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Transcript of CIMA China part qualified salary survey 2010€¦ · · 2010-09-02CIMA salary survey 2010 –...
CIMA China part qualified salary survey 2010
CIMA salary survey 2010 – China
Executive summary 1
Main findings 3
Salaries and bonuses 3
Sector 4
Job role 4
Recruitment and retention 5
Importance of benefits 5
Working hours 6
Skill set requirements 6
Geographical mobility 7
One word to describe CIMA difference 7
Technical information 8
Further information 8
Global contacts 9
1
Executive summary
While many other economies have struggled during 2009, China has led the global economic
recovery. According to China’s National Bureau of Statistics, China’s GDP rose 8.7% in 2009
to reach US$4.91 trillion. China is now the world’s third largest economy and is now very
close to overhauling Japan to become the second largest.
GDP grew 6.1% in the first quarter of 2009, 7.9% in the second quarter, 8.9% in the third
quarter, and 10.7% in the fourth quarter, indicating a sustained and rapid recovery in China’s
economic fortunes. CIMA students in China, therefore, face a very different set of economic
conditions during 2010 than those experienced in many other countries.
The second annual global salary survey of CIMA students was carried out in February 2010.
A total of 2,563 employed students (who had sat an exam within the last two years under
the 2005 CIMA qualification structure) contributed to the survey of which 38 responses
were from China. This report summarises the results of this survey with a particular focus
on China, looking at how recent economic events are impacting on salary levels and benefit
packages experienced by CIMA students working there. Please note that due to small base
numbers, only indicative results are given for China. The results should be viewed with
caution when compared to global averages.
Salaries and bonuses
• The average CIMA student’s annual salary is RMB215,500.
• The average bonus across all students is RMB23,185, giving a combined annual package
of RMB238,685.
• China is the country where students are most likely to receive a bonus in 2010. Just 8%
stated they had no bonus potential this year, compared to the global average of 42%.
• A pay freeze is a possible concern for 16% of respondents, and 5% are worried about
possible redundancy in 2010.
2
Recruitment and retention
• Despite being more likely to receive a bonus, dissatisfaction with current salary packages
is high. Less than half – 45% – are satisfied with their salary, compared to the global
average of 51%.
• Similarly, satisfaction with benefits is also low at 53%, compared to the global average of
67%.
• The three most highly desired benefits are bonuses, pensions and healthcare. Increases in
pay and bonuses on passing of exams are also important but amongst the least likely to
be received.
• However, the proportion receiving these benefits varies: 34% are receiving pension
benefits, 45% are receiving a bonus and 61% are receiving healthcare benefits.
• Students typically work a 45 hour week, around three hours more than the global average
of 42 hours.
• In terms of future skill requirements, leadership (63%), decision making (55%) and
reporting and analysis (53%), are the most sought after.
Geographical mobility
• 74% are looking to move job within the next two years.
• Most (86%) will look for employment in China. The USA is the key target destination for
those planning a move abroad, primarily due to internal company transfer or a desire for a
cultural change.
3
Main findings
Salaries and bonuses
The average basic annual salary is RMB215,500 plus a bonus of RMB23,185, producing a
total average package of RMB238,685.
The average basic salary is pushed up by a substantial proportion (18%) earning over
RMB300,000 per annum. The data suggests some polarisation in salaries as 8% of
respondents are at the opposite end of the scale earning less than RMB80,000 per annum.
Bonuses again vary, with an average of RMB25,761 for those expecting to receive one. Of
all countries surveyed, China is the country where the highest proportion of students are
expecting to receive a bonus – only 8% will not be getting an on target earnings bonus in
2010 compared to 42% globally who do not receive bonuses. The bonus in China equates to
an average of 11% of salary across all students, and rises to 12% for the 92% who expect to
receive one.
The majority (76%) are not expecting to have their salary or benefits negatively impacted
(i.e. pay freeze, salary reduction, redundancy or shorter working weeks) in 2010. A pay
freeze is a possible concern for 16% of respondents and just 5% are worried about possible
redundancy in 2010.
China has a high proportion of students with two years or less work experience since joining
CIMA (37%), higher than the global average of 28%, and it also has a younger respondent
base. China did not receive responses from individuals over 45 years old – the majority of
respondents (74%) are aged between 25 and 34 years.
In line with the younger age profile, 76% of Chinese students are at the managerial level of
their studies1 (46% globally), and only 3% are passed finalists (18% globally). A further 18%
are at strategic level and 8% are studying TOPCIMA.
The majority of students live in either Shaghai (50%) or Beijing (29%).
1 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.
• On average CIMA students annual salary is RMB215,500
• The average bonus is RMB23,185 across all respondents
• 92% expect to receive an on target earnings bonus in 2010
• For the 92% expecting a bonus the average is RMB25,761
4
Sector
CIMA is important to the broad base of industry in China with the manufacturing and
accountancy sectors having the highest proportion of CIMA students (34% and 26%
respectively). China also has respondents within the retail and consumer goods sector, and
sales, purchasing and supply chain sector.
Given the low base numbers it is difficult to make comparisons across the sectors.
The majority work in companies that employ 500 or more staff internationally (68%).
Job role
In terms of fitting into the business, organisational structure is traditional, as 74% of
respondents sit in the finance division. A further 11% reside in the operations division and
3% in strategy.
CIMA students most commonly report their job title as finance manager (26%), followed by
finance/business analyst (13%) and financial controller (13%) demonstrating the strategic
nature of many students’ roles.
