CIMA global part qualified salary survey 2010

Transcription

1 CIMA global part qualified salary survey 2010

2 CIMA salary survey 2010 global report Foreword 1 Executive summary 2 Main findings 4 Salaries and bonuses 4 Salaries 4 Bonuses 6 CIMA level 7 Gender 8 Sector 9 Satisfaction with salary 10 Recruitment and retention 12 Importance of benefits 12 Receipt of benefits 14 Satisfaction with benefits 15 Working hours 17 Skill set requirements 19 Geographical mobility 21 Extent of movement 21 Top destinations 22 Future 24 One word to describe CIMA difference 25 Technical information 26 Further information 27 Global contacts 28

3 Foreword 1 On behalf of the Chartered Institute of Management Accountants (CIMA), I would like to welcome you to our second global part qualified salary survey. The results in this report will provide you with an insight into the current employment experiences and career aspirations of the business leaders of tomorrow CIMA s global student base. Despite ongoing economic instability in many regions around the world, our report shows a strong relationship between our students and their employers. Businesses are looking to their professionally-qualified management accountants to help guide them through the recession and on to sustainable success. This gives our students a greater sense of job security than those studying for many other professional qualifications. Our survey clearly shows that most of our students believe they are recession-proof. Globally, 92% do not anticipate being affected by redundancy in This response could also reflect an increasingly optimistic view of the general economic conditions: the percentage is even higher than the level of confidence felt by students in last year s survey (83%). Moreover, nearly two thirds are feeling positive enough to make a job move in the next two years. With this feeling of security comes higher expectations. This year, just 51% of students are happy with their current salary compared with 58% in The drop could indicate a greater sense of professional value as the downturn lifts. However, job security is not being reinforced by greater remuneration when it comes to bonuses. (The average bonus fell from 9% in 2009 to 8% in 2010). Despite this, the number of students expressing satisfaction with their overall benefits package has stayed static at 67%. Besides bonuses, the benefits at the top of our students wish list were study support and a pension. The hotspots for top salaries are currently London, Dublin and Johannesburg where students are most likely to be in the top wage band. Australia remains the destination of choice for those who want to work abroad followed by the US, the UK and Canada. The average working week has shortened slightly to 42 hours while the longest was in Pakistan (50 hours). Overall, the survey reinforces the fact that a growing number of students are finding that CIMA s professional accountancy qualification is the best way to develop their career potential. In 2009 we saw a second year of record student growth and, for the first time, a majority of our new students (56% of the total) were based outside the UK. Please read through the following pages to find further snapshots of our students working lives. I hope you find it informative reading. Charles Tilley Chief Executive CIMA

4 2 Executive summary The world economy has experienced a slow recovery over the last 12 months. Much of this has been due to improving economic conditions from emerging markets and the US. Serious concerns remain however. Recent financial troubles in Greece and Iceland, for example, have reminded us exactly how fragile the global economy remains. News from the job markets has been good. Although, inevitably, there has been cost-cutting and redundancies over the last year, demand for management accountants continues to be strong. Evidence suggests top companies have either maintained or reintroduced training budgets in While interview processes have lengthened, there are warnings that an overcautious recruitment process could now lead companies to miss out on hiring top talent. In this context, CIMA has researched students salary levels and expectations in the current economic climate. This report, the second annual global salary survey of CIMA students, has been expanded to include Zambia, Pakistan, Russia, Botswana, Mainland China, United Arab Emirates and Poland, whilst continuing to track the UK, Ireland, South Africa, Sri Lanka, Malaysia, India, Hong Kong, and Australia. Across all countries, 2,563 responses were received from employed students who have sat an exam within the last two years under the 2005 CIMA qualification structure. This report looks at the salaries and bonuses paid to CIMA students, and also covers factors that affect salaries such as sector and gender. It goes on to examine recruitment and retention issues, identifies the geographical mobility of CIMA Part Qualified, and also touches upon future economic concerns. Salary information was collected in January and February 2010 in local currency. Some country salaries are reported in annual figures, others in monthly figures due to market preferences. A country by country comparison is not made for salary information as the cost of living varies tremendously by region. Please note that the definition of high, medium and low salary bands has been altered this year to improve salary sensitivity. Therefore changes in patterns should be viewed as a more accurate indication of changes over time, as opposed to absolute numbers.

