While the average reported salary of management accountants declined slightly last year, their average total compensation with bonuses increased, according to a new salary survey from the Institute of Management Accountants.
The average reported salary of IMA members surveyed was $109,001 in 2011, down 0.2 percent from $109,265 in 2010. The average total compensation (including base pay and other incentives such as bonuses) rose to $129,591 in 2011, up 0.9 percent from $128,486 in 2010.
Consistent with prior years, the survey reveals that holding one or more professional certifications, such as the CMA or the CPA, has a positive impact on earning power. The average total compensation for those with certification is $139,338, which is $33,411 (32 percent) more than for those without certification ($105,927). Certification especially impacted younger professionals in the 19- to 29-year-old age group, who earned $15,696 more in salary and $20,612 more in total compensation than their noncertified peers.
“Now more than ever, properly trained and certified accounting professionals working in business are in demand, and the findings of IMA’s Salary Survey prove it,” said IMA president and CEO Jeff Thomson in a statement. “Certification helps organizations ensure they have highly qualified talent, and provides accountants with greater career options and earning potential.”
IMA’s Annual Salary Survey contains data segmented by compensation and degrees, organization structure, industry, household income, geography, and management level. The survey was mailed to a random sample of 5,122 IMA members in the U.S. in early December 2011.
To access the survey, visit http://bit.ly/JJe3iP.