CIMA United Kingdomqualified salary survey 2011

Table of contents

Foreword 2

Executive summary 3

Economic context 4

Main findings 6

Overview of remuneration packages and the career ladder 6

Industry analysis − a tale of two sectors 10

Expectations for future pay and conditions 15

Improving employability and opportunities 19

Attracting candidates and retaining employees 20

Special report − regional analysis 23

One word to describe...management accounting 28

Appendix 29

Table of salaries and bonuses 29

Technical information 32

Further information 32

Acknowledgements 32

Global offices 33

2

Foreword Welcome to our third global members’ salary survey. Each year, we ask Chartered Management Accountants to give us an insight into their working lives and their outlook for the year ahead. The results give us a valuable snapshot of the current employment experiences and career aspirations of CIMA’s members. Despite another rollercoaster year, the global CIMA community has shown notable resilience to the ongoing turbulence in the global economy. Although the number of global members who are satisfied with their current salary (68%) has not changed since our 2010 survey, their overall outlook on job security and career development has improved. In the UK, our survey indicates that the business environment has improved significantly since 2009. Almost half (45%) of UK members are expecting an increase in personal salary in the next 12 months and 63% are considering alternative job opportunities in the next two years. The survey also points to increased business activity since 2009, especially in terms of business profits, investment levels, salaries and headcounts. Longer working hours are anticipated for the year ahead, particularly in the UK, Singapore, Malaysia, Hong Kong, China, South Africa, Sri Lanka, and the UAE. These figures show the pressures faced by members on either side of the coin. On one side, Chartered Management Accountants are helping their employers to meet the additional demands of surviving in the downturn while on the other side, they are supporting organisations as they experience significant growth. While financial reward is evidently a major motivator for our members, our survey found that quality of life is also important. In seven of the 14 countries surveyed, a good working environment, a challenging workload and a good work/life balance are also valued. In terms of working in other countries, the USA (38%) and Australia (31%) are the most popular destinations for UK members. Cautious optimism is still the general outlook of our members across the world. Closer to home, CIMA members in the UK have made it clear that they are reaping the benefits of their professional qualification. A total of 93% said that their CIMA skills has opened up greater career opportunities and 74% said the qualification has given them greater access to others areas of the business. 80% said their CIMA toolkit had also provided more scope to develop an international career. For the first time, our UK members were asked to describe what management accounting means to them in a single word. The four most frequent words were: challenging, varied, strategic and interesting. I would contend that our members have provided four very good reasons why CIMA’s offering continues to be the qualification of choice in the global business arena.

Charles Tilley Chief Executive CIMA

3

Executive summary

This report details the findings of the third annual CIMA member salary survey for the UK. The first survey was conducted in 2009 and comparisons with this and the 2010 study are provided where relevant. The 2011 CIMA survey reveals that members in the UK are earning on average £52,357 in basic salary, plus £4,814 in bonus payments (9% of basic salary). CIMA members receive a wide range of benefits, the most common being membership of a company pension scheme, contribution to/payment of CIMA fees and a bonus. Salaries rise fairly steeply with continued experience: there is a clear change at six to nine years, when one-third of members enter the higher-tier salary bracket, rising again to one-half of members in the higher-tier bracket after ten to 19 years. Looking at the post-qualification career as a whole, the average package rises by just over £50,000 after ten years of post-qualified experience, which is equivalent to a rise of 127%. By region, London and the South East report the highest average basic salaries (£62,221 and £55,196 respectively), driven by high-earning sectors and higher costs of living. In contrast, the South West (£40,574), the East of England (£42,119) and the North West (£42,952) report the lowest average basic salaries. A relatively large public sector in the South West appears to be holding down the average salary in the region. Industry sector also has a significant impact on remuneration. CIMA members working in the information and communications technology (ICT), technology and telecoms sector earn 27% more than the UK average, followed by those in business services (26% more); those in oil, gas and alternative energy, and in banking earn 23% more. The average annual basic salary in the banking sector is £62,587, plus £7,730 in bonus payments, resulting in a total average package of £70,317. However, salaries range widely depending on experience. In terms of outlook for the next 12 months, in line with planned reforms, members in the banking sector anticipate a greater focus on regulatory issues. Business process changes are also expected – including an increase in outsourcing – perhaps as a result of a freeze on recruitment, which is anticipated by two-thirds of members. There will be a tightening of expenditure, with budgets and headcounts being key targets for cuts, although 91% do expect to receive a bonus in 2011. Perhaps surprisingly, with an average salary package of £48,652, the public sector ranks twelfth out of seventeen in terms of total remuneration; by no means the lowest paid sector. The not-for-profit/charity, construction and property, and travel, leisure and tourism sectors report the lowest average salary packages, at 28%, 24% and 21% less than the national average respectively. Reflecting current policy to reduce the level of government net borrowing in the wake of the 2008 recession, the vast majority of members in the public sector are anticipating budget cuts, job cuts and salary freezes

4

within the organisations in which they work; these proportions are far above the UK averages.

The survey findings point to recovery and increased activity since 2009, particularly in the areas of business profits, investments levels, salaries and headcounts. However, the UK outlook in general remains subdued, with much uncertainty, and it seems that overall, businesses will be operating prudently over the next 12 months. Indeed, the proportions of members expecting cuts and freezes in jobs, salaries and budgets are larger than the proportions expecting increases in these areas. Nevertheless, one-third (35%) anticipate an increase in the overall profitability of the business in which they work; larger on balance than the proportion expecting a fall in profits (21%, down from 51% in 2009). An impact of recession is greater focus on regulatory issues, particularly in the banking and financial sectors of the economy where this is anticipated by approximately two-thirds of members. Although much remains to be seen, it could be that CIMA members will do relatively well throughout this difficult period. Almost one-half (45%) of members expect an increase in personal salary over the next 12 months at an average rate of 5.6%, meaning that real wage rises are likely to be strongly challenged by rising inflation. An overwhelming majority (93%) agree with the statement that the CIMA qualification creates career opportunities. Furthermore, there are high levels of agreement that the qualification strengthens the ability to move internationally with one’s career, and to move across all areas of the business. Indeed, a majority of CIMA members are considering alternative job opportunities within the next two years (63%), including one-third who are planning to move within the next six months. Of those seeking a move, almost all are opting for a job within the UK, with only a minority (13%) planning to seek employment overseas. The USA and Australia are the most common destinations being considered by UK members, with New Zealand, France, Canada, Switzerland, Singapore and the Netherlands also seen as popular destinations.

