Survey: CPAs earn 27 percent more than non-certified accountants

MONTVALE, N.J., June 13, 2007 – For an 18th consecutive year, accounting professionals who are certified earn significantly more than their non-certified peers, a key finding in the Institute of Management Accountants' 18th annual salary survey, which is featured in the June edition of IMA’s Strategic Finance Magazine.

Respondents holding Certified Public Accountant (CPA), Certified Management Accountant (CMA) or Certified Financial Manager (CFM) certifications reported a higher average salary in 2006 than their non-certified peers: $102,393 compared to $80,738; a difference of 27 percent.

Download the entire survey here.

“Organizations today need accounting professionals who can make strategic decisions and contribute as performance advisors in a rapidly changing business world,” said Paul A. Sharman, ACMA, IMA president and CEO. “This year’s salary survey demonstrates once again that organizations place a high premium on professionals with this set of skills – individuals who take the extra step to become certified.”

The survey also revealed that average total compensation – which includes salary as well as other incentives, such as bonuses and profit sharing – for certified accounting professionals was 31 percent higher than average total compensation for non-certified professionals: $123,662 compared to $94,191.

“It’s clear that over the life of a career, certification has far-ranging benefits, especially when you extend the higher salary and total compensation over the course of 30 or 40 years," said William L. Brower Jr., CMA, CFM, IMA 2006-2007 board chair. "The positive effects of certification run both ways: first, to the organization, which gains a highly qualified professional, and second, to the individual, whose investment in advanced training yields substantial rewards.”

The survey was mailed in December 2006 to a random sample of more than 4,600 IMA members. A total of 1,667 questionnaires were returned, yielding an overall response rate of 36 percent.

Among other findings, the survey revealed that IMA members holding any kind of accounting certification can expect to earn approximately $11,000 to $18,000 more annually than non-certified members during the course of their careers. Compared with last year, average total compensation for all respondents increased by nearly 6 percent to $113,965. More than three-quarters (76 percent) of respondents said they received additional compensation, the highest percentage in the past three years.

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.

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