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%

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2009 2010

58%51%

59%53%

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56%60%

67%

58%

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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