Economic context

A unique and dramatic series of events halfway through 2011 has sent global markets into turmoil, greatly increasing the chances of heavy downside risks being realised in the near term; the potential full effects of which cannot yet be determined with certainty.1

A loss of confidence within global financial markets, driven in large part by questions over the US recovery and the Eurozone crisis, is compounding the UK’s own issues with its fiscal and monetary position.

1 Bank of England, Inflation Report, http://www.bankofengland.co.uk/publications/inflationreport/ir11augo.pdf. Accessed 15/08/2011.

5

The 2011 CIMA salary survey was conducted before the full extent of these various events was realised, and it is therefore conceivable that, at least in the short term, members are more pessimistic about the coming 12 months than the mood captured within this report might imply.

Figure 1: Economic indicators – forecasts for the UK

% 2011 2012

GDP growth +1.3% +2.0

Claimant count (unemployment) 1.55mn 1.53mn

Wage growth -2.5 3.0

CPI (inflation) +4.5% +2.3%

PSNB (public sector net borrowing) £125.1bn £102.5bn

Source: HM Treasury, Forecasts for the UK economy: a comparison of independent forecasts, http://www.hm-treasury.gov.uk/d/201107forcomp.pdf. Accessed 15/08/2011.

Current estimates from a range of forecasters place GDP growth for 2011 at an average of 1.3%, although estimates range from just 0.8% to 1.9%.2

Growth for 2012 is expected to pick up to 2.0%, although much uncertainty remains. With the Bank of England’s inflation target of 2% being overshot considerably, and with unemployment higher than in recent years despite an increase in private sector jobs, household incomes are being sharply eroded. Combined with restricted bank lending to businesses and uncertainty in global markets, the medium-term outlook for the UK economy is cautiously optimistic for sustained positive quarterly growth in the near term.

The PSNB requirement is forecast to reduce significantly from £144.4bn in 2010 to £125.1bn in 2011 and £102.5bn in 2012. This has both positive and negative implications, reflecting good news for the balance sheet of the economy, but a continuation of tough times ahead for many of those employed in the public sector and in businesses serving that sector.

2 Ibid.

‘A loss of

confidence within global

financial markets is

compounding the UK’s own issues with its

fiscal and monetary position.’

6

Main findings

Overview of remuneration packages and the career ladder

The 2011 CIMA survey reveals that members in the UK are earning on average £52,357 in basic salary, plus £4,814 in bonus payments (9% of basic salary). 68% are expecting a bonus in 2011 and, among these, the average anticipated payment is £7,085. The survey shows substantial increases in average total salary and bonus payments with experience, with significant changes at six to nine years, and again at ten to nineteen years of experience. The movement of members into very senior roles in the latter category leads to a jump of £26,000 in average total salary. Looking at the post-qualification career as a whole, the average package rises by just over £50,000 after ten years of post-qualified experience, which is equivalent to a rise of 127%. The average package plateaus thereafter, which can be attributed to a small yet consequential movement into self-employment, accountancy practice and not-for-profit roles. Figure 2: Annual remuneration by number of years’ relevant experience

Figures from previous years indicate that the average UK basic salary increased slightly between 2009 and 2010 from £57,600 to £58,820, but fell to £52,357 in 2011. However, the apparent fall in salary could, at least in part, be explained by differences in the profile of respondents: in 2011 a significantly higher proportion of members responding to the survey had fewer than three years of post-qualification experience than in 2010.

£52,357£38,269

£47,140 £52,232£60,281

£82,056 £82,916

£57,170

£40,756

£50,834£57,179

£66,730

£92,709 £92,535

UK total <1 year

1-3 years

4-5 years

6-9 years

10-19 years

20+ years

Basic salary Bonus Total Lowest base: 20+ years, (35)

‘Survey shows substantial increases in average total salary with experience, rising by £50,000 after ten years of post-qualified experience.’

7

In addition to basic salary, CIMA members receive a range of benefits, by far the most common being: • pension • contribution to/payment of CIMA fees • bonus. As seniority and years of experience tend to be closely associated with age, average basic salary and bonus payments also tend to rise with age. The slight decrease observed at 41–50 years may be due to the higher than average proportion of public sector workers within this age group, depressing the average salary figure. There are substantial changes in average salary package in the late thirties and after the age of 50. In their late thirties, members receive an average increase in total salary of £17,000 to almost £70,000. A similar increase is seen after 50 years of age, with an increase of just over £22,000 to almost £89,000. Figure 3: Annual remuneration by age

Average salary packages vary considerably by region

CIMA members in London report the highest average basic salary of any region (£62,221), rising to almost £69,000 when bonus payments are taken into account. The South East follows with a basic salary of £55,196, while the South West and Wales (£43,866), the East of England (£42,119) and the North West (£42,952) report the lowest average basic salaries. A higher cost of living and a focus on the business, financial and technology sectors in London and the South East are likely to be reasons for higher than average remuneration packages, while a relatively large public sector in the South West appears to be holding down the regional figure.

