Post on 27-Nov-2014
CIMA global part qualified salary survey 2010
CIMA salary survey 2010 – global report
Foreword 1
Executive summary 2
Main findings 4
Salaries and bonuses 4
Salaries 4
Bonuses 6
CIMA level 7
Gender 8
Sector 9
Satisfaction with salary 10
Recruitment and retention 12
Importance of benefits 12
Receipt of benefits 14
Satisfaction with benefits 15
Working hours 17
Skill set requirements 19
Geographical mobility 21
Extent of movement 21
Top destinations 22
Future 24
One word to describe CIMA difference 25
Technical information 26
Further information 27
Global contacts 28
1
Foreword
On behalf of the Chartered Institute of Management Accountants
(CIMA), I would like to welcome you to our second global part qualified
salary survey. The results in this report will provide you with an insight
into the current employment experiences and career aspirations of the
business leaders of tomorrow – CIMA’s global student base.
Despite ongoing economic instability in many regions around the
world, our report shows a strong relationship between our students and
their employers. Businesses are looking to their professionally-qualified
management accountants to help guide them through the recession
and on to sustainable success. This gives our students a greater sense of job security than those
studying for many other professional qualifications.
Our survey clearly shows that most of our students believe they are recession-proof. Globally,
92% do not anticipate being affected by redundancy in 2010. This response could also reflect
an increasingly optimistic view of the general economic conditions: the percentage is even
higher than the level of confidence felt by students in last year’s survey (83%). Moreover,
nearly two thirds are feeling positive enough to make a job move in the next two years.
With this feeling of security comes higher expectations. This year, just 51% of students are
happy with their current salary compared with 58% in 2009. The drop could indicate a greater
sense of professional value as the downturn lifts. However, job security is not being reinforced
by greater remuneration when it comes to bonuses. (The average bonus fell from 9% in 2009
to 8% in 2010). Despite this, the number of students expressing satisfaction with their overall
benefits package has stayed static at 67%. Besides bonuses, the benefits at the top of our
students’ wish list were study support and a pension.
The hotspots for top salaries are currently London, Dublin and Johannesburg where students
are most likely to be in the top wage band. Australia remains the destination of choice for
those who want to work abroad followed by the US, the UK and Canada. The average working
week has shortened slightly to 42 hours while the longest was in Pakistan (50 hours).
Overall, the survey reinforces the fact that a growing number of students are finding that
CIMA’s professional accountancy qualification is the best way to develop their career potential.
In 2009 we saw a second year of record student growth and, for the first time, a majority of
our new students (56% of the total) were based outside the UK.
Please read through the following pages to find further snapshots of our students’ working
lives. I hope you find it informative reading.
Charles Tilley
Chief Executive
CIMA
2
Executive summary
The world economy has experienced a slow recovery over the last 12 months. Much of this
has been due to improving economic conditions from emerging markets and the US. Serious
concerns remain however. Recent financial troubles in Greece and Iceland, for example, have
reminded us exactly how fragile the global economy remains.
News from the job markets has been good. Although, inevitably, there has been cost-cutting
and redundancies over the last year, demand for management accountants continues to be
strong. Evidence suggests top companies have either maintained or reintroduced training
budgets in 2010. While interview processes have lengthened, there are warnings that an
overcautious recruitment process could now lead companies to miss out on hiring top
talent. In this context, CIMA has researched students’ salary levels and expectations in the
current economic climate.
This report, the second annual global salary survey of CIMA students, has been expanded
to include Zambia, Pakistan, Russia, Botswana, Mainland China, United Arab Emirates
and Poland, whilst continuing to track the UK, Ireland, South Africa, Sri Lanka, Malaysia,
India, Hong Kong, and Australia. Across all countries, 2,563 responses were received from
employed students who have sat an exam within the last two years under the 2005 CIMA
qualification structure. This report looks at the salaries and bonuses paid to CIMA students,
and also covers factors that affect salaries such as sector and gender. It goes on to examine
recruitment and retention issues, identifies the geographical mobility of CIMA Part Qualified,
and also touches upon future economic concerns.
Salary information was collected in January and February 2010 in local currency. Some
country salaries are reported in annual figures, others in monthly figures due to market
preferences. A country by country comparison is not made for salary information as the cost
of living varies tremendously by region.
Please note that the definition of ‘high’, ‘medium’ and ‘low’ salary bands has been altered this
year to improve salary sensitivity. Therefore changes in patterns should be viewed as a more
accurate indication of changes over time, as opposed to absolute numbers.
3
Salaries and bonuses
• There are twice as many passed finalists in the high tier earning bracket compared to
managerial level students on average (21% vs 10%).
• London in the UK, Dublin in Ireland and Johannesburg in South Africa are the salary
hotspots where students are most likely to be in the top tier.
• London has seen a decline in real terms of average salaries since 2009.
• Although student population by gender is almost equal, the top salary tier contains twice
as many men as women.
• For the 58% who expect to receive a bonus in 2010, this will be equivalent to around 8%
of their salary, a slight drop since last year (9% in 2009).
• Those in Zambia and Russia are expecting to receive the highest bonuses as a percentage
of their salary in 2010, with bonuses equating to 16% and 15% respectively. (In 2009,
those expecting the highest bonuses were India, 11%, and Sri Lanka, 10%).
• Only 51% of respondents are satisfied with their salary, compared to 58% in 2009.
• Satisfaction with benefits is similar year on year with 67% satisfied.
• Globally 39% of students expect a pay freeze in 2010, while 8% fear redundancy.
Recruitment and retention
• Three out of the five most desired benefits are studying supports (contribution/payment
of CIMA fees, study leave and pay rise as an incentive for passing exams). Pension and
bonus are the others.
