CIMA Global. part qualified salary survey 2011

Transcription

1 CIMA Global part qualified salary survey 2011

2 Table of contents Foreword 1 Executive summary 2 Economic context 3 Main findings 7 International comparison of remuneration levels 7 Expectations for future pay and conditions 11 The career ladder for part qualified students 16 Working hours 18 Improving employability and opportunities 20 Attracting candidates and retaining employees 25 One word to describe...management accounting 29 Appendix 30 Tables of salaries and bonuses 30 Country comparisons of annualised basic salaries in USD ($) 37 Technical information 38 Further information 38 Acknowledgements 38 Global offices 39

3 Table of figures Figure 1: Summary of salary tiers by country 7 Figure 2: Annual/monthly remuneration by country 8 Figure 3: Comparison of annualised basic salaries in GBP ( ) 9 Figure 4: Satisfaction with salary and benefits by country 10 Figure 5: Expectations for the business environment global total 11 Figure 6: Expectations for the business environment selected indicators by market 12 Figure 7: Personal expectations for salary and job security 14 Figure 8: Percentage expecting an increase in personal salary and average real expected increase 14 Figure 9: Comparison of salary, average real expected increase and satisfaction with salary 15 Figure 10: Country comparisons of average percentage increase in basic salary between lowest and highest CIMA levels 16 Figure 11: Country comparisons of proportion in higher salary tier by CIMA level 17 Figure 12: Proportion typically working over 40 hours per week by country 18 Figure 13: Percentage expecting an increase in working hours by country 19 Figure 14: Most common reasons cited for increasing working hours 19 Figure 15: Attitudes towards the CIMA qualification global total 20 Figure 16: Top motivators in employment by country 21 Figure 17: Proportion planning to move job by country 22 Figure 18: Proportion of total base planning to emigrate by country 23 Figure 19: Top planned migration destinations by country 23 Figure 20: Top reasons for migrating by country 24 Figure 21: Additional benefits received global total 25 Figure 22: Most desired additional benefits by country 27 Figure 23: Importance of additional benefits key differences by gender 28 Figure 24: Importance of additional benefits key differences by age group 28 Figure 25: Words used to describe management accounting 29 Figure 26: Table of salaries and bonuses India 30 Figure 27: Table of salaries and bonuses Ireland 31 Figure 28: Table of salaries and bonuses South Africa 32 Figure 29: Table of salaries and bonuses Sri Lanka 34 Figure 30: Table of salaries and bonuses UK 35 Figure 31: Comparison of annualised basic salaries in USD ($) 37

4 1 Foreword Welcome, on behalf of the Chartered Institute of Management Accountants (CIMA), to our third 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 community. Despite continuing economic uncertainty in many regions around the world, our 2011 report reaffirms the strong relationship that exists between our students and their employers. The survey reflects the strength of CIMA s reputation, and how its focus on global business offers our students a greater sense of confidence and job security. In general terms, our 2011 survey reveals that CIMA s students have increased confidence in the buoyancy of the economy and the resilience of business to adverse global pressure. For example, the number of students who believe the profitability of their organisations will fall in the coming year has reduced from 52% in 2009 to 14% in Of students surveyed in 2009, 64% felt that their organisations would experience budget cuts in the coming year. In 2011 this has fallen to 33%, and the percentage of students who believe a recruitment freeze may occur has fallen from 58% to 24%. Our 2011 survey again demonstrates that the majority of our students believe they are recession-proof. Globally, 92% do not expect to be affected by redundancy in 2011: the same high level of confidence felt by students in our 2010 survey. Moreover, nearly two thirds remain positive enough to consider a job move in the next two years. In 2011 there is an increase in the percentage of students who say they are satisfied with their current remuneration. This year, 56% of students are happy with their current salary compared with just 51% in The increase could reflect a greater understanding of the security and stability CIMA s qualification offers in an uncertain climate, or perhaps the expectation shown by 56% of CIMA s students that they will receive a salary increase in Certainly, fewer students expect salary freezes and reductions in 2011 than in In 2010, 39% of students expected their salaries to be frozen. This figure diminishes to 25% in Overall, the survey reinforces the fact that a growing number of students believe CIMA s professional accountancy qualification is the best way to develop their career potential, with 95% in agreement that studying for CIMA creates career opportunities; 82% believing that the CIMA qualification enables them to move across all areas of the business and 86% in agreement that CIMA strengthens their ability to develop their careers internationally. 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