£52,357£43,303 £47,983

£62,925 £61,144

£81,320

£57,170

£46,984£52,518

£69,568 £66,733

£88,831

UK total < 31 years

31-35 years

36-40 years

41-50 years

51+ years

Basic salary Bonus Total Lowest base: 51+ years, (43)

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Those regions with a higher average basic salary also tend to pay bonuses at a higher rate − London leads with an average 11% bonus, followed by the South East, the North East and Yorkshire/Humberside and the North West regions, each at 9%.

Figure 4: Annual remuneration by region

Industry sector also has a significant impact on remuneration. Compared to the average UK salary package, CIMA members working in the information and communications technology (ICT), technology and telecoms sector earn 27% more, followed by those in business services (26% more); those in oil, gas and alternative energy, and in banking earn 23% more. The not-for-profit/charity, construction and property, and travel, leisure and tourism sectors report the lowest average salary packages, at 28%, 24% and 21% less than the national average respectively.

East and West MidlandsSalary: £44,577Bonus: £3,593Total: £48,170

East of EnglandSalary: £42,119Bonus: £2,375Total: £44,493

South West and WalesSalary: £43,866Bonus: £2,357Total: £46,223

North WestSalary: £42,952Bonus: £3,790Total: £46,742

LondonSalary: £62,221Bonus: £6,730Total: £68,951

South EastSalary: £55,196Bonus: £5,082Total: £60,279*Caution: Low base, under 30.

North East and Yorkshire/ HumbersideSalary: £47,301Bonus: £4,467Total: £51,768

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Perhaps surprisingly, with an average salary package of £48,652, the public sector ranks twelfth out of seventeen in terms of total remuneration; by no means the lowest paid sector.

Those sectors with the highest total remuneration packages are not necessarily those with the highest average bonus payments. For example, the business services sector ranks first in terms of basic salary, second in terms of total remuneration and tenth in terms of bonus as a proportion of basic salary. Bonus payments also form an important proportion of total salary for the oil, gas and alternative energy sector, the ICT, technology and telecoms sector and the financial services and banking sectors.

Figure 5: Annual remuneration by sector

£52,357

£63,846

£66,368

£62,115

£62,587

£62,414

£57,257

£58,122

£48,437

£49,459

£44,500

£44,786

£48,369

£43,947

£47,315

£42,692

£42,436

£40,425

£57,170

£72,723

£71,975

£70,429

£70,317

£67,499

£64,203

£60,824

£54,271

£54,169

£49,273

£49,073

£48,652

£47,963

£47,646

£45,139

£43,511

£41,180

UK total

ICT, technology and telecoms

Business services

Oil, gas and alternative energy*

Banking

Media, marketing, advertising and PR

Financial services

Accountancy*

Retail and consumer goods

Healthcare and pharmaceutical

Natural resources, energy/fuel and utilities

Manufacturing and engineering

Public sector

Transport, distribution and storage*

Education*

Travel, leisure and tourism*

Construction and property*

Not-for-profit/charity*

Basic salary Bonus Total *Caution: Low base, under 30.Lowest base: Transport, distribution and storage, (19)

‘Compared to the average UK salary package, CIMA members

in the ICT, technology and telecoms sector earn 27% more,

followed by those in

business services, who

earn 26% more.

10

Industry analysis – a tale of two sectors Banking On average, the banking industry pays the largest bonuses and among the highest basic salaries of any industry sector. However, there is considerable variation around the average annual basic salary of £62,587: 45% of members in banking earn a lower-tier salary of under £55,000, while 33% earn a mid-tier salary of £55,000 to £69,999 and 22% earn a higher-tier salary of £70,000 or more. Providing evidence that the banking crisis has had little impact on remuneration within the sector, over the next 12 months 91% of members in banking expect to receive a bonus at an average rate of 12% of salary, which is equivalent to £8,522; the second highest of any industry sector after oil, gas and alternative energy. A significant proportion (66%) of those who work in banking are satisfied with their current salary, which is on a par with the UK average. On the other hand, 90% are satisfied with their benefits package, which is on par with those in the financial services sector (88%) but significantly higher than the overall UK average (77%). Financial incentives are common in the banking sector − in addition to the bonus, the majority currently receive contributions to a pension scheme (85%) and a healthcare plan (69%), while over one-third receive shares/share options (38%), product/service discounts (37%) and/or life assurance (34%).

Flexible hours are received by only 19% of members in banking (compared to 37% in the UK overall and 80% of those working in the public sector) and long working hours are the norm. 72% work over 40 hours in a typical week and one-half expect their hours to increase over the next 12 months; the key reasons being understaffing/lack of resource (66%) and increased responsibility/pressure (59%).

In terms of outlook for the next 12 months, the key expectation for the sector is a greater focus on regulatory issues (cited by 69%), in line with planned reforms aimed at avoiding a repeat of the banking crisis of the last decade. The other primary expectations are for a tightening of expenditure, with budgets (55%) and headcounts (49%) being key targets for cuts, including an increase in outsourcing (44%); perhaps as a result of a freeze on recruitment, which is anticipated by two-thirds of members in banking. It is likely that funds are being shored up to protect profits, mitigate risk and fund potential regulatory change in this unusual period in the history of banking. In terms of personal job security, 53% of members in the banking sector expect their own salary to increase over the next 12 months, which compares positively to the 30% who expect salary increases across the business as a whole. Members in banking are also more optimistic about their own jobs: 49% are expecting job cuts across the business in which they work, but only 15% personally expect redundancy.