• The expectation least being met is a pay rise as an incentive for passing exams, with only
14% receiving this, but it scores an average of 4.2 out of 5 in terms of importance.
• As in 2009, the most sought after skills are personal development (54%) and leadership
skills (50%), followed by strategic planning and implementation (46%).
• The average working week has shortened since last year and is 42 hours (43 hours in
2009).
Geographical mobility
• The mobility of the CIMA qualification is still recognised during difficult economic times,
proving the extent to which opportunities are available in a global market with a globally
recognised qualification. Nearly two-thirds (64%) of CIMA students intend to change jobs
in the next two years, reflecting a slight increase on 2009 (60%).
• Nearly one-fifth of CIMA students intend to move abroad in the next two years,
predominantly to English speaking countries. Australia remains the top destination of
choice, with 47% of all relocators considering moving there, followed by the USA, the UK
and Canada.
4
Main findings
Salaries and bonuses
Salaries
Salary information was collected in January and February 2010 in local currency. A country
by country comparison is not made for salary information as the cost of living and tax
regimes vary by region. The average salary (excluding bonuses) for CIMA students of each
of the countries that participated in the survey can be viewed in local currency on the
map below. Please note that only a small number of responses were received from some
countries, so the information is indicative only and it is inappropriate to use for trend
comparisons.
CIMA students’ average salary1 by country
1 Depending on country, data refers to annual basic salary* or monthly basic salary**
Russia154,250 roubles**
PolandZL11,800**
ChinaRMB215,500*
Hong KongHK$35,000**
MalaysiaRM68,750*
AustraliaAUS$88,800*
Sri LankaRs.48,800**
PakistanPKR 68,900**
UAE16,500 dirham**
South AfricaR364,200*
BotswanaP162,000*
ZambiaK6,400,000**
UK£30,800*
Ireland€41,400*
IndiaRs.8.1lakhs*
5
Responses from locations within countries are likely to be concentrated in company
headquarters. They are most dispersed in the UK but more highly concentrated in Sri Lanka
(92% from Colombo), Botswana (85% from Gaborone) and Ireland (64% from Dublin), for
example.
Three countries have significant differences in average regional salaries. These areas with
significantly higher numbers of high tier earners are London, where 65% of the UK’s high
tier earners are based with an average salary of £36,900 per annum, Dublin, where 78% of
Ireland’s highest tier earners are based with an average salary of €43,000 per annum, and
Johannesburg, where 61% of the country’s highest tier earners are based with an average
salary of R392,400 per annum. All these cities have a high dominance of banking, finance
and insurance employment.
Salary hotspots
Country City Basic annual salary (in local currency)
UK London £36,900
Ireland Dublin €43,000
South Africa Johannesburg R392,400
Average salaries in these high earning cities have decreased slightly from last year. However,
because salary bands have been altered, in real terms there is an increase of 2.8% in Ireland
overall, but a decline of 2.5% in the UK overall.
6
Bonuses
The average bonus globally (including those not expecting a bonus in 2010) equates to 5%
as a proportion of salary.
For the 58% who expect to receive a bonus in 2010, it will be equivalent to around 8% of
their salary, a slight drop from last year (9%). However, the average bonus rises to 12% for
those in the highest salary bracket.
Asia Pacific (APAC) students are significantly more likely to receive bonuses than those in
Europe, the Middle East, and Asia (EMEA), or the UK, with 80% anticipating a bonus in 2010,
as opposed to 67% in EMEA and 52% in the UK.
Those in Zambia and Russia are looking forward to receiving the highest bonuses as a
percentage of their salary in 2010, with bonuses equating to 16% and 15% respectively,
compared to India and Sri Lanka in 2009 who were expecting to receive the highest bonuses
at 11% and 10% respectively.
Ireland and the UK, which also have the greatest concerns over pay freezes in 2010, are
expecting the lowest bonuses, as well as being least likely to receive bonuses in the first
place.
Average expected bonus in 2010 as a percentage of salary
Russia15%
Poland13%
China12%
Hong Kong11%
Malaysia12%
Australia10%
Sri Lanka14%
Pakistan14%
UAE14%
South Africa11%
Botswana9%
Zambia16%
UK7%
Ireland8%
India11%
7
CIMA level
Nearly two-thirds (63%) of managerial level students are in the low earning tier. This figure
has more than halved by the time students have progressed to TOPCIMA, with the majority
at this stage (52%) now in the mid salary tier and just under one-fifth of students (19%) a
high tier earner.
Salary tier by CIMA level2
There are twice as many passed finalists in the high tier earning bracket compared to
managerial level students on average (21% vs 10%). Furthermore, the higher the CIMA
level, the more likely an individual is to anticipate a bonus in 2010 (55% of managerial level
students compared to 63% of passed finalists).
In terms of CIMA level, there is a tendency for more highly qualified students to work
for larger companies, demonstrating the market demand for ACMAs and FCMAs. This is
particularly the case in the UK, Ireland and South Africa.
2 For the purposes of this survey CIMA level data was collected under the 2005 CIMA qualification structure and refers to those at managerial level, strategic level, TOPCIMA and passed finalists. For comparison under the 2010 qualification structure these levels are respectively now known as operational/management level, strategic level, T4 Part B Case Study and exams complete.
Low tier earners
0% 20%
21%56%23%
19%52%29%
16%39%45%
28%63% 10%
40% 60% 80% 100%
Mid tier earners High tier earners
Passed finalist
TOPCIMA
Strategic
Managerial
The higher the CIMA level, the more likely an individual is to anticipate a bonus in 2010 (55% of managerial level students compared to 63% of passed finalists).
8
Gender
As in other areas of industry, females are not remunerated as highly as their male colleagues.
