CIMA Sri Lanka members salary survey 2010

Transcription

1 CIMA Sri Lanka members salary survey 2010

2 CIMA members salary survey 2010 Sri Lanka Foreword 1 Executive summary. 3 Main findings. 5 Salaries and bonuses. 5 Experience... 7 Job role... 8 Sector... 9 Size of business.. 10 Gender.. 11 Age Recruitment and retention.. 13 Satisfaction with salary.. 13 Satisfaction with benefits Importance of benefits Working hours. 17 Skill set requirements Geographical mobility. 21 Extent of movement.. 21 Top destinations. 22 Future One word to describe CIMA difference.. 24 Sri Lanka salary information Technical information. 26 Further information. 26 Global contacts. 27

3 1 Foreword Despite the difficult economic conditions the West has been experiencing, prospects for CIMA members appear to be extremely favourable. Prudent businesses are increasingly turning to our members to help drive them through the downturn and on to sustainable success in the long term. This demand for management accounting expertise is reflected in the results of our second global members salary survey. Clearly, CIMA members are highly valued, especially during a period when businesses are looking for skilled financial managers to put them on a firm footing. Our global survey of CIMA members shows that Chartered Management Accountants earn significantly higher salaries than the national average in every nation featured in our research. In developed economies, members salaries are usually between two and three times the national average. However in developing economies such as Sri Lanka and Malaysia, we found CIMA members earning up to ten times the average - with the service industries offering particularly favourable wages. Bonuses are also featuring as a significant proportion of member remuneration. By country, this accounts for between 8% and 20% of their salary with the highest rewards being offered in the USA and Hong Kong. The economic turbulence has had a mixed effect on our membership. Our survey show that Australian and Malaysian members received the most significant increases in average remuneration since our last survey in But countries such as Sri Lanka and the UK have experienced only modest growth. A cause for some concern is the earnings disparity between genders. Across the world, male CIMA members appear to be earning significantly more on average than their female counterparts. This is most evident in emerging markets. Part of this disparity could be explained by the fact that there are a greater number of more experienced male CIMA members in our global community. CIMA has recently completed a report which identifies the main barriers to women achieving positions of leadership and outlines four strategies for success. We very much hope that this analysis will help highlight the value that women can add to the workplace and the boardroom in particular. We are also launching a women s network on our online community forum, CIMAsphere. The new network will provide our female members with a place to share advice and experiences. In Sri Lanka, the average monthly salary for a CIMA member is Rs.187,832 and the average bonus is Rs.28,284. This is a modest increase in total remuneration on the 2009 survey (3.9%). The current economic conditions are having little impact on member expectations regarding remuneration with 88% of Sri Lankan members not expecting to experience any negative factors on their salaries during the coming year and the same percentage expecting a bonus in Annual bonuses, a company car/allowance and healthcare are the key benefits sought from an employer.

4 2 However it appears that many Sri Lankan members feel they are not being adequately rewarded for their hard work. One indicator is that more than half (62%) are considering changing jobs in the next two years. Another is that only 58% are satisfied with their salary and 66% with their benefits package. This is lower than the average in many regions and may be linked to the fact that members in Sri Lanka have one of the longest working weeks in our survey (48 hours compared with the global average of 45 hours). We might conclude from this that CIMA members in Sri Lanka are keen to maximise their earning potential. Moreover, they are demonstrating resilience to the global downturn and their unique financial toolkit will place them in a prime position to help organisations build firm foundations for future success. Charles Tilley Chief Executive CIMA

5 3 Executive summary The Sri Lankan economy has managed to survive the global recession without suffering any prolonged downturn in economic fortunes. Having said this, GDP growth nevertheless slowed during 2009, growing by 3.5% compared with 6.5% in 2008 and The most recent figures show growth at 7.1% for 2010 and the economic outlook is more positive with estimated growth of 8% by the end of the year. The second annual global salary survey of CIMA members was carried out in April A total of 1,959 members contributed to the survey of which 130 responses were from Sri Lanka. This report summarises the results of this survey with a particular focus on Sri Lanka, looking at how recent economic events are impacting on salary levels and benefits packages of CIMA members working in Sri Lanka. Salaries and bonuses The average monthly remuneration package for a CIMA member in 2010 is Rs.216,116 an increase of 3.9% on the 2009 figure: CIMA members average monthly salary is Rs.187,832 the average bonus is Rs.28,284 across all respondents. 88% expect to receive a bonus in On average, male CIMA members are earning a package which is 47% more than their female colleagues. The production and technology industry offers their staff the largest monthly remuneration package of Rs.265,208. Those in a non-financial job role earn a monthly remuneration package 38% (Rs ) higher than those in finance. There are no significant differences in remuneration by size of business. Recruitment and retention 58% are satisfied or extremely satisfied with their salary. 66% are satisfied or extremely satisfied with their benefits package. Healthcare, contribution to/payment of CIMA fees and a company car/allowance are the most widely available benefits for CIMA members in Sri Lanka. Bonus, company car/allowance and healthcare are the key benefits sought from an employer. The average member works 48 hours per week with 39% expecting their working hours to increase during the coming year. The primary reasons for increased working hours are largely attributed to a combination of CIMA members taking on more responsibility and company growth. In terms of future development, members are most interested in strategic planning and implementation skills, leadership skills and risk management skills.