5 2 Executive summary The 2011 CIMA survey shows that in 12 of the 15 countries included in the research, at least one-fifth of part qualified students are classified as earning a higher tier salary (based on national salary levels). Pakistan leads, with two-fifths earning a higher tier salary, followed by Sri Lanka and Zambia, each with 36% earning a higher tier salary. However, the picture is quite different when we compare annualised salaries, expressed in British pounds sterling (GBP), across countries. At almost GBP 62,000, Australia has the largest average annualised salary in comparative terms; double that of the UK. Salaries in Pakistan and Sri Lanka are low in international terms but they are high in national terms, which demonstrates the value of CIMA part qualified students to smaller, emerging economies. The large and fast-growing economies of China and India show comparative average salaries much greater than the small economies of Pakistan and Sri Lanka, but their salaries remain far below those seen in the established larger economies (the UK, Ireland and Australia). With the exception of Ireland (36%) and arguably the UK (52%), high proportions of part qualified students in each country are expecting a salary increase over the next 12 months. This is especially true in China and India, where 86% and 82% respectively are expecting a salary increase. While the rates of consumer inflation may reduce the effective salary increases, real increases (after inflation) are expected in all countries, with the highest average real increase expected in China (11.2%) and the lowest expected in Pakistan (0.4%). Between the operational/management levels and T4 professional competence level of the CIMA qualification, average salaries tend to increase by roughly one-fifth to one-third (ranging from 19% in South Africa to 31% in India). In all countries the number of hours worked in a typical week is most commonly hours, except for the UK where the typical working week is hours. In many countries a large proportion of part qualified students are expecting an increase in working hours, most typically due to increasing responsibility or pressure. However, the most common reasons for this increased responsibility tend to vary by country, with company growth a key factor in India and Sri Lanka, understaffing a key factor in the UK and Ireland, and changing job roles a key factor in Malaysia and South Africa. The CIMA qualification is held in high regard, with the vast majority of part qualified students perceiving it as providing career opportunities, as well as strengthening the ability to move internationally and to work across all areas of the business. Overall, 64% of part qualified students are planning to move job within the next two years, but there is notable variation by country, with the lowest proportions in the more established economies Australia, the UK and Ireland, where GDP growth tends to be lower as well as China and Poland. Likewise, there is considerable variation in the proportions planning to emigrate, with the highest proportion in Pakistan, followed by India, and among the lowest proportions in the UK and Ireland. Overall, the top destinations for those planning to emigrate are the UK, Australia and the USA, although preferences tend to vary by country. In relation to benefits packages, there is broadly a good pattern of fit between the importance of additional benefits and their provision. However, a pay rise and a bonus

6 3 Global growth is forecast to be 4.5% in both 2011 and 2012, with advanced economies growing at 2.5% and emerging and developing economies growing faster at 6.5%. payment as incentives for passing exams are two benefits which are not commonly received but are of relatively high importance, indicating that receiving encouragement and recognition from one s employer is important to part qualified students. Economic context Global growth is forecast to be 4.5% in both 2011 and 2012, with advanced economies growing at 2.5% and emerging and developing economies growing faster at 6.5%. 1 Commodity prices have increased more than expected, posing a challenge for emerging and developing economies where food and fuel comprise a large share of household spending. Nevertheless, many emerging market economies have shown considerable resilience to the global financial crisis due to favourable economic and fiscal conditions prior to the crisis. Post-crisis, export demand has recovered, supported by stronger domestic demand. In contrast, output remains below potential for most advanced economies, with relatively high rates of unemployment combined with low growth, which may slow the pace of full recovery considerably. Fiscal balancing and the need to strengthen the banking sector will continue to add to the pressure on advanced economies. China s impressive growth record is expected to continue unabated. Now the world s second largest economy, China s impressive growth record is expected to continue unabated, with GDP growth forecasts of 9 10% for 2011 and However, continued strong performance within a stable economy will partly depend on keeping inflation and property prices under control, as well as on continuing to work on market reforms to attract foreign investors, since issues remain around regulations and the legal environment. As a testament to the attractiveness of the Hong Kong economy to foreign markets and investors and its strong trading relationship to mainland China, Hong Kong has made a fast and strong recovery following recession in Positive economic performance is set to continue in the medium term. With the pace of growth in the South Asia region as a whole increasing, India continues to enjoy robust economic growth. With the pace of growth in the South Asia region as a whole increasing, India continues to enjoy robust economic growth. GDP estimates for India in 2010 and 2011 place growth at 9.7% and 8.4% respectively. 3 However, any increases in salaries and wages will be largely offset by the high level of inflation, which was running at 9.3% in January 2011, 4 driven in particular by high energy and food prices, which could hamper growth if inflation escalates. The Malaysian economy has rebounded strongly, with growth of 7.2% in 2010, following a 5 contraction of 1.7% in This is due in part to a strong banking sector and continued 1 IMF World Economic Outlook, April 2011, p. xv. 2 IMF World Economic Outlook, October 2010, p Ibid. 4 Labour Bureau, Government of India, accessed March IMF World Economic Outlook, April 2011.

7 4 development of its energy markets, advanced and hi-tech manufactures and the service sector. Continued growth will be heavily dependent upon export demand from Singapore, China, the USA and Japan, 6 as well as containing inflationary pressures and currency appreciation. 7 Similarly, the effect of the global economic crisis is expected to be only temporary in Sri Lanka. Following significantly slower growth in 2009, GDP estimates for 2010 and 2011 place growth at 7%, 8 as the political and economic environment has become more stable in the past decade. In contrast to much of the South Asia region, Pakistan s recovery from the global economic crisis has been hampered by natural disasters and uncertain trading conditions. In the medium term, key considerations are the rates of inflation and unemployment, keeping fiscal and trade deficits under control, political stability and the pace of recovery and reconstruction following the floods. As the third largest exporter of oil, the economic performance of the United Arab Emirates (UAE) is highly sensitive to the price and demand for oil on the global market. Although high oil prices have boosted revenues, the rate of GDP growth has been slowing for several years and economic recovery remains fragile, with the main downside risks being uncertainty in the UAE financial markets, rising consumer inflation, the excess supply of property in Dubai and a drop in demand for oil due to rising prices. 9 The Australian economy has shown considerable resilience despite the global downturn and recent natural disasters, although some inflationary risks exist. The Australian economy has shown considerable resilience despite the global downturn and recent natural disasters. GDP has remained positive, which can be attributed to a strong banking system and a heavy reliance on exports to China and India, whose economies have been performing strongly throughout the last decade. Inflation remains fairly stable, despite historically low interest rates and concerns about rising global commodity prices, although some inflationary risks exist, particularly wage inflation for the professions. 10 Sub-Saharan Africa has recovered well from the global financial crisis and the region is now second only to developing Asia in its rate of expansion. The IMF states that Sub-Saharan Africa has recovered well from the global financial crisis and the region is now second only to developing Asia in its rate of expansion. 11 Botswana s economy has rebounded strongly following recession in 2009, when it experienced a contraction of 3.7% US Department of State, Bureau of East Asian and Pacific Affairs. Accessed May UN World Economic Situation and Prospects IMF World Economic Outlook, October 2010, p IMF, United Arab Emirates 2011 Article IV Consultation Concluding Statement, Accessed May Australian Government, The Treasury, Accessed May IMF World Economic Outlook, April 2011, p IMF World Economic Outlook, April 2011, p.188.