Globally, in terms of average basic salary in 2010, there are twice as many men in the top
salary tier as women, with over half of female students in the lowest salary tier.
Salary tier by gender
The salary differences can vary tremendously by country with Sri Lanka showing a 42%
difference between men and women, while there is only a 2% disparity in Ireland.
Salary by gender
Male FemalePercentage that males earn more than females
Ireland (€)* €41,784 €40,817 2%
South Africa (R)* R377,387 R343,200 10%
Sri Lanka (Rs.)** Rs.54,551 Rs.38,462 42%
United Kingdom (£)* £32,036 £29,720 8%
Depending on country, data refers to annual basic salary* or monthly basic salary**
This inequality could possibly be a reflection of a tendency for women to work within the
health and education sectors, be based outside London in the UK and work less than 50
hours per week.
10% more males than females are expecting to receive a bonus this year. The average bonus
for men is expected to be 5.1% of their salary, while women will receive 3.9%, equating to
around a 30% difference.
Low tier earners
0% 20%
53% 38% 9%
41% 40% 19%
40% 60% 80% 100%
F
M
Mid tier earners High tier earners
9
2010 saw less differentiation between sectorial salaries than in 2009.
Sector
The most popular sector is accountancy with 16% of students employed in this industry
overall. Sri Lanka and India have a particularly high proportion of students working here
(34% and 31% respectively). The UK has a significantly higher proportion of students
employed in the public sector than the rest of the world, it being the fourth most popular
sector globally at 10%. Banking, finance and insurance (14%), and manufacturing and
engineering (13%) are the second and third most important employment sectors globally.
Within these sectors students are primarily based in the finance function (82% globally).
However, those working in other divisions such as information technology or strategy are
more likely to be in the highest salary tier.
This year, the banking, finance and insurance sector continues to have a significantly higher
proportion of high tier earners. However, unlike in 2009, the ICT, technology and telecoms
sector no longer has a significant proportion of students in the higher salary bracket. The
banking, finance and insurance sectors dominance among high tier earners is largely due to
the response by UK students.
As might be expected, those in the public, not-for-profit, health and education sectors are
least likely to get bonuses: generally around 70% of them not expecting to receive monetary
or on target earning bonuses this year. Those in the construction and property and travel,
leisure and tourism industries are not optimistic either, with around two-fifths not foreseeing
receipt of any bonus in 2010.
10
Satisfaction with salary
As might be expected, the higher the salary bracket, the greater the satisfaction level (76%
of high tier earners are either satisfied or extremely satisfied compared with just over one-
third of low tier earners). Overall, 51% are satisfied with their salary, compared to 58% in
2009.
Percentage satisfied or extremely satisfied with salary by salary level
Certain countries in particular are highly dissatisfied, such as Botswana (72% dissatisfied
or very dissatisfied) and Zambia (67%). Conversely, students in Poland and Pakistan are
the most content with their basic salary (72% and 64% respectively, satisfied or extremely
satisfied).
Percentage satisfied or extremely satisfied with salary by country
51%
72%
64%60% 59%
56% 56% 55% 55%52% 51% 50%
46% 45%
33%28%
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Salary satisfaction has dropped from 58% in 2009 to 51% in 2010.
High tier earners
Mid tier earners
Low tier earners
Global overall
76%
60%
37%
51%
11
Satisfaction with salary increases with age, after an initial blip, with those aged 45 and over
the only age group showing an increase in salary satisfaction from 2009 (60% up to 67%).
As in 2009, satisfaction with salary is also highest in large companies in 2010, although
slightly down on this time last year (59% down to 56%).
Percentage satisfied or extremely satisfied with salary by age and size of organisation
By CIMA level, salary satisfaction is lowest amongst those studying at managerial level at
47% (down from 57% in 2009). Those studying TOPCIMA and passed finalists have also
seen a sizeable drop in salary satisfaction in 2010; TOPCIMA (51%, compared to 60% in
2009) and passed finalists (52%, compared to 60% in 2009).
Percentage satisfied or extremely satisfied with salary by CIMA level
58%51%
59%53%
57%
49%
64%
56%60%
67%
58%
46%
56%
47%
59%56%54%50%
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58%51%
57%
47%
59%57%60%
51%
60%
52%
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2009 2010
58%51%
59%53%
57%
49%
64%
56%60%
67%
58%
46%
56%
47%
59%56%54%50%
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2009 2010
58%51%
57%
47%
59%57%60%
51%
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52%
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2009 2010
12
Recruitment and retention
Importance of benefits
As in 2009, support with study via a range of methods are three out of the five most desired
benefits sought by students globally (particularly by the under 35s). Pensions (particularly
significant for those over 25 years) and bonuses are the other most desired benefits.
Most important benefit by country
Country Most important benefit in 2010
Australia Study leave/bonus/flexible hours
Botswana Pension
China Bonus
Hong Kong Bonus
India Healthcare
Ireland Pension
Malaysia Bonus
Pakistan Company car/allowance
Poland Bonus/healthcare
Russia Bonus
South Africa Study leave
Sri Lanka Bonus
United Arab Emirates Healthcare
UK Study leave/CIMA fees
Zambia Healthcare
Global Pension/study leave/CIMA fees
From a country perspective, there is broad agreement with the global benefit priorities.
Nevertheless, there are a few elements where we see polarisation. For example, looking at
the chart on the following page we see that being able to work from home is popular among
some countries such as Russia, India and the UK, but of very little interest to Pakistan and
Zambia. Company car allowance is another area of difference; rated as the most important
benefit within Pakistan and yet one of the least important benefits in Ireland. This shows
the need in some countries for multinational companies to take into consideration local
sensitivities and taxes when negotiating reward packages.
13
Importance of benefits
None of the benefits suggested were scored as unimportant globally, i.e. less than 2.5 out
of five.
