CIMA New Zealand. qualified salary survey 2011

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1 CIMA New Zealand qualified salary survey 2011

2 Table of contents Main findings 1 Overview of remuneration packages 1 Expectations for future pay and conditions 2 One word to describe...management accounting 4 Appendix 5 Technical information 5 Further information 5 Acknowledgements 5 Global offices 6 Table of figures Figure 1: Annual remuneration, salary tier and satisfaction level 1 Figure 2: Attitudes towards the CIMA qualification 2 Figure 3: Expectations for the business environment 3 Figure 4: Words used to describe management accounting 4

3 1 Main findings The average total annual salary package is NZ$124,006. Overview of remuneration packages The 2011 CIMA member salary survey for New Zealand reveals that the average basic annual salary is NZ$117,103, and that 78% of members are classified as earning a midtier or higher-tier basic salary. The average total annual salary package equates to NZ$124,006, taking into account the average annual bonus of NZ$6,903. Over half (58%) of members expect to receive a bonus in 2011, but the anticipated bonus size varies widely: while 42% expect no bonus29% of members expect a bonus of up to 9% of salary and 31% expect a higher percentage. The majority of members are satisfied with their current salary (82%) and benefits package (78%). Figure 1: Annual remuneration, salary tier and satisfaction level Annual remuneration NZ$ Mean basic salary 117,103 Mean bonus (based on all members) 6,903 Mean total salary (basic plus bonus) 124,006 Salary tier Percentage of members Higher (NZ$150k or more) 18% Medium (NZ$90k NZ$150k) 60% Lower (less than NZ$90k) 22% Satisfaction level Percentage of members Satisfied with salary 82% Satisfied with benefits package 78% Base 51

2 In addition to salary, CIMA members in New Zealand receive a range of benefits, most commonly contribution to/payment of CIMA fees (60%) and a bonus (48%).

4 2 In addition to salary, CIMA members in New Zealand receive a range of benefits, most commonly contribution to/payment of CIMA fees (60%) and a bonus (48%). The survey indicates that financial benefits and flexible working are the additional incentives most valued by members. Membership of a pension scheme and healthcare are also valued by many members, but are currently available to comparatively few: 31% receive a pension, which scores 4.1 out of 5 for importance, and 37% receive healthcare, which scores 3.9. The ability to work flexible hours receives the highest importance rating (4.3 out of 5), but along with other family-friendly benefits such as additional holidays and working from home is currently received by no more than two-fifths of members. The survey of CIMA members reveals that 55% name flexibility/work life balance as a key motivator in the workplace, compared to only 36% citing financial rewards.this suggests that a wider provision of flexible working would be welcomed by existing staff and candidates. Expectations for the future, pay and conditions The majority of members agree that the CIMA qualification strengthens the ability to move internationally with one s career, creates career opportunities and enables movement across all areas of the business. Indeed, more than one-half (56%) of members are considering alternative job opportunities within the next two years to seek new and better employment. Of those planning to seek new roles, almost one-third (29%) are likely to seek work outside New Zealand, mainly in Australia. The CIMA qualification strengthens the ability to move internationally with one s career. Figure 2: Attitudes towards the CIMA qualification Agree/Strongly agree Strengthens your ability to move internationally with your career 77% Strengthens your ability to move across all areas of the business 75% Creates career opportunities for you 69% Base: (51)

5 3 The survey reveals moderate optimism about the business environment for the coming 12 months. The survey reveals moderate optimism about the business environment for the coming 12 months. The proportion anticipating increased business profits (48%) is much greater than the proportion anticipating a fall in profits (7%). However, the expectation for increased recruitment is offset by anticipation of job cuts. There is a small positive bias towards salary increases and more money being available for future investment. Figure 3: Expectations for the business environment Reduced expenditure and headcount Reduced performance, increased caution Budget cuts 28% Business process/policy changes 60% Recruitment freeze 19% Greater focus on regulatory issues 21% Job cuts 25% Fall in the overall profitability of business 7% Salary freezes 21% Less money available for future investment 18% Cuts in funding for staff training 13% Less outsourcing 9% Salary decreases 7% Restricted mergers/acquisitions 0% Increased expenditure on staffing Increased performance, more investment Increase in staff recruitment 28% Increase in the overall profitability of business* 48% Increased mergers/acquisitions 20% Salary increases 35% More money available for future investment 24% Increased spend on staff training 14% Increase in outsourcing 27% Base: (51)

6 4 The New Zealand economy is forecast to grow by 2.0% in 2011, rising to 3.8% growth in 2012, helped by favourable terms of trade and export demand within regional trade flows. However, the rate of inflation in 2011 is expected to reach 4.4%, squeezing real incomes and dampening real wage increases. 1 In terms of members own plans and prospects, 47% are expecting their own salary to increase over the next 12 months and most are expecting an increase of between 1% and 4%. The increase will be offset by the rate of inflation. More than half (55%) of members interviewed currently work hours per week and a further 18% work 51 or more hours per week. While two-thirds are expecting no change, almost one-third are expecting their working hours to increase over the next 12 months, largely due to the greater responsibilities that come with promotion. These findings are in line with some of the skill sets that members most want to develop over the coming year, which relate to managerial expertise such as strategic planning and implementation (52%) and leadership (47%). One word to describe...management accounting Members were asked to use one word to describe what management accounting means to them personally. The words below show the most popular responses, with the size of font denoting frequency of mention. Figure 4: Words used to describe management accounting 1 IMF World Economic Outlook, September 2011.

5 Appendix Technical information Survey responses were collected by CIMA among active members between 09 June and 04 July 2011, via an online survey.

7 5 Appendix Technical information Survey responses were collected by CIMA among active members between 09 June and 04 July 2011, via an online survey. The data was analysed and reported by an independent specialist consultancy. Just over 21,000 CIMA members were selected and invited to participate in the international study which covers 14 markets. Within the study period 2,367 responded internationally, including 51 from New Zealand. The response data presented in this report has been weighted to reflect the profile of the CIMA membership by market. All base numbers quoted in Figures report the lowest unweighted base i.e. the number of responses. 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 Acknowledgements This research was conducted by CIMA in conjunction with Spotlight Market Research & Editing. The Chartered Institute of Management Accountants is a Market Research Society Company Partner. Both CIMA and Spotlight abide by the Market Research Society s Code of Conduct and the Data Protection Act.

8 36 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 50374, Block 3, First Floor Southern Wing, Fairgrounds Financial Centre Gaborone, Botswana Postal address: PO Box Gaborone, Botswana Telefax F / E. CIMA China Unit 1508A 15th Floor, AZIA Center 1233 Lujiazui Ring Road Pudong Shanghai P.R.China T (0) F. +86 (0) E. CIMA Hong Kong Suite 2005, 20th Floor Tower 1, Times Square 1 Matheson, Street Causeway Bay 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 Republic of Ireland 5th Floor, Block E, Iveagh Court, Harcourt Road, Dublin 2, Ireland 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 middleeast 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 /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 southafrica 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 zimbabwe CIMA s global offices may change during the year, so please visit the global web links for the most upto-date contact details. For a full list of global contacts, please visit globalcontacts

9 Chartered Institute of Management Accountants 26 Chapter Street London SW1P 4NP United Kingdom T. +44 (0) F. +44 (0) E. June 2011, Chartered Institute of Management Accountants CMI004V0611

CIMA Hong Kong. qualified salary survey 2011

CIMA Hong Kong. qualified salary survey 2011 CIMA Hong Kong qualified salary survey 2011 Table of contents Main findings 1 Overview of remuneration packages 1 Expectations for future pay and conditions 3 Improving employability and opportunities