5 Salaries and bonuses 3 There are twice as many passed finalists in the high tier earning bracket compared to managerial level students on average (21% vs 10%). London in the UK, Dublin in Ireland and Johannesburg in South Africa are the salary hotspots where students are most likely to be in the top tier. London has seen a decline in real terms of average salaries since Although student population by gender is almost equal, the top salary tier contains twice as many men as women. For the 58% who expect to receive a bonus in 2010, this will be equivalent to around 8% of their salary, a slight drop since last year (9% in 2009). Those in Zambia and Russia are expecting to receive the highest bonuses as a percentage of their salary in 2010, with bonuses equating to 16% and 15% respectively. (In 2009, those expecting the highest bonuses were India, 11%, and Sri Lanka, 10%). Only 51% of respondents are satisfied with their salary, compared to 58% in Satisfaction with benefits is similar year on year with 67% satisfied. Globally 39% of students expect a pay freeze in 2010, while 8% fear redundancy. Recruitment and retention Three out of the five most desired benefits are studying supports (contribution/payment of CIMA fees, study leave and pay rise as an incentive for passing exams). Pension and bonus are the others. The expectation least being met is a pay rise as an incentive for passing exams, with only 14% receiving this, but it scores an average of 4.2 out of 5 in terms of importance. As in 2009, the most sought after skills are personal development (54%) and leadership skills (50%), followed by strategic planning and implementation (46%). The average working week has shortened since last year and is 42 hours (43 hours in 2009). Geographical mobility The mobility of the CIMA qualification is still recognised during difficult economic times, proving the extent to which opportunities are available in a global market with a globally recognised qualification. Nearly two-thirds (64%) of CIMA students intend to change jobs in the next two years, reflecting a slight increase on 2009 (60%). Nearly one-fifth of CIMA students intend to move abroad in the next two years, predominantly to English speaking countries. Australia remains the top destination of choice, with 47% of all relocators considering moving there, followed by the USA, the UK and Canada.

6 4 Main findings Salaries and bonuses Salaries Salary information was collected in January and February 2010 in local currency. A country by country comparison is not made for salary information as the cost of living and tax regimes vary by region. The average salary (excluding bonuses) for CIMA students of each of the countries that participated in the survey can be viewed in local currency on the map below. Please note that only a small number of responses were received from some countries, so the information is indicative only and it is inappropriate to use for trend comparisons. CIMA students average salary 1 by country UK 30,800* Poland ZL11,800** Ireland 41,400* Russia 154,250 roubles** China RMB215,500* Hong Kong HK$35,000** Zambia K6,400,000** Malaysia RM68,750* Botswana P162,000* South Africa R364,200* UAE 16,500 dirham** Pakistan PKR 68,900** India Rs.8.1lakhs* Sri Lanka Rs.48,800** Australia AUS$88,800* 1 Depending on country, data refers to annual basic salary* or monthly basic salary**

7 Responses from locations within countries are likely to be concentrated in company headquarters. They are most dispersed in the UK but more highly concentrated in Sri Lanka (92% from Colombo), Botswana (85% from Gaborone) and Ireland (64% from Dublin), for example. 5 Three countries have significant differences in average regional salaries. These areas with significantly higher numbers of high tier earners are London, where 65% of the UK s high tier earners are based with an average salary of 36,900 per annum, Dublin, where 78% of Ireland s highest tier earners are based with an average salary of 43,000 per annum, and Johannesburg, where 61% of the country s highest tier earners are based with an average salary of R392,400 per annum. All these cities have a high dominance of banking, finance and insurance employment. Salary hotspots Country City Basic annual salary (in local currency) UK London 36,900 Ireland Dublin 43,000 South Africa Johannesburg R392,400 Average salaries in these high earning cities have decreased slightly from last year. However, because salary bands have been altered, in real terms there is an increase of 2.8% in Ireland overall, but a decline of 2.5% in the UK overall.

8 6 Bonuses The average bonus globally (including those not expecting a bonus in 2010) equates to 5% as a proportion of salary. For the 58% who expect to receive a bonus in 2010, it will be equivalent to around 8% of their salary, a slight drop from last year (9%). However, the average bonus rises to 12% for those in the highest salary bracket. Asia Pacific (APAC) students are significantly more likely to receive bonuses than those in Europe, the Middle East, and Asia (EMEA), or the UK, with 80% anticipating a bonus in 2010, as opposed 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, with bonuses equating to 16% and 15% respectively, compared to India and Sri Lanka in 2009 who were expecting to receive the highest bonuses at 11% and 10% respectively. Ireland and the UK, which also have the greatest concerns over pay freezes in 2010, are expecting the lowest bonuses, as well as being least likely to receive bonuses in the first place. Average expected bonus in 2010 as a percentage of salary UK 7% Poland 13% Ireland 8% Russia 15% China 12% Hong Kong 11% Zambia 16% Malaysia 12% Botswana 9% Australia 10% South Africa 11% UAE 14% Pakistan 14% India 11% Sri Lanka 14%