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Pension4.4 4.1 4.7 4.2 4.5 4.2 4.5 4.3 3.8 3.8 3.6 4.5 4 4.1 4.4 4.7
Study leave4.4 4.2 4.6 3.8 3.8 4.2 4.4 4.2 4.2 4 3.9 4.7 4.3 4 4.5 4.7
Contribution/payment of CIMA fees4.4 4 4.5 3.6 3.6 3.7 4.3 4.3 4 4 3.8 4.2 4.4 3.8 4.5 4.7
Bonus4.2 4.2 4.2 4.6 4.7 4.4 4.2 4.7 4.3 4.4 4.6 4.6 4.5 4.5 4.1 4.4
Pay rise as an incentive for passing exams4.2 3.6 4.4 3.9 3.7 4.1 4 4.2 4.2 3.6 3.4 4.2 4.4 4 4.2 4.6
Flexible hours4 4.2 3.5 3.7 3.5 4 4 4 3.8 3.7 3.9 4 3.7 3.5 4 3.7
Bonus as an incentive for passing exams4 3.6 4 3.8 3.6 4 3.9 4.1 4.1 3.6 3.5 4 4.2 3.9 4 4.4
Healthcare3.9 3.5 4.6 4.2 4.6 4.5 4.2 4.5 4.4 4.4 4.4 4.6 4.4 4.6 3.7 4.9
Extra holidays3.6 3.7 3.2 3.8 3.8 3.6 3.8 3.6 3.6 3.6 3.8 3.5 3.4 3.4 3.7 3.5
Working from home3.6 3.7 3.4 3.2 3.2 3.8 3.4 3.7 3 3.7 3.8 3.5 3.3 3.1 3.6 2.9
Life assurance3.5 3.2 4.2 3.9 3.8 4.2 3.6 4.1 3.9 3.3 3.6 3.7 3.9 3.9 3.4 4.5
Travel benefits/allowances3.5 3.5 3.7 3.7 3.7 3.9 3.4 4.1 4 3.2 3.7 3.5 4 3.9 3.4 4.1
Shares/share options3.1 3.1 3.4 3.4 3.4 3.6 3.2 3.5 3.2 2.9 3 3.6 3 2.9 3.1 3.6
Sabbatical3.1 3.3 2.9 3.5 3 3.5 3.1 3.4 3.1 3.1 2.7 3 3.2 3.1 3 3.4
Company car/allowance3 2.7 3.9 3.2 2.7 3.7 2.6 3.5 4.5 3.8 3.1 3.3 4.1 3.9 2.8 4.2
Mortgage relief3 3.1 4.1 3.1 3.2 3.2 2.9 3.7 2.9 3.1 3.4 3.2 3.4 3.2 2.9 4.1
Leisure facilities3 3.1 3 3.2 2.8 3.5 2.9 3.3 3.4 3 3 3 3.3 3.1 2.9 3.3
Mobile phone/Blackberry/PDA2.9 2.9 2.9 3.1 3.1 3.7 2.8 3.1 3.9 3.3 3.4 3.1 3.5 3.5 2.8 3.4
Product/services discount2.9 2.8 3.3 2.9 3 3.2 2.7 3.2 3.2 2.8 2.8 3 3.2 2.8 2.8 3.4
Daily subsidised food2.8 2.6 2.9 3 2.7 3.4 3 3.1 3.4 2.5 3.4 2.7 3.2 2.9 2.7 3.1
Childcare arrangements/vouchers2.8 2.7 3.5 3.1 2.6 3.3 2.7 3.2 3.3 2.9 3.3 2.8 3.1 3.3 2.7 4
Season ticket loan2.5 2.4 2.7 2.6 2.5 3 2.2 2.9 3 2.6 2.8 2.3 2.8 2.9 2.5 3.2
Importance
Higher Lower
Pension, study leave and contribution/payment of CIMA fees are the three key benefits sought by students globally.
14
Receipt of benefits
By and large students are receiving two out of three study support benefits (61% receiving
study leave and/or contribution/payment of CIMA fees, a slight drop on last year). The main
area where expectations again are not being met is pay rise as an incentive for passing
exams – only 14% receive this, but it scores 4.2 out of 5 in terms of importance. A bonus
for passing exams is also received by a smaller proportion of students than would like it (6%
receive this benefit and it scored 4 out of 5 in terms of importance).
There are differences in receipt of benefits by region, with the UK employers being the most
likely to offer the widest range of benefits, particularly in the area of CIMA study support.
However, the UK does not have the same level of company car or phone allowances and
healthcare as much of the rest of the world. Students in Hong Kong and Malaysia are more
likely to receive a monetary bonus than average, while those in the UAE have a greater
inclination for receiving travel benefits than average.
Benefits received
Assistance with study elements such as CIMA fee payment or bonuses as an incentive for
passing exams are more likely to be received by younger respondents. Older CIMA students
are more likely to have a company car, mobile phone/PDA or extra holidays.
