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Administration January 8, 2004
CMA/CFM Certifications Worth 25% More
August 13, 2003 (PLANSPONSOR.com) - Adding a
Certified Management Accountant (CMA) or Certified Financial
Manager (CFM) designation onto a financial executive's resume
can be worth 25% more on average in total
compensation.
Reported by Eric Hazard
The Institute of Management Accounts (IMA) survey found those financial executives who have either designation receive an average total compensation – salary plus bonuses and profit sharing – of $101,523 compared to only $80,106 for their certification-less financial peers. Additionally, the base salaries of CMA- and CFM- certified employees last year was $88,670, compared to $72,589 for non-certified individuals , according to a SmartPros report.
The IMA – the association that offers the CMA and CFM certifications – also found the financial advantage of earning the credential cut across age and gender lines. Both men and women with certification earned more than their counterparts without. In every age range studied, from 18 through 60 and over, individuals without certification earned significantly less than those with the CMA, CFM or both.
Plus,some employers grant immediate salary boosts for employees who pass their CMA certification test. The increases ranged from $100 to $16,000, and the median amount increase was $2,750, the IMA said.