CIMA Malaysia part qualified salary survey 2010...With an average salary of RM77,941 for male...
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CIMA Malaysia part qualified salary survey 2010
Transcript of CIMA Malaysia part qualified salary survey 2010...With an average salary of RM77,941 for male...
CIMA Malaysia part qualified salary survey 2010
CIMA salary survey 2010 – Malaysia
Foreword 1
Executive summary 2
Main findings 4
Salaries and bonuses 4
Gender 4
Recruitment and retention 5
Satisfaction with salary 5
Importance of benefits 5
Satisfaction with benefits 6
Working hours 7
Skill set requirements 8
Geographical mobility 9
Future 9
One word to describe CIMA difference 10
Technical information 11
Further information 12
Global contacts 13
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
Malaysian 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 global survey clearly shows that most of our students believe they are recession-proof. 92% do not
anticipate being affected by redundancy in 2010.This response could also reflect an increasingly optimistic
view of the general economic conditions: this 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. Although, 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.
This report which focuses on CIMA students in Malaysia identifies a number of important trends. In the
2009 survey, our Malaysian students indicated that the global economic recession was likely to have a
negative impact on their own employer’s business. Nearly two thirds anticipated that budget cuts were
likely and just over half thought there would be a recruitment freeze. However, this pessimism appears to
have lifted. This year, only 1% of students fear redundancy and just 9% are anticipating a pay freeze.
The average basic annual salary for Malaysian students is currently RM68,750 with the average bonus
at RM7,458. Only around half of students are satisfied with their salary (51%) and benefits (55%),
despite the fact that over 70% receive bonuses as part of their package and 55% receive healthcare. This
dissatisfaction may be linked to the fact that few Malaysian students have access to pensions. The current
figure (10%) is one of the lowest of all countries in the survey.
Looking ahead, our students’ confidence in their abilities is opening up new horizons for them. Just over
70% of Malaysian students are looking for a new job in the next two years and one fifth are planning to
work overseas. This is up from 16% in the 2009 survey. However there is a noticeable gender pay gap.
Male students are earning an average of 28% more in salaries and 35% more in bonuses than their female
counterparts.
Overall, the global 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
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Executive summary
Malaysia emerged from recession in the last quarter of 2009 and recovery in 2010 has so far
been better than expected, in line with the strengthening global recovery in the rest of the
Asia Pacific region. The International Monetary Fund (IMF) has raised its growth projection
for Malaysia in 2010 to 6.7% and also expects the Malaysian economy to grow by 5.3% in
2011.
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 74 responses were
from Malaysia. This report summarises the results of this survey with a particular focus on
Malaysia, 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 Malaysia. The results should be viewed with
caution and cannot reliably be compared to 2009 results.
Salaries and bonuses
• The average CIMA student’s annual salary is RM68,750 (excluding bonuses which average
RM7,458 for all respondents).
• 86% expect to receive some kind of bonus during 2010, typically RM8,624.
• On average, men earn 28% more than women based on their salaries, and 35% more for
bonuses.
• 9% of students are expecting a pay freeze in 2010, and only 1% of Malaysian students
are anticipating redundancy in 2010.
3
Recruitment and retention
• Overall, just over half of students (51%) are satisfied with their current salaries
(unchanged from last year), and a slightly higher proportion (55%) are satisfied with the
benefits they receive.
• Students identify the provision of a bonus, healthcare, pensions, contribution/payment of
CIMA fees, and study leave as the most important benefits that an employer could offer.
• 71% of students receive bonuses as part of their package and 55% currently receive
healthcare. However, far fewer (10%) have access to pensions (almost the lowest
percentage of all countries with only Sri Lanka being lower at 6%).
• Malaysian students work one of the longest working weeks with an average of 48 hours
(up from 46 hours in 2009), and 49% feel their hours are likely to increase.
• Students are most likely to want to acquire skills in personal development, leadership,
reporting and analysis, strategic planning and implementation, and communication during
the coming year.
Geographical mobility
• 70% of students are planning to change jobs in the next two years, although almost one-
quarter are not looking to move for at least a year.
• Most Malaysian students will be seeking a new job within Malaysia. However, 20% plan
to get a new job overseas (up from 16% in 2009).
• Male students are more likely to consider working abroad than women (35% vs 23%).
4
Main findings
Salaries and bonuses
The average basic annual salary for CIMA students in Malaysia is RM68,750, plus an average
bonus of RM7,458, producing a total average annual package of RM76,208 in 2010.
For the 86% who expect to receive some kind of bonus during 2010 (up from 75% in 2009),
the average bonus rises to RM8,624. The bonus in Malaysia equates to an average of 11% of
salary across all students and rises to 12% for the 86% who expect to receive one.