9 CIMA level Nearly two-thirds (63%) of managerial level students are in the low earning tier. This figure has more than halved by the time students have progressed to TOPCIMA, with the majority at this stage (52%) now in the mid salary tier and just under one-fifth of students (19%) a high tier earner. Salary tier by CIMA level 2 Passed finalist TOPCIMA Strategic 23% 29% 45% 56% 52% 39% 21% 19% 16% 7 The higher the CIMA level, the more likely an individual is to anticipate a bonus in 2010 (55% of managerial level students compared to 63% of passed finalists). Managerial 63% 28% 10% 0% 20% 40% 60% 80% 100% Low tier earners Mid tier earners High tier earners There are twice as many passed finalists in the high tier earning bracket compared to managerial level students on average (21% vs 10%). Furthermore, the higher the CIMA level, the more likely an individual is to anticipate a bonus in 2010 (55% of managerial level students compared to 63% of passed finalists). In terms of CIMA level, there is a tendency for more highly qualified students to work for larger companies, demonstrating the market demand for ACMAs and FCMAs. This is particularly the case in the UK, Ireland and South Africa. 2 For the purposes of this survey CIMA level data was collected under the 2005 CIMA qualification structure and refers to those at managerial level, strategic level, TOPCIMA and passed finalists. For comparison under the 2010 qualification structure these levels are respectively now known as operational/management level, strategic level, T4 Part B Case Study and exams complete.

10 8 Gender As in other areas of industry, females are not remunerated as highly as their male colleagues. Globally, in terms of average basic salary in 2010, there are twice as many men in the top salary tier as women, with over half of female students in the lowest salary tier. Salary tier by gender F 53% 38% 9% M 41% 40% 19% 0% 20% 40% 60% 80% 100% Low tier earners Mid tier earners High tier earners The salary differences can vary tremendously by country with Sri Lanka showing a 42% difference between men and women, while there is only a 2% disparity in Ireland. Salary by gender Male Female Percentage that males earn more than females Ireland ( )* 41,784 40,817 2% South Africa (R)* R377,387 R343,200 10% Sri Lanka (Rs.)** Rs.54,551 Rs.38,462 42% United Kingdom ( )* 32,036 29,720 8% Depending on country, data refers to annual basic salary* or monthly basic salary** This inequality could possibly be a reflection of a tendency for women to work within the health and education sectors, be based outside London in the UK and work less than 50 hours per week. 10% more males than females are expecting to receive a bonus this year. The average bonus for men is expected to be 5.1% of their salary, while women will receive 3.9%, equating to around a 30% difference.

11 Sector The most popular sector is accountancy with 16% of students employed in this industry overall. Sri Lanka and India have a particularly high proportion of students working here (34% and 31% respectively). The UK has a significantly higher proportion of students employed in the public sector than the rest of the world, it being the fourth most popular sector globally at 10%. Banking, finance and insurance (14%), and manufacturing and engineering (13%) are the second and third most important employment sectors globally. Within these sectors students are primarily based in the finance function (82% globally). However, those working in other divisions such as information technology or strategy are more likely to be in the highest salary tier. This year, the banking, finance and insurance sector continues to have a significantly higher proportion of high tier earners. However, unlike in 2009, the ICT, technology and telecoms sector no longer has a significant proportion of students in the higher salary bracket. The banking, finance and insurance sectors dominance among high tier earners is largely due to the response by UK students saw less differentiation between sectorial salaries than in As might be expected, those in the public, not-for-profit, health and education sectors are least likely to get bonuses: generally around 70% of them not expecting to receive monetary or on target earning bonuses this year. Those in the construction and property and travel, leisure and tourism industries are not optimistic either, with around two-fifths not foreseeing receipt of any bonus in 2010.

12 10 Salary satisfaction has dropped from 58% in 2009 to 51% in Satisfaction with salary As might be expected, the higher the salary bracket, the greater the satisfaction level (76% of high tier earners are either satisfied or extremely satisfied compared with just over onethird of low tier earners). Overall, 51% are satisfied with their salary, compared to 58% in Percentage satisfied or extremely satisfied with salary by salary level High tier earners Mid tier earners Low tier earners 37% 60% 76% Global overall 51% Certain countries in particular are highly dissatisfied, such as Botswana (72% dissatisfied or very dissatisfied) and Zambia (67%). Conversely, students in Poland and Pakistan are the most content with their basic salary (72% and 64% respectively, satisfied or extremely satisfied). Percentage satisfied or extremely satisfied with salary by country 72% 64% 60% 59% 56% 56% 55% 55% 51% 52% 51% 50% 46% 45% 33% 28% Global overall Poland Pakistan Hong Kong Russia UAE Australia South Africa Ireland UK Malaysia India Sri Lanka China Zambia Botswana

