MONTVALE, N.J.--(www.imanet.org/pdf/06_2009_salary_survey.pdf.)--As many white-collar professions lose stability amid the economic crisis, one profession is actually weathering the storm. The average salary of members participating in the Institute of Management Accountants (IMA®) 20th Annual Salary Survey held steady compared to last year, Average salary and average total compensation increased 2.2% and 1.4%, respectively, differences that aren’t statistically significant. As consistent with previous surveys, accountants holding professional certifications earned even more – 30% higher in salary and 37% higher in total compensation – than their noncertified colleagues. These findings appear in the June 2009 issue of IMA’s Strategic Finance magazine:
“Professionals and their employers are also realizing critical benefits from advanced certification, including higher skill levels and greater ethical cores within finance teams – these attributes being key to both economic recovery and long-term business sustainability.”
The average salary of IMA members responding to the survey was $104,092. Despite the weak economy, 71% of members reported salary increases – only three percent less than 2007. Members holding IMA’s Certified Management Accountant (CMA®) designation earned 24% more in salary and 31% more in total compensation compared to noncertified professionals.
IMA’s yearly survey continued to demonstrate the importance of professional certification to accountants – those who have earned the CMA, Certified Public Accountant (CPA), or both (CMA/CPA) designations earn far greater compensation than those with no certification at all. In addition, young professionals enjoy the financial benefits of CMA certification early in their careers – among respondents in the 19-29 age category, those with the CMA earned an average of $72,096, a 21% difference from noncertified professionals in the same category, who earned $59,496 on average.
“While the economy has forced many corporations to eliminate positions in previously secure fields, the IMA Salary Survey demonstrates both the stability and the opportunity within the accounting profession,” said Jeff Thomson, IMA President and CEO. “Professionals and their employers are also realizing critical benefits from advanced certification, including higher skill levels and greater ethical cores within finance teams – these attributes being key to both economic recovery and long-term business sustainability.”
IMA’s 20th Annual Salary Survey was mailed to a random sample of more than 4,800 IMA members last December. A total of 1,578 usable questionnaires were returned, yielding an overall response rate of 33 percent. The survey was conducted by David L. Schroeder, associate professor of information and decision sciences, and Karl E. Reichardt, CMA, associate dean and associate professor of accounting, both at Valparaiso University’s College of Business Administration.
With a worldwide network of about 60,000 professionals, IMA is the world’s leading organization dedicated to empowering accounting and finance professionals to drive business performance. IMA provides a dynamic forum for professionals to advance their careers through Certified Management Accountant (CMA®) certification, research, professional education, networking, and advocacy of the highest ethical and professional standards. For more information about IMA, please visit www.imanet.org.