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Cost Accountant Salary: Average Salary, Highest Salary, Experience Wise Salary 2023

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Ahana Bhaduri

Senior Content Specialist

With the rise in demand for cost accountants in the government banking sector, private sector, finance sector, education, training, developmental agencies, and research, students are inclining towards this field to get a handsome pay in their professional career.

The average income of a Cost Accountant is INR 2,50,000 per year for a fresher. Getting this amount with mere preparation in a year is challenging yet worthy. The salary increases with the growth in experience. An experienced CMA can get a salary up to INR 50,00,000 annually, if they are at the top position in an organization. Due to this, CMA has gained popularity in the last few years.

To become a CMA, a candidate must clear three levels, i.e., Foundation, Intermediate and Final. The fees for the Foundation course is INR 4,000, for Intermediate is INR 20,000 and for the Final course is INR 17,000. 

To pass these exams, the candidate must obtain at least 40% marks in each paper that appeared, and must also obtain at least 50% marks in aggregate. After qualifying all these three levels, the candidate has to do 100 hours of Computer Training Programme, 7 hours of Industry Oriented Training Programme, 3 days of Communication Skills and Soft Skill programme, 15 days Modular Training, and Practical training.

To get a valid CMA certificate, the candidates must enrol themselves in the Institute of Management Accountants (IMA). This registration is crucial, and should not be ignored at any cost. The body that conducts examinations for CMAs in India is ICoAI. The Institute of Cost Accountants of India (ICoAI) is a legal professional accountancy body in India, which the Ministry of Corporate Affairs regulates, Government of India. The ICoAI predicts to become the Global Leader in Certified Management Accountancy and become a truly global professional accounting body.

Check: Accounting Courses

What is Cost Accounting?

  • Cost accounting deals with keeping records of variable and fixed costs of a company. 
  • It is a form of managerial economics that targets to capture the total cost of a company.
  • Cost accounting deals with all input costs linked with production, management, or other aspects, including fixed and variable costs. 
  • Unlike financial accounting, which is strictly followed by internal administration, cost accounting is flexible. 
  • As a result, it can be modified from time to time to boost the growth and development of a company.
  • Cost accountants (CMAs) lead various sectors, like pharmaceuticals, metals, auto, energy, finance, IT, and many more, with their specialized knowledge in value creation and business strategy. 
  • Cost accountants make up the top management of different companies and hold positions like Chairman, Managing Director, Finance Director, Cost Controller, Chief Financial Officer, Financial Director, Marketing Manager, Chief Auditor, and many other crucial positions. 
  • Many global marketers have predicted a significant rise in the need for cost accountants is coming in the future. 
  • They will play a key role in expanding the industrial sector from here onwards. 
  • Of course, their flexibility to work under harsh conditions serves as a cherry on the cake. There is no doubt why a cost accountant is a multifaceted professional.

Check: BCom Accounting and Finance

What Does a Cost Accountant Do?

  • The primary role of a cost accountant is to analyze and report a company's profit and loss margins.
  • Cost accountants collect all sorts of cost data, including maintenance expenses.
  • They determine variable costs, like operational costs, purchasing costs, etc., and fixed costs, like salaries, insurance, rents, etc.
  • They have to prepare cost forecasts every month, every quarter, or year, depending upon the company's requirements.
  • They must assist in keeping track of year-end and month-end closing.
  • Cost accountants need to review actual and standard costs for inaccuracies.
  • They play a significant role in building up data accumulation systems.
  • They identify loopholes in the costs of a company and provide effective solutions for the same.
  • They have to prepare budgeting reports for each department in the company.

Check: BCom with CMA 

How to Become a Cost Accountant in India?

The role of a cost accountant varies from organization to organization. But their general duty remains the same to handle the financial aspects of a company. 

  • Choosing the right stream from the school days can assist a student in becoming a cost accountant. 
  • The student can choose any subject of their interest except fine arts. 
  • It is not mandatory to select accounts or commerce as the mainstream. 
  • After 12th, one can directly apply to become a CMA if they have qualified for the entrance test and have pursued their undergraduate degree. 
  • Students can start from level 1 of the CMA Foundation course without a graduation degree. 
  • The time taken to become a certified CMA varies from group to level in the CMA Foundation. Every year 6% to 30% of students clear the written exam of CMA. 
  • The Institute of Cost Accountants of India (ICAI) conducts the most rigid examination for one of the most delicate jobs in India. 