13 Satisfaction with salary increases with age, after an initial blip, with those aged 45 and over the only age group showing an increase in salary satisfaction from 2009 (60% up to 67%). As in 2009, satisfaction with salary is also highest in large companies in 2010, although slightly down on this time last year (59% down to 56%). 11 Percentage satisfied or extremely satisfied with salary by age and size of organisation 58% 51% 64% 67% 59% 53% 57% 56% 60% 49% 58% 56% 59% 54% 56% 50% 46% 47% Global overall Under and over Sole trader Micro/small (2-49) Medium (50-249) Large (250+) By CIMA level, salary satisfaction is lowest amongst those studying at managerial level at 47% (down from 57% in 2009). Those studying TOPCIMA and passed finalists have also seen a sizeable drop in salary satisfaction in 2010; TOPCIMA (51%, compared to 60% in 2009) and passed finalists (52%, compared to 60% in 2009). Percentage satisfied or extremely satisfied with salary by CIMA level 58% 51% 57% 59% 60% 60% 57% 51% 52% 47% Global overall Managerial Strategic TOP CIMA Passed finalist

14 12 Recruitment and retention Importance of benefits As in 2009, support with study via a range of methods are three out of the five most desired benefits sought by students globally (particularly by the under 35s). Pensions (particularly significant for those over 25 years) and bonuses are the other most desired benefits. Most important benefit by country Country Most important benefit in 2010 Australia Botswana China Hong Kong India Ireland Malaysia Pakistan Poland Russia South Africa Sri Lanka United Arab Emirates UK Zambia Global Study leave/bonus/flexible hours Pension Bonus Bonus Healthcare Pension Bonus Company car/allowance Bonus/healthcare Bonus Study leave Bonus Healthcare Study leave/cima fees Healthcare Pension/study leave/cima fees From a country perspective, there is broad agreement with the global benefit priorities. Nevertheless, there are a few elements where we see polarisation. For example, looking at the chart on the following page we see that being able to work from home is popular among some countries such as Russia, India and the UK, but of very little interest to Pakistan and Zambia. Company car allowance is another area of difference; rated as the most important benefit within Pakistan and yet one of the least important benefits in Ireland. This shows the need in some countries for multinational companies to take into consideration local sensitivities and taxes when negotiating reward packages.

15 Importance of benefits 13 Global Australia Botswana China Hong Kong India Ireland Malaysia Pakistan Poland Russia South Africa Sri Lanka UAE UK Zambia Pension Study leave Contribution/payment of CIMA fees Bonus Pay rise as an incentive for passing exams Flexible hours Bonus as an incentive for passing exams Healthcare Extra holidays Working from home Life assurance Travel benefits/allowances Shares/share options Sabbatical Company car/allowance Mortgage relief Leisure facilities Mobile phone/blackberry/pda Product/services discount Daily subsidised food Childcare arrangements/vouchers Season ticket loan Higher Importance Lower None of the benefits suggested were scored as unimportant globally, i.e. less than 2.5 out of five. Pension, study leave and contribution/ payment of CIMA fees are the three key benefits sought by students globally.