8 5 The long-term government strategy is to diversify the economy by, for example, cutting and polishing diamonds, closing structural gaps and investing in the power and water sectors. The South African economy appears to be on a tentative path of recovery following recession in 2009, when it experienced a contraction of 1.7%. 13 There has been a decrease in demand in the manufacturing sector, subdued retail spending, a series of major labour strikes and high formal unemployment. The country s future economic growth is interlinked with that of its major trading partners and investors China, Germany, the USA, Japan and the UK, as well as other Sub-Saharan countries. The Zambian economy was affected by the global economic downturn to some extent, but the overall trend looks positive, particularly when compared to the decades preceding the new millennium. However, the economy remains highly dependent on demand for its copper exports to South Africa, the Democratic Republic of Congo, China and the European Union (EU) among others. 14 There are also long-term issues to be addressed in the areas of poverty, health, education and economic debt. Recovery in Europe is uneven, with advanced and peripheral economies faring less well than emerging European economies in terms of GDP growth. Recovery in Europe is uneven, with advanced and peripheral economies faring less well than emerging European economies in terms of GDP growth. Advanced economies in Europe are forecast to grow by 1.75% in 2011, compared to a 3.75% forecast for emerging European economies. 15 The outlook for the UK economy is cautiously optimistic. The past year has seen growth in UK exports, driven largely by emerging economies and recovery in the USA, but much will depend on the effects of fiscal tightening and inflation on consumer demand, trade flows, energy and import prices and the level of new investment by UK businesses. The Irish economy continues to remain under pressure as measures to bring the economy out of recession, balanced with a need for fiscal restraint, will take time to feed through. The medium-term outlook is for unemployment to remain high and wages to be eroded in real terms, as the Consumer Prices Index (CPI) turns positive while wage growth remains in deflation or neutral. The strength of multinationals in Ireland to weather the economic storm is important to recovery. In contrast, Poland is the only EU member state to have avoided recession, and the Polish economy has shown the strongest GDP performance among new EU member states postcrisis. Although GDP growth fell from over 6% in 2006 and 2007 to 1.6% in 2009, 16 the effects of the global financial crisis were limited in Poland, partly due to the relatively low level of toxic assets held in the banking sector, together with a weak złoty buoying exportled growth and foreign direct investment in the manufacturing sector. 13 Ibid. 14 African Economic Outlook, Accessed May IMF World Economic Outlook, April 2011, p IMF World Economic Outlook, October 2010, p. 181.

9 6 The global downturn affected all economies in the Commonwealth of Independent States (CIS), but Russia is playing an important role in the region s recovery through increased output and exports. The global downturn affected all economies in the Commonwealth of Independent States (CIS), but they are experiencing a moderate recovery through increased output and exports. Russia is playing an important role in the region s recovery, and forecasts place GDP growth for Russia at 4% 5% for However, much uncertainty remains, particularly in the export sector, where higher commodity prices could either boost revenues or dampen demand. Domestic demand is expected to remain subdued, with constraints on lending and food prices continuing to rise. 17 IMF World Economic Outlook April 2011, p.185.

10 7 Main findings In 12 of the 15 countries included in the research, at least one-fifth of part qualified students are classified as earning a higher tier salary. International comparison of remuneration levels Survey shows a high proportion of CIMA part qualified students earn a higher tier salary The 2011 CIMA survey shows that in 12 of the 15 countries included in the research, at least one-fifth of part qualified students are classified as earning a higher tier salary. 18 In Hong Kong, 7 out of the 10 respondents are higher tier earners, while Pakistan leads among the larger markets, with two-fifths of its part qualified students earning a higher tier salary, closely followed by Sri Lanka and Zambia, where over one-third earn a higher tier salary. There is wider variation by country in the proportions earning mid tier and lower tier salaries. Botswana, the UK, Poland and Malaysia have the highest proportions of part qualified students classified as earning a lower tier salary, while Pakistan, Sri Lanka, Zambia, India and the UAE have the lowest proportions earning a lower tier salary. Figure 1: Summary of salary tiers by country Higher tier Mid tier Lower tier Hong Kong (10*) Pakistan (49) Sri Lanka (154) Zambia (44) India (119) UAE (15*) Poland (42) South Africa (308) Malaysia (79) China (29*) Australia (31) Ireland (123) Russia (37) Botswana (18*) UK (1063) 41% 36% 36% 33% 33% 33% 29% 29% 28% 23% 20% 19% 17% 8% 17% 40% 70% 35% 47% 41% 46% 40% 17% 39% 28% 45% 68% 48% 49% 67% 30% 24% 17% 23% 22% 27% 50% 32% 43% 28% 10% 32% 32% 52% Base: Shown in brackets 18 Higher, mid and lower tier salary levels have been defined by CIMA s researchers in conjunction with each of the national offices, and relate to pay levels within each country.