5
Recruitment and retention
Importance of benefits
Less than half – 45% – are extremely or very satisfied with their salary, compared to the
global average of 51%. A slightly higher proportion are satisfied with their benefits, 53%,
although the level of satisfaction continues to be below that of the global average of 67%.
Bonus, pension and healthcare are the three most important benefits. However, the
proportion receiving these varies: 34% are receiving pension benefits, 45% are receiving a
bonus and 61% are receiving healthcare benefits. Reassuringly, 39% of students benefit
from contribution to/payment of their CIMA fees.
An increase in pay and a bonus for passing exams are also cited as important benefits for
students in China but are amongst the benefits that students are least likely to receive; with
only 5% receiving the former and 0% the latter.
No benefits were deemed as unimportant (scoring less than 2.5 out of 5).
Importance of benefits (mean score) by benefits received 5 = extremely important, 1 = not at all important
4.64.2
3.9 3.9 3.8 3.8 3.8 3.6 3.7 3.6 3.5 3.4 3.2 3.2 3.2 3.1 3.1 3.1 3 2.92.6
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Importance Benefit received
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6
Working hours
In a typical week 61% of students will work between 41 and 50 hours, compared to 37%
globally who work similar hours. On average, a respondent in China works a 45 hour week,
around three hours more than the global average of 42 hours.
32% of respondents are expecting their hours to increase while 5% expect to see a decrease
in their number of hours. 63% of students are expecting the number of hours they work to
remain the same.
Of those who have felt increased pressure, this has been down to their career progression –
those who have taken on more responsibility – and the growth of the company, as opposed
to lack of resources.
Requirement to work outside normal hours
Skill set requirements
CIMA students are well aware their future careers will need them to be good at elements
other than just technical accountancy. Leadership, decision making, and reporting and
analysis skills are a focus in 2010 (63%, 55% and 53% respectively). China is also keener
than average to improve its problem solving (50% vs 30% globally).
Skill sets required
32%
5%
Increasing
Decreasing
Staying the same63%
63%
55%
53%
50%
50%
47%
45%
42%
42%
37%
34%
32%
32%
32%
26%
8%
8%
Leadership
Decision making
Reporting and analysis
Communication (e.g. negotiating, writing, presenting)
Problem solving
Personal development (e.g. career planning, time management)
Risk management
Persuading and influencing
Strategic planning and implementation
Skills for developing others (e.g. assessing performance, coaching)
Budgeting
Time management
Team building
Project management
Internal audit and control
IT software (MS Excel, Word, Powerpoint, etc.)
IT (hardware systems)
7
Geographical mobility
74% are looking to move job within the next two years, compared to 64% globally. 35% of
China’s respondents are looking to move job within the next 11 months, with a further 39%
who plan to change jobs in the next one to two years. Most (86%) will look for employment
in China. The USA is the key target destination for those planning a move abroad, primarily
due to internal company transfer or a desire for a cultural change.
Career plans for the next two years
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.
26%
11%
Stay in current job
Find a new job in China
Find a new job abroad63%
comprehensive
Strong
businesspracticalForward-thinking
knowledgeable
managementfocus
content
Up-to-dateEasy
excellen
t Differentprofessional relevant
8
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 country to ensure the profile of the
survey sample accurately represents all CIMA markets.
13,980 CIMA students globally were selected and 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), with 38 respondents from China. Due to the low base numbers, only basic
survey results are offered in this report. Basic responses were as follows:
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.
Further information
For further information on technical matters relating to this survey, contact
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.
Table of responses by age band
25-34 28
35-44 10
Total 38
Table of responses by gender
Male 19
Female 19
Total 38
Table of responses by CIMA level
Managerial 29
Strategic 5
TOPCIMA 3
Passed finalist 1
Total 38
9
Global contacts
CIMA UK – Head Office26 Chapter StreetLondonSW1P 4NPUnited KingdomT. +44 (0)20 8849 2287F. +44 (0)20 8849 2450E. [email protected]
CIMA AustraliaSuite 1305109 Pitt StreetSydney NSW 2000AustraliaT. +61 (0)2 9376 9900F. +61 (0)2 9376 9905E. [email protected]/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. [email protected]/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. [email protected]/chinawww.cncima.com
CIMA Hong KongSuites 1414 – 141514th Floor Jardine HouseCentral, Hong KongT. +852 2511 2003F. +852 2507 4701E. [email protected]
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. [email protected]/india
CIMA Ireland45-47 Pembroke RoadBallsbridge, Dublin 4T. +353 (0)1 643 0400F. +353 (0)1 643 0401E. [email protected]
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. [email protected]/malaysia
CIMA Middle EastOffice E01, 1st Foor, Block 3PO Box 502221Dubai Knowledge VillageAl Sofouh RoadDubai, UAET. +971 4434 7370F. +971 4434 1998E. [email protected]/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. [email protected]/pakistan
CIMA Singapore51 Goldhill Plaza, #08-02Singapore 308900T. +65 6535 6822F. +65 6534 3992E. [email protected]/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. [email protected]/southafrica
CIMA Sri Lanka356 Elvitigala MawathaColombo 5Sri LankaT. +94 (0)11 250 3880F. +94 (0)11 250 3881E. [email protected]/srilanka
CIMA Zambia6053, Sibweni RoadNorthmead, LusakaZambiaPostal address:PO Box 30640, Lusaka, ZambiaT. +260 21 1 290 219/291 708F. +260 21 1 290 548E. [email protected]/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. [email protected]/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 7663 5441
F. +44 (0)20 7663 5442
www.cimaglobal.com
© May 2010, Chartered Institute of Management Accountants
