CIMA Singapore. qualified salary survey 2011

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1 CIMA Singapore qualified salary survey 2011

2 Table of contents Table of figures 1 Main findings 2 Overview of remuneration packages 2 Expectations for future pay and conditions 4 Improving employability and opportunities 6 One word to describe...management accounting 7 Appendix 8 Technical information 8 Further information 8 Acknowledgements 8 Global offices 9

3 1 Table of figures Figure 1: Monthly remuneration and salary tiers 2 Figure 2: Additional benefits received versus importance 3 Figure 3: Motivators in employment 3 Figure 4: Singapore GDP forecasted trends 4 Figure 5: Expectations for the business environment 5 Figure 6: Attitudes towards the CIMA qualification 6 Figure 7: Words used to describe management accounting 7

4 2 Main findings Overview of remuneration packages The 2011 CIMA member salary survey for Singapore reveals that the average basic monthly salary is SGD9,630 and 67% of members are classified as earning a higher-tier salary of SGD10,000 or more per month. The annual figure equates to SGD115,560, rising by SGD1,465 when annual bonuses are taken into account, which 89% expect to receive in Figure 1: Monthly remuneration and salary tiers The average basic monthly salary is SGD9,630 and 67% are classified as earning a highertier salary of SGD40,000 or more per month. 67% SGD9,630 21% 12% Singapore mean average Basic salary Lower tier (up to SGD7,999) Mid tier (SGD8,000 - SGD9,999) Higher tier (SGD10,000 +) Base: (51) The survey shows that the majority of members are happy with the terms of their pay and benefits 81% say they are satisfied with their current salary and 73% with their benefits package. A bonus and healthcare schemes are both the most widely provided and the most valued benefits that members receive in addition to their salary. However, the survey indicates that other financial products such as membership of a pension scheme, life assurance and shares/share options are also considered to be important by many, but are currently received by substantially fewer members.

5 3 Figure 2: Additional benefits received versus importance 90% 80% 70% 60% 50% 40% 30% 20% % % 70% % 42% 42% Received Importance (mean average) % 30% 27% 24% % 19% 17% 15% % 0% 6% 4% 4% 0% 0% Lowest base (all answering): Mortgage relief, Leisure facilities (47) Family-friendly benefits such as additional holidays, working from home and flexible hours are also rated as important by many members but currently received by very few. Alongside the scope of the job role/projects and a good working environment, both flexibility/work life balance and financial reward have been named as key motivators in the workplace, providing further evidence that financial benefits and flexible working should feature more heavily in the benefits packages offered by employers in Singapore. Figure 3: Motivators in employment Scope of role/projects 50% Flexibility/work life balance 50% Good working environment 49% Financial reward 49% Promotion prospects 27% Benefits package 24% Job security 22% Challenging workload 15% Training and development 12% Base: (51)

6 4 Expectations for future pay and conditions Recent years have seen dramatic swings in GDP, from negative growth of -0.8% in the wake of the global financial crisis in 2009, to record growth of 14.5% the following year. The forecast for 2011 is 5.3% growth, although the medium-term figure is set to stabilise at around 4%. Pressures in the economy remain, as evidenced by a sharp fall in the rate of GDP growth in the second quarter of Key factors are currency appreciation and a squeeze on real credit growth hampering business investment and export demand. In particular, the global IT market has weakened in recent months, leading to a downturn in Singapore s manufacturing and export-related trades. Going forward, continuing uncertainty in financial markets and global trade caused by issues in the USA and Eurozone will add to downside risks for the Singapore economy. All of these recent developments will place more emphasis on the service sector and tourism to drive growth. Figure 4: Singapore GDP forecasted trends GDP Est. GDP 16% 14% 12% 10% 8% 6% 4% 2% 0% % Source: IMF World Economic Outlook April 2011 This scenario of positive growth dampened by downside factors is reflected in our survey: although there appears to be some negative sentiment, members in Singapore are, on balance, optimistic about the business environment for the coming 12 months. Greater proportions are anticipating expansionary factors such as rising business profits (53%), increased salaries across the board (31%) and the recruitment of staff (37%) than contractionary factors such as falling profits (20%), salary freezes (12%) and job cuts (17%). There are also signs of an increasingly active marketplace in the form of more money being available for investment (25%), increased merger/acquisition activity (42%) and increased outsourcing (25%).

7 5 One-third of members are anticipating a greater focus on regulatory issues and over twofifths are expecting business process/policy changes over the next 12 months in their business environment. Figure 5: Expectations for the business environment Reduced expenditure and headcount Reduced performance, increased caution Budget cuts 29% Business process/policy changes 46% Recruitment freeze 24% Greater focus on regulatory issues 34% Job cuts 17% Fall in the overall profitability of business 20% Salary freezes 12% Less money available for future investment 6% Cuts in funding for staff training 8% Less outsourcing 2% Salary decreases 6% Restricted mergers/acquisitions 2% Increased expenditure on staffing Increased performance, more investment Increase in staff recruitment 37% Increase in the overall profitability of business 53% Increased mergers/acquisitions 42% Salary increases 31% More money available for future investment 25% Increased spend on staff training 17% Increase in outsourcing 25% Base: (51)

6 In terms of members own plans and prospects, while one-fifth are anticipating a salary freeze, salary reduction or redundancy, more than one-half (54%) are expecting their own salary to increase

8 6 In terms of members own plans and prospects, while one-fifth are anticipating a salary freeze, salary reduction or redundancy, more than one-half (54%) are expecting their own salary to increase over the next 12 months, with an average rise of 5.3%. However, the real wage increase will be lower, at 1.6% or less taking inflation into account. 1 Most members in Singapore are working long hours: 96% currently work 41 hours or more per week and this figure includes 35% who are working over 50 hours per week. More than half of members (54%) are expecting no change in their working hours, but over two-fifths (44%) expect their working hours to increase over the next 12 months, largely due to a combination of greater responsibilities/more pressure and company growth. Improving employability and opportunities The majority of members agree that the CIMA qualification strengthens the ability to move internationally with one s career and creates career opportunities, and a large proportion agree that the qualification enables employment across all areas of the business. Indeed almost 62% of members are considering alternative job opportunities within the next two years, and of those, just over one-quarter (27%) are planning to emigrate. Figure 6: Attitudes towards the CIMA qualification Agree/Strongly agree Strengthens your ability to move internationally with your career 84% Creates career opportunities for you 73% Strengthens your ability to move across all areas of the business 60% Base: (51) The most desired skill sets that members wish to develop over the next 12 months relate to taking up more senior roles: persuading and influencing (51%), leadership (47%) and skills for developing others (47%). 1 Based on 2011 consumer inflation estimate, IMF, World Economic Outlook, September 2011, accessed November 2011.

7 One word to describe...management accounting Members were asked to use one word to describe what management accounting means to them personally.

9 7 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 7: Words used to describe management accounting

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

10 8 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 Singapore. 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.

11 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

12 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 New Zealand. qualified salary survey 2011

CIMA New Zealand. qualified salary survey 2011 CIMA New Zealand qualified salary survey 2011 Table of contents Main findings 1 Overview of remuneration packages 1 Expectations for future pay and conditions 2 One word to describe...management accounting