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Public sector At £48,369, the average basic salary for members in the public sector is almost £4,000 below the average for all sectors. Among all members in the public sector, the average bonus is £283; 4% of that received in the banking sector. About one-quarter (26%) will receive a bonus in 2011 and among only those, the average payout rises to £1,087. Despite the lower average remuneration package relative to most other sectors, 63% of those who work in the public sector are satisfied with their current salary and 71% are satisfied with their benefits package; figures which are similar to the UK averages. Indeed, when asked to cite their top three motivators in the workplace, members working in the public sector placed less emphasis on financial reward (44%) than flexibility/work–life balance (65%), in direct contrast to those working in the banking sector (at 60% and 38% respectively). In line with the importance of flexible working among those in the public sector, the most frequently received additional benefit is flexible hours (80%), followed closely by membership of a pension scheme (79%). Furthermore, one-half are able to work from home at least some of the time. This seems to be one of the most family-friendly sectors, alongside the not-for-profit/charity sector. The majority of members in the public sector work a standard 35–40 hour week (66%), and 12% work part time; compared to 37% and 7% respectively across the UK as a whole. However, with recent downsizing of the public sector and expectations of more in the future, this may change: two-fifths (43%) expect their average working hours to increase and two-thirds (66%) of those cite understaffing/lack of resource as the reason, along with an increase in responsibility/more pressure (52%). Reflecting current policy to reduce the level of government net borrowing in the wake of the recent financial crisis, the majority of members in the public sector are anticipating budget cuts (93%), job cuts (79%) and salary freezes (81%) within the organisations in which they work; these proportions are far above the UK averages. 78% of members in the public sector expect their own salary to be frozen over the next 12 months; almost three times the UK average and in line with the proportion expecting salary freezes across the board within their employing organisation (81%). 7% expect an increase in their personal salary, while 17% are facing the prospect of redundancy. It is clear that both in terms of job security within the public sector as a whole and in terms of their own jobs, members within the public sector have a challenging year ahead.

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Salaries are currently highest in small businesses

As with experience, age, sector and region, total remuneration also appears to vary with the size of business, though not substantially. Surprisingly, small and micro businesses are paying relatively higher basic salaries than medium and large businesses, although the bonus paid as a proportion of basic salary in small and micro businesses is lower (5%) in comparison to medium and large businesses (10%). The probable cause for these disparities is the relative ease with which large businesses can attract talent, due to their brand equity, while small businesses need to pay more to attract and retain the same level of talent. Furthermore, proportionately bigger bonuses in medium and large businesses are partly due to the greater presence of banks, financial services providers, oil, gas and alternative energy companies, and ICT, technology and telecoms providers among them.

Figure 6: Annual remuneration by business size

Those currently in the roles of management accountant and accountant typically earn about £39,000 per annum in total remuneration, whereas finance/business analysts earn significantly more at £47,594. Those in a managerial finance position typically earn around £57,000, while those in very senior roles, the self-employed and consultants tend to earn between £63,000 and £81,000. However, CIMA members in equivalent non-finance roles tend to earn substantially more per annum: non-finance managers typically earn around £68,000 compared to nearly £57,000 earned by finance managers; furthermore, very senior roles (excluding CEO) attract nearly £103,000 on average, compared to about £76,000 for senior heads of finance departments.

£52,357 £57,010 £52,338 £51,507

£57,170£60,042 £57,773 £56,571

UK total Micro & small Medium Large

Basic salary Bonus Total Lowest base: Medium, (74)

13

Figure 7: Mean average salary packages − by key job roles

Job role Base Basic salary Bonus Total

package

Finance role

Management accountant 190 £36,882 £1,901 £38,782

Accountant 72 £37,003 £2,137 £39,140

Finance/business analyst 165 £43,970 £3,624 £47,594

Finance manager 174 £51,699 £5,066 £56,765

Financial controller 77 £56,312 £6,782 £63,095

Financial director/head/chief/VP of accounting/finance 37 £69,012 £7,301 £76,313

Self-employed practitioner/consultant* 21 £79,513 £1,466 £80,979

Non-finance role

Manager 54 £61,350 £6,708 £68,059

Director/VP/COO/head/partner (excluding CEO)* 23 £91,113 £11,661 £102,775

*Caution: low base, under 30.

The survey reveals that members working in the finance division of a business tend to earn less on average than those in other key divisions. This is likely to be due in part to the migration of more experienced members to non-finance divisions over the course of their career, but also demonstrates the value placed on the skills of management accountants by the wider business. Nevertheless, it is perhaps comforting to know that the CIMA qualification is perceived by the majority of members (74%) to strengthen one’s ability to move across all areas of the business.

Figure 8: Mean average salary packages − by key business divisions

*Caution: low base, under 30.

Business division Base Basic salary Bonus Total package

Finance 669 £48,136 £4,108 £52,244

Operations 59 £55,232 £6,408 £61,640

Information technology* 22 £87,401 £6,963 £94,364

Strategy* 26 £64,390 £6,119 £70,508

‘The CIMA qualification is

perceived by the majority of

members (74%) to strengthen

one’s ability to move across all

areas of the business.’

14

In terms of members’ satisfaction with their salary, a marked decline between 2009 and 2010 has given way to a stable picture in 2011. In 2011 66% of CIMA members are satisfied with their current salary, with the remainder being dissatisfied. Figure 9: Satisfaction with salary – trend

Year on year, satisfaction with the benefits package has fallen by three percentage points: 77% are now satisfied with their benefits, down from 80% in 2010 and 83% in 2009.

Figure 10: Satisfaction with benefits – trend

72% 67% 66%

2009 2010 2011

Base: 2009 (643), 2010 (548), 2011 (863)

83% 80% 77%

2009 2010 2011

Base: 2009 (643), 2010 (548), 2011 (863)

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Expectations for future pay and conditions

Since 2009, the UK business environment has improved significantly particularly in the areas of business profits, investment levels, salaries and headcounts. A lower proportion of members than in 2009 now anticipate hardships associated with recession, such as budget cuts (41%, down from 67%), salary freezes (30%, down from 58%), job cuts (33%, down from 49%), recruitment freezes (30%, down from 58%) and cuts in funding for staff training (20%, down from 34%)3

. Furthermore, in comparison to the 27% of members expecting salary increases across the board in their organisation, just 4% expect reductions in salaries over the next 12 months.

