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Between August and September 2007 CIMA conducted a salary survey with CIMA qualified professionals in Malaysia.
CIMA Malaysia salary survey 2007/2008 (PDF 975KB)
Accountants and finance professionals are among the most highly sought after vocations in the world. Major employers seeking accountants compete fiercely for new recruits every year. As a result, Chartered Institute of Management Accountants (CIMA) professionals are constantly in demand. CIMA is the only professional body that qualifies accountants solely for business. CIMA members have an increasingly pivotal role to play in driving business success at the heart of the organisation – providing the basis for support for strategic decision.
By the time Malaysia achieves its expected developed nation status by 2020, the country may have a shortage of 60,000 accountants. The accounting industry is already feeling the pinch as several countries are luring Malaysian accountants with salary offers of four times their earnings.
This survey not only looks at how much a qualified CIMA member earns in Malaysia, but also the types of benefits they receive and how far this matches their expectations. The report has been split into the following sub-sections:
- Demographic profile
- Salaries and bonuses
- Benefits
- Sector analysis
- Hours of work
- Satisfaction.
The average monthly salary for a qualified CIMA professional in Malaysia is RM120,000 per annum, compared with the national average income for Malaysia as a whole, which stands at just RM21,000 per annum – representing almost a six-fold difference. CIMA members working in the media sector receive the highest salaries by far, equating to RM175,000 per annum.
Nine out of ten of CIMA members working in Malaysia are expecting a bonus in 2007. The average bonus potential is RM25,000, with a privileged 2% expecting to receive bonuses in excess of RM100,000. On average, newly qualified members are expecting higher bonuses in 2007 than those with between one and ten years post-qualified experience. This reflects the strong levels of demand for newly qualified CIMA members in Malaysia. Newly qualified members are, on average, expecting to receive a bonus in the region of RM20,800 in 2007. This is almost the same as the average national income in Malaysia of RM21,000 per annum.
The complete CIMA Malaysia salary survey 2007/2008 is available here.