There are two ways of becoming an official CMA:

First Method to Become a Cost Accountant

  1. Qualify Class 10
  2. Pass Class 12
  3. Appear and Qualify the Examination – Enrol for the Foundation – Computer Training & Soft Skills
  4. Register for Intermediate Level
  5. Register for Final Level
  6. Appear and Qualify the Examination – 15 days Modular Training - 7 days Industry Oriented Training

Second Method to Become a Cost Accountant

  1. Graduate/ CA CPT Pass/ CS Foundation Pass – Enrol for the Foundation – Computer Training & Soft Skills
  2. Appear and Qualify the Examination
  3. Register for Intermediate Level
  4. Appear and Qualify the Examination
  5. Register for Final Level
  6. Appear and Qualify the Examination - 15 days Modular Training - 7 days Industry Oriented Training

Cost Accountant Salary in India

The annual salary of a CMA varies with their levels, the company they work in, and their sector. There is no minimum or maximum wage for CMAs in India. They can get INR 30,000 to INR 1,50,000 a month, which makes CMAs one of the highest paying nationals in India. Their salaries can exceed INR 10,00,000 if they acquire top positions in the company.

The salary of a cost accountant per month in India also depends on the type, of course, they have pursued.

Check: All About CA Course

Qualification Wise Salary

Course Name Average Annual Salary
BBA in Accounting INR 2,00,000 to INR 5,00,000
BSc Accountancy INR 3,00,000 to INR 10,00,000
BA in Accountancy INR 3,00,000 to INR 10,00,000
BCom Accountancy INR 2,00,000 to INR 10,00,000
MCom Accountancy INR 1,80,000 to INR 2,28,000
MBA in Accounting INR 8,00,000 to INR 25,00,000

Cost Accountant Salary in Kolkata

  • Kolkata is one of the most populated cities in India. With its growing industrial sector, demand for skilled CMAs to fulfil various requirements is also increasing. 
  • The average salary of a CMA in Kolkata is INR 4,90,000. In addition, they get a bonus of INR 14,000 to INR 30,000 per year. 
  • CMAs are paid less at entry levels than early careers. 
  • There are 80% men and 20% women CMAs working in Kolkata.

Check: List of Top CMA Institutes in Kolkata

Cost Accountant Salary in Mumbai

  • Mumbai is rich in industries and manufacturing units. 
  • They require both skilled and unskilled workers to boost the growth of the state. 
  • The average salary of a cost accountant here is INR 5,00,000 per year. 
  • There are 83% men and 17% women CMAs working in this city. 
  • The middle and experienced level workers are paid the most in this city.

Check: List of Top CMA Institutes in Mumbai

Cost Accountant Salary in Chennai

  • CMAs in Chennai are paid more than any other regional CMAs because of the competition to grab the top post in an organization. 
  • The average salary is INR 7,00,000 per year. 
  • They also get a higher bonus than any other state’s CMAs. 

Check: List of Top CMA Institutes in Chennai

Cost Accountant Salary in Hyderabad

  • Hyderabad is one of the biggest cities (area-wise) in India. 
  • The average salary of a CMA is INR 6,00,000 per year. 
  • The gender gap of working in an organization is 1:3, female and male respectively. 
  • Here, the workers are more prone to harsh industrial climates. Therefore, suffering from poor dental conditions and low eyesight.

Check: List of Top CMA Institutes in Hyderabad

Cost Accountant Average Annual Salary

The first question that comes to everyone’s mind is ‘how much will I be paid if I become a CMA’. Well, the answer depends upon your experience level, organization, location, and a little, on your gender (if you are working in a private firm). 

  • The starting salary of a cost accountant in India per month is INR 25,000, which is more than the salary of a Certified Public Accountant (CPA). 
  • This is quite natural that skilled CMAs will be paid more than their fresher counterparts, and industrial and well-developed regions will pay their CMAs more than rural or semi-developed regions. 

