Chartered Financial Accountant Salary Comparison by Region and Industry

As a chartered financial accountant, your salary can vary significantly depending on the region you work in. In the UK, for example, the average salary for a chartered financial accountant is around £53,000 per year.

Chartered financial accountants working in London tend to earn more than those in other parts of the UK, with an average salary of £63,000 per year. This is likely due to the high cost of living in London and the competitive job market.

Industry also plays a significant role in determining chartered financial accountant salaries. In the finance and insurance sector, the average salary is around £65,000 per year. This is higher than the average salary in the public sector, which is around £45,000 per year.

Chartered financial accountants working in industry tend to earn more than those in the public sector, with an average salary of £60,000 per year. This is likely due to the fact that industry jobs often require specialized skills and experience.

As a chartered financial accountant, you'll have a wide range of career paths to choose from. Many CPAs work as tax and finance specialists for insurance companies, finance-focused organizations, financial professionals, and government agencies.

CPAs can also choose to become self-employed, which offers flexibility in selecting their own clients and salary. With the right knowledge and experience, top-level CPAs can earn upwards of $150,000 per year.

The average standard accountant makes a median income of $77,250 annually, which is a good starting point for those just entering the field. However, with education and experience, CPAs can significantly increase their earning potential.

Here's a breakdown of average salaries for CPAs in different roles:

Keep in mind that salaries can vary based on the organization, company, or individual you work for, as well as the region where you live and the knowledge and expertise you bring to the table.

In the Middle East, Africa, and India region, the median salary for CMAs is over $44,000, with a mean base salary of $30,000.

The CMA premium is significant in this region, with individuals who hold the CMA designation earning 33% more than those who do not.

The region with the lowest mean and median base salary is Africa, but it's worth noting that women in Africa earn around 83% of what men do in terms of median salary.

Here's a breakdown of the average CMA salary in different regions:

In Europe, the average base salary for a CMA is $104,369, with a mean total salary of $124,024.

In the United States, the median base salary for CMAs is around $124,000, while the median total compensation is around $139,000.

The popularity of the CMA certification in Europe has increased, with 70% of survey respondents holding the CMA certificate in 2023.

In the Middle East/Africa/India region, the median salary for CMAs is the highest, with a mean base salary of over $44,000 and a median base salary of $30,000.

The CMA certification provides a significant salary boost, with CMAs earning around 21% more in total compensation on average compared to non-CMAs.

Here's a breakdown of the average CMA salary by region:

The CMA certification also provides a significant salary boost in the United States, with CMAs earning around 24% more in median salary compared to non-CMAs.

In the United States, CMAs working in the information technology industry have the highest median base salary, at $147,000.

The CMA certification is valuable globally, with CMAs earning around 21% more in total compensation on average compared to non-CMAs.

In the Middle East, the median salary is a significant factor in determining the average earnings of professionals.

The median salary in the Middle East is $30,000, according to the CMA Salary Survey Results. This is a notable figure, especially when compared to other regions.

CMAs in the KSA have a substantial advantage when it comes to median total compensation, with a median total compensation that is 79% higher than their non-certified peers. This is a clear indication of the value that certification can bring to one's career.

The salary of a Chartered Financial Accountant (CFA) can vary significantly depending on the industry they work in.

In the USA, CMAs in the information technology industry earn the highest median base salary, at $147,000. This is followed closely by those in the banking sector, with a median base salary of $144,250.

CMAs working in contract construction, public accounting, and funds/trusts/other financial vehicles tend to earn the lowest median base salary, with $108,641, $100,750, and $89,000, respectively.

If you're a CFA charterholder in India, you're likely wondering which top companies employ professionals with your credentials. Crisil is one such company that offers a salary range of ₹198,659 – ₹1,735,278.

The Goldman Sachs Group, Inc. is another prominent employer, offering a salary range of ₹364,923 – ₹1,650,000. This is significantly higher than the national average, making it a lucrative option for charterholders.

