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Compensation Up for Management Accountants

Management accountants stayed ahead of inflation last year as compensation rose by more than seven percent globally and more than four percent in the United States, according to the latest survey from the Institute of Management Accountants.

Total median compensation for management accountants in the United States increased to $100,000 in 2014 compared to $96,000 the prior year. Certification makes a difference as those with the Certified Management Accountant (CMA) designation reported compensation of $125,000 versus $94,000 for those without the certification. Globally, the difference is even more pronounced as CMAs in the Asia/Pacific region report 75% higher compensation than their non-certified counterparts.

The other good news is demand for accounting professionals continues to remain strong. The Bureau of Labor Statistics predicts there will be 16% more jobs in the field of accounting by 2020.

All of this means that if you are seeking a stable, growing career, management accounting is one that will likely provide you with some degree of satisfaction.

As with any career choice, you should also select a profession where you have an aptitude and enjoy it. For those who excel at management accounting they will find satisfaction in helping companies uncover ways to become more profitable, minimize risks and provide insights to management based on an analysis of the numbers.

If you are an employer concerned about the availability of accounting talent there are some good options available:

Develop a good relationship with local universities and colleges offering accounting degrees. If instructors are familiar with your company you may have access to students for internships and may be first in line to offer potential stars their first jobs.

Consider scholarships for existing employees who have the desire to advance and demonstrate an aptitude for problem solving and numbers. Growing your own talent is never a bad idea.

Network. You never know where you will find talented people. The more people are familiar with your company and your potential needs, the more likely you will be to uncover talented professionals looking to make a move.