16 14 Employers could improve satisfaction levels by offering pay rises or bonuses as an incentive for passing exams. Receipt of benefits By and large students are receiving two out of three study support benefits (61% receiving study leave and/or contribution/payment of CIMA fees, a slight drop on last year). The main area where expectations again are not being met is pay rise as an incentive for passing exams only 14% receive this, but it scores 4.2 out of 5 in terms of importance. A bonus for passing exams is also received by a smaller proportion of students than would like it (6% receive this benefit and it scored 4 out of 5 in terms of importance). There are differences in receipt of benefits by region, with the UK employers being the most likely to offer the widest range of benefits, particularly in the area of CIMA study support. However, the UK does not have the same level of company car or phone allowances and healthcare as much of the rest of the world. Students in Hong Kong and Malaysia are more likely to receive a monetary bonus than average, while those in the UAE have a greater inclination for receiving travel benefits than average. Benefits received Global Australia Botswana China Hong Kong India Ireland Malaysia Pakistan Poland Russia South Africa Sri Lanka UAE UK Zambia Contribution/payment of CIMA fees 61% 42% 33% 39% 33% 6% 66% 34% 8% 45% 60% 40% 18% 14% 71% 49% Study leave 61% 44% 45% 32% 40% 18% 58% 33% 25% 31% 34% 72% 39% 19% 67% 57% Pension 55% 27% 50% 34% 67% 14% 62% 10% 27% 17% 26% 52% 6% 19% 64% 37% Bonus 41% 38% 25% 45% 67% 36% 39% 71% 56% 48% 53% 52% 54% 47% 39% 33% Healthcare 40% 4% 33% 61% 87% 43% 50% 55% 69% 93% 81% 37% 50% 56% 36% 56% Flexible hours 27% 25% 5% 26% 33% 16% 21% 21% 21% 28% 23% 26% 19% 11% 30% 4% Life assurance 23% 6% 15% 29% 53% 29% 23% 33% 38% 34% 60% 17% 24% 42% 21% 19% Mobile phone/blackberry/pda 18% 29% 8% 37% 20% 34% 14% 16% 25% 66% 47% 23% 25% 25% 16% 7% Working from home 18% 15% 0% 8% 27% 12% 9% 4% 2% 21% 11% 7% 3% 3% 22% 0% Product/services discount 15% 17% 5% 27% 20% 12% 16% 12% 12% 24% 9% 10% 10% 3% 16% 3% Shares/share options 15% 12% 5% 3% 20% 6% 21% 18% 0% 7% 4% 14% 4% 3% 17% 4% Pay rise as an incentive for passing exams 14% 2% 0% 5% 7% 2% 8% 7% 6% 0% 2% 5% 4% 3% 18% 6% Travel benefits/allowances 14% 13% 10% 29% 13% 22% 14% 25% 27% 10% 26% 19% 26% 47% 11% 16% Daily subsidised food 12% 0% 5% 26% 0% 25% 23% 8% 19% 10% 47% 7% 12% 3% 11% 10% Extra holidays 12% 8% 0% 18% 7% 7% 11% 11% 10% 3% 19% 6% 8% 11% 13% 1% Season ticket loan 12% 4% 0% 0% 0% 1% 3% 0% 2% 0% 0% 0% 1% 3% 16% 1% Leisure facilities 11% 6% 0% 13% 7% 7% 10% 5% 8% 34% 11% 2% 8% 6% 13% 1% Childcare arrangements/vouchers 10% 0% 3% 3% 7% 3% 1% 0% 2% 3% 4% 1% 2% 3% 13% 1% Company car/allowance 7% 8% 18% 11% 7% 18% 4% 10% 44% 24% 9% 17% 16% 19% 5% 13% Bonus as an incentive for passing exams 6% 0% 10% 0% 0% 1% 9% 0% 0% 3% 9% 2% 3% 0% 7% 1% Sabbatical 3% 2% 3% 8% 0% 3% 2% 1% 2% 0% 0% 2% 1% 3% 4% 0% Mortgage relief 1% 0% 13% 5% 13% 2% 2% 8% 4% 3% 0% 3% 3% 0% 1% 1% 100% 0% Receipt of benefit Assistance with study elements such as CIMA fee payment or bonuses as an incentive for passing exams are more likely to be received by younger respondents. Older CIMA students are more likely to have a company car, mobile phone/pda or extra holidays.

17 61% 61% 58% 58% 56% 55% 53% Satisfaction with benefits 15 Globally satisfaction levels with benefits are very similar to last year (67% in 2010 and 68% in 2009), despite salary satisfaction declining, indicating that the surrounding benefits package continues to be important to and well received by CIMA students. Percentage satisfied or extremely satisfied with benefits by country 67% 73% 72% 70% 68% 68% 50% 40% 30% Global overall Hong Kong Poland UK Ireland Russia India South Africa Australia UAE Pakistan Malaysia China Sri Lanka Zambia Botswana Two of the new countries included in this year s survey, Botswana and Zambia, are particularly disappointed with their benefits (70% and 60% respectively either dissatisfied or very dissatisfied). 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 with their benefits package, but Australia satisfaction levels have dropped sharply this year. High tier earners are the most satisfied with the benefits they receive, with 77% extremely satisfied or satisfied (in line with the 76% of high tier earners also satisfied with their salary). Similarly, satisfaction levels for mid tier earners are similar for both benefits (62%) and salary (60%). There is a significant difference, however, amongst low tier earners between the two elements of their remuneration package; 61% are satisfied with their benefits compared to 37% satisfied with their salary. Australia has seen a very sharp decline in satisfaction with benefits this year down from 80% in 2009 to 58% in Percentage satisfied or extremely satisfied with benefits by salary level High tier earners 77% Mid tier earners Low tier earners 62% 61% Global overall 67%

18 16 As with satisfaction with salary, benefit satisfaction increases with age, with those aged 35 and over the most satisfied. Benefits satisfaction is also significantly higher amongst those students working for large organisations. Benefit satisfaction levels varied from 54% amongst sole traders, 62% in micro/small organisations, 53% in medium organisations ( employees) to 71% in large organisations (250+ employees), suggesting that large organisations are more able to offer a selection of benefits best suited to CIMA students. Percentage satisfied or extremely satisfied with benefits 68% 67% 68% 65% 67% 65% 68% 70% 77%70% 61% 54% 59% 62% 61% 53% 71%71% Global overall Under and over Sole trader Micro/small (2-49) Medium (50-249) Large (250+) In 2009, there was a slight indication that those studying TOPCIMA and passed finalists were more satisfied with the benefits they receive than managerial and strategic level students. In 2010, any suggestion of this has disappeared with those in the early stages of their studies just as satisfied with their benefits as those further through their CIMA studies. Percentage satisfied or extremely satisfied with benefits by CIMA level 68%67% 67%66% 65% 68% 72% 66% 70% 65% Global overall Managerial Strategic TOP CIMA Passed finalist