J.P. Morgan Chase & Co. (JPMCC) also employs charterholders, with a salary range of ₹157,046 – ₹1,526,047. This is a great option for those looking to work in a well-established financial institution.

HSBC offers a salary range of ₹600,000 – ₹1,678,652, making it an attractive option for those looking for a high-paying job. Credit Suisse rounds out the list, offering a salary range of ₹1,080,000 – ₹1,915,000.

Here is a list of the top companies that employ CFA charterholders in India, along with their respective salary ranges:

Working in the right industry can significantly impact your salary as a CMA accountant in the USA. The median base salary for CMAs in the information technology industry is a whopping $147,000.

The banking sector is a close second, with a median base salary of $144,250. CMAs in this industry can expect a significant income boost.

On the other hand, CMAs working in contract construction tend to earn a lower median base salary of $108,641. This is one of the lowest-paying industries for CMAs in the USA.

CMAs working in public accounting also earn a relatively low median base salary of $100,750. This is another industry where CMAs may not see the same level of compensation as their peers in other fields.

For those interested in working in the medical/health services industry, the median base salary for CMAs is $134,500. This is a competitive salary, but it's worth noting that this industry may have its own unique set of challenges and requirements.

Earning a CMA designation can significantly boost your salary and career prospects in the Middle East, India, and Africa region.

In fact, 87% of respondents mentioned that a CMA helped them gain more confidence to perform at a higher level, and nearly 80% said it opened the door to better career opportunities.

The median salary in the Middle East was the highest in this region, with a mean base salary of over $44,000 and a median base salary of $30,000.

Professionals with a CMA designation in India earn more than their non-CMA counterparts, especially if they hold an advanced degree. They can expect to earn 33% more than those without a CMA, and this gap widens to 143% for CMAs in top management and 99% for CMAs in senior management.

Women in Africa earn around 83% of what men do in terms of median salary and 88% in total compensation, making the gender pay gap the lowest in the region.

The CMA premium is the greatest for those living in Africa, with those having a CMA out-earning their non-CMA peers by 81% in terms of average salary.

Having a CMA designation in China can make a big difference in your career.

The CMA designation allows professionals to transition across all areas of business.

In fact, 89% of respondents felt more confident in their ability to perform at their job with a CMA designation.

This confidence boost can be a game-changer in the workplace.

The average base salary for a CMA in China has decreased slightly from previous years, but it's still a respectable figure.

The average base salary in 2023 was $26,092, with a median of $30,000.

Highest earners in China with a CMA designation can be found in Shanghai, where salaries tend to be higher.

Experience plays a significant role in determining CFA salaries. As professionals progress through Level 1, Level 2, and Level 3 of the CFA program, their earning potential tends to increase.

Understanding the salary structure is crucial for CFA professionals in India, where experience is a key factor. The salary structure is intricately linked to their experience and the level of the CFA program they have completed.

Upon successful completion of CFA Level I, candidates can either progress to CFA Level II or explore promising job opportunities. This is a critical juncture in their career, as it opens up new avenues for growth and higher earning potential.

CFA salaries for experienced professionals depend on various factors, including location, industry, and company. This means that professionals in certain industries or locations may earn higher salaries than their counterparts in other areas.

In the USA, non-certified professionals in the field of management accounting can expect to earn a lower median salary compared to their certified counterparts.

Those with neither the CMA nor CPA certification have a significant gap in their earning potential, which can be bridged by obtaining one of these certifications.

A CMA certification can make a huge difference, with respondents holding this certification reporting a 24% higher median salary than those with no certification at all.

Understanding chartered financial accountant salaries involves considering various factors. The level of experience is a significant influencer, as it shapes the earning potential of CFA professionals.

CFA level attained also plays a crucial role, with higher levels typically resulting in higher salaries. The industry in which a CFA works is another key factor, with salaries varying depending on the sector.

The CFA Level 1 course is in high demand, and it's not hard to see why. The CFA certification is recognized in over 165 countries, making it a crucial stepping stone towards becoming a Chartered Financial Analyst.