11 8 Figure 2: Basic annual/monthly remuneration by country UK (1,063) 30,947 1 Poland (42) PLN 11,036 2 Ireland (123) 43,421 1 Zambia (44) ZMK6,636,364 2 UAE (15*) AED 18,000 2 India (119) Rs lakh 1 Russia (37) 136,486 roubles 2 1 basic annual salary 2 basic monthly salary China (29*) RMB220,172 1 Hong Kong (10*) HK$47,000 Pakistan (49) PKR 74,724 2 Malaysia (79) RM60,063 1 Figures indicate that while salaries in Pakistan and Sri Lanka are low in international terms, they are high in national terms, which demonstrates the value of CIMA part qualified students to those smaller, emerging economies. South Africa (308) R 359,819 1 Botswana (18*) P170,000 1 Sri Lanka (154) Rs. 50,876 2 Australia (31) AUS$94,677 1 Base: Shown in brackets While an analysis of salary tiers illustrates relative rates of pay within countries, an analysis of annualised average basic salary expressed in a common currency in this case, British pounds sterling (GBP) allows us to compare salary levels across countries. Australia tops the league with a mean average annual salary equivalent to GBP 61,749, followed distantly by Hong Kong, Ireland, the UAE and Russia, while the UK and Poland appear in the middle of the group. Part qualified students in Pakistan and Sri Lanka earn the lowest annualised average salaries when expressed in GBP. However, we have also seen that those countries contain the highest proportions of students earning a higher tier national salary. The figures indicate that while salaries in Pakistan and Sri Lanka are low in international terms, they are high in national terms, which demonstrates the value of CIMA part qualified students to those smaller, emerging economies. The large and fast-growing economies of China and India show comparative average salaries much greater than the small economies of Pakistan and Sri Lanka, yet their salaries remain below those seen in the established larger economies (the UK, Ireland and Australia).

12 9 Figure 3: Comparison of annualised basic salaries in GBP ( ) 19 Australia (31) GBP 61,749 Hong Kong (10*) Ireland (123) UAE (15*) Russia (37) South Africa (308) UK (1063) Poland (42) China (29*) Botswana (18*) Zambia (44) Malaysia (79) India (119) Pakistan (49) Sri Lanka (154) GBP 6,480 GBP 3,414 GBP 20,905 GBP 15,772 GBP 14,016 GBP 12,157 GBP 11,584 GBP 44,742 GBP 37,911 GBP 36,288 GBP 35,854 GBP 31,758 GBP 30,947 GBP 29,440 Base: Shown in brackets Comment: The high comparative salary seen in Australia may go some way to explaining why it is a popular migration destination for part qualified students (almost half of those who want to move abroad are considering Australia). However, 30% are considering the UK, making it the second most popular planned destination (closely followed by the USA at 28%). With the UK taking seventh place in terms of comparative average salary and only 8% of UK students currently earning a higher tier national salary, it is highly likely that salary is not the only factor drawing part qualified students to the UK from other parts of the world. In fact, those most drawn to the UK are from South Africa and India, where over 70% of those who want to move abroad are seriously considering the UK. It may be that historic and socio-cultural ties are playing an important part in the choosing of international destinations, such as the ties of South Africa and India to the UK. In 11 of the 15 countries surveyed, the proportion of part qualified students who are satisfied with their benefits package exceeds the proportion who are satisfied with their current salary. Across all countries, 56% are satisfied with their salary, and at 71%, the proportion is much greater in Australia, which has also been shown to have the highest comparative average salary. In fact, with the exception of Ireland, those countries with the highest comparative average salaries also have the highest proportions who are satisfied with their salary (Australia, Hong Kong, the UAE and Russia). 19 Sources: Unless shown otherwise: Sri Lanka; Zambia: Botswana: All sites accessed 4 5pm 17/05/11.

13 10 Broadly speaking, there is a greater level of satisfaction with the additional benefits package than with salary; however, in contrast to financial reward, the benefits package does not tend to be a key motivator in employment and this will tend to affect satisfaction scores favourably for the benefits package. Across all countries, 44% of part qualified students cite financial reward as one of their top three motivators at work, compared to only 11% who cite the benefits package. Figure 4: Satisfaction with salary and benefits by country Satisfied with salary Satisfied with benefits Australia (31) Hong Kong (10*) UAE (15*) Russia (37) Poland (42) UK (1063) Ireland (123) Sri Lanka (154) China (29*) South Africa (308) Malaysia (79) Pakistan (49) India (119) Zambia (44) Botswana (18*) 28% 34% 36% 71% 81% 70% 70% 67% 60% 65% 81% 62% 76% 57% 71% 56% 69% 56% 62% 55% 52% 51% 66% 51% 56% 51% 45% 50% 57% 44% Base: Shown in brackets

