Accountant Salaries Increase to Highest Levels Ever

Business Wire,  July 7, 2008  

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IMA's 2007 Salary Survey shows a 6.9 percent increase over last year and an average difference of 25 percent between certified and noncertified professionals

MONTVALE, N.J. -- For the first time in history, the average salary of members participating in the Institute of Management Accountants (IMA([R])) 19th Annual Salary Survey exceeded $100,000; up 6.9 percent from the prior year. And, members with a certification earned an average of approximately 25 percent more than those without certification. These findings come from IMA's Annual Salary Survey, appearing in the June 2008 issue of IMA's Strategic Finance magazine: http://www.imanet.org/publications_sfm_bi_jun2008.asp.

"With today's unstable economic conditions, including soaring gas prices, rising unemployment, and a housing market decline, it's more important now than ever that finance and accounting professionals seek ways to enhance their value," said Jeffrey C. Thomson, IMA president and CEO. "Obtaining a certification, including the Certified Management Accountant (CMA([R])) designation, provides internal accounting professionals with the essential tools they need to be successful and properly compensated. The latest Salary Survey shows that a CMA pays lasting dividends."

The average salary of IMA members responding to the survey was $101,805; a significant increase of 6.9 percent from the 2006 report. Seventy-four percent of respondents reported receiving salary increases, averaging $6,130 in 2007 - a 4.4 percent jump from 2006. Furthermore, the increases in salary range from approximately $500 to $80,000; with a median of $4,000 and a mode of $5,000.

This year's survey once again shows the importance of professional certification to accountants - compensation is far greater for those who have earned the Certified Management Accountant (CMA), Certified Public Accountant (CPA), or both (CMA/CPA) designations than for those with no certification at all.

"The results of this year's survey are a testament to the tremendous value certification adds to accountants' jobs, salaries and ultimately the organizations for which finance professionals work," said Dennis Whitney, CMA, CFM, vice president of the Institute of Certified Management Accountants (ICMA). "The CMA certification is a globally recognized credential for management accountants across all industries."

In 2007, respondents with a certification had an average salary of $108,852 and average total compensation of $131,094. The 32 percent of respondents without a certification had an average salary of $87,093 and average total compensation of $99,834. The respective differences of more than $21,500 and $31,000 are statistically significant, further showing that the earning power of IMA members with a CMA is greater than those without a certification throughout their careers.

IMA's 19th Annual Salary Survey was mailed to a random sample of more than 4,800 IMA members last December. A total of 1,656 questionnaires were returned, yielding an overall response rate of 34 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.

About IMA([R])

With a worldwide network of nearly 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([R])) certification, research, professional education, networking and advocacy of the highest ethical and professional standards. For more information about IMA, please visit www.imanet.org.

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