CMA Salary in India: A Comprehensive Guide
The CMA salary in India is based upon experience-wise and industry-wise. CMAs usually earn between INR 3,00,000 to 6,00,000 annually for entry-level, while experienced professionals can earn between INR 15,00,000 to 30,00,000 or more in senior roles. CMA Salary also depends on factors like location, industry, and company size. Over the past few years, there has been a notable increase in demand for the Cost and Management Accountancy (CMA) profession as companies depend more and more on financial specialists to maximize expenses and boost profitability. CMAs in India can earn decent salary packages and opportunities for professional advancement.
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Average CMA Salary in India Per Annum
The CMA salary in India ranges from Rs 3 lakhs to Rs 40 lakhs with an average salary of Rs 10 lakhs per annum. Furthermore, the highest package to a fresher CMA given in the off-campus placements is Rs 30 lakhs per annum.
The table below mentions the CMA salaries in India on annual basis in 2024:
Average CMA Salary in India Based on Experience Level
| Experience Level | Average Salary Range (Per Annum) |
| Entry-Level (0-2 Years) | 3,00,000 - 6,00,000 |
| Mid-Level (3-7 Years) | 6,00,000 - 12,00,000 |
| Senior-Level (8+ Years) | 15,00,000 - 30,00,000+ |
Average CMA Salary in India Based on Industry
| Industry | Average Salary Range (Per Annum) |
| Manufacturing | 6,00,000 - 15,00,000 |
| Consulting Firms | 7,00,000 - 20,00,000 |
| Banking and Financial Services | 8,00,000 - 25,00,000 |
| Retail & E-Commerce | 5,00,000 - 12,00,000 |
| Telecommunications | 6,00,000 - 18,00,000 |
| Public Sector Enterprises | 6,00,000 - 12,00,000 |
The attempts and time needed to complete the CMA course and the rank secured (if secures) in the CMA Final exams will also impact your salary. So try to crack the CMA Final exams on the first attempt with a rank.
Also read the Salary Breakdown of Different Courses in the section below -
CMA Salary in India Based on Different Factors
The salary of Cost Management Accountants depends on many factors such as their job profile, job location, industry, experience and organization. In the following section, you'll know the earnings of a CMA on the basis of different factors.
CMA Salary Role-wise
The CMA income varies according to their job profiles. In the below table, you can check the salary of a CMA for various job profiles.
| Role | Average Salary (Per Annum) |
| Cost Accountant | 6,00,000 - 12,00,000 |
| Management Accountant | 7,00,000 - 14,00,000 |
| Internal Auditor | 5,00,000 - 10,00,000 |
| Financial Analyst | 6,50,000 - 12,00,000 |
| Taxation Manager | 7,00,000 - 15,00,000 |
| CFO (Chief Financial Officer) | 15,00,000 - 30,00,000 |
| Finance Manager | 8,00,000 - 18,00,000 |
| Budget Analyst | 6,00,000 - 12,00,000 |
| Cost Control Manager | 6,00,000 - 14,00,000 |
| Risk Management Specialist | 7,00,000 - 14,00,000 |
CMA Salary Industry-wise
Every industry is different and offers different CMA packages in India and growth opportunities. While the standards have changed after the pandemic, here are what top industries are paying to the CMAs in India:
| Industry | CMA Salary (Per Annum) |
| Oil & Gas | 19 Lakhs |
| Engineering/Construction | 7.8 - 8.5 Lakhs |
| Education & Training | 6.3 - 8.1 Lakhs |
| Clinical Research | 3.9 Lakhs |
| Analytics/KPO | 6.6 Lakhs |
| FMCG Companies | 5.7 - 7.3 Lakhs |
| Financial Services | 3.5 Lakhs |
| IT Services & Consulting | 10.1 Lakhs |
When we talk of abroad, the first country that comes to our mind is the USA. The CMA salary in the USA also varies on the industry, and the same is mentioned below:
| Industry | CMA Salary in USD |
| Educational Industry | $103000 |
| Medical | $94500 |
| Retail and wholesale | $106000 |
| Finance | $90000 |
| Manufacturing | $100000 |
| Government Sector | $94500 |
| Public Accounting Sector | $85500 |
Also check - How to Become a Company Secretary
Average Salary of CMA in Various Countries
The work location of a CMA also influences their compensation significantly. Now, over 100 countries recognize CMA as a profession, yet the Middle East and the USA are where it is most popular. The average compensation for employment after completing the course is likewise high in the United States, making it the most excellent location to work as a CMA.