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Contribution/payment of CIMA fees 61% 42% 33% 39% 33% 6% 66% 34% 8% 45% 60% 40% 18% 14% 71% 49%
Study leave 61% 44% 45% 32% 40% 18% 58% 33% 25% 31% 34% 72% 39% 19% 67% 57%
Pension 55% 27% 50% 34% 67% 14% 62% 10% 27% 17% 26% 52% 6% 19% 64% 37%
Bonus 41% 38% 25% 45% 67% 36% 39% 71% 56% 48% 53% 52% 54% 47% 39% 33%
Healthcare 40% 4% 33% 61% 87% 43% 50% 55% 69% 93% 81% 37% 50% 56% 36% 56%
Flexible hours 27% 25% 5% 26% 33% 16% 21% 21% 21% 28% 23% 26% 19% 11% 30% 4%
Life assurance 23% 6% 15% 29% 53% 29% 23% 33% 38% 34% 60% 17% 24% 42% 21% 19%
Mobile phone/Blackberry/PDA 18% 29% 8% 37% 20% 34% 14% 16% 25% 66% 47% 23% 25% 25% 16% 7%
Working from home 18% 15% 0% 8% 27% 12% 9% 4% 2% 21% 11% 7% 3% 3% 22% 0%
Product/services discount 15% 17% 5% 27% 20% 12% 16% 12% 12% 24% 9% 10% 10% 3% 16% 3%
Shares/share options 15% 12% 5% 3% 20% 6% 21% 18% 0% 7% 4% 14% 4% 3% 17% 4%
Pay rise as an incentive for passing exams 14% 2% 0% 5% 7% 2% 8% 7% 6% 0% 2% 5% 4% 3% 18% 6%
Travel benefits/allowances 14% 13% 10% 29% 13% 22% 14% 25% 27% 10% 26% 19% 26% 47% 11% 16%
Daily subsidised food 12% 0% 5% 26% 0% 25% 23% 8% 19% 10% 47% 7% 12% 3% 11% 10%
Extra holidays 12% 8% 0% 18% 7% 7% 11% 11% 10% 3% 19% 6% 8% 11% 13% 1%
Season ticket loan 12% 4% 0% 0% 0% 1% 3% 0% 2% 0% 0% 0% 1% 3% 16% 1%
Leisure facilities 11% 6% 0% 13% 7% 7% 10% 5% 8% 34% 11% 2% 8% 6% 13% 1%
Childcare arrangements/vouchers 10% 0% 3% 3% 7% 3% 1% 0% 2% 3% 4% 1% 2% 3% 13% 1%
Company car/allowance 7% 8% 18% 11% 7% 18% 4% 10% 44% 24% 9% 17% 16% 19% 5% 13%
Bonus as an incentive for passing exams 6% 0% 10% 0% 0% 1% 9% 0% 0% 3% 9% 2% 3% 0% 7% 1%
Sabbatical 3% 2% 3% 8% 0% 3% 2% 1% 2% 0% 0% 2% 1% 3% 4% 0%
Mortgage relief 1% 0% 13% 5% 13% 2% 2% 8% 4% 3% 0% 3% 3% 0% 1% 1%
Receipt of benefit
100% 0%
Employers could improve satisfaction levels by offering pay rises or bonuses as an incentive for passing exams.
15
Satisfaction with benefits
Globally satisfaction levels with benefits are very similar to last year (67% in 2010 and
68% in 2009), despite salary satisfaction declining, indicating that the surrounding benefits
package continues to be important to and well received by CIMA students.
Percentage satisfied or extremely satisfied with benefits by country
Two of the new countries included in this year’s survey, Botswana and Zambia, are
particularly disappointed with their benefits (70% and 60% respectively either dissatisfied
or very dissatisfied). However, students in both these countries also had higher expectations
than any other countries, which may explain in part why they are also the most
disappointed. No countries stand out as particularly satisfied with their benefits package, but
Australia satisfaction levels have dropped sharply this year.
High tier earners are the most satisfied with the benefits they receive, with 77% extremely
satisfied or satisfied (in line with the 76% of high tier earners also satisfied with their salary).
Similarly, satisfaction levels for mid tier earners are similar for both benefits (62%) and
salary (60%). There is a significant difference, however, amongst low tier earners between
the two elements of their remuneration package; 61% are satisfied with their benefits
compared to 37% satisfied with their salary.
Percentage satisfied or extremely satisfied with benefits by salary level
Australia has seen a very sharp decline in satisfaction with benefits this year – down from 80% in 2009 to 58% in 2010.
67%73% 72% 70% 68% 68%
61% 61%58% 58% 56% 55% 53% 50%
40%
30%
Glo
bal o
vera
ll
Hon
g Ko
ng
Pola
nd UK
Irel
and
Russ
ia
Indi
a
Sout
h A
fric
a
Aus
tral
ia
UA
E
Paki
stan
Mal
aysi
a
Chi
na
Sri L
anka
Zam
bia
Bots
wan
a
High tier earners
Mid tier earners
Low tier earners
Global overall
77%
62%
61%
67%
16
As with satisfaction with salary, benefit satisfaction increases with age, with those aged
35 and over the most satisfied. Benefits satisfaction is also significantly higher amongst
those students working for large organisations. Benefit satisfaction levels varied from 54%
amongst sole traders, 62% in micro/small organisations, 53% in medium organisations
(50-249 employees) to 71% in large organisations (250+ employees), suggesting that large
organisations are more able to offer a selection of benefits best suited to CIMA students.
Percentage satisfied or extremely satisfied with benefits
In 2009, there was a slight indication that those studying TOPCIMA and passed finalists
were more satisfied with the benefits they receive than managerial and strategic level
students. In 2010, any suggestion of this has disappeared with those in the early stages of
their studies just as satisfied with their benefits as those further through their CIMA studies.