The average basic salary level is pushed up in 2010 by 5% who are earning a basic salary
over RM125,000 (0% in 2009). At the other end of the scale, 17% of students are on salaries
less than RM40,000 (down from 33% in 2009).
Also, the proportion of students with more than five years’ work experience has increased
from 49% to 66% this year. The sample profile suggests an older age group in 2010; 56% are
aged 35 and over compared to just 31% in 2009.
Gender
The 2010 survey shows a significant difference in the salary level between men and women.
With an average salary of RM77,941 for male students, compared to RM60,937 for females,
men receive salaries 28% higher than women. This is a notable change from 2009 when
Malaysia had the least disparity between the genders at 7%.
The one possible key difference is location, with more male respondents working in the
capital, Kuala Lumpur than female respondents - 62% compared to 35%. Women are just as
likely to receive an on target earnings bonus as their male colleagues.
Remuneration package by gender
Salary Bonus Total package
Malaysia overall RM68,750 RM7,458 RM76,208
Male RM77,941 RM8,691 RM86,632
Female RM60,937 RM6,412 RM67,349
• On average, a CIMA student’s annual salary is RM68,750.
• The average bonus is RM7,458 across all respondents.
• 14% do not expect to receive a bonus in 2010 (compared with 25% in 2009).
• For the 86% expecting a bonus, the average bonus is RM8,624.
5
Recruitment and retention
Satisfaction with salary
Just over half of students in Malaysia (51%) are satisfied with their current salaries (the
same as the global average and unchanged from last year), although no one was ‘extremely
satisfied’. Women are more likely to be satisfied with their salaries than men, even though
men earn 28% more than women.
The lowest levels of satisfaction, of just 23%, are recorded amongst students in the lowest
salary tier (those earning less than RM50,000 per annum). Satisfaction levels rise to 59%
for students earning between RM50,000 and RM75,000 per annum, and those earning
over RM75,000 were satisfied in 70% of cases (both mid and high tier earners showing an
increase from 2009).
In terms of gender, there was no significant difference between satisfaction levels.
Percentage satisfied with salary by salary level
Importance of benefits
Receiving a bonus is the highest rated benefit (4.7 out of 5) in terms of importance, amongst
students in Malaysia. Access to healthcare, contribution/payment of CIMA fees, pensions,
study leave and pay rise as an incentive for passing exams are also considered to be
important benefits that an employer could offer.
The main benefit students receive as part of their package is a bonus, which is received by
71% of students surveyed (41% globally). While 55% receive healthcare, fewer get access
to study leave or get a contribution/payment of CIMA fees, received by 33% and 34%
respectively. Only 10% are provided with a pension, with Sri Lanka being the only country
less likely to receive this than Malaysia. Pay rise as an incentive for passing exams is also an
area of low receipt (7%). Apart from the provision of bonuses, student expectations for a
range of benefits they consider important are not being met.
63%70%
54%59%
51%51%
36%23%
High tier earners (>RM75,000)
Mid tier earners
Low tier earners (<RM50,000)
Malaysia overall
2009 2010
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Importance of benefits (mean score) by benefits received 5 = extremely important, 1 = not at all important
Satisfaction with benefits
Satisfaction with benefits in Malaysia is 55% in 2010. This is up from 51% in 2009 but
is still lower than the global average of 67%, which is perhaps surprising given the high
proportion of students who receive certain benefits in Malaysia. A bonus is received by 71%
of students in Malaysia (41% globally) and healthcare is also received by 55% of students
(40% globally). The top two benefits received globally are contribution/payment of CIMA
fees (61%) and study leave (61%).
High tier earners show the greatest variation between satisfaction with salary and
satisfaction with benefits dropping from 70% to 57% respectively. In contrast, both low and
mid tier earners showed an increase in satisfaction with their benefits compared to their
salary. At 36% low tier earners were the least satisfied but mid tier earners are the most
satisfied with the benefits they receive at 69%.
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Percentage satisfied with benefits by salary level
Working hours
Malaysian students work an average of 48 hours per week (compared to 46 hours in 2009).
Only 3% work less than 35 hours per week and almost one-third regularly work more than
50 hours per week. Malaysian students, together with students from Pakistan, India and Sri
Lanka work more hours than students in most other countries surveyed.
While a minority (8%) indicate the requirement to work outside normal hours is decreasing,
and 43% believe there will be no change in 2010, just under one-half (49%) of students
believe the pressure to work outside normal hours is increasing further (up from 37% in
2009). Along with Hong Kong, Malaysia is the country most likely to expect some kind of
change in hours whether it be up or down – globally 61% do not expect any change.
Requirement to work outside normal hours
The primary reason students feel their hours are likely to increase relates to taking on more
responsibility/more pressure (86%), and secondly company growth (44%; up from 12% in
2009). It would therefore seem that greater responsibility/promotion is closely linked to an
expectation of longer working hours in Malaysia.
