With great jobs come great responsibilities comes great salary! Having specialized knowledge of business strategy and value creation are highly in demand for a CMA.
CMA is one of the most reputed designations that comes with a bright career. CMAs are responsible for allocation and management of funds of the business. They also need to focus on financial analysis and decision-making aspects for the sustainable development of business.
CMAs are specialized in implementing advanced technologies in cost and overall business management, keeping updated with the recent trends in global businesses. Over the past few years there has been a huge hike in the salary for a cost and management accountant in India.
In this article, we will talk about the scope of cost and management account in India and what their average salary may be around.
Table Of Content
- Scope of CMA in India
- Average Salary for CMA in India
- How to Find CMA Jobs in India After Completing the Course?
- Top companies in India to work for as a CMA
- The Big 4 – CMA Firm you can work in
- How Toplad helps in finding the best CMA job for having the desired Salary
Scope of CMA in India
Over the last few years, the importance and scope of CMA have been on the rise due to India’s economic growth, large foreign businesses entering our market and the Make in India movement. As the world is getting updated day by day technologically, several companies are facing critical issues in the competitive edge of globalization. With the technological innovations in the global economy, there is an urge in need for having a certification that can build an aptitude especially premeditated and skilled for the present business era. This is where the CMAs come in.
CMAs can get employment opportunities in the following sectors:
- Government Sector
- Banking and finance sector
- Education Sector
- Private sector
- Training sector
- Research sector
- Service and public utility
- Medical/ Health services
- Information Technology (IT)
It has been observed that a company with CMA professionals tends to have better financial planning as compared to an organization without one.
Average Salary for CMA in India
With great jobs come great responsibilities comes great salary!
No doubt this course can lead to high earnings. A student who has cleared intermediate group 1 level can get between 1 – 6 Lakhs per annum, and after clearing group 2, if he/she scored top rank in the examination can get between 3.8 – 17 Lakhs per annum.
But this is just the salary before even completing the entire three level course. A CMA certified (who has cleared all three levels) can get a starting salary of 7 – 20Lakhs per annum.
Though the average salary for a fresher in India is 5-7 Lakhs per annum. High positions such as CFO (Chief Financial Officer) can earn up to 40Lakhs per annum.
Semi-qualified CMAs: If you are a semi-qualified CMA, then you can expect the stipend somewhere between Rs.15,000-Rs.30,000/- per month, depending upon the company or the firm.
Qualified CMAs: Well, if you are a qualified CMA, Congrats!, but let me tell you this, after qualifying CMA, when you apply for jobs, the number of attempts does count so, If you are clear on the first attempt then the chances of getting big packages are very high. Salary of a CMA fresher with no experience in India can expect to earn in between Rs. 3.5 lakh- Rs. 9 lakh per year, depending upon the company and the attempts you have taken to complete the course.
How to Find CMA Jobs in India After Completing the Course?
In recent times, as we all are flourishing in this new globalized world, companies and organizations require professionals such as CMAs who got specialized knowledge about business strategy and value creation. It is leading to a rise in salary for CMA. There has been a recent hike for CMAs in the government sector, private sector, banking & finance sector, developmental agencies, education, training & research sector as well as in-service and public utility sector.
Further, given their specialized knowledge and training, CMAs may hold a top management position in public and private sectors’ enterprises like Chairman cum Managing Directors, Managing Director, Finance Director, Financial Controller, Chief Financial Officer, Cost Controller, Marketing Manager, and Chief Internal Auditor and other important positions.
Top companies often update their job openings on their official websites, or on LinkedIn, whereas other companies often post on indeed or naukri.com. Now, seeing websites or different accounts of every individual company all the time can be very hectic. Thus you can always check out Toplad’s job portal, where we regularly post job openings from top companies.
Note: Checkout TopLad’s Job Portal
Top Companies in India to Work for as a CMA
Some of the top companies where you can apply in India and earn a good salary for a CMA are:
Amazon is the world’s largest e-commerce marketplace and it is the third most authentic brand in India. It also has 41 fulfilment centres across 13 states and more than 20,000 Indian sellers. The company currently offers millions of products on its platform and has millions of registered users. The average salary provided by Amazon is somewhere between Rs. 3Lakh- Rs. 9Lakh.
Accenture is a leading global professional services company. It provides a broad range of services and solutions in strategy, consulting, digital, technology, and operations. The average salary provided by Accenture is somewhere between Rs. 4Lakh- Rs. 7Lakh.
Caterpillar is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. The company principally operates through its three primary segments – construction industries, resource industries, and energy & transportation – and provides financing and related services through its financial products segment. The average salary provided by Caterpillar is somewhere between Rs. 3.5Lakh- Rs. 7Lakh.
Larsen & Toubro
Larsen & Toubro Limited is one of the largest and most respected companies in India’s private sector. L&T, as the first step towards recognizing and accepting CMA certification, has agreed to recruit CMAs for their various finance functions and costing division based at Chennai. The average salary provided by Larsen & Toubro is somewhere between Rs. 4Lakh- Rs. 10Lakh.
The Company has it’s Wipro Consumer Care and Lighting and Wipro Infrastructure Engineering under its umbrella. Wipro Consumer Care & Lighting is a leading FMCG business in Personal Care, Home Care, Lighting & Switches, and Office Furniture. It is a diversified engineering business in the fields of Hydraulics, Water Treatment, Additive Manufacturing, Aerospace, and Automation Solutions. Average salary provided by Wipro is somewhere between Rs.3lakh- Rs. 7Lakh.
The BIG 4 – CMA firm you can work in
The Big 4 refers to the 4 largest professional services network in the world. Being a CMA you have the opportunity to work in the Big 4:
Deloitte Touche Tohmatsu Limited
Multinational professional services network with offices in over 150 countries. They provide auditing, consulting, Financial advisory, risk advisory, tax and legal services.
Ernst & Young
Multinational professional services network with offices in over 150 countries. They are headquartered in London. They provide financial audit, consultancy, tax and advisory services.
Price Water Coopers
Second largest professional services network in the world. They have offices in 157 countries
Klynveld Peat Marwik Goerdele
British – Ditch multinational professional services network has offices in 145 counties. They provide financial audit, tax and advisory.
How Toplad helps in finding the best CMA job for having the desired Salary
TopLad has a job portal where you can find new and exciting job opportunities daily. We regularly post the latest jobs from the top companies such as Amazon, Accenture, Larsen and Toubro, Ernst and young, and many more! Whether you are semi-qualified or fully qualified, you can check out the best options here.
Check out TopLad’s Job Portal Now