19 Working hours 17 The typical working week for half of respondents globally is 35 to 40 hours. A further 37% work hours, while only 4% work less than 35 hours a week. Averaging 50 hours per week, Pakistani students typically have the longest working week, closely followed by Hong Kong (49 hours) and India (48 hours). In contrast, those in the UK typically have the shortest working week (40 hours). Globally the average is 42 hours. Average hours worked per week Ireland 43 hours UK 40 hours Poland 43 hours Russia 46 hours China 45 hours Hong Kong 49 hours Zambia 43 hours Malaysia 48 hours Botswana 43 hours Australia 42 hours South Africa 44 hours UAE 46 hours Pakistan 50 hours Sri Lanka 46 hours India 48 hours TOPCIMA students work significantly longer hours on average than other students at 43 hours, as do those who expect to receive a bonus this year. Those expecting a bonus work 42 hours per week, compared to 40 hours for those with no anticipation. Around one-third of students feel under pressure to increase their workload outside normal hours. Unlike last year, it is not the Indian students who most anticipate this, but those in Hong Kong (53%), Zambia (50%) and Malaysia (49%). The average working week has shortened slightly in 2010 to 42 hours while the longest was in Pakistan (50 hours).

20 18 The longer the hours worked, the more likely students are to expect them to be increased. 70% of those working more than 60 hours predict an increase in hours during Increased workload can often be a result of career progression with 70% of those anticipating increased hours having taken on greater responsibilities or a more pressurised position. We may be seeing signs of organisations coming out of the recession, as although understaffing/lack of resources was again the next most common reason for increased hours (49%), the impact of company growth is being seen more than in Reasons for increasing hours Taken on more responsibility/more pressure 70% 70% Understaffing/lack of resources 54% 49% Company culture My role has changed Current financial climate Company growth 27% 20% 20% 28% 36% 32% 33% 34%

21 Skill set requirements 19 The skills sought by CIMA students in 2010 are similar to 2009, with personal development (e.g. career planning, time management) (54%) and leadership skills (50%) being the most important, followed by strategic planning and implementation (46%). Skill sets required Personal development (e.g. career planning, time management) Leadership Strategic planning and implementation Reporting and analysis Decision making Communication (e.g. negotiation, writing, presenting) Project management Budgeting Persuading and influencing Skills for developing others (e.g. assessing performance, coaching) Problem solving Risk management Time management Team building IT (software MS Excel, Word, Powerpoint, etc) Internal audit and control IT (hardware systems) 9% 54% 50% 46% 44% 42% 41% 35% 35% 34% 32% 30% 29% 25% 24% 22% 17%

22 20 Ireland, Russia and Poland tend to have the least desire for training, while Sri Lankan s are the keenest. There are other priorities by country though, as shown in the table below. The areas we see most polarisation in requirements are budgeting, risk management and problem solving. Top three desired skills by country Country Top three desired skills Country Top three desired skills Australia Strategic planning and implementation Personal development Leadership Poland Project management Personal development Leadership Botswana Decision making Reporting and analysis Leadership Russia Leadership Personal development Persuading and influencing China Leadership Decision making Reporting and analysis South Africa Strategic planning and implementation Leadership Reporting and analysis Hong Kong Communication Project management Decision making Sri Lanka Personal development Decision making Communication India Leadership Personal development Decision making UAE Leadership Decision making Reporting and analysis Ireland Personal development Reporting and analysis Leadership UK Personal development Leadership Strategic planning and implementation Malaysia Personal development Reporting and analysis Leadership Zambia Strategic planning and implementation Risk management Decision making Pakistan Leadership Strategic planning and implementation Communication Global Personal development Leadership Strategic planning and implementation

23 Geographical mobility Extent of movement 21 Looking forward, nearly two-thirds (64%) of students intend to change job in the next two years compared to 60% in Male respondents are most likely to be in transition, with 11% more of them considering moving compared to their female counterparts. Career plans for the next two years when are you looking to move job? 26.4% 11.3% 12.4% 13.4% 36.4% Not currently seeking 0-3 months 4-6 months 7-11 months 1-2 years The vast majority of potential movers (81%) will stay within their country for their next position, with around one in five movers intending to seek work outside their current country. Botswana was the only country from which no students expressed any intention to move, despite the lowest satisfaction levels. For the 19% of CIMA students who intend to move abroad in the next 12 months, English speaking countries are the most popular choice: Australia (47%), followed by the USA (35%), the UK (31%) and Canada (21%). CIMA offers local support in all these regions whether through CIMA offices or a partnership agreement offering student network support. 64% of students intend to change jobs in the next two years. Australia is a particularly popular destination for those currently working in Sri Lanka. In contrast those presently working in India are predominantly focused on the UK, the USA, the UAE and Singapore, while students in neighbouring Pakistan have their sights set on Saudi Arabia and the UAE, along with the UK and Australia, highlighting the global nature of the CIMA qualification.

