For many accounting analysts, 2011 was quite challenging, as it was the first year that accountant salaries decreased. According to the Institute of Management Accountants (IMA), however, salaries for accountants are on the mend, with members of the IMA reporting rising average salaries and total compensation in their 2012 Annual Salary Survey.
And it should be noted that increases were not just small, but significant. Significant enough to, once again, put focus on the accounting profession and the many opportunities available in the field.
The IMA survey reported that professionals cited a number of reasons for increasing salaries and compensation, including advanced degrees, experience, and professional certifications.
A Breakdown of the IMA 2012 Annual Salary Survey
Other highlights of the 2012 survey include:
- IMA members enjoyed an average salary increase of $3,624. This represented an increase of 3.3 percent, bringing the total average IMA member survey respondent average to $112,625.
- IMA members reported an increase of average total compensation of $6,063, which totaled $135,654, the first time ever that the average total compensation of IMA members in their annual survey was above $130,000.
- The average among IMA members holding the CMA (Certified Management Accountant) certification was determined to be $115,290.
- The average total annual compensation for CMA members was $139,578 or 32 percent more than those without CMA certification.
- CPAs with CMA certification, among ages 19 to 29, earned an average of 44 percent more than those individuals of the same without the CMA certification.
The Institute of Management Accountants is one of the largest associations for the management accounting professional. The IMA supports the accounting professional through the CMA program, continuing education, and strong ethical business practices. There are more than 65,000 IMA members across 120 countries.