Management accounting salaries grew nearly 7 percent last year, according to an annual survey by the Institute of Management Accountants of its members.
The average salary of IMA members responding to the 2007 survey was $101,805, the first time the survey showed the average salary exceeding $100,000. Seventy-four percent of the 1,656 respondents reported receiving salary increases, averaging $6,130 in 2007, a 4.4 percent jump from 2006. Salary increases ranged from approximately $500 to $80,000, with a median of $4,000 and a mode of $5,000.
The survey found that compensation was far greater for those who have earned a certification such as the Certified Management Accountant credential, the CPA or both. About 11,000 of the IMA’s approximately 60,000 members are CPAs.
In 2007, respondents with a certification had an average salary of $108,852 and average total compensation of $131,094. In contrast, the 32 percent of respondents without a certification had an average salary of $87,093 and average total compensation of $99,834.
“One of the things that the results show is that not only is there a big dollar difference between certified and noncertified, but the more certifications you have serves to differentiate you in terms of earning power and potential,” said IMA president and CEO Jeffrey C. Thomson. “Those with certification earned about 25 percent more than those without certification. Those with both a CPA and a CMA earned 32 percent more.”