6 4 Geographical mobility 62% are considering changing jobs in the next two years. 42% of those looking to change jobs are thinking of relocation overseas; with Australia, the UK and New Zealand being the most popular choices. Future The current economic conditions are having little impact on member expectations with 88% not expecting to experience any negative factors on their salaries during the coming year.

7 5 Main findings Salaries and bonuses Average remuneration package has risen by 3.9% since 2009 The average basic gross salary is Rs.187,832 plus Rs.28,284 bonus, producing a total average monthly package of Rs.216,116. However, it must be noted that this average has been driven up by a small proportion of individuals (8%) earning a basic salary of over Rs.500,000 per month. The increase in average basic salary in 2010 is just 0.6%, which, given the current economic climate is somewhat unsurprising. However, as bonuses have risen, the average total remuneration package has increased by 3.9% in Monthly remuneration packages 2010 vs Rs.187,832 Rs.28,284 Rs.216, Rs.186,630 Rs.21,460 Rs.208,090 Average salary Average bonus The average bonus equates to 13% of the remuneration package, with a considerable proportion (39%) receiving a bonus of more than 20%. Whereas the basic salary in Sri Lanka has seen little increase in 2010, bonuses have risen considerably. The average bonus in 2010 is 32% higher than that recorded in 2009.

8 6 12% of respondents are not expecting to receive a bonus in 2010; this is significantly lower than the global average of 30%. For the 88% expecting to receive a bonus, the average amount is Rs.32,234. Bonuses likely to be received in 2010 None: 12% Over 20% of monthly salary: 39% Under 9% of monthly salary: 20% Between 9% and 19.9% of monthly salary: 29%

9 7 Experience and seniority have the most significant impact on salary and bonus levels Experience As expected, members with the most work experience are more likely to receive higher salaries and bonuses than their less experienced colleagues. Indeed, the level of experience that a member has is one of the most important influences on the level of remuneration they can expect. Monthly salaries and bonus by experience More than 10 years experience Rs.282,162 Rs.40,899 Rs.323, years experience Rs.175,032 Rs.28,988 Rs.204,020 Less than 3 years experience Rs.87,024 Rs.11,898 Rs.98,922 Sri Lanka overall Rs.187,832 Rs.28,284 Rs.216,116 Average salary Average bonus Those with more than ten years experience are receiving remuneration packages more than three times that of those with less than three years experience It would seem that once a member gains more experience they can expect to see a steady increase in their salary and bonus. Those with the most experience (over ten years) are receiving total remuneration packages which are approximately three times that of the respondents with the least experience. Although those with over three years experience receive bigger bonuses they are slightly less likely to actually receive one. 93% of those with less than three years experience anticipate receiving a bonus compared to 86% of those with four to nine years and 85% of those with ten years +.

10 8 Job role Those in a non-financial job role typically receive a basic salary 42% higher than those in a financial job role. With bonuses included, the average total remuneration of those members in a non-financial job role is 38% (Rs.70,897) higher than those in finance. Monthly salary and bonus by job title Non-finance Rs.226,528 Rs.30,475 Rs.257,003 Finance Rs.159,430 Rs.26,676 Rs.186,106 Sri Lanka overall Rs.187,832 Rs.28,284 Rs.216,116 Average salary Average bonus

11 9 Sector Remuneration packages within the production and technology sector are 23% (or Rs.49,092) higher than the overall average for Sri Lanka. In contrast, those in the service sector are typically earning 28% (or Rs.46,641) below the average. Monthly salary and bonus by sector Production and technology sectors Rs.233,091 Rs.32,117 Rs.265,208 Service sectors Rs.144,576 Rs.24,899 Rs.169,475 Other sectors Rs.203,635 Rs.27,955 Rs.231,590 Sri Lanka overall Rs.187,832 Rs.28,284 Rs.216,116 Average salary Average bonus

12 10 Size of business Larger employers provide the highest remuneration packages There are no significant differences in remuneration by size of business. Those in larger companies are typically earning a total remuneration package 7% higher than those in companies with less than 250 staff. Monthly salaries received by size of business Over 250 staff Rs.193,307 Rs.27,723 Rs.221,030 Under 250 staff Rs.177,879 Rs.29,305 Rs.207,184 Sri Lanka overall Rs.187,832 Rs.28,284 Rs.216,116 Average salary Average bonus It is also clear that the availability of bonuses increases in larger businesses. 92% of those in larger businesses expect to receive a bonus in 2010 compared to 81% of those in businesses with less than 250 staff.