14 11 Expectations for future pay and conditions Across all of the markets surveyed, the outlook for the business environment among partqualified students is cautiously optimistic. In 2011, only 14% are expecting a fall in profitability of the business in which they work, compared to 38% expecting an increase in profits. Furthermore, in 2009, over half (52%) of part-qualified students were expecting a fall in business profitability; indicating that on balance, not only is there is optimism about the business environment in 2011, sentiment has also improved significantly since Further evidence of improved conditions is seen with regard to expectations for a recruitment freeze and budget cuts. The proportion expecting a recruitment freeze in the coming 12 months has fallen to a quarter (24%) in 2011, from over half (58%) in 2009; while a quarter (24%) are expecting an increase in headcount in the coming 12 months. The proportion expecting budget cuts has fallen from two-thirds (64%) to one-third (33%) over the same period. Figure 5: Expectations for the business environment global total Reduced expenditure and headcount Reduced performance, increased caution Budget cuts Salary freezes Recruitment freeze Job cuts Cuts in funding for staff training Salary decreases 33% 27% 24% 24% 16% 3% 64% 58% Business process/ policy changes Greater focus on regulatory issues Less money available for future investment Fall in overall profitability of business Less outsourcing Restricted mergers/ acquisitions activity 6% 4% 19% 15% 14% 38% 52% Increased expenditure on staffing Increased performance, more investment Salary increases 26% Increase in the overall profitability of business 38% Increase in staff recruitment 24% More money available for future investment Increased mergers/ acquisitions activity 18% 18% Increased spend on staff training 17% Increase in outsourcing 14% Base: (2,121)

15 12 Part-qualified students in the UK are more likely than those in the other countries to be expecting budget cuts and job cuts over the next 12 months and there are relatively high proportions anticipating a recruitment freeze and salary freezes. Investment levels are expected to be subdued, with only 17% anticipating increased activity, and although 37% expect an increase in overall business profitability, this is the lowest proportion bar Ireland and Malaysia. The business environment is expected to be subdued in Ireland (although much improved since 2009); with only 8% anticipating increased investment activity and 29% an increase in business profitability; while one third are expecting salary freezes and only 15% anticipating salary increases. An analysis of several key indicators reveals that beneath the aggregated global figures, there are some stark differences by country. Figure 6: Expectations for the business environment selected indicators by market Salary increases Salary freezes Global (2121) Hong Kong (10*) China (29*) Russia (37) UAE (15*) India (119) Pakistan (49) Australia (31) Sri Lanka (154) South Africa (308) Botswana (18*) Zambia (44) UK (1063) Malaysia (79) Poland (42) Ireland (123) 26% 40% 39% 37% 35% 35% 33% 28% 25% 23% 19% 19% 15% 51% 59% 70% Global (2121) Ireland (123) UK (1063) Botswana (18*) Poland (42) Australia (31) Sri Lanka (154) Malaysia (79) Zambia (44) China (29*) Hong Kong (10*) Pakistan (49) South Africa (308) India (119) UAE (15*) Russia (37) 14% 13% 13% 11% 11% 10% 10% 10% 10% 7% 7% 3% 27% 33% 32% 28% Base: Shown in brackets Base: Shown in brackets Recruitment freeze Increase in staff recruitment Global (2121) Hong Kong (10*) UAE (15*) UK (1063) Poland (42) Ireland (123) Russia (37) South Africa (308) Pakistan (49) Botswana (18*) Sri Lanka (154) Malaysia (79) Zambia (44) China (29*) Australia (31) India (119) 24% 30% 27% 27% 21% 20% 19% 19% 18% 17% 16% 11% 11% 10% 6% 4% Global (2121) India (119) Hong Kong (10*) China (29*) Sri Lanka (154) Malaysia (79) Australia (31) UAE (15*) Ireland (123) South Africa (308) Zambia (44) UK (1063) Pakistan (49) Botswana (18*) Poland (42) Russia (37) 24% 38% 36% 30% 29% 27% 26% 26% 25% 21% 20% 17% 14% 14% 52% 50% Base: Shown in brackets Base: Shown in brackets

16 13 Globally, while 26% of part qualified students are expecting salary increases across the board within their employing businesses, in terms of their personal salaries there is much greater optimism, with 56% anticipating an increase over the next 12 months. In contrast, the business environment in both India and China is expected to be robust over the coming 12 months. Part qualified students in India are the least likely to be anticipating a recruitment freeze or budget cuts over the next 12 months; and among the least likely to be expecting a fall in business profitability or job cuts. In fact, over half are expecting an increase in headcount. In China, a relatively large proportion of part qualified students are anticipating increased investment activity (41%) while well over half are expecting salary increases across the board (59%). Figure 6 cont.: Expectations for the business environment selected indicators by market Global (2121) UK (1063) Hong Kong (10*) Ireland (123) UAE (15*) Poland (42) Australia (31) China (29*) Pakistan (49) Russia (37) Malaysia (79) South Africa (308) Sri Lanka (154) Zambia (44) India (119) Botswana (18*) 2% 0% Base: Shown in brackets Job cuts 20% 20% 19% 16% 14% 14% 14% 11% 10% 8% 7% 24% 30% 30% Fall in overall profitability of the business Global (2121) 14% Malaysia (79) 23% Ireland (123) 22% UAE (15*) 20% China (29*) 17% UK (1063) 15% Pakistan (49) 14% Poland (42) 14% Russia (37) 14% Australia (31) 13% Sri Lanka (154) 11% Hong Kong (10*) 10% South Africa (308) 10% Zambia (44) 5% India (119) 4% Botswana (18*) 0% Base: Shown in brackets More money available for future investment Increase in overall profitability of the business Global (2121) China (29*) Hong Kong (10*) Sri Lanka (154) India (119) Botswana (18*) UAE (15*) Zambia (44) UK (1063) Malaysia (79) Russia (37) South Africa (308) Pakistan (49) Australia (31) Poland (42) Ireland (123) 18% 20% 18% 17% 16% 16% 16% 14% 13% 12% 8% 29% 28% 28% 41% 40% Global (2121) Botswana (18*) Sri Lanka (154) India (119) Australia (31) UAE (15*) Poland (42) China (29*) Russia (37) Zambia (44) Hong Kong (10*) South Africa (308) Pakistan (49) UK (1063) Malaysia (79) Ireland (123) 32% 29% 38% 56% 51% 50% 48% 47% 43% 41% 41% 41% 40% 40% 39% 37% Base: Shown in brackets Base: Shown in brackets Caution: Low base, under 30 An improvement in business sentiment is also reflected in personal future expectations for salaries, but to a greater extent. While 26% of part qualified students are expecting salary increases across the board within their employing businesses, in terms of their personal salaries there is much greater optimism, with 56% anticipating an increase over the next 12 months. This is compared to one quarter who are expecting their salary to be frozen and 12% who are facing the prospect of redundancy, anticipating a shorter working week and/or expecting a salary reduction over the next twelve months.