Completing CFA Level 1 opens doors to abundant job opportunities in both private and government sectors. You can consider roles such as Investment Manager, Portfolio Manager, Risk Manager, or even Chief Financial Officer.

Pursuing CFA Level 1 also provides a strong foundation for career advancement. In India, for instance, numerous financial multinational corporations offer opportunities for growth after completing CFA Level 1.

Entrepreneurial ventures are another area where CFA Level 1 can empower individuals to start their own ventures. This certification not only opens diverse job opportunities but also equips you with the skills to take on new challenges.

Here are some of the job options you can consider after completing CFA Level 1:

In the Kingdom of Saudi Arabia (KSA), certified management accountants (CMAs) earn significantly higher salaries than their non-certified peers. The average base salary for CMAs in KSA is 68% higher than non-CMAs.

This gap in compensation is not unique to KSA, as we've seen similar trends in other regions. However, the 79% higher median total compensation for CMAs in KSA is particularly striking.

Ambition and discipline are likely contributing factors to this salary gap, but it's also worth noting that CMAs often hold advanced degrees, which can also impact their earning potential.

Understanding what affects CFA salaries is crucial for professionals in the field. The level of experience is a significant factor, with more experienced CFAs earning higher salaries.

Experience plays a huge role in determining CFA salaries, with even a few years of experience making a noticeable difference. For example, a CFA with 3-5 years of experience can expect a higher salary than a CFA with less than 3 years of experience.

Industry also influences CFA salaries, with certain sectors offering higher pay than others. The finance industry, in particular, tends to offer higher salaries to CFAs.

The CFA level attained is another critical factor, with each level bringing a corresponding increase in salary. For instance, a CFA charterholder can expect a higher salary than a CFA candidate.

The interplay of these factors shapes the earning potential of CFA professionals, making it essential to consider them when evaluating salaries. By understanding these influences, CFAs can better navigate their careers and make informed decisions about their professional development.

In the UAE, women CMAs earn significantly less than their male counterparts. Women in the UAE only earned 47% of what men earned in terms of average total compensation.

The gap is even more pronounced at the median, where women earned 61% of what men did. This highlights the disparity in pay between men and women in the UAE.

Women make up a relatively small percentage of respondents in the UAE, accounting for just 24% of the total. This is lower than the global average of 39%.

The low representation of women in the UAE is even lower than in MEAI, which had a negligible number of women respondents.

The global perspective on chartered financial accountant salaries is quite fascinating. Having a CMA or CPA designation can significantly boost your median base salary, with a CMA increasing it by over $20,000 in the Americas and a CPA by over $26,000.

Attaining both certifications can be especially valuable, with accountants who have both a CMA and CPA designations having a median base salary that's around 50% higher than their counterparts who have neither. This highlights the unique value of each certification, as they signify different skill sets.

Earning a CMA can also open doors to dream jobs, with 71% of respondents across all regions finding it helped them land a job they love.

In the world of accounting, there are several regulatory bodies that play a crucial role in determining the standards that guide accounting practices.

The Financial Accounting Standards Board (FASB) is one such body that establishes financial accounting and reporting standards for public, private, and non-profit organizations that follow the Generally Accepted Accounting Principles (GAAP).

The Internal Revenue Service (IRS) is another important body that helps taxpayers understand and meet tax obligations and enforces the laws.

The National Association of State Boards of Accountancy (NASBA) is responsible for helping accounting regulators, educators, and practitioners maintain the accounting profession's viability and ensures public protection.

The Government Accounting Standards Board (GASB) establishes accounting and financial reporting standards for governments at the state and local level.

The Federal Accounting Standards Advisory Board (FASAB) improves federal financial reporting standards and guides users on what to do with federal financial information.

Here is a list of the regulatory bodies mentioned:

The world of certifications is vast and complex, but one thing is clear: having a CMA certification can significantly boost your salary. In the 2023 IMA Salary Survey, 2,572 members from 69 countries shared their salary, education, and certification details, showing a 21% increase in total compensation on average for CMAs compared to their non-CMA peers.