69%57%
46%69%
51%55%
41%36%
High tier earners (>RM75,000)
Mid tier earners
Low tier earners (<RM50,000)
Malaysia overall
2009 2010
49%
8%
Increasing
Decreasing
Staying the same
43%
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Reasons for increasing hours
Skill set requirements
Students are keen to identify several areas where they would like to acquire or enhance their
skills. The main skills sought in 2010 are personal development (68%), leadership (62%),
reporting and analysis (62%), and strategic planning and implementation (55%). Both
personal development and leadership skills have increased in importance in the last year,
and while these top four skill set requirements are typically important for most countries,
students in Malaysia are also particularly keen to learn about problem solving (50%) and risk
management (49%).
Male students are more likely to want to improve their skills in leadership (68% vs 58%),
strategic planning and implementation (62% vs 50%), and decision making (62% vs 45%).
By contrast, female students are more interested in acquiring skills in personal development
(75% vs 59%), risk management (53% vs 44%), and reporting and analysis (65% vs 59%).
Skill sets required
Taken on more responsibility/more pressure
Company growth
Understaffing/lack of resources
My role has changed
Company culture
Current financial climate
86%
44%
42%
25%
22%
11%
68%
62%
62%
55%
54%
53%
50%
49%
42%
39%
38%
31%
31%
27%
26%
24%
8%
Personal development (e.g. career planning, time management)
Leadership
Reporting and analysis
Strategic planning and implementation
Communication (e.g. negotiating, writing, presenting)
Decision making
Problem solving
Risk management
Budgeting
Persuading and influencing
Project management
Team building
Skills for developing others (e.g. assessing performance, coaching)
Time management
IT software (MS Excel, Word, Powerpoint, etc.)
Internal audit and control
IT (hardware systems)
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Geographical mobility
70% of CIMA students are planning to change jobs at some stage within the next two years.
46% are looking to change during the coming 12 months and 24% plan to move after
another year. Women are marginally more likely to stay in their current position for the
foreseeable future than men (35% of women compared to 24% of men).
Those who hope to find a new job are primarily looking to move to another employer in
Malaysia. 20% plan to seek employment overseas, up from 16% in 2009. Male students are
slightly more likely to wish to look for work abroad than women (35% vs 23%).
Career plans for the next two years
Those looking to move overseas are willing to consider a variety of destinations, with the UK
(60%), Australia (40%) and the USA (27%) being most frequently mentioned.
Motivations to move overseas are centred around improvements in salary and quality of life,
new career opportunities and to experience a different culture.
Future
In the 2009 survey Malaysian students believed that the global economic recession was
likely to have a negative impact on their own employer’s business. In particular, nearly two-
thirds had anticipated that budget cuts were likely and just over half thought there would be
a need for a recruitment freeze.
30%20%
Stay in current job
Find a new job in Malaysia
Find a new job abroad50%
10
Perceived confidence in the labour market appears to be much more positive looking
forward to 2010 though, which may reflect the recent recovery in Malaysia’s GDP. While 9%
of students now expect a pay freeze in 2010, this compares with 39% for the global average
- and the UK and Ireland which record 45% and 59% respectively - Malaysia’s position is
comparatively good. Similarly, only 1% of Malaysian students are anticipating redundancy in
2010, compared with the global average of 8%.
Anticipated impacts in 2010
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.
84%
9%
4%
3%
1%
None of the below
Pay freeze
Shorter working week
Salary reduction
Redundancy
Businessmanagement
relevant
expe
rt
STRATEG
IC
Good
Excellen
ce Complete
Professional
applicable
comprehensive
unique
DIFFERENTglobal
Challengingdifficult
FLEXIBLE
Hard
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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, Pakistan,
Botswana, Russia, Poland and Zambia). A total of 2,563 completed the study globally (18%
response rate) with 74 respondents from Malaysia. Due to the low base numbers only basic
survey results are offered in this report. Basic responses were as follows:
The survey represents a re-run of the annual part qualified salary survey, the previous
iteration of which was conducted during January/February 2009. In order to improve the
quality of the data collected, more detailed salary bands were used on the questionnaire to
record details of student salaries.
The definition of high, medium and low salary bands has changed in 2010. Previously those
in the medium earner salary band earned between RM40,000 and RM60,000. This year,
the band has gone up and they earn between RM50,000 and RM74,999 reflecting a rise in
average salaries.
This means that 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 a
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.
Table of responses by age band
Under 25 3
25-34 30
35-44 36
45 and over 5
Total 74
Table of responses by gender
Male 34
Female 40
Total 74
Table of responses by CIMA level
Managerial 10
Strategic 47
TOPCIMA 12
Passed finalist 5
Total 74
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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.
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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
© July 2010, Chartered Institute of Management Accountants