13 11 Men are paid 47% more than women, on average Gender The survey shows that the total remuneration package received by male CIMA members exceeds that received by women to a significant degree. The average salary is Rs.212,428 for male CIMA members, supplemented by a typical bonus of Rs.30,836, providing an average total monthly package worth Rs.243,264. For female members, the average salary is Rs.141,965 and the average bonus is Rs.23,525, which provides a total monthly package of Rs.165,490. Men therefore, have a total package 47% higher than their female colleagues. In terms of the salaries received, no women receive a salary in excess of Rs.400,000 contrasting with 15% of men who are earning a basic salary beyond Rs.400,000. Similarly, at the other end of the scale, the proportion earning less than Rs.100,000 is significantly greater for women (48%) than for men (24%). Average monthly salary and bonus - by gender 13% 2% 5% 14% 42% 2% 29% 22% 36% >Rs500,000 Rs.400,000-Rs.499,999 Rs.300,000-Rs.399,999 Rs.200,000-Rs.299,999 Rs.100,000-Rs.199,999 Rs.50,000-Rs.99,999 <Rs.50,000 20% 4% Male 12% Female A key factor that appears to contribute to this differentiation is that male CIMA members tend to have more experience (usually a key factor in determining remuneration). 42% of men became fully qualified CIMA members more than ten years ago, compared to just 25% of women. Also no female respondent reported being a CEO/managing director, compared to 12% of men who stated this.

14 12 The average salary and bonus received rises as members get older Age As seniority and level of experience are both closely associated with age, it is no surprise to find that average salaries and bonuses increase as members get older. Remuneration begins to rise significantly amongst those aged over 40 with this group earning a significant 93% more than those under 40. Monthly salary and bonus by age Over 40 years old Rs.283,941 Rs.36,831 Rs.320,772 Under 40 years old Rs.141,767 Rs.24,188 Rs.165,955 Sri Lanka overall Rs.187,832 Rs.28,284 Rs.216,116 Average salary Average bonus Although they typically receive a bonus that is 52% higher than their younger colleagues, CIMA members aged over 40 are slightly less likely to receive a bonus. In 2010, 84% of members over 40 expect to receive a bonus, compared to 90% of those under 40.

15 13 Recruitment and retention Satisfaction with salary The small increase in remuneration packages (3.9%) this year is not reflected in any shift in satisfaction levels. In 2010 satisfaction has remained at almost the same level as 2009 with 58% extremely satisfied or satisfied. This is less than the global average where 68% satisfaction is recorded. Satisfaction with current salary package 6% 3% 53% 55% Extremely satisfied Satisfied Dissatisfied Very dissatisfied 33% 32% 8% 10% Men are more satisfied with their salary package (63% compared to 49% of women), this is unsurprising given they typically earn 47% more than their female colleagues.

16 14 Satisfaction with benefits 66% are extremely satisfied/satisfied with the benefits they receive. This is consistent with 2009 where 65% satisfaction was recorded. Although satisfaction levels have remained consistent, they are significantly lower than the benefits satisfaction level recorded globally (79%). Satisfaction with current benefits 4% 3% 61% 63% Extremely satisfied Satisfied Dissatisfied Very dissatisfied 32% 25% 3% 9% The divide in satisfaction amongst men and women is not apparent here, 67% of women and 66% of men are extremely satisfied/satisfied with the current benefits they receive.