Percentage satisfied or extremely satisfied with benefits by CIMA level
68%67%
68% 67% 68%65% 67%65% 68%70%77%
70%
59%62% 61%53%
71%71%
61%54%
2009 2010
67%66% 65%68%72%
66%70%
65%
Glo
bal o
vera
ll
Und
er 2
5
25-3
4
35-4
4
45 a
nd o
ver
Sole
tra
der
Mic
ro/s
mal
l (2-
49)
Med
ium
(50
-249
)
Larg
e (2
50+
)
Glo
bal o
vera
ll
Man
ager
ial
Stra
tegi
c
TOP
CIM
A
Pass
ed f
inal
ist
2009 2010
68%67%
68% 67% 68%65% 67%65% 68%70%77%
70%
59%62% 61%53%
71%71%
61%54%
2009 2010
67%66% 65%68%72%
66%70%
65%
Glo
bal o
vera
ll
Und
er 2
5
25-3
4
35-4
4
45 a
nd o
ver
Sole
tra
der
Mic
ro/s
mal
l (2-
49)
Med
ium
(50
-249
)
Larg
e (2
50+
)
Glo
bal o
vera
ll
Man
ager
ial
Stra
tegi
c
TOP
CIM
A
Pass
ed f
inal
ist
2009 2010
17
Working hours
The typical working week for half of respondents globally is 35 to 40 hours. A further 37%
work 41-50 hours, while only 4% work less than 35 hours a week.
Averaging 50 hours per week, Pakistani students typically have the longest working week,
closely followed by Hong Kong (49 hours) and India (48 hours). In contrast, those in the UK
typically have the shortest working week (40 hours). Globally the average is 42 hours.
Average hours worked per week
TOPCIMA students work significantly longer hours on average than other students at 43
hours, as do those who expect to receive a bonus this year. Those expecting a bonus work 42
hours per week, compared to 40 hours for those with no anticipation.
Around one-third of students feel under pressure to increase their workload outside normal
hours. Unlike last year, it is not the Indian students who most anticipate this, but those in
Hong Kong (53%), Zambia (50%) and Malaysia (49%).
Russia46 hours
Poland43 hours
China45 hours
Hong Kong49 hours
Malaysia48 hours
Australia42 hours
Sri Lanka46 hours
Pakistan50 hours
UAE46 hours
South Africa44 hours
Botswana43 hours
Zambia43 hours
UK40 hours
Ireland43 hours
India48 hours
The average working week has shortened slightly in 2010 to 42 hours while the longest was in Pakistan (50 hours).
18
The longer the hours worked, the more likely students are to expect them to be increased.
70% of those working more than 60 hours predict an increase in hours during 2010.
Increased workload can often be a result of career progression with 70% of those
anticipating increased hours having taken on greater responsibilities or a more pressurised
position. We may be seeing signs of organisations coming out of the recession, as although
understaffing/lack of resources was again the next most common reason for increased hours
(49%), the impact of company growth is being seen more than in 2009.
Reasons for increasing hours
Taken on more responsibility/more pressure
Understaffing/lack of resources
Company culture
My role has changed
Current financial climate
Company growth
70%
70%
33%
34%
54%
49%
36%
32%
27%
20%
20%
28%
2009 2010
19
Skill set requirements
The skills sought by CIMA students in 2010 are similar to 2009, with personal development
(e.g. career planning, time management) (54%) and leadership skills (50%) being the most
important, followed by strategic planning and implementation (46%).
Skill sets required
54%
50%
46%
42%
44%
41%
35%
35%
34%
32%
30%
24%
25%
29%
22%
17%
9%
Personal development (e.g. career planning, time management)
Leadership
Strategic planning and implementation
Reporting and analysis
Decision making
Communication (e.g. negotiation, writing, presenting)
Project management
Budgeting
Persuading and influencing
Skills for developing others (e.g. assessing performance, coaching)
Problem solving
Risk management
Time management
Team building
IT (software MS Excel, Word, Powerpoint, etc)
Internal audit and control
IT (hardware systems)
20
Ireland, Russia and Poland tend to have the least desire for training, while Sri Lankan’s are the
keenest. There are other priorities by country though, as shown in the table below. The areas
we see most polarisation in requirements are budgeting, risk management and problem
solving.
Top three desired skills by country
Country Top three desired skills Country Top three desired skills
Australia Strategic planning and implementation
Personal development
Leadership
Poland Project management
Personal development
Leadership
Botswana Decision making
Reporting and analysis
Leadership
Russia Leadership
Personal development
Persuading and influencing
China Leadership
Decision making
Reporting and analysis
South Africa Strategic planning and implementation
Leadership
Reporting and analysis
Hong Kong Communication
Project management
Decision making
Sri Lanka Personal development
Decision making
Communication
India Leadership
Personal development
Decision making
UAE Leadership
Decision making
Reporting and analysis
Ireland Personal development
Reporting and analysis
Leadership
UK Personal development
Leadership
Strategic planning and implementation
Malaysia Personal development
Reporting and analysis
Leadership
Zambia Strategic planning and implementation
Risk management
Decision making
Pakistan Leadership
Strategic planning and implementation
Communication
Global Personal development
Leadership
Strategic planning and implementation
21
Geographical mobility
Extent of movement
Looking forward, nearly two-thirds (64%) of students intend to change job in the next two
years – compared to 60% in 2009. Male respondents are most likely to be in transition, with
11% more of them considering moving compared to their female counterparts.
Career plans for the next two years – when are you looking to move job?
The vast majority of potential movers (81%) will stay within their country for their next
position, with around one in five movers intending to seek work outside their current
country. Botswana was the only country from which no students expressed any intention to
move, despite the lowest satisfaction levels.
For the 19% of CIMA students who intend to move abroad in the next 12 months, English
speaking countries are the most popular choice: Australia (47%), followed by the USA (35%),
the UK (31%) and Canada (21%). CIMA offers local support in all these regions whether
through CIMA offices or a partnership agreement offering student network support.
Australia is a particularly popular destination for those currently working in Sri Lanka. In
contrast those presently working in India are predominantly focused on the UK, the USA, the
UAE and Singapore, while students in neighbouring Pakistan have their sights set on Saudi
Arabia and the UAE, along with the UK and Australia, highlighting the global nature of the
CIMA qualification.