The benefits of a CMA certification are not limited to senior professionals, either. In fact, early-career professionals who hold a CMA certification can earn around 41% more than their non-CMA peers.

One interesting pay gap to note is between CMAs and their non-CMA peers in different regions. A chart from the IMA Salary Survey shows that non-CMAs tend to out-earn their non-CMA peers, but the difference varies depending on the region.

Here's a breakdown of the median base salary for CMAs and non-CMAs in different regions:

Keep in mind that these numbers are just a rough estimate and can vary depending on individual circumstances.

While having a CMA certification is certainly valuable, it's not the only certification that can boost your salary. In the United States, for example, having a CPA certification can increase your median base salary by over $20,000 compared to having no certification at all.

It's worth noting that both CMA and CPA certifications are highly valued in the industry, and having both can significantly increase your earning potential. In fact, accountants who hold both certifications can earn a median base salary that's around 50% higher than those who hold neither certification.

Ultimately, the key to maximizing your salary is to choose a certification that aligns with your career goals and industry.

In India, professionals with advanced education surprisingly had an average salary of around $22,500 and a median salary of $8,000.

The global average for average base salary is $69,000, which is significantly higher than what professionals in India earn.

However, it's worth noting that CMAs in India earn more than their non-CMA counterparts, especially if they hold an advanced degree.

China is one of the CMA's fastest-growing regions, making it an attractive career destination for management accountants.

The mean base salary for CMAs in China was $31,180, while non-CMAs earned $26,484, highlighting the significant difference in compensation between the two groups.

CMAs in China can earn upwards of $50,000 depending on their management level, with senior and top management employees earning significantly more than their average counterparts.

Privately owned enterprises in China tend to earn more than their state-owned counterparts, regardless of management level.

The average base salary for CMAs in China decreased slightly in 2023, with an average of $26,092 and a median of $30,000.

The highest CMA earners in China live in Shanghai, highlighting regional variations in compensation.

Having a CMA designation in China allows individuals to transition across all areas of business, with 89% of respondents feeling more confident in their ability to perform at their job.

In the UAE, CMAs tend to earn more than their non-CMA counterparts, with a 12% higher average salary and a total compensation 18% higher.

If you're a CMA in the UAE, you're likely to feel that your certification has improved your career opportunities, with more than three quarters of respondents strongly agreeing.

Having a CMA designation can open doors to better salaries and career prospects in the UAE, and it's definitely worth considering if you're looking to advance your career.

In Europe, the Certified Management Accounting (CMA) certification is highly regarded, with 10 chapters of the IMA across the continent.

The popularity of the CMA certification is growing, with a 70% increase in European survey respondents holding the certificate in 2023.

Getting your CMA certification is a great first step, as it opens up massive potential for growth in European markets.

The average base salary for a CMA in Europe in 2023 was $104,369, according to the IMA.

Adding bonuses, overtime, and other forms of compensation, the mean total salary for a CMA in Europe can reach $124,024.

If you're considering a career in finance in India, you'll be pleased to know that a Chartered Financial Analyst (CFA) designation can open doors to a wide range of job opportunities.

Embarking on a CFA career in India can lead to a spectrum of opportunities, each with its distinct salary structure influenced by several factors.

Some of the top companies that employ CFA charterholders in India include Crisil, The Goldman Sachs Group, Inc., J.P. Morgan Chase & Co., HSBC, and Credit Suisse.

Here are some of the top companies that employ CFA charterholders in India, along with their salary ranges:

Having a CFA designation can also lead to higher salaries, with individuals earning an average of 33% more than those without the designation in India.

India has the highest percentage of respondents with more than a four-year degree compared to the Middle East and Africa.

The average salary of professionals in India is around $22,500, with a median salary of around $8,000. This is lower than the Middle East and drastically lower than the global average.

CMAs in India earn more than their non-CMA counterparts, especially if they hold an advanced degree.