The following categories sum up the salaries of a CMA based on different criteria:

Check: Commerce Courses after 12th 

Experience Wise Salary

Experience Level Average Annual Salary
Fresher (0-1 year) INR 2,00,000 to INR 4,00,000
Mid-level (2 to 5 years) INR 5,00,000 to INR 10,00,000
Experienced (5+ years) INR 12,00,000 to INR 25,00,000

Gender Wise Salary

Payscale is fixed for the government employees irrespective of their genders. Some private organizations pay both genders equally. Yet, their salary varies as under:

Gender Average Annual Salary
Men (fresher) INR 2,50,000 to INR 5,50,000
Men (experienced) INR 15,00,000 to INR 30,00,000
Women (fresher) INR 2,00,000 to INR 5,00,000
Women (experienced) INR 12,00,000 to INR 25,00,000

Job Position Wise Salary

There are numerous posts within an organization that are handled by CMAs. Their salary also differs per their posts. Some of the major posts and their salaries include:

Job Position Average Annual Salary
Financial Analyst INR 5,20,332
Financial Manager INR 10,72,519
Chief Financial Officer (CFO) INR 36,98,416
Senior Financial Analyst INR 8,17,036
Accountant INR 2,92,774
Certified Management Accountant INR 5,00,000
Cost Accountant INR 7,00,000
Senior Finance Manager INR 19,99,945
Finance Director INR 37,18,945
Vice President (VP), Finance INR 40,00,000
Financial Controller INR 24,35,000
Senior Accountant INR 4,79,685
Finance Analyst INR 5,40,449
Internal Auditor INR 5,85,549

Cost Accountant Top Recruiters 

Following are the names of the top recruiters who recruit cost accountants in India.

Rashtriya Ispat Nigam Limited ONGC SAIL
Godfrey Phillips India Limited Hero MotoCorp Ltd Accenture
ITC Tobacco Division ITC Food Division ITC Hotels
L&T Constructions Wipro Amazon
Nestle Power Grid Corporation on India Vedanta Limited
Cipla Ltd. Bharat Electronics Ltd. Galaxy Surfactants
National Handicapped Finance and Development Corporation Hindustan Salts Limited RSM Astute Consul ng Group
Electrosteel Capgemini TAX Connect

Check: BCom Course Details 

Scope of Career as a Cost Accountant

  • If a CMA works independently, they are free to do so. However, they must check the details thoroughly in this regard. 
  • A certified CMA can work after completing both undergraduate and postgraduate degrees. 
  • He can set up his venture as a sole proprietor or with like-minded cost accountants in a partnership. 
  • They can fix meetings with the clients of public and private sectors and work with them accordingly.
  • A certified CMA can work both independently and for the organization. 
  • Undoubtedly, cost accountancy edges over financial accounting. The former field is more diverse and promotional. 
  • Many companies look for budgeting specialists who can reduce their expenditures and bring wealth to the institution. 
  • CMAs promote the adoption of numerous scientific methods to boost the efficiency of the industry. 
  • They are the driving force in the management team. Therefore, the prominent role of the cost accountants is to lead the way of a company to achieve new heights.

Cost Accountant Salary in India: FAQs

Ques. How much does it cost to become a CMA?

Ans. It costs approximately around INR 20,000 to become a Cost Accountant in India.

Ques. Is cost accounting a promising career in India?

Ans. Cost accountants are ranked amongst the top-paid workers in India. They grab the top positions in various organizations that boost their pay scale. Promotional chances increase if you work in India’s top-leading brands. As a result, CMAs grow and earn simultaneously in their careers.

Ques. CIMA, ACCA or CMA in India?

Ans. The answer purely depends upon the interest of students. If one wants to do audit, compliance, tax, etc., they should do CA or ACCA. On the other hand, if one wants to do business or make their career in business strategies, go for CMA.

Ques. Can I do a CMA in the USA after completing a CMA in India?

Ans. Yes, one can do the same. However, check the college details and requirements where you want to pursue the course.

Ques. Which is the best place to pursue CMA in India?

Ans. Some of the top institutes are namely, IIT Bombay, DTU Delhi, Presidency College, etc. 

Ques. What are the best coaching institutes for studying CMA/CA/CS in India?

Ans. Coaching institutes in Chennai, New Delhi, and Mumbai tend to produce more CMAs than any other part in India. So, one can look for the best ones according to their fee budget.

Ques. Is a professional course like CA better than CS and CMA in India?

Ans. CA deals with accounts and commerce, whereas CMA deals with business strategies and marketing. With the growing economy, CA steps ahead of CMA. However, the CA exam is more challenging than CMA.

Ques. Does a CMA have a better scope in India or the US?

Ans. CMAs will have a better scope where industries and the economy is boosting. If a CMA wants to work in industries and manufacturing units, India is the place. If a CMA wants to work off-site, then they must visit the USA.