17 14 Figure 7: Personal expectations for salary and job security % 39% 25% n/a 8% 8% 2% 1% 2% 3% Salary increase Salary freeze Redundancy Shorter working week Salary reduction Base: 2011 (2,121); 2010 (2,563) Part qualified students in China are expecting to see the highest average salary increase in real terms, at 11.2%. In Ireland, while salaries are expected to rise by 6.6% on average in real terms, this comes after a period of sharp recession and deflation. Pakistan is expected to realise the lowest average real salary increase at 0.4%, while Sri Lanka, which currently has the lowest comparative salary, is expected to realise a 7% rise in the average salary. Figure 8: Percentage expecting an increase in personal salary and average real expected increase %Average real salary increase** China (29*) 86% 11.2% India (119) Sri Lanka (154) 74% 82% 3.7% 7.0% South Africa (308) 72% 4.2% Australia (31) Russia (37) 71% 70% 2.7% 1.8% Zambia (44) 66% 1.8% Pakistan (49) Poland (42) 63% 60% 0.4% 3.8% Malaysia (79) 57% 5.9% UK (1063) Ireland (123) 36% 52% 2.6% 6.6% Base: Shown in brackets **Based upon averaged 2011 and 2010 inflation figure, IMF April 2011; among those expecting a salary increase over the next 12 months years

18 15 While a variety of factors are likely to influence the level of satisfaction with salary within any given country, a simple comparison of salary, satisfaction with salary and real expected salary increase indicates some linkages between these three variables. While a variety of factors are likely to influence the level of satisfaction with salary within any given country, a simple comparison of salary, satisfaction with salary and real expected salary increase (accounting for national inflation rates), while by no means conclusive, indicates some linkages between these three variables. The linkages are most apparent for Zambia, where a relatively low comparative salary, combined with high inflation, wipes out a large part of the expected salary increase in real terms, and only one-third are satisfied with their salary. Figure 9: Comparison of salary, average real expected increase and satisfaction with salary GBP 70,000 GBP 60,000 GBP 50,000 GBP 40,000 GBP 30,000 GBP 20,000 GBP 10,000 GBP 0 71% Salary (b) Satisfaction Average real expected increase (c) 56% 65% 51% 57% 62% 55% 2.7% 6.6% 1.8% 4.2% 2.6% 3.8% 34% 51% 50% 51% 56% 11.2% 1.8% 5.9% 3.7% 0.4% 7.0% 80% 70% 60% 50% 40% 30% 20% 10% 0% -10% Base: Shown in brackets (a) Caution: Low base, under 30 (b) Annualised mean average survey in GBP ( ) (c) Based upon averaged 2011 and 2010 inflation figures, IMF April 2011; among those expecting a salary increase over the next 12 months

19 16 The career ladder for part qualified students Between the operational/management levels and the T4 professional competence level of the CIMA qualification, average salaries tend to increase by roughly one-fifth to one-third (ranging from 19% in South Africa to 31% in India). Figure 10: Country comparisons of average percentage increase in basic salary between lowest and highest CIMA levels 31% 29% The proportions of part qualified students earning a higher tier salary at differing levels of the CIMA qualification reveal the value added at each stage of the CIMA qualification within each country. 21% 20% 19% India Sri Lanka UK** Ireland South Africa** Lowest base: (T4 Professional competence, India, 20*) ** For UK and S Africa, the figures are for those at operational level only The proportions of part qualified students earning a higher tier salary at differing levels of the CIMA qualification reveal the value added at each stage of the CIMA qualification within each country. Essentially, the steeper the line, the greater the value added between each stage of attainment, in terms of higher tier salary earnings. The UK shows the third steepest gradient, with a 21% rise in salary between the operational and the T4 professional competence levels. However, the proportion of higher tier earners remains relatively low, reaching a maximum of 15% at the highest level of attainment. The steepest overall gradient is seen for Sri Lanka, whose value added in terms of national salary is substantial, especially between the operational/management levels and the strategic level. India also displays a steep overall gradient, with substantial value added in terms of higher tier earners between the strategic and the T4 professional competence levels, exceeding that of Sri Lanka.