Now, let us check various top-paying countries for Cost Management Accountants:
| Country | CMA Average Salary |
| USA | USD $109,119 |
| Dubai | USD $111,000 |
| Canada | USD $100,000 |
| United Kingdom (UK) | USD $69,426 |
| European countries | USD $81,403 |
| Asian countries | USD $40,354 |
| The Middle East | USD $40,722 |
If you work in a nation that is economically affluent with a huge market for CMAs, you will make more money than it would be if you work in a nation that is still growing with low demand for CMAs.
Before deciding where you wish to work and reside, you must also evaluate each nation's living expenses and benefits. As it will be the most crucial career choice, ensure that you consider every perspective before making your ultimate decision.
CMA Average Salary Packages in Different Cities of India
CMA salary in India also varies on the job location. The average package in India is based on the cost of living in the city and other factors. The below table mentions the salaries of CMA in different cities:
| City | Average CMA Salary (Per Annum) |
| Mumbai | 6,00,000 - 15,00,000 |
| Delhi | 5,50,000 - 14,00,000 |
| Bengaluru | 5,00,000 - 12,00,000 |
| Chennai | 4,50,000 - 11,00,000 |
| Hyderabad | 4,50,000 - 10,00,000 |
| Kolkata | 4,00,000 - 9,00,000 |
| Pune | 4,50,000 - 10,50,000 |
| Gurgaon | 6,00,000 - 14,00,000 |
Also read - ACCA Salary in India
CMA Salary in Government Jobs
Cost management accountants can also work in government jobs. Here is the CMA salary offered by government companies or PSUs:
| Government Sector | Average Annual Salary (Approx.) |
| Public Sector Enterprises (PSUs) | 6,00,000 - 12,00,000 |
| Central Government (e.g., Income Tax, CAG) | 6,00,000 - 10,00,000 |
| State Government (Finance Department) | 5,00,000 - 8,00,000 |
| Government Agencies (e.g., NABARD) | 5,50,000 - 9,00,000 |
| Government Banks (e.g., SBI, RBI) | 7,00,000 - 14,00,000 |
Average CMA salary in India in Top Private Companies
The following table shows the average CMA salary prime private companies in India -
| Company Type | Average CMA Salary (Per Annum) |
| Multinational Corporations (MNCs) | 8,00,000 - 20,00,000 |
| Consulting Firms (e.g., Deloitte, EY, PwC) | 7,00,000 - 18,00,000 |
| Financial Services (e.g., HDFC, ICICI) | 6,00,000 - 15,00,000 |
| FMCG Companies (e.g., Nestle, Unilever) | 6,50,000 - 15,00,000 |
| Manufacturing Companies (e.g., Tata Motors, Mahindra) | 6,00,000 - 14,00,000 |
| IT Services & Tech Companies (e.g., Infosys, Wipro) | 7,00,000 - 18,00,000 |
Read - CA Salary in India
CMA Internship Training Salary in India
As per the ICMAI rules, the minimum CMA training stipend or salary every organization has to pay is:
| Industry/Company Type | Stipend Range (Per Month) |
| Multinational Corporations (MNCs) | 10,000 - 25,000 |
| Consulting Firms (e.g., Deloitte, EY, PwC) | 15,000 - 25,000 |
| Financial Services (e.g., ICICI, HDFC) | 10,000 - 20,000 |
| FMCG Companies (e.g., Nestle, Unilever) | 12,000 - 20,000 |
| Manufacturing Companies (e.g., Tata, Mahindra) | 10,000 - 18,000 |
| IT Services & Tech Companies (e.g., Infosys, Wipro) | 12,000 - 20,000 |
Role of a Cost Management Accountant
As a CMA, he is responsible for keeping track of the company's finances, including income and expenses. He can work in private, public, or government companies. The day-to-day tasks of CMA include strategic planning, decision-making, budgeting, recording numbers, and preparing data.