24 22 Top destinations Mobility of CIMA qualification Canada 21% USA 35% UK 31% Switzerland 10% UAE 14% Hong Kong 6% Singapore 9% South Africa 7% Australia 47% New Zealand 12% Although an improved quality of life is the key driver, we seem to be seeing a slight shift in motivation to relocate abroad. Personal fulfilment and cultural opportunities are slightly less important this year. Instead the increasing rationale is strength of the economy and work focused benefits such as salary and career development. Whilst 13% of employees globally are looking to change jobs in the next three months those in certain sectors are even more keen to do so; transport, distribution and storage (27%), oil, gas and alternative energy (23%) and travel, leisure and tourism (23%). Top ten destinations Ranking Country Reasons for relocating to this country 1 Australia Improved quality of life 2 USA Experience a different culture AND improved quality of life 3 UK New career opportunity AND improved salary 4 Canada Improved quality of life 5 UAE Improved salary 6 New Zealand Improved quality of life 7 Switzerland Improved quality of life 8 Singapore Improved quality of life AND experience a different culture 9 South Africa Improved salary AND improved quality of life 10 Hong Kong Experience a different culture

25 Relocation is the domain of the least experienced respondents, with 43% of those with more than five years experience not intending to move in the next two years, compared to an average of 36% overall. 23 Relocation reasons of those likely to move abroad comparison Improved quality of life Experience a difference culture New career opportunity Improved salary Better employment opportunities Take time out/travel Improved employment conditions Friends and family Work promotion Stronger economy Internal company transfer To learn a new language 26% 18% 23% 30% 22% 25% 22% 23% 20% 26% 10% 14% 9% 11% 59% 55% 49% 58% 49% 56% 49% 43% 69% 69% It is at the stage of TOPCIMA that students are most likely to be driven by an opportunity to experience different cultures (74%), or a new career opportunity (78%). Perhaps not surprisingly, the key relocation driver (improved quality of life) is also the main reason to choose the most popular destination (Australia). The only country to see a significant decline in potential movers is the UAE, which fell from 23% in 2009 to 14% this year. This may reflect the economic downturn in the UAE, which took full effect in late 2009, long after many other countries had been affected. The increasing rationale for relocation in 2010 is strength of the economy and work focused benefits such as salary and career development.

26 24 Future 39% of students anticipate a pay freeze in Among the 3% anticipating a salary reduction this year, the average reduction is thought to be a sizable 6.5%, but 8.5% for those in the high tier. Those in the highest salary tier are the least likely to expect a pay freeze (27%), instead they are more fearful than average of a salary reduction, even though this is a much less common concern overall (3%). We have already seen this as a real threat, with average salaries in high earning cities decreasing slightly from last year. Although salary bands have been altered, there was still a decline in real terms of 2.5% in the UK between 2009 and Anticipated impacts in 2010 None of the below 57% Pay freeze 39% Redundancy 8% Salary reduction Shorter working week 1% 3% Globally 92% of students do not anticipate being affected by redundancy in % of respondents globally do not expect any changes to their working situation. Perhaps surprisingly, given the major changes that have occurred in the financial market over recent years, those in banking, finance and insurance are most assured of their employment position, along with retail and consumer goods, natural resources, and energy/fuel and utilities with around two-thirds not expecting changes. The oil, gas and alternative energy sector is prepared for a rough ride though with 19% of them fearful of redundancy in the coming year compared to 8% across all industries.

27 One word to describe how CIMA is different from other accountancy qualifications The size of the font reflects the number of times the word was spontaneously mentioned. Challenging Qualification Practical Recognition Relevant Strategy Flexibility Modern Hard Accounting Knowledge Best Variety Wide Broad Innovative Interesting Professional Useful Management Quality Commercial Varied Good Broader Better Skills Difficult Excellent Respected Diversity Relevance Expensive Different Versatile Dynamic ComprehensiveGlobalFocus FocusedDiverse Business World Superior Oriented Rounded International Recognised Strategic Flexible Unique