20 17 Ireland and South Africa show virtually inverse patterns of value added between the various levels of attainment. In terms of percentage increase in average salary between the lowest and highest CIMA levels, their overall value added is similar to that of the UK 20% for Ireland and 19% for South Africa. Figure 11: Country comparisons of proportion in higher salary tier by CIMA level 60% Sri Lanka India UK Ireland South Africa 50% 41% 50% 49% 40% 35% 37% 30% 20% 10% 27% 21% 20% 17% 34% 20% 10% 29% 15% 5% 0% Operational/Management** Strategic T4 professional competence (Lowest base:(t4 Professional competence, India, 20*) **For UK and S Africa, the figures are for those at operational level only

21 18 Working hours In all countries surveyed, the most frequent number of hours worked in a typical week is hours, except in the UK, where the typical working week is hours. The typical working week in Australia is evenly split between and hours. In terms of the proportions of part qualified students typically working over 40 hours per week, the highest proportions are seen in Pakistan and Sri Lanka the countries also showing the lowest comparative salaries followed closely by Russia. In fact, in 10 of the 15 countries surveyed, two-thirds or more of part qualified students are working over 40 hours per week. This is in contrast to the more established economies: two-fifths in the UK and roughly one-half in Australia and Ireland typically work more than 40 hours per week. In 10 of the 15 countries surveyed, twothirds or more of part qualified students are working over 40 hours per week. Figure 12: Proportion typically working over 40 hours per week by country Pakistan (49) Sri Lanka (154) Russia (37) India (119) Poland (42) Malaysia (79) UAE (15*) Hong Kong (10*) Zambia (44) Botswana (18*) South Africa (308) China (29*) Ireland (123) Australia (31) UK (1063) 39% 86% 83% 81% 77% 76% 75% 73% 70% 68% 67% 64% 62% 54% 48% Base: Shown in brackets Despite a typical working week of over 40 hours for the majority of part qualified students in Sri Lanka, half are expecting their working hours to increase in the future. At least half are expecting the same in Botswana, India and Zambia.

22 19 Figure 13: Percentage expecting an increase in working hours by country Botswana (18*) India (119) Sri Lanka (154) Zambia (44) Ireland (123) Malaysia (79) South Africa (308) Hong Kong (10*) UK (1063) China (29*) Poland (42) Pakistan (49) UAE (15*) Australia (31) Russia (37) 61% 55% 51% 48% 44% 44% 43% 40% 38% 38% 36% 35% 33% 29% 24% Base: Shown in brackets In all countries where there was a sufficient base for analysis, the most common reason cited for increasing hours was taking on more responsibility/more pressure, which was mentioned by 78% of all part qualified students. However, when we look at the second most common reasons for increasing working hours, some interesting differences emerge. In established economies, such as the UK and Ireland, staffing constraints are likely to be causing a requirement for working longer hours. In fast-growing economies, such as India and Sri Lanka, company growth is causing bottlenecks; while in economies with moderate growth, such as South Africa and Malaysia, changing roles of part qualified students are more likely to be the main cause for a longer working week. Figure 14: Most common reasons cited for increasing working hours Primary reason Secondary reason India Ireland Malaysia South Africa Sri Lanka Understaffing/lack of resource Company growth Taken on more responsibility/more pressure My role has changed Base: UK

23 20 Improving employability and opportunities Attitudes towards the CIMA qualification The CIMA qualification is perceived to provide career opportunities, particularly in terms of strengthening CIMA part qualified students ability to move internationally and to move across all areas of the business. In these respects, the qualification is held in high regard. Figure 15: Attitudes towards the CIMA qualification global total The CIMA qualification provides career opportunities and strengthens the ability to move internationally. Strongly disagree/disagree Agree/Strongly agree Strengthens your ability to move internationally with your career 2% 86% Creates career opportunities for you 1% 95% Strengthens your ability to move across all areas of the business 4% 82% Base (2,121)

24 21 While financial reward is the most frequent motivator in 7 of the 15 countries surveyed, a good working environment is a more common motivator in 6 countries. Motivators in employment Part qualified students were asked to cite their most important motivators in the workplace. 20 While financial reward is the most frequent motivator in 7 of the 15 countries surveyed, a good working environment is a more common motivator in 6 countries. Relative to other factors, flexibility/work life balance was only mentioned as a motivator by a large proportion of part qualified students in Australia. Figure 16: Top motivators in employment by country Primary motivator(s) Secondary motivator(s) Financial reward Job security Challenging workload Training and development Promotions prospects Good working environment Flexibility/ work life balance Australia (31) Botswana (18*) China (29*) Hong Kong (10*) India (119) Ireland (123) Malaysia (79) Pakistan (49) Poland (42) Russia (37) South Africa (308) Sri Lanka (154) UAE (15*) UK (1063) Zambia (44) 20 The analysis in Figure 13 is based on the most frequent motivators cited by respondents; less frequently mentioned motivators are not shown.

25 22 Mobility of part qualified students Overall, 64% of part qualified students are planning to move job within the next two years, but there is notable variation by country. The proportions looking to move are lowest in the more established economies Australia, the UK and Ireland and also in China and Poland. Figure 17: Proportion planning to move job by country UAE (15*) Sri Lanka (154) Pakistan (49) India (119) Botswana (18*) Zambia (44) Russia (37) South Africa (308) Malaysia (79) Poland (42) China (29*) Australia (31) UK (1063) Ireland (123) Hong Kong (10*) 30% 87% 87% 86% 84% 83% 82% 81% 78% 73% 67% 66% 65% 60% 58% Among all part qualified students, the proportion planning to move jobs within two years is 64%, and 11% plan to emigrate, but there are considerable variations by country. Base: Shown in brackets Of all part qualified students, the proportion planning to emigrate within the next two years is 11%, but again there is considerable variation by country. Two-thirds of those in Pakistan plan to move to another country by far the largest proportion of any country included in the study. With relatively long hours, a low comparative salary, double digit inflation and a notable degree of political and economic uncertainty, this may not be surprising. In fact, 85% of those in Pakistan who want to emigrate cite an improved salary and/or improved quality of life as key reasons.