Despite these significant improvements, members in 2011 remain cautious about the year ahead: the proportions expecting cuts and freezes in jobs, salaries and budgets are larger than the proportions expecting increases in these areas. Nevertheless, one-third (35%) anticipate an increase in the overall profitability of the business in which they work; larger on balance than the proportion expecting a fall in profits (21%, down from 51% in 2009). It seems that, overall, UK businesses will be operating prudently in an uncertain environment over the next 12 months. Indeed, business process and policy changes are anticipated by one-half of members, compared to just over one-third in 2009. This is one of the impacts of recession, alongside a greater focus on regulatory issues, particularly in the banking and financial sectors of the economy. Overall, 27% of UK members expect a greater focus on regulatory issues, rising to 69% among those in the banking industry and 63% among those in the financial services sector.

3 Comparisons with 2009 should be read with some caution as the 2009 figures were unweighted.

‘Since 2009, the UK

business environment

has improved significantly,

but members remain

cautious about the year

ahead.’

16

Figure 11: Expectations for the business environment – trend

Reduced expenditure and headcount Reduced performance, increased caution

Increased expenditure on staffing Increased performance, more investment

Base: 2009 (643); 2011 (836) *Item not asked in 2009.

The outlook in terms of personal salary is optimistic for almost one-half (45%) of CIMA members, compared to only 27% expecting salary increases across the board in the organisation in which they work. However, over one-quarter of members expect their own salary to be frozen, while one in ten are facing the prospect of redundancy over the next 12 months, rising to two in ten among those working in the public sector.

41%

30%

33%

30%

20%

4%

67%

58%

49%

58%

34%

Budget cuts

Salary freezes

Job cuts

Recruitment freeze

Cuts in funding for staff training

Salary decreases*

2011 2009

51%

27%

21%

21%

7%

6%

37%

16%

45%

51%

7%

11%

Business process/policy changes

Greater focus on regulatory issues

Less money available for future investment

Fall in the overall profitability of business

Less outsourcing

Restricted mergers/acquisitions

2011 2009

27%

18%

13%

Salary increases*

Increase in staff recruitment*

Increased spend on staff training*

2011

35%

18%

17%

21%

13%

12%

Increase in the overall profitability of business*

Increased mergers/acquisitions

More money available for future investment*

Increase in outsourcing

2011 2009

17

Figure 12: Personal expectations for salary and job security

About one-half (45%) of CIMA members expect an increase in personal salary over the next 12 months. Over one-half of these expect an increase of 1–4%, one-fifth expect an increase of 4–6%, with the remainder anticipating a larger increase; resulting in a mean average increase of 5.6%. Figure 13: Expectations for increase in personal salary

45%

28%

8%

3% 2%

23%

Salary increase Salary freeze Redundancy Salary reduction

Shorter working week

None of these

Base: (863)

0%

55%

19%

7% 6%3% 2% 1%

6%2%

Less than 1%

1% -3.9%

4% -5.9%

6% -8.9%

9% -10.9%

11% -13.9%

14% -16.9%

17% -19.9%

20% or more

Don't know

Base: All those expecting a salary increase over the next 12 months (394)

Mean average increase expected: 5.6%

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The survey findings indicate that since 2009 there has been a decrease in working hours towards a more ‘standard’ 35–40 hours per week. In 2009, 64% of members reported working more than 40 hours per week; the 2011 figure stands at 56%. Figure 14: Hours worked in a typical week − trend

However, while 58% of members expect their working hours to remain the same over the coming 12 months, 38% anticipate an increase in their working hours. The primary reason cited is related to career progression – taking on more responsibility (63%) – and two-fifths mention a change in job role. Other issues are related to the business environment; primarily understaffing (53%) and company culture (37%). Around one in four attribute increasing working hours to the current financial climate.

Figure 15: Expectations for working hours and reasons for any increase

5%

31%

50%

14%

5%

32%

45%

15%

3% 7%

37% 42%

13%

1%

Up to 35 hours 35 - 40 hours 41 - 50 hours 51 -60 hours* More than 60 hours

2009 2010 2011

Base: 2009 (643), 2010 (548), 2011 (863) *2009 figure is for 51+ hours

Staying the same58%

Increasing38%

Decreasing4%

Base (863)

63%

53%

39%

37%

24%

15%

1%

Taken on more responsibility/more pressure

Understaffing/lack of resource

My role has changed

Company culture

Current financial climate

Company growth

Other

Base: All those expecting an increase in working outside normal hours (334)

19

Improving employability and opportunities An overwhelming majority agree with the statement that the CIMA qualification creates career opportunities (93%). Furthermore, there are high levels of agreement that the qualification strengthens the ability to move internationally with one’s career, and to move across all areas of the business.

Figure 16: Attitudes towards the CIMA qualification

A majority of CIMA members are considering alternative job opportunities within the next two years (63%), including one-third planning to move within the next six months. Of those seeking a move, almost all are opting for a job within the UK, with only a minority (13%) planning to move overseas. Among those seeking employment overseas, the USA and Australia are by far the most favoured destinations; followed by New Zealand, France, Canada, Switzerland, Singapore and the Netherlands.

93%

80%

74%

Creates career opportunities for you

Strengthens your ability to move internationally with your career

Strengthens your ability to move across all areas of the business

Agree/Strongly agree

Base: (863)

20

Figure 17: Planned migration destinations

Attracting candidates and retaining employees

The proportion of UK members planning to change jobs has increased year on year since the survey began in 2009. This may be a reflection of mobility returning to the marketplace following recession in 2008. However, given the current uncertainty surrounding the UK and global economy, whether this trend will continue remains to be seen.

The key reasons for seeking new employment are improved salary (66%) and/or a work promotion (60%). The majority are seeking employment outside of their existing employer, while 20% are seeking an internal transfer. Despite the rising proportion looking to change job, the proportion planning to move abroad has remained relatively low over the years.