Ques. Is the MOU between the IMA and the CMA in India renewed?

Ans. MOUs are a good sign of strengthening relations between different bodies. But, the MOU between IMA and CMA is not yet renewed.

Ques. How can I register myself for the US CMA in India?

Ans. Visit the IMA website, log in with your account and register yourself for a CMA course.

Master of Business Administration [MBA] (Accounting) : 573 answered questions

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● Top Answer By Ayushi Sehgal on 02 Mar 24

Ans. My uncle had done his PGDIE from NITIE Mumbai, back in 1979. NITIE enhanced his knowledge and self confidence by a huge extent. This institution offers top notch placements, and a good alumni network. Some of my uncle’s seniors went on to become CEOs and high ranking professionals at reputed firms. After graduating from NITIE, you’ll get plenty of opportunities. It is a well renowned college in India. However, a lot depends on your own hardwork and dedication. Try to make the most of your stay at this college.Read more
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Ques. Is the MBA program at Symbiosis Pune any good?

● Top Answer By Raktim Tarafdar on 14 Sept 23

Ans. The two-year full-time residential MBA offered to SIBM Pune is its flagship program. Its duration is 2 years. Courses are offered in various specializations like Marketing, Human Resource Management, Finance, and Operations Management. The course structure aims at imparting students top-notch industry exposure and a nurturing classroom environment. This helps them become the leaders of tomorrow.  The placement committee of SIIB and the faculty are responsible for the placement process. Students receive training for the summer internship process for group discussion, interviews, and resume building. This attracts more recruiters every year. SIMB Pune has well-educated and experienced faculty members and the pedagogy they adopt is impressive. Usually students are taught through case studies as its primary teaching tool. Other teaching methods include discussions, presentations, peer learning, and hands-on learning. Here is the detailed placement report of SIBM Pune No. of Companies participated 105 No. of New Recruiters 49 No. of Offers made - No. of Pre-placement offers 111 Highest Salary INR 35.05 LPA Average Salary INR 26.77 LPA Median Salary INR 24 LPA Top 10% Average Salary INR 33.27 LPA Top 25% Average Salary INR 32.80 LPA Top 50% Average Salary INR 29.99 LPA Major Sectors BFSI, FMCG / FMCD Top Recruiters Accenture Strategy, Aditya Birla Capital, American Express, Barclays, HSBC etc Hope this helps you!Read more
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Ques. Is NMIMS a good college for an MBA?

● Top Answer By Akriti Gupta on 12 Sept 23

Ans. Yes, NMIMS is considered to be the MBA college in Mumbai city and its MBA program is highly regarded among aspirants. Here are a few pros and cons of the institute that might help you  Pros The college is well-known for its state-of-the-art infrastructure. The classrooms have all modern facilities and the library too is well-stocked. Its location gives it leverage in establishing healthy industrial relations. The parity of the faculty cannot be doubted as they deliver excellent lectures. The academics are much more than just bookish language as students are made to solve Case-based studies. The food served in the canteen is quite good. Students get the chance to participate in lots of competitions and earn well, or get PPI. Cons : NMIMS fees are exorbitantly high. The first-year fee is INR 11.95 Lakhs. You also need to consider the expenses of living in Mumbai. Hostel faculties for only limited students  A few faculties have no interest in teaching.  The placement stats are inflated and thus misleading.  The MBA batch of NMIMS has a huge batch of around 600 students affecting the quality of education. There is a huge gap between the administration and the students.  Easy entrance exam affects the quality of the crowd. So, NMIMS was once a great B School but the increasing batch size has affected its reputation largely. You can go for colleges with a smaller batch size and similar fees to get better job opportunities.Read more
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Ans. Here are some solid reasons why one should pursue an MBA from PUMBA: A University department of one of the most prestigious universities in India. An inaugural in the field of Management Sciences since 1971. The best B-school in Pune Provides an amazing ROI. Its first-year fee is only INR 65,000 while its average package is INR 8.10 LPA. So provides the best ROI after FMS, JB, and SIMSREE. An autonomous course comprising trimester pattern and major and minor specializations making it more flexible. The natural beauty of Pune combined with its decent infrastructure makes PUMBA a great place to study. It has a well-stocked library and high-speed facility. Students have access to the Jaykar library. Students also have access to free medical services. There is a 24*7 WiFi connection in the entire university campus. Students have access to a Gymnasium at a very low fee. Students can participate in Pune University's recreational activities. Decent placement opportunities I hope all the above reasons convince you to join PUMBA.Read more
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● Top Answer By Saptarshi Bhowmik on 20 May 23

