Salaries within the management accountancy sector are growing at twice the national average, according to CIMA.
CIMA’s latest annual salary survey has revealed that qualified members earn GBP62,791, a 1.6% growth on the 2014 figure. The current UK average salary is GBP27,200, increasing by 0.7% from the previous year, according to the Office for National Statistics. Even those still studying for their qualification reported a high salary growth rate (2.3%), earning an average annual base salary of GBP33,031 – 21% more than the national average.
On top of base salaries, 58% of CIMA students in the UK received a bonus in 2015, with the average bonus being 7% of annual salary. This increases to 8% of annual salary for qualified members, with 70% reporting they received a bonus in 2015.
Both members and students in the UK are positive about their continued salary development, with nearly nine in ten (88%) members and just over eight out of ten (83%) students anticipating a salary increase over the next 12 months. This is in line with the global average, with 90% of members and students expecting a pay increase over the next 12 months. The average expected pay increase was 5%.
Andrew Harding FCMA, CGMA, Managing Director of CIMA, said: ‘In contrast to the ongoing trend of weak wage growth nationally, the earning potential of our members has remained high, driven by the relevance and value of their skills to business.
‘As we face ongoing economic uncertainty, we continue to see strong demand for management accounting skills as business seeks better support in decision-making. Businesses know the benefit of strong management accounting skills in driving value and managing risk and so management accountants are increasingly sought after – and receiving increased remuneration as a result.’
The average pay package increases by around 25% once students have become fully qualified Chartered Global Management Accountants (CGMAs). A newly qualified CIMA member (less than a year since qualifying) earns an average GBP44,349 compared to an average of GBP35,283 for students at strategic level.
Members and students continue to be confident about their career mobility. Over half (51%) plan to change jobs within the next two years. In the UK, 4% of members and 5% of students plan to find a job abroad while globally, 5% of members and 8% of students plan to do so.
Harding added: ‘Business is increasingly global and being able to work across cultures is a highly valuable skill. This can apply for companies who have operations based across the globe but is also important for businesses that want to trade internationally. Our CGMA designation provides a global standard for management accountancy skills, based on research involving over 3,000 businesses and professionals across the whole world.’
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