Base: All those planning to move to another country (69)

Canada 13%

USA 38%

Singapore 12%

Switzerland 12%

Australia 31%

New Zealand 14%

France 14%

Netherlands 10%

21

Figure 18: Proportion planning to move job, to emigrate – trend

Improved quality of life has emerged as a primary motivator for relocating, very closely followed by experiencing a different culture and exploring new career opportunities. Interestingly, seeking an improved quality of life has reduced in significance since 2010, from 70% to 56%, which may be a sign of improved conditions within the UK economy. Indeed, rather than the economy, personal - and career-related reasons for migration seem to have become slightly more important this year. Moving closer to family and friends, a work promotion, internal transfer and experiencing a different culture, travel and learning a new language were all cited by greater proportions of members in 2011.

46%

12%

52%

13%

63%

13%

Planning to move within 2 years

Planning to move to another country

2009 2010 2011

Base: 2009 (643), 2010 (548), 2011 (863) Base: Those planning to move within 2 years, 2009 (296), 2010 (285), 2011 (556)

22

Figure 19: Reasons for migrating − trend

CIMA members in the UK receive a range of benefits in addition to their basic salary; most commonly membership of a company pension scheme (83%), contribution to/payment of CIMA fees (66%) and a bonus as part of the salary package (63%). Just over one-half receive membership of a company healthcare scheme. The benefits package is an important part of remuneration − the majority of individual benefits (12 out of 20 benefits) score three or more out of five on our importance scale – but it is clear that some types of benefits are generally valued much more highly than others. The most important benefits (as rated by members) are also the most widely received. However, larger gaps remain between the relative importance of benefits and their provision to members for bonus, flexible hours, working from home and extra holidays.

56%

51%

49%

35%

35%

27%

26%

19%

14%

14%

12%

10%

70%

47%

49%

32%

30%

27%

17%

15%

6%

3%

10%

13%

Improved quality of life

Experience a different culture

New career opportunity

Improved salary

Friends and family

Better employment opportunities

Work promotion

Internal company transfer

Take time out/travel

To learn a new language

Improved employment conditions

Stronger economy

2011 2010

Base: Those planning to move to another country 2010 (37), 2011 (69)

23

Figure 20: Additional benefits received versus importance

Leadership skills remains the most desired skill set that members wish to develop over the coming 12 months, with almost one-half of members citing this in 2010 and 2011. Other managerial skills also feature in the top four desired skill sets: skills for developing others, persuading and influencing, and strategic planning and implementation were each mentioned by around two-fifths of members.

Special report – regional analysis Overleaf we review the regional picture across key indicators of career prospects and plans among CIMA members. In particular, by comparing ‘all southern’4 and ‘all mid to northern’ regions of the UK,5

we find that although average salary packages vary considerably, satisfaction with salary tends to vary to a lesser extent. We also find that the business outlook for the next 12 months varies considerably by region.

4 includes London, South East, East of England and South West regions. 5 includes East Midlands, West Midlands, North West, North East and Yorkshire/Humberside regions.

83%

66% 63%

54%

38% 37% 34%30% 30%

22% 21% 21% 19% 18% 16% 16% 14%

5%1%

4.6

3.94.3

3.8 3.84.0

3.03.3 3.5

3.3

3.7

2.7 2.7

3.3

2.8

2.42.5

2.92.7

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100% Received Importance (mean average)

Lowest base (all answering): Company car/allowance (816)

24

More than one-half (53%) of members in London earn a mid - or higher-tier salary,6

and two-fifths of those earn upwards of £70,000 in basic annual salary. London has by far the smallest proportion of members earning a lower-tier salary (47%) and the highest average salaries and bonuses. This can be attributed to a higher cost of living in London and the greater proportion of highly paid banking, financial and business services sectors in the capital. The North East and Yorkshire/Humberside and South East regions are placed second and third respectively in terms of the proportions of mid - to higher-tier earners, but they fall far short of the figures observed for London.

By contrast, the South West has the highest proportion of members earning a lower-tier salary (92%), and it is likely that the relatively large size of the public sector in the region is causing this difference in average salary patterns; 23% of members in the South West work in the public sector, versus 9% of members across the UK as a whole.

Figure 21: Average basic salary and satisfaction – by region

Members in the South West are also the least likely to be satisfied with their current salary.7

However, beyond this region, salary does not necessarily translate into monetary happiness; for example, while London has the highest average salary of any region, satisfaction is broadly similar to several other regions which have much lower average salaries. It is likely that a combination of factors is at play in determining satisfaction with salary, such as personal expectations, the cost of living, working hours, other job opportunities and level of seniority.

Although the South West has the smallest proportion of members feeling satisfied with their current salary, as well as the lowest average salary, fewer than one-half of its members are considering seeking new employment within two years, and very few of those plan to move abroad. In contrast, despite high salaries and salary satisfaction in line with the UK average, those in London are highly likely to change jobs in the next two years, and over one-fifth plan to move abroad.

6 Salary tiers are defined as follows: lower = under £55,000; mid = £55,000–69,999; higher = £70,000 or more. 7 A notable but not statistically significant difference compared to the UK average and other regions.

Higher (£70k or more)

16% 12% 23% 18% 2% 4% 10% 12% 19% Medium (£55k – £70k)

17% 8% 30% 7% 6% 8% 7% 11% 8% Lower (under £55k)

66% 80% 47% 75% 92% 88% 82% 78% 73% Mean basic salary £54,667 £44,730 £62,221 £55,196 £40,574 £42,119 £44,577 £42,952 £47,301 Satisfied with salary

64% 69% 67% 63% 59% 65% 68% 69% 74% Base 543 263 265 129 105 44 166 52 45

‘More than one-half of members in London earn a mid- or higher-tier salary, and two-fifths of those earn upwards of £70,000 in basic annual salary.’