36.4%
Not currently seeking
0-3 months
4-6 months
7-11 months
1-2 years
13.4%12.4%
11.3%
26.4%
64% of students intend to change jobs in the next two years.
22
Top destinations
Mobility of CIMA qualification
Although an improved quality of life is the key driver, we seem to be seeing a slight shift in
motivation to relocate abroad. Personal fulfilment and cultural opportunities are slightly less
important this year. Instead the increasing rationale is strength of the economy and work
focused benefits such as salary and career development.
Whilst 13% of employees globally are looking to change jobs in the next three months those
in certain sectors are even more keen to do so; transport, distribution and storage (27%), oil,
gas and alternative energy (23%) and travel, leisure and tourism (23%).
Top ten destinations
Ranking Country Reasons for relocating to this country
1 Australia Improved quality of life
2 USA Experience a different culture AND improved quality of life
3 UK New career opportunity AND improved salary
4 Canada Improved quality of life
5 UAE Improved salary
6 New Zealand Improved quality of life
7 Switzerland Improved quality of life
8 Singapore Improved quality of life AND experience a different culture
9 South Africa Improved salary AND improved quality of life
10 Hong Kong Experience a different culture
Australia47%
Hong Kong6%
Singapore9%
Switzerland10%
New Zealand12%
South Africa7%
UK31%
USA35%
Canada21%
UAE14%
23
Relocation is the domain of the least experienced respondents, with 43% of those with more
than five years’ experience not intending to move in the next two years, compared to an
average of 36% overall.
Relocation reasons of those likely to move abroad comparison 2009-2010
It is at the stage of TOPCIMA that students are most likely to be driven by an opportunity to
experience different cultures (74%), or a new career opportunity (78%).
Perhaps not surprisingly, the key relocation driver (improved quality of life) is also the main
reason to choose the most popular destination (Australia).
The only country to see a significant decline in potential movers is the UAE, which fell from
23% in 2009 to 14% this year. This may reflect the economic downturn in the UAE, which
took full effect in late 2009, long after many other countries had been affected.
69%69%
59%55%
49%58%
49%56%
49%43%
26%18%
23%30%
22%25%
20%26%
22%23%
9%11%
10%
Improved quality of life
Experience a difference culture
New career opportunity
Improved salary
Take time out/travel
Friends and family
Work promotion
Stronger economy
Internal company transfer
To learn a new language 2009 2010
14%
Better employmentopportunities
Improved employmentconditions
The increasing rationale for relocation in 2010 is strength of the economy and work focused benefits such as salary and career development.
24
Future
39% of students anticipate a pay freeze in 2010. Among the 3% anticipating a salary
reduction this year, the average reduction is thought to be a sizable 6.5%, but 8.5% for those
in the high tier. Those in the highest salary tier are the least likely to expect a pay freeze
(27%), instead they are more fearful than average of a salary reduction, even though this is
a much less common concern overall (3%). We have already seen this as a real threat, with
average salaries in high earning cities decreasing slightly from last year. Although salary
bands have been altered, there was still a decline in real terms of 2.5% in the UK between
2009 and 2010.
Anticipated impacts in 2010
57% of respondents globally do not expect any changes to their working situation. Perhaps
surprisingly, given the major changes that have occurred in the financial market over recent
years, those in banking, finance and insurance are most assured of their employment
position, along with retail and consumer goods, natural resources, and energy/fuel and
utilities with around two-thirds not expecting changes. The oil, gas and alternative energy
sector is prepared for a rough ride though with 19% of them fearful of redundancy in the
coming year compared to 8% across all industries.
3%
57%
39%
8%
1%
None of the below
Pay freeze
Redundancy
Salary reduction
Shorter working week
Globally 92% of students do not anticipate being affected by redundancy in 2010.
25
One word to describe how CIMA is different from other accountancy qualifications...
The size of the font reflects the number of times the word was spontaneously mentioned.
ChallengingQualification
Recognition PracticalRelevant
ManagementBusiness
Strategy
Innovative
Variety
Accounting
Relevance
InterestingBroaderDifficult
Dynamic
Knowledge
Recognised
Professional
Best
StrategicFlexible
GlobalFocused
InternationalDiverseComprehensive
Unique
Better
Quality Varied
Excellent
Commercial
Modern Hard
Wide
Respected
Good
Diversity Expensive
FocusOriented Rounded
Flexibility
World
Different Versatile
Superior
Broad
Skills
Useful
26
Technical information
Data collection for the CIMA Global Part Qualified Salary Survey 2010 was carried out
by CIMA itself online during the period 28 January to 14 February 2010. The data was
subsequently rim weighted (by Redshift Research) by CIMA student level to ensure the
profile of the survey sample accurately represents all CIMA students working in industry.
13,980 CIMA students globally were invited to participate (UK, Ireland, South Africa, Sri
Lanka, Malaysia, India, Hong Kong, Australia, Mainland China, UAE, Botswana, Pakistan,
Russia, Poland and Zambia) – a total of 2,563 completed the study globally (18% response
rate).
The survey represents a re-run of the annual part qualified salary survey, the previous
iteration of which was conducted during January and February 2009. In order to improve the
quality of the data, revised salary bands were used on the questionnaire to record details
of some countries’ student salaries. This means that many averages previously published (in
the 2009 report) will not compare directly with 2010 figures. Where comparisons with 2009
data appear in this report, we have used an identical banding system to compare changes
year on year (which are expressed as a percentage) in order to ensure that the changes
shown reflect a genuine shift in the economic picture rather than a difference created
artificially by using different banding systems in each period.
For the purposes of this survey CIMA level data was collected under the 2005 CIMA
qualification structure and refers to those at managerial level, strategic level, TOPCIMA
and passed finalists. For comparison under the 2010 qualification structure these levels are
respectively now known as operational/management level, strategic level, T4 Part B Case
Study and exams complete.
