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First global member salary survey revealed
Research highlights the benefits of CIMA qualification around the world.
CIMA has published its first ever global salary survey for qualified members. A total of 1,870 people contributed to the survey, establishing a reliable benchmark of current and future salary potential for CIMA members.
This report looks at the salaries and bonuses paid to members in the UK, Ireland, the Eurozone, South Africa, Sri Lanka, Malaysia, Hong Kong and Australia, and how these vary according to factors such as sector and size of business. It goes on to examine recruitment and retention issues and identifies the geographical mobility of CIMA members. Finally, it touches on views about the future economy.
Salary information was collected in May 2009 in local currency. A country by country comparison is not made for salary information as the cost of living and tax regimes vary tremendously by region.
The survey shows clearly that it pays to be CIMA qualified. In February 2009, CIMA also undertook a student salary survey. Comparing the results from this and the member survey shows that ACMAs are earning 72% more than students, with Sri Lankan members earning more than two and a half times as much and those in Malaysia and South Africa earning double that of students.The financial value attached to the level of CIMA membership varies tremendously by country, some areas seeing no or very little difference in remuneration between fellow and associate (Hong Kong, Australia), while others (Sri Lanka, Malaysia) witness a greater gap. On average FCMAs earn around 68% more than ACMAs.
The survey shows that London in the UK, Dublin in Ireland and Johannesburg in South Africa are the salary hotspots where members are most likely to be in the top salary tier. Another finding is that globally, on average, men earn a third more than women. The greatest differences are in Malaysia and the Eurozone where men are earning over 40% more than their female colleagues. Hong Kong is the only country that sees gender parity.
Those with 20 or more years’ experience earn, on average, 69% more than those who qualified between one and three years ago. FCMAs earn around 68% more than ACMAs on average. Technology, telecoms and utilities along with natural resources, and energy/fuel have the greatest proportion of respondents in the highest salary tier.
69% of respondents anticipate receiving an on target earnings bonus in 2009. Bonuses are expected to average 9% of their salary across all markets. Those in Sri Lanka and South Africa are expecting to receive the highest bonuses as a percentage of their salary in 2009, with bonuses equating to around 11%.
73% of respondents are satisfied with their salary. The highest levels of satisfaction can be found among members in the Eurozone, Hong Kong (82% satisfaction each), Australia and Ireland (80% satisfaction each).
82% of respondents are satisfied with their benefit packages. The UK has one of the highest levels of ‘work-life balance’ associated benefits, along with pensions, which may well explain why its benefit satisfaction level is one of the highest at 83%. Other countries which also have a high satisfaction level (Ireland, the Eurozone and South Africa) have a high incidence of pension receipt along with extra holidays and flexible working hours.
Other important findings from the survey are that:
CIMA members seem to be masters of their own destiny. Although 87% are confident that they can keep their current position during the coming 12 months if they want, close to half (46%) are considering moving. For the 16% of CIMA members who intend to move abroad in the next 12 months, predominately English speaking countries are the most popular choice: Australia followed by the USA, New Zealand, UAE and Canada.
Ireland and the Eurozone anticipate the credit crunch to last the longest, while Sri Lanka is the most optimistic. Globally, the overall consensus indicates that it will probably last a further 13 to 18 months after May when the research was conducted.
Read the global and individual country surveys in CIMA MYJOBS.