All

sou thern All mid to northern

London South

East South West

East of England

East + West

Midlands North West

N. East + Yorkshire/

Humberside Salary tier:

25

Figure 22: Planned employment mobility – by region

A significantly higher proportion of members in southern regions than mid to northern regions expect their personal salary to increase over the next 12 months. The figure for the North West is relatively low at 27%. A series of small yet discernible tendencies towards the downside on expectations for the business environment within the North West (covering business profitability, future investment activity and recruitment) may be contributing to this relative pessimism among members in the region with regard to their own salaries.

East and West MidlandsMoving job within 2 years: 36%Of those, moving abroad: 5%

East of EnglandMoving job within 2 years: 62%Of those, moving abroad: 10%

South WestMoving job within 2 years: 47%Of those, moving abroad: 5%

North WestMoving job within 2 years: 58%Of those, moving abroad: 3%*

LondonMoving job within 2 years: 70%Of those, moving abroad: 23%

South EastMoving job within 2 years: 57%Of those, moving abroad: 10%

*Caution: low base, under 30.

North East and Yorkshire/ HumbersideMoving job within 2 years: 42%Of those, moving abroad: 10%*

26

Figure 23: Personal expectations for the next 12 months – by region

Looking ahead, there are some important differences in expectations for future business performance and personal job security between the regions. Most notably, it seems there may be more to dishearten CIMA members in the South West, where adverse conditions in the form of freezes in salary and recruitment, job, budget and training cuts are significantly more likely to be expected than in the UK overall. This is despite two-fifths of members in the region expecting an increase in business profits, which is on a par with the UK average. It is likely that the greater than average proportion of members working in the public sector within the South West region is exacerbating negative expectations. Figure 24: Expectations for the next 12 months: reduced expenditure and headcount

49%

39%

53%

46%42%

55%

41%

27%

44%

25%

32%

24% 23%

34%

19%

33% 34%

28%

7%11%

6% 7%

14%

2%

11%15%

8%

All southern All mid to northern

London South East South West East of England

East + West Midlands

North West North East + Yorkshire/

Humberside

Salary increase Salary freeze Redundancy

Lowest base: East of England (44)

All southern

All mid to northern

London South East

South West

East of England

East + West

Midlands

North West

N. East + Yorkshire/

Humberside

Budget cuts 41% 40% 38% 38% 52% 41% 41% 42% 30%

Cuts in funding for staff training 19% 19% 17% 15% 31% 14% 20% 16% 20%

Salary freezes 28% 30% 23% 28% 42% 23% 31% 28% 28%

Recruitment freeze 28% 32% 25% 23% 46% 25% 32% 35% 30%

Job cuts 32% 32% 29% 25% 45% 37% 29% 38% 34%

Salary decreases 4% 3% 2% 5% 6% 2% 5% 2% 0%

Base 543 263 265 129 105 44 166 52 45

‘The impact of public sector cutbacks will be most severe for members in the South West.’

27

Bar London, at least one-half of members in every region are anticipating business process and policy changes over the next 12 months. In London, the greater importance of the banking and finance sectors means that more emphasis will be placed on regulatory issues, as those sectors face pressure to reform.

Figure 25: Expectations for the next 12 months: reduced performance/cautious business

Increased profitability will be driven by tightly controlling costs

Looking at upside factors such as increased profits and investment levels, there are few differences between the regions. Significant proportions across all regions are expecting increased business profits over the next 12 months, although with many businesses imposing restrictions on recruitment, outsourcing is expected to increase in around one-fifth of businesses. Figure 26: Expectations for the next 12 months: increased performance/confident business

While 25% of members in London anticipate an increase in recruitment, the figure is only 8% in the East of England; this may be linked to the fact that the region also has the highest proportion expecting a fall in business profits over the coming 12 months.

All southern

All mid to northern

London South East

South West

East of England

East + West

Midlands

North West

N. East + Yorkshire/

Humberside Business process/policy changes 50% 54% 44% 53% 63% 51% 56% 51% 50%

Greater focus on regulatory issues 32% 21% 36% 28% 30% 25% 21% 18% 24%

Less money available for future investment

19% 23% 19% 11% 30% 21% 23% 27% 20%

Fall in the overall profitability of business

21% 19% 21% 19% 15% 36% 18% 31% 10%

Less outsourcing 5% 10% 7% 2% 5% 0% 9% 11% 12%

Restricted merger/acquisition activity

5% 6% 4% 7% 5% 0% 6% 10% 2%

Base 543 263 265 129 105 44 166 52 45

All southern

All mid to northern

London South East

South West

East of England

East + West

Midlands

North West

N. East + Yorkshire/

Humberside Increase in the overall profitability of business 35% 36% 33% 37% 39% 29% 40% 27% 34%

Increased merger/acquisition activity

17% 23% 21% 14% 14% 14% 23% 19% 28%

More money available for future investment

16% 21% 17% 13% 16% 16% 22% 12% 26%

Increase in outsourcing 23% 18% 24% 25% 20% 19% 21% 19% 8%

Base 543 263 265 129 105 44 166 52 45

28

Figure 27: Expectations for the next 12 months: increased staffing costs/budgets

One word to describe...management accounting

Members were asked to use one word to describe what management accounting means to them personally. The words below show the most popular responses, with the size of font denoting frequency of mention.