27
Table of responses by country
Australia 52
Botswana 40
China 38
Hong Kong 15
India 154
Ireland 244
Malaysia 74
Pakistan 52
Poland 29
Russia 47
South Africa 324
Sri Lanka 182
UAE 36
UK 1206
Zambia 70
Total 2563
Table of responses by gender
Male 1438
Female 1125
Total 2563
Table of responses by CIMA level
Managerial 1075
Strategic 736
TOPCIMA 334
Passed finalist 418
Total 2563
Further information
For further information on technical matters relating to this survey, contact
yourvoice@cimaglobal.com
For further country specific analysis and reports visit CIMA MY JOBS at
http://myjobs.cimaglobal.com
Both the Chartered Institute of Management Accountants and Redshift Research are Market
Research Society Company Partners. The organisations abide by the Market Research
Society’s Code of Conduct and the Data Protection Act.
28
Global contacts
CIMA UK – Head Office26 Chapter StreetLondonSW1P 4NPUnited KingdomT. +44 (0)20 8849 2287F. +44 (0)20 8849 2450E. cima.contact@cimaglobal.comwww.cimaglobal.com
CIMA AustraliaSuite 1305109 Pitt StreetSydney NSW 2000AustraliaT. +61 (0)2 9376 9900F. +61 (0)2 9376 9905E. sydney@cimaglobal.comwww.cimaglobal.com/australia
CIMA BotswanaPlot 50676, 2nd Floor, Block BBIFM Building, Fairgrounds Office ParkGaborone, BotswanaPostal address:PO Box 403475Gaborone, BotswanaTelefax. +267 395 2362F. +267 395 2362/397 2982E. gaborone@cimaglobal.comwww.cimaglobal.com/botswana
CIMA ChinaUnit 1508AAZIA Center, 15th floor1233 Lujiazui Ring RoadPudongShanghai 200120P.R.ChinaT. +86 400 820 4080 +86 (0)21 5528 5119F. +86 (0)21 5228 5120E. infochina@cimaglobal.comwww.cimaglobal.com/chinawww.cncima.com
CIMA Hong KongSuites 1414 – 141514th Floor Jardine HouseCentral, Hong KongT. +852 2511 2003F. +852 2507 4701E. hongkong@cimaglobal.comwww.cimahongkong.com
CIMA IndiaUnit 1-A-1, 3rd FloorVibgyor Towers C-62, G Block,Bandra Kurla Complex,Bandra (East),Mumbai - 400 051T. +91 (0)22 4237 0100F. +91 (0)22 4237 0109E. india@cimaglobal.comwww.cimaglobal.com/india
CIMA Ireland45-47 Pembroke RoadBallsbridge, Dublin 4T. +353 (0)1 643 0400F. +353 (0)1 643 0401E. dublin@cimaglobal.comwww.cima.ie
CIMA MalaysiaLots 1.03b and 1.05, Level 1KPMG TOWER8 First Avenue, Bandar Utama47800 Petaling JayaSelangor Darul EhsanMalaysiaT. +60 (0)3 7723 0230F. +60 (0)3 7723 0231E. kualalumpur@cimaglobal.comwww.cimaglobal.com/malaysia
CIMA Middle EastOffice E01, 1st Foor, Block 3PO Box 502221Dubai Knowledge VillageAl Sofouh RoadDubai, UAET. +971 4434 7370F. +971 4434 1998E. middleeast@cimaglobal.comwww.cimaglobal.com/middleeast
CIMA PakistanNo. 201, 2nd floor Business ArcadePlot No. 27 A, Block 6, P.E.C.H.S.Shahra-e-FaisalKarachi, PakistanT. +92 21 3432 2387/88/89F. +92 21 3432 2390E. pakistan@cimaglobal.comwww.cimaglobal.com/pakistan
CIMA Singapore51 Goldhill Plaza, #08-02Singapore 308900T. +65 6535 6822F. +65 6534 3992E. singapore@cimaglobal.comwww.cimaglobal.com/singapore
CIMA South Africa1st Floor, 198 Oxford RoadIllovo, JohannesburgSouth AfricaPostal address:PO Box 745, Northlands 2116, South AfricaT. +27 (0)11 788 8723/0861 CIMA SAF. +27 (0)11 788 8724E. johannesburg@cimaglobal.comwww.cimaglobal.com/southafrica
CIMA Sri Lanka356 Elvitigala MawathaColombo 5Sri LankaT. +94 (0)11 250 3880F. +94 (0)11 250 3881E. colombo@cimaglobal.comwww.cimaglobal.com/srilanka
CIMA Zambia6053, Sibweni RoadNorthmead, LusakaZambiaPostal address:PO Box 30640, Lusaka, ZambiaT. +260 21 1 290 219/291 708F. +260 21 1 290 548E. lusaka@cimaglobal.comwww.cimaglobal.com/zambia
CIMA Zimbabwe6th Floor, Michael House62 Nelson Mandela Avenue,HarareZimbabwePostal address:PO Box 3831, Harare, ZimbabweTelefax. +263 (0) 4 708600/702617F. +263 (0) 4 708600/702617E. harare@cimaglobal.comwww.cimaglobal.com/zimbabwe
CIMA’s global offices may change during the year, so please visit the global web links for the most up-to-date contact details. For a full list of global contacts, please visitwww.cimaglobal.com/globalcontacts
Chartered Institute of
Management Accountants
26 Chapter Street
London SW1P 4NP
United Kingdom
T. +44 (0)20 8849 2285
E. press@cimaglobal.com
www.cimaglobal.com
© February 2010, Chartered Institute of Management Accountants CM1001V0510