Ans. The PGPX IIMU-Purdue supply chain management dual degree program offered by IIM Udaipur is considered to be a highly reputable and well-regarded program in the field of supply chain management. The program is designed to provide students with a deep understanding of the latest developments in the field, along with practical skills and knowledge related to supply chain management roles. Here are a few highlights pertaining to the program. The curriculum is very rigorous and within 5 months students are introduced to basic subjects of management such as Finance, Accounting, Statistics, Marketing and also the foundational subjects of Supply Chain and Operations management. Professors adopt the case study pedagogy combined with supplementary materials whenever necessary to deliver the best learning experience. The coursework is regularly evaluated like any other reputed institute. Students from IIM Udaipur get to spend 5 months at Purdue University’s Krannert School Of Management wherein they get an opportunity to select elective courses as per their interests. Faculty ensure students get the right projects during internships. It’s the internship experience that actually determines your choice of electives at Purdue University. Placements: The following table represents the MBA GSCM Placements for the batch 2022: Students places 100% Number of students  37 Number of Companies participated 56 Number of offers 150 Highest CTC  INR 35.96 LPA Average CTC  INR 19.54 LPA Lowest CTC INR 14 LPA  Overall, the PGPX IIMU-Purdue program is considered to be a great choice for those interested in a career in supply chain management.Read more
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Ques. What is the fee structure for MBA in BITS Pilani?

● Top Answer By Namrata Das on 14 Sept 23

Ans. BITS Pilani is a private engineering college so charges high fees to maintain the standard of education. The detailed fee structure of its MBA program (Pilani Campus) has been mentioned below BITS Pilani MBA Fees 2022 Particulars Pilani Campus Admission Fees  INR 48,100 Tuition fee INR 2,18,500 per semester Students' Union fee  INR 450 Students' Aid Fund  INR 225 Hostel fee (for on-campus students only)  INR 15,550 per semester Mess & Electricity advance INR 10,000 per semester Other Advances  INR 12,000 per semester Hope this solves your query!Read more
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Ques. Which college is better for MBA among UBS, BITS, BIMTECH and NIT Trichy?

● Top Answer By Abanti Mukharjee on 26 May 22

Ans. For an MBA degree, BIMTECH will be the best option among these. It has a clear focus on management education and also has the backing of Birla group. BIMTECH placements are pretty good for MBA. According to the recent placement drive, around 95.28% of students got placement offers and the average CTC received by the students was INR 8.07 LPA. Read more
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Ques. Is an MBA From LBSIM worth it?

● Top Answer By Adil Sinha on 26 May 22

Ans. Yes, an MBA from LBSIM is worth the investment. It has a 100% placement record and offers great ROI. LBSIM placements 2022 concluded with an average CTC of INR 11.30 LPA.  The academics are effective. You will learn through live projects and hands-on experience. It is a student-driven institute, during your MBA, you will get to learn each and every aspect of the industry. There are many academic and non-academic clubs at LBSIM, that help student lay off stress. LBSIM alumni are working at reputed companies like the Big four, Crisil, Marsh & Mclennan, etc. Read more
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● Top Answer By Ankita Batra on 25 May 22

Ans. As per the latest trends, IMT Ghaziabad cutoff is as follows. CAT - 90+ percentile  XAT - 90+ percentile  GMAT - 650  There is no such sectional cutoff for IMT. Also, keep in mind the cutoff isn’t fixed. It changes each year, depending on the pool of students applying. IMT Ghaziabad decides on the cutoff after reviewing the application pool. Read more
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Ques. Should I go to IBS Hyderabad (ICFAI) for an MBA? Why or why not?

● Top Answer By Harshita Sinha on 30 Apr 22

Ans. IBS Hyderabad isn’t a good option for MBA. The placement record of the institute isn’t good. You won’t get a good ROI. The course fee for an MBA at IBS Hyderabad is INR 16.02 lakhs. While the average CTC offered to the students according to IBS Hyderabad placement highlights for 2022 is INR 7.97 LPA.  The student intake is huge. Batch strength for MBA is 1300. So, students don’t get equal opportunities in terms of academics and placements. Read more
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