Part qualified salary survey expands to 15 countries

The results of our 2010 CIMA part qualified salary survey reveal earnings in seven new countries. By Amy Campbell, information analyst, CIMA.

The annual global salary survey of CIMA students has expanded to cover 15 countries. The 2010 research includes information on student earnings in Zambia, Pakistan, Russia, Botswana, Mainland China, United Arab Emirates and Poland while continuing to track the UK, Ireland, South Africa, Sri Lanka, Malaysia, India, Hong Kong and Australia.

Salaries and sectors
Looking at salaries by city, London, Dublin and Johannesburg have significantly higher numbers of high tier earners – they also have a higher dominance of CIMA students working in the banking, finance and insurance sector. In London, the average annual student salary is £36,900, in Dublin it is €43,000 (£37,800) and in Johannesburg, R392,400 (£35,600).

In all surveyed countries, the most popular sector is accountancy with 16% of students employed in this sector followed by banking, finance and insurance (14%) and manufacturing and engineering (13%). Students are primarily based in the finance function. However, those working in other divisions such as information technology or strategy are most likely to be in the highest salary tier.

As in 2009, the banking, finance and insurance sector has a significantly higher proportion of high tier earners. However, 2010 saw less difference between sectors than in 2009. In particular the ICT, technology and telecoms sector no longer has a significant proportion of students in the higher salary bracket.

There are also twice as many men as women in the top salary tier. The salary differences between genders can vary tremendously by country with Sri Lanka showing a 42% difference in salaries between men and women, while there is only a 2% disparity in Ireland.

Bonuses steady
The average bonus globally - including those not expecting a bonus in 2010 - equates to 5% of salaries. This is unchanged from 2009.

For the 58% who expect to receive a bonus in 2010, it will be equivalent to around 8% of their salary, down from 9% in 2009. The average bonus rises to 12% for those in the highest salary bracket.

When it comes to bonuses, 10% more males than females are expecting to receive a bonus this year, with the average bonus for men expected to be 5.1% of their salary, compared to 3.9% for women.

Students in Asia Pacific (APAC) are significantly more likely to receive bonuses than those in either Europe, the Middle East and Africa (EMEA) or the UK, with 80% anticipating a bonus in 2010 compared 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 at 16% and 15% respectively. This is up on the highest bonuses recorded in 2009 which were in India at 11% and Sri Lanka at 10%.

However, students in Ireland and the UK fare less well. They have the greatest concerns over pay freezes in 2010, receive the lowest bonuses and are also the least likely to receive a bonus.

Those in the public, not-for-profit, health and education sectors are also least likely to receive a bonus in 2010, with around 70% of students not expecting to receive a monetary or on target earnings bonus this year.

Satisfaction down
Globally, 51% of CIMA students are satisfied with their salary, compared to 58% in 2009. Satisfaction with benefits has remained steady at 67% in 2010 compared to 68% in 2009. This decrease in salary satisfaction comes mainly from the mid and lower tier salary earners. High tier earners are the most satisfied with their salary at 76% (77% last year) followed by mid tier earners at 60% (68% last year). Salary satisfaction for low tier earners however falls to just 37% from 46% last year.

Satisfaction with both salaries and benefits increases with age, with those over 45 years of age the most satisfied. Those working in large organisations (250 employees plus), are more satisfied when it comes to benefits - 71% are satisfied - suggesting that large organisations are able to offer a selection of benefits best suited to CIMA students.

Two of the new countries included in this year’s survey - Botswana and Zambia - are particularly dissatisfied with their salary and benefits. 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 but satisfaction with benefits in Australia has dropped from 80% in 2009 to 58% in 2010.

Benefits - what do students want?
The top five most desired benefits sought by students globally in order were:

• pension
• study leave
• contribution to or payment of CIMA fees
• bonus
• pay rise as incentive for passing exams.

So, as in 2009, support with study was a theme in three out of the five most desired benefits (particularly by the under 35s). By and large students receive two out of those three study support benefits (61% receive study leave and/or contribution/payment of CIMA fees).

There is broad agreement across countries as to these preferences. However, there are a few elements where we see polarisation - working from home is popular with students in Russia, India and the UK but of little interest in Pakistan and Zambia. Likewise, a company car/allowance is rated the most important benefit in Pakistan but one of the least important benefits for students in Ireland.

UK employers are the most likely to offer the widest range of benefits, particularly in the area of CIMA study support. Students in Hong Kong and Malaysia are more likely to receive a monetary bonus than average, while those in UAE have a greater inclination for receiving travel benefits.

Most important benefit and overall satisfaction with benefits package

Read the full survey at CIMA MYJOBS. It also includes information on benefits, working hours, geographical mobility and future expectations.