year (see Table 5). The U.S. consistently has the longest workweek (46.1 hours per week for the second year in a row). India has the second-longest workweek at 45.7 hours and is the only country that had an increase in its average workweek (an increase of 1.2 hours).

REASON FOR OPTIMISM

Although the economic outlook hangs in the balance, the results of this year’s salary survey provide a ray of optimism for IMA members. The global reach of the CMA continues to grow as evidenced by the large international response to the survey. For the first time, respondents from China outnumbered the respondents from the U.S. And it’s exciting to see so many early-career Chinese women pursuing the CMA credential to improve their future and further contribute to their country.

The percentage of total respondents holding the CMA increased 16% this year. This isn’t surprising given that 85% of non-CMA respondents in last year’s survey indicated that they would be pursuing the CMA in the future. The value of the CMA is consistently validated each year, with CMAs earning a median total compensation that’s between 32% and 92% higher than non-CMAs (depending on region). More than 90% would recommend the CMA to a friend.

Overall, respondents remain satisfied in their careers, with 76% of the total respondents agreeing that they love their job. This is significant given the uncertainty surrounding the world economy, and it provides further evidence that the CMA is a certification that will continue to stand the test of time.

We would like to thank all those who responded to this year’s survey. We’re grateful for your continued support.