17 15 Healthcare and contribution to/payment of CIMA fees and a company car/allowance are the most widely available benefits for CIMA members Importance of benefits The type of benefits that members typically receive from employers have remained fairly unchanged over the past couple of years. The majority (72%) are provided with a healthcare scheme as part of their benefits package. Employers also commonly provide their staff with a company car/allowance (71%) and financial contribution to their CIMA membership fees (70%). Other popular benefits provided include a bonus (64%) and a mobile phone/blackberry/pda (58%). Travel benefits/allowances are less widespread but nevertheless received by a significant minority (33%) as is life assurance (21%) and flexible working hours (20%). Only 11% of Sri Lankan respondents receive a pension compared to the global average of 78%, nevertheless it is still a highly desired benefit, receiving a score of four out of five for importance from Sri Lankan respondents. Access to benefits does vary according to the circumstance of the respondent. Those in a business with over 250 employees are more likely to receive life assurance than those in businesses with under 250 staff (28% vs. 8%). CIMA members aged over 40 are more likely to receive a company car/allowance (91% vs. 61%) and a mobile phone/blackberry/pda (79% vs. 49%) than younger members. Conversely, those aged under 40 are more likely to receive healthcare benefits (78% vs. 61%). There are also some differences by gender, with males significantly more likely to receive company car/allowances (78% vs. 58%) and leisure facilities (24% vs. 8%) than females.

18 16 An annual bonus, company car/allowance, healthcare and payment of CIMA fees were judged to be the most attractive benefits that employers might offer. Indeed, a large proportion of employers currently provide members with these benefits. Pensions and travel benefits/allowances are also attractive to CIMA members, however this is not matched by what employers currently provide. In 2010 only 11% receive a pension and 33% have access to travel benefits/allowance. Importance of benefits (mean score) - by benefits received 5 = extremely important, 1 = not at all important 80% 70% 60% 50% % % 72% 70% % Benefit received Importance % 3 30% 33% % 21% 20% 2 10% 0% 11% 4% 10% 10% 1.5 1

19 17 CIMA members in Sri Lanka work an average 48 hours a week Working hours The typical CIMA member in Sri Lanka works a 48 hour week, an increase from the average recorded in 2009 (46 hours). 55% of members work between 41 and 50 hours a week. A significant minority (31%) work longer hours than this (although only 11% work more than 60 hours in a typical week). 12% are working between 35 and 40 hours a week, which leaves only a small minority working less than 35 hours on average (2%). Typical working hours for Sri Lanka respondents Less than 35 hours, 2% More than 60 hours, 11% hours, 12% hours, 20% hours, 55% Just over half of members (52%) do not believe that their working hours are likely to change significantly over the coming year. This is a slightly lower proportion than the global result of 60%. Some 9% believe their hours are likely to reduce (the highest proportion globally), which leaves 39% who feel their hours will probably increase.

20 18 Increased working hours are most closely associated with a combination of increased responsibilities/pressure and company growth. Understaffing/lack of resources and current economic climate appear to be less prominent than in 2009, whilst it is encouraging to find that company growth is cited significantly more in Reasons for increasing working hours 90% % 70% 77% 73% 60% 50% 54% 40% 45% 45% 30% 20% 10% 18% 30% 23% 27% 23% 20% 16% 0% Taken on more responsibility/more pressure Company growth Understaffing/lack of resource My role has changed Company culture Current financial climate

21 19 Skill set requirements Strategic planning and implementation and leadership skills are of greatest interest to members Members were asked to comment on their skills and training requirements for the coming year. Strategic planning and implementation skills were those most likely to be identified as a priority for future training. Other popular areas included leadership, risk management and persuading and influencing skills. Skills/training requirements Strategic planning and implementation Leadership Risk management 46% 51% 49% Persuading and influencing Personal development Communication skills Decision making Reporting and analysis Skills for developing others 45% 42% 38% 36% 35% 34% Team building Project management Time management IT software skills 26% 23% 21% 19%

22 20 Persuading and influencing and risk management are of greatest interest to more experienced members Leadership skills are of greatest interest to younger members (aged under 40), where 56% are keen to acquire such skills (compared to 33% for those aged over 40). Indeed, the age and level of experience of members appears to influence the type of skills in which they are most interested. Those who have qualified in the last three years are far more interested in developing the following types of skills than those with more experience: decision making skills required by 55% (compared to 36% overall) personal development required by 52% (compared to 42% overall) reporting and analysis skills required by 45% (compared to 35% overall) skills for developing others required by 40% (compared to 34% overall) In general, members with considerable work experience are much less likely to feel that they need skills training. However, a small number of specific skills remain attractive to members with more experience, these are: Persuading and influencing skills remains of interest to 50% of members with more than ten years experience, making it the most attractive area of training for members in this group. Risk management is of interest to 46% of members with more than ten years experience, making it the second most attractive area of training for this group. Organisation size can occasionally have an influence on the type of skills members feel they require as well. Members working in smaller companies (under 250 staff) feel that certain skills would benefit them a lot more than their peers working in larger businesses: 63% of members in small companies are interested in strategic planning and implementation skills, compared to just 44% in larger companies. 38% of members in companies with less than 250 staff are interested in team building skills, compared with just 19% of members in larger businesses.

