Entering the working world is daunting enough, but many recent entry-level professionals must also worry about salary stagnation amid escalating inflation.
However, salaries of new accountants and finance professionals have grown 8% over the past year, according to a recent AICPA® & CIMA® survey.
CGMA designation holders report taking home double the average salary
According to the survey, the average salary of AICPA & CIMA members studying the CGMA designation has reached £38,000. To put that in context, the median weekly pay for full-time employees in the UK was £640 in April 2022, or less than £31,000 a year, according to the Office for National Statistics. That puts candidates on the path towards earning the CGMA designation at a pay grade considerably higher than average.
And once candidates secure the CGMA designation, they can expect a significant pay bump. The survey reported that those with a CGMA status usually have a starting salary of £54,000 and can rise to £93,000 as they progress in their career. This shows that employers place a high value on the skills sets that CGMA designation holders bring to their organisations.
The AICPA & CIMA salary survey is a crucial tool that allows candidates and members to compare their salaries with peers and better understand their economic value in a competitive labour market.
The survey provides accurate and relevant earning prospects for today's accountants and management accountants in the U.K. and the U.S.
A fulfilling and financially rewarding profession
Employees strive to maximise their earning potential throughout their careers. However, many organisations can no longer provide salaries that meet rising living costs.
As evidenced by the survey, a career in the accounting and finance profession is less vulnerable to salary stagnation.
Over one-third of AICPA & CIMA candidates and members credited their salary rise to the growth of their organisation. Hard work, sacrifice and a profit-sharing ethos go far in the accounting and finance profession, particularly if you are a candidate or member of AICPA & CIMA.
Build more than a career … build a future
Whether you are a CGMA designation holder or a candidate juggling your studies, the profession's leading management accounting designation opens the door to higher salaries, larger networks and increased resources for an esteemed and successful career at all stages of your accounting and finance journey.
