Results of the CIMA UK members' salary survey

The first research to solely measure our UK members’ remuneration has been published.

The average salary of a CIMA member in the UK is £55,600, according to the first CIMA/Robert Half Finance & Accounting UK salary survey 2007/2008.

The results show that 63% of all CIMA finance professionals also receive a bonus. The average bonus is £12,300 a year, creating an average package of salary plus bonus of £67,900.

As the figures below show, the lowest salaries are received by members in Northern Ireland, who on average get £42,100. The highest are, not surprisingly, in London. The average member there gets a salary of £66,500.

Salaries and bonus figures by region:

London
Salary: £66,500, Bonus: £18,400 

Thames Valley
Salary: £63,100, Bonus: £12,200

Home Counties
Salary: £59,900, Bonus: £14,700

South Coast
Salary: £54,000, Bonus £11,300

Scotland
Salary: £53,100, Bonus: £10,100

Midlands
Salary: £51,700, Bonus: £11,400

South West
Salary: £50,900, Bonus: £8,400

North
Salary: £50,500, Bonus: £9,500

Wales
Salary: £47,919, Bonus: £5,909

Northern Ireland
Salary: £42,100, Bonus: £5,500

Longer hours

The results also showed that 51% of all CIMA finance professionals work between 41 and 50 hours a week, 30% work between 35 and 40 hours and 4% work under 35 hours. 13% work between 51 and 60 hours a week.

28% of all respondents are working longer hours than they did two years ago. 56% work similar hours and only 16% work fewer hours a week.

The main reason cited for the longer hours is that the respondents have taken on more responsibility and are under more pressure (71%). 58% stated that the reason they are working longer hours is because their role has changed and 32% blame understaffing for the increase in their hours. 23% of respondents cited company culture and 24% company growth as the main reason for longer hours.

Satisfaction

84% of all CIMA professionals are satisfied with their current salary and benefits package. The results show that the younger CIMA finance professionals (under 31 years old) are more dissatisfied with their existing remuneration packages compared to those over the age of 40.

22% of the respondents in the under 31 bracket stated that they were not satisfied, compared to 15% of those aged 41-50 and 14% over 51 years old.

There is little difference between how satisfied male CIMA workers are with their benefits packages compared to their female counterparts, with 84% of men stating they are satisfied compared to 82% of women.

Methodology

The survey is designed to offer employers and employees detailed salary information on job functions within the finance and accounting sector in the UK. It gathered information from 1,935 UK CIMA members in August and September 2007. The results of the survey were collated and analysed by NSM, an independent market research company.

See the full survey on CIMA MY JOBS.

January 2008

What did you think of this article? Email tim.cooper@cimaglobal.com.

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