28 26 Technical information Data collection for the CIMA Global Part Qualified Salary Survey 2010 was carried out by CIMA itself online during the period 28 January to 14 February The data was subsequently rim weighted (by Redshift Research) by country to ensure the profile of the survey sample accurately represents all CIMA markets. 13,980 CIMA students globally were invited to participate (UK, Ireland, South Africa, Sri Lanka, Malaysia, India, Hong Kong, Australia, Mainland China, UAE, Botswana, Pakistan, Russia, Poland and Zambia) a total of 2,563 completed the study globally (18% response rate). The survey represents a re-run of the annual part qualified salary survey, the previous iteration of which was conducted during January and February In order to improve the quality of the data, revised salary bands were used on the questionnaire to record details of some countries student salaries. This means that many averages previously published (in the 2009 report) will not compare directly with 2010 figures. Where comparisons with 2009 data appear in this report, we have used an identical banding system to compare changes year on year (which are expressed as a percentage) in order to ensure that the changes shown reflect a genuine shift in the economic picture rather than a difference created artificially by using different banding systems in each period. For the purposes of this survey CIMA level data was collected under the 2005 CIMA qualification structure and refers to those at managerial level, strategic level, TOPCIMA and passed finalists. For comparison under the 2010 qualification structure these levels are respectively now known as operational/management level, strategic level, T4 Part B Case Study and exams complete.

29 Table of responses by country Australia 52 Botswana 40 China 38 Hong Kong 15 India 154 Ireland 244 Malaysia 74 Pakistan 52 Poland 29 Russia 47 South Africa 324 Sri Lanka 182 UAE 36 UK 1206 Zambia 70 Total 2563 Table of responses by gender Male 1438 Female 1125 Total 2563 Table of responses by CIMA level Managerial 1075 Strategic 736 TOPCIMA 334 Passed finalist 418 Total Further information For further information on technical matters relating to this survey, contact For further country specific analysis and reports visit CIMA MY JOBS at Both the Chartered Institute of Management Accountants and Redshift Research are Market Research Society Company Partners. The organisations abide by the Market Research Society s Code of Conduct and the Data Protection Act.

30 28 Global contacts CIMA UK Head Office 26 Chapter Street London SW1P 4NP United Kingdom T. +44 (0) F. +44 (0) E. CIMA Australia Suite Pitt Street Sydney NSW 2000 Australia T. +61 (0) F. +61 (0) E. CIMA Botswana Plot 50676, 2nd Floor, Block B BIFM Building, Fairgrounds Office Park Gaborone, Botswana Postal address: PO Box Gaborone, Botswana Telefax F / E. gaborone@cimaglobal.com CIMA China Unit 1508A AZIA Center, 15th floor 1233 Lujiazui Ring Road Pudong Shanghai P.R.China T (0) F. +86 (0) E. infochina@cimaglobal.com CIMA Hong Kong Suites th Floor Jardine House Central, Hong Kong T F E. hongkong@cimaglobal.com CIMA India Unit 1-A-1, 3rd Floor Vibgyor Towers C-62, G Block, Bandra Kurla Complex, Bandra (East), Mumbai T. +91 (0) F. +91 (0) E. india@cimaglobal.com CIMA Ireland Pembroke Road Ballsbridge, Dublin 4 T (0) F (0) E. dublin@cimaglobal.com CIMA Malaysia Lots 1.03b and 1.05, Level 1 KPMG TOWER 8 First Avenue, Bandar Utama Petaling Jaya Selangor Darul Ehsan Malaysia T. +60 (0) F. +60 (0) E. kualalumpur@cimaglobal.com CIMA Middle East Office E01, 1st Foor, Block 3 PO Box Dubai Knowledge Village Al Sofouh Road Dubai, UAE T F E. middleeast@cimaglobal.com CIMA Pakistan No. 201, 2nd floor Business Arcade Plot No. 27 A, Block 6, P.E.C.H.S. Shahra-e-Faisal Karachi, Pakistan T /88/89 F E. pakistan@cimaglobal.com CIMA Singapore 51 Goldhill Plaza, #08-02 Singapore T F E. singapore@cimaglobal.com CIMA South Africa 1st Floor, 198 Oxford Road Illovo, Johannesburg South Africa Postal address: PO Box 745, Northlands 2116, South Africa T. +27 (0) /0861 CIMA SA F. +27 (0) E. johannesburg@cimaglobal.com CIMA Sri Lanka 356 Elvitigala Mawatha Colombo 5 Sri Lanka T. +94 (0) F. +94 (0) E. colombo@cimaglobal.com CIMA Zambia 6053, Sibweni Road Northmead, Lusaka Zambia Postal address: PO Box 30640, Lusaka, Zambia T / F E. lusaka@cimaglobal.com CIMA Zimbabwe 6th Floor, Michael House 62 Nelson Mandela Avenue, Harare Zimbabwe Postal address: PO Box 3831, Harare, Zimbabwe Telefax (0) / F (0) / E. harare@cimaglobal.com CIMA s global offices may change during the year, so please visit the global web links for the most up-to-date contact details. For a full list of global contacts, please visit

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32 Chartered Institute of Management Accountants 26 Chapter Street London SW1P 4NP United Kingdom T. +44 (0) E. May 2010, Chartered Institute of Management Accountants CM1001V0510