Figure 28: Words used to describe…management accounting

All southern

All mid to northern

London South East

South West

East of England

East + West

Midlands

North West

N. East + Yorkshire/

Humberside

Salary increases 26% 27% 30% 26% 20% 21% 28% 19% 32%

Increase in staff recruitment 20% 16% 25% 19% 16% 8% 15% 9% 28%

Increased spend on staff training

12% 11% 13% 12% 10% 12% 10% 12% 14%

Base 543 263 265 129 105 44 166 52 45

Challenging

Interesting

Varied

Strategic Diverse

Useful

Essential

Important Commercial

Business

Analysis

Control

Flexibility Boring Informative

Rewarding

Dynamic

Relevant

Insightful

Vital

29

Appendix Figure 29: Table of salaries and bonuses

UK Base Salary

(per annum) Bonus

( per annum) Total package (per annum)**

Total 863 £52,357 £4,814 £57,170

Salary tier

Lower 635 £38,751 £2,292 £41,043

Medium 131 £62,500 £7,018 £69,518

Higher 97 £104,472 £14,186 £118,657

Gender

Male 471 £58,231 £6,166 £64,397

Female 392 £44,761 £3,064 £47,826

Level

Associate 846 £48,295 £4,385 £52,680

Fellow 17 £88,529 £8,626 £97,156

Age

< 31 years 383 £43,303 £3,681 £46,984

31–35 years 238 £47,983 £4,535 £52,518

36–40 years 88 £62,925 £6,643 £69,568

41–50 years 111 £61,144 £5,590 £66,733

51+ years 43 £81,320 £7,512 £88,831

Years of experience

<1 year 221 £38,269 £2,487 £40,756

1–3 years 370 £47,140 £3,694 £50,834

4–5 years 105 £52,232 £4,948 £57,179

6–9 years 70 £60,281 £6,449 £66,730

10–19 years 62 £82,056 £10,653 £92,709

20+ years 35 £82,916 £9,619 £92,535

Job role

Management accountant 190 £36,882 £1,901 £38,782

Accountant 72 £37,003 £2,137 £39,140

Finance/business analyst 165 £43,970 £3,624 £47,594

Finance manager 174 £51,699 £5,066 £56,765

Financial controller 77 £56,312 £6,782 £63,095

Financial director/head/ chief/VP of accounting/finance 37 £69,012 £7,301 £76,313

Self-employed practitioner/consultant* 21 £79,513 £1,466 £80,979

30

UK Base Salary

(per annum) Bonus

(per annum) Total package (per annum)**

Total 863 £52,357 £4,814 £57,170

Manager (non-finance) 54 £61,350 £6,708 £68,059

Director/VP/COO/head/partner (excluding CEO), non-finance* 23 £91,113 £11,661 £102,775

Division

Finance 669 £48,136 £4,108 £52,244

Operations 59 £55,232 £6,408 £61,640

Information technology* 22 £87,401 £6,963 £94,364

Strategy* 26 £64,390 £6,119 £70,508

Size of organisation

Micro/small (1–49 employees)

100 £57,010 £3,032 £60,042

Medium (50–249 employees)

74 £52,338 £5,435 £57,773

Large (250+ employees) 689 £51,507 £5,064 £56,571

Region

East of England 44 £42,119 £2,375 £44,493

East and West Midlands 166 £44,577 £3,593 £48,170

London 265 £62,221 £6,730 £68,951

North East and Yorkshire/Humberside 45 £47,301 £4,467 £51,768

North West 52 £42,952 £3,790 £46,742

Northern Ireland* 18 £46,771 £3,521 £50,291

Scotland*8 25 £76,312 £11,033 £87,345

South East 129 £55,196 £5,082 £60,279

South West 105 £40,574 £2,491 £43,065

Wales*9 14 £63,268 £1,566 £64,834

London and South East 394 £59,668 £6,131 £65,799

All southern 543 £54,667 £5,144 £59,811

All mid to northern 263 £44,730 £3,787 £48,517

8 Significantly higher than UK average salary is observed due to proportionately greater numbers of respondents in high-earning industries (banking; ICT, technology and telecoms) and highly experienced job roles (CEO/MD).

9 Significantly higher than UK average salary is observed due to proportionately greater numbers of respondents who are highly experienced self-employed practitioners and non-finance directors.

31

UK Base Salary

(per annum) Bonus

(per annum) Total package (per annum)**

Total 863 £52,357 £4,814 £57,170

Industry sector

Accountancy* 25 £58,122 £2,702 £60,824

Banking 86 £62,587 £7,730 £70,317

Business services 34 £66,368 £5,606 £71,975

Construction and property* 23 £42,436 £1,075 £43,511

Financial services 77 £57,257 £6,946 £64,203

Healthcare and pharma 37 £49,459 £4,710 £54,169

Education* 28 £47,315 £331 £47,646

ICT, technology and telecoms 67 £63,846 £8,877 £72,723

Manufacturing and engineering 117 £44,786 £4,287 £49,073

Media, marketing, advertising and PR 33 £62,414 £5,085 £67,499

Natural resources, energy/fuel and utilities 35 £44,500 £4,773 £49,273

Not-for-profit/charity* 20 £40,425 £755 £41,180

Oil, gas and alternative energy* 26 £62,115 £8,313 £70,429

Public sector 76 £48,369 £283 £48,652

Retail and consumer goods 109 £48,437 £5,833 £54,271

Transport, distribution and storage* 19 £43,947 £4,015 £47,963

Travel, leisure and tourism* 26 £42,692 £2,447 £45,139

*Caution: low base, under 30 **Figures may not sum due to rounding

32

Technical information

Survey responses were collected by CIMA among active members between 09 June and 04 July 2011, via an online survey. The data was analysed and reported by Spotlight Market Research & Editing.

Just over 21,000 CIMA members were selected and invited to participate in the international study which covers 14 markets. Within the study period 2,367 responded internationally, including 863 from the UK.

The response data presented in this report has been weighted to reflect the profile of the CIMA membership by market. All base numbers quoted in Figures report the lowest unweighted base; i.e. the number of responses.

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

Acknowledgements

This research was conducted by CIMA in conjunction with Spotlight Market Research & Editing. The Chartered Institute of Management Accountants is a Market Research Society Company Partner. Both CIMA and Spotlight abide by the Market Research Society’s Code of Conduct and the Data Protection Act.

36

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UnitedKingdom

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