23 21 Geographical mobility Extent of movement 62% of CIMA members in Sri Lanka are considering changing jobs in the next two years There has been no real change in the proportion of people who are planning to look for a new job since % are thinking about a move in the next two years, similar to that recorded for There is also very little change in the proportion who are looking to move immediately. The 2009 survey showed that 27% were looking to move within six months and at 25%, this proportion is similar in Plans to move job 2010 vs % 37% Within 6 months Within 7 months - 2 years No plans 27% 25% 38% 38%

24 22 27% of members are considering working overseas Top destinations 42% of those considering a change in job are thinking about a possible move overseas (which equates to 27% of the total sample). This proportion is a little different from the situation in 2009, which revealed that 52% were considering such a move at that time. Nevertheless this proportion is still considerably higher than the global average of 16%. Male members are significantly more likely to consider a move abroad (51% vs. 27% of females). Of those considering working overseas in their next job, the top three countries to relocate to were Australia (66%), the UK (47%) and New Zealand (21%). Mobility of CIMA qualification UK 47% UAE 16% Australia 66% New Zealand 21%

25 23 Career related motives for relocation, such as improved salary and better employment opportunities were key for Sri Lankan members, along with lifestyle oriented choices (quality of life and experiencing different cultures). The ordering of drivers has changed since In particular, the prospect of better employment opportunities has reduced from 77% in 2009 to 53% in Relocation reasons for those likely to move abroad Improved salary Improved quality of life Better employment opportunities Experience a different culture New career opportunity Stronger economy Take time out / travel Friends and family Improved employment conditions Work promotion Internal company transfer 58% 59% 68% 56% 77% 53% 48% 45% 42% 35% 32% 35% 23% 19% 16% 18% 29% 13% 6% 3% 10% 3%

26 24 Future Members in Sri Lanka appear to be less affected than average by the recent tough global economic conditions. 88% did not feel they would be affected by any negative factors (pay freeze, salary reduction, redundancy). This is significantly higher than the global average, where only 50% felt they would not be impacted negatively in However although the vast majority did not anticipate any negative salary factors in 2010, there were a small number who did. 9% of CIMA members in Sri Lanka were anticipating a pay freeze in 2010, 3% a salary reduction and 3% redundancy. One word to describe how CIMA is different from other accountancy qualifications A summary of respondent perceptions is illustrated below (the size of the font reflects the number of times the word was spontaneously mentioned).

27 25 Sri Lanka salary information This section provides a breakdown of Sri Lankan specific salary information by key indicators (where the sample base is large enough to provide reliable information). All salary information was collected in April 2010 and is presented in local currency. Sri Lanka Base:130 Salary (Rs. per month) Bonus (Rs. per month) Total package (Rs. per month) Total Rs.187,832 Rs.28,284 Rs.216,116 Age Under 40 Rs.141,767 Rs.24,188 Rs.165,955 Over 40 Rs.283,941 Rs.36,831 Rs.320,772 Gender Male Rs.212,428 Rs.30,836 Rs.243,264 Female Rs.141,965 Rs.23,525 Rs.165,490 Size Under 250 employees Rs.177,879 Rs.29,305 Rs.207,184 Over 250 employees Rs.193,307 Rs.27,723 Rs.221,030 Sector Service Rs.144,576 Rs.24,899 Rs.169,475 Production & technology Rs.233,091 Rs.32,117 Rs.265,208 Other industries Rs.203,635 Rs.27,955 Rs.231,590 Experience Under 3 years Rs.87,024 Rs.11,898 Rs.98, years Rs.175,032 Rs.28,988 Rs.204, years Rs.282,162 Rs.40,899 Rs.323,061

28 26 Technical information Data collection for the CIMA Sri Lanka members salary survey 2010 was carried out online by CIMA during the period 19 March to 19 April The data was subsequently rim weighted (by Redshift Research) by CIMA member level to ensure the profile of the survey accurately represents all CIMA members working in business. 17,489 CIMA members globally (excluding retired members) were selected and invited to participate (UK, Ireland, Australia, Malaysia, Sri Lanka, South Africa, USA, Canada, Singapore, New Zealand, UAE, China, India and Hong Kong) a total of 1,959 completed the study globally (11% response rate), with 130 respondents from Sri Lanka. Basic responses from Sri Lanka were as follows: Respondent type Proportion of Sample Aged under 40 68% Aged over 40 32% Male 65% Female 35% Further information For further information on technical matters relating to this survey, contact yourvoice@cimaglobal.com 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.

29 27 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, 1 st Floor Southern Wing Fairgrounds Financial Centre 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