The various roles of a CMA are:
1. Cost Management – Their responsibility is to manage and control the planned budget. They help businesses with expenditures, control them, and minimize the risk of over-budgeting.
2. Performance Management – Analyzing the financial sector and the firm's performance in the market and improvising the performance. Their role is to assign responsibilities according to the organizational structure.
3. Internal Control – They are responsible for ensuring financial integrity and accountability and averting fraud. CMA's role is to manage conformity of laws and regulations and thwart employees from committing fraud or stealing.
4. Analyze Profitability – CMA's role is to conduct analyses by determining specific ratios. They determine profitability by dividing equivalent values or profits by assets, expenses, and revenues. The knowledge of profit margin, equity return, assets return, and capital returns is a must.
5. Investment Decision – They are also responsible for making financial decisions and allocating funds to business/investment opportunities. Their job is to look for investment proposals that will benefit the company in the long term while analyzing the potential risks and uncertainty of the proposal.
Areas for Recruitment for CMA
The demand for CMAs is increasing rapidly worldwide, especially in India. Most companies prefer to work for them as they are skilled in their sectors. CMAs can be found in various industries and fields. Some of the flourishing industries are-
- Finance
- Research
- Management
- Accounting
Various Types of CMAs in India
There is a range of subdisciplines from which students may select to become qualified management accountants. A Cost management accountant is a viable job option for college students. The subdisciplines that comprise a profession as a Cost management accountant are listed below -
1. Financial Advisor
A financial manager is accountable for assuring the financial viability of proposed investments. He is also responsible for advising corporations on issuing corporate bonds and doing financial analysis and research that provides insight into a company's profitability, stability, and liquidity.
2. Management Accountant
The management accountant is an important subcategory for a career as a CMA. This profession demands students have planning and strategy skills. Yet, accountants will require budgeting, planning, and strategic thinking skills. Further, it will assist management in making long-term financial choices for the organization.
3. Chartered Accountant
Like Cost Management Accountant, Chartered Accountant is also a respected profession. Furthermore, it is one of the most recognized professions in India. The position includes auditing financial accounts, preparing business tax forms, and providing financial guidance.
4. Cost Accountant
The role of a cost accountant is to monitor and analyze all costs incurred by a business. This enables the organization to uncover the areas incurring losses and enhance its financial management.
5. Chief Financial Officer
A CFO position is regarded as a prestigious position that everyone would desire. A person may excel in business and be considered the CEO's right hand. Usually, the CFO is responsible for all financial reporting and forecasts. It is a profession that can help you get a high CMA Salary in India.
Top Companies offering CMA Jobs in India
All prestigious organizations seek CMA professionals. Compared to businesses with and without CMA experts, those with CMA professionals often have excellent financial planning.
So the top companies that are hiring CMA including the top four big firms:
- Deloitte
- EY India
- PwC
- KPMG
Some other leading companies where CMA professionals can work are:
- Amazon
- HPE
- Accenture
- Larsen & Toubro
- Wipro
- Cyqurex
Salary Comparison: CMA vs Other Accounting Certifications
| Certification | Starting Salary Range (Per Annum) | Senior-Level Salary Range (Per Annum) | Key Characteristics |
| CMA (Cost and Management Accountant) | 300,000 - 600,000 | 1,500,000 - 3,000,000+ | Specializes in cost management, budgeting, and financial analysis. Often higher in manufacturing and consulting sectors. |
| CA (Chartered Accountant) | 600,000 - 800,000 | 2,000,000 - 4,000,000+ | Generally higher starting salaries. Focuses on auditing, taxation, and financial reporting. Often earns more in senior positions. |
| CPA (Certified Public Accountant) | 400,000 - 700,000 | 1,500,000 - 3,500,000+ | Focuses on international accounting standards. Salary often comparable to CA in senior roles. |
