Certified management accountants weren’t as hurt salary-wise by the economic downturn caused by the COVID-19 pandemic as non-CMAs, according to a survey released Tuesday by the Institute of Management Accountants.
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The COVID-19 pandemic caused widespread job losses and economic devastation in the U.S. and other parts of the world, but accountants fared relatively well compared to other jobs, especially in industries like restaurants, retail, tourism, leisure and hospitality.
“We have always known the CMA certification has a positive impact on compensation and job security,” said IMA director of research Kip Krumwiede in a statement. “This year is especially encouraging as CMA holders have been generally better off in maintaining both their jobs and compensation levels during the pandemic than those without the CMA.”
The difference in median compensation varied sharply by region, according to the IMA survey. Respondents from the Americas region indicated that CMAs earn 22 percent more in median salary and 25 percent more in median total compensation than non-CMAs. They reported the highest median salary and total compensation amounts, earning $103,000 and $115,000, respectively, compared to other regions. CMAs were 12 percent more likely to say their job had not been impacted than non-CMAs, and were 12 percent less likely to be making a career change.
The IMA awards the CMA designation and its annual salary survey tends to show how certificate holders earn more than their counterparts. Those holding the CMA certification were more likely to hold upper management job titles compared to non-CMAs, including directors (73 percent), CFOs (72 percent), and finance managers (66 percent). With CMAs becoming leaders in their companies, 85 percent of all respondents said the CMA gave them more confidence to perform their jobs at a high level and strengthened their ability to move across all areas of the business.
Comparing the impact of COVID-19 on CMAs against non-CMAs, the survey found CMAs were more likely to say their job had not been impacted by COVID-19 than non-CMAs (33 percent compared to 21 percent), and less likely to be making a career change due to COVID-19 (9 percent as opposed to 21 percent).