26 23 Figure 18: Proportion of total base planning to emigrate by country Pakistan (49) India (119) UAE (15*) Russia (37) Sri Lanka (154) Poland (42) Botswana (18*) Malaysia (79) Australia (31) Zambia (44) South Africa (308) China (29*) Ireland (123) UK (1063) Hong Kong (10*) 0% 17% 16% 16% 14% 12% 10% 9% 7% 33% 30% 28% 26% 42% 67% Base: Shown in brackets * Caution: Low base, under 30 Less than 10% of part qualified students in the UK and in Ireland plan to emigrate within the next two years. Australia shows the highest comparative salary, a tendency towards a relatively shorter working week and 70% of respondents being satisfied with their current salary; nevertheless, 16% are planning to emigrate within the next two years. In terms of destinations being considered, Australia is cited by 46% of those planning to move abroad, the UK is cited by 30% and the USA by 28%. However, there are significant differences by country. 21 Pakistan is unique in that neither Australia nor the UK are among the top destinations mentioned; instead, part qualified students in Pakistan are tending to favour the UAE and Saudi Arabia. Figure 19: Top planned migration destinations by country Primary planned destination(s) Secondary planned destination(s) Planned destinations India Pakistan South Africa Sri Lanka UK Australia Saudi Arabia Singapore UAE UK USA Base: Where we have a sufficient base for comparison.

27 24 In most cases, part qualified students who are considering emigration seek an improved quality of life (cited by 71% of all part qualified students planning to emigrate), and/or a new career opportunity (57%). An improved salary is an important factor to those in India and Pakistan, while experiencing a different culture is of greatest importance to those in South Africa. Figure 20: Top reasons for migrating by country Primary reason(s) Secondary reason(s) Better employment opportunities India Pakistan South Africa Sri Lanka Experience a different culture New career opportunity Improved salary Improved quality of life Stronger economy Base: UK

28 25 A pay rise and a bonus payment as incentives for passing exams represent recognition and appreciation of one s efforts in relation to the CIMA qualification. Attracting candidates and retaining employees Only 11% of all part qualified students cite additional benefits as a key motivator in employment; nevertheless, the benefits package is an important part of remuneration. Part qualified students scored 14 of the 22 benefits we looked at as important; i.e. they gave a score of 3 or more out of 5 on our importance scale. Four of the top five most desired benefits are also the most widely provided, and broadly there is a good pattern of fit between the importance of additional benefits and their provision. In particular, study leave and contribution to/payment of CIMA fees are rated both the most important and the most widely received benefits. Two benefits which are not commonly received but are of relatively high importance to part qualified students are a pay rise as an incentive for passing exams and a bonus payment as an incentive for passing exams. These benefits represent recognition and appreciation of one s efforts in relation to the CIMA qualification, and it is clear that part qualified students seek such acknowledgement from their employers. With high proportions planning to change jobs within the next two years, employers may benefit in reviewing and tailoring the benefits package for part qualified students in order to retain the best talent. Figure 21: Additional benefits received global total 70% 60% 50% 40% 30% 20% 10% 0% % 57% 52% 42% 38% 26% 23% 18% % % 14% Received % 13% 11% Importance (mean average) % 11% 11% 10% 8% 4% 2% 1% Lowest base (all answering): Sabbatical (1,988)

29 26 The following countries have fairly good matches between the additional benefits most desired and those most commonly provided, although gaps remain for pay rises and bonus payments as incentives for passing exams: Botswana China India Ireland South Africa UK Malaysia also has a good fit, although there is a gap in pension scheme provision relative to the importance attached to this benefit. Similarly in the UAE, although there is a good match with the top benefits bonus and healthcare gaps remain in relation to study leave and pension provision. The following countries could improve on the match between the additional benefits most desired and those most commonly provided: Australia gaps in flexible hours and pension schemes. Poland gaps in flexible hours, bonus payments, study leave, incentives for passing exams and across the range of benefits relative to the importance attached to them Sri Lanka there are large gaps between the importance of many of the additional benefits and their provision; in particular, study leave, contribution to/payment of CIMA fees, pay rise and bonus payments incentives for passing exams, and pension Pakistan gaps in contribution to/payment of CIMA fees, incentives for passing exams, pension schemes and across the range and extent of benefits relative to the importance attached to them Russia disparity in the range and extent of benefits provided relative to the importance attached to them; such as bonus, mortgage relief, bonus payments incentives for passing exams and pension Zambia gaps in contribution to/payment of CIMA fees, incentives for passing exams, study leave and across the range and extent of benefits relative to the importance attached to them Hong Kong gaps in pension schemes, study leave, financial products such as life assurance and share options.

30 27 Figure 22: Most desired additional benefits by country Primary desired benefit(s) Secondary desired benefit(s) Pension Bonus Study leave Healthcare Contribution to/payment of CIMA fees Pay rise as an incentive for passing exams Bonus as an incentive for passing exams Australia (31) Botswana (18*) China (29*) India (119) Ireland (123) Flexible hours Malaysia (79) Pakistan (49) Poland (42) Russia (37) South Africa (308) Sri Lanka (154) UK (1063) Zambia (44) It is important to note that although bonus and healthcare are among the top additional benefits desired in almost all countries, they are not the most desired on an aggregated global basis. This is because many of the individual markets are smaller, and therefore a greater weighting is given to the larger markets the UK and South Africa in particular where study leave, contribution to/payment of CIMA fees, pension and bonus are the most desired additional benefits.

31 28 Is there a case for flexible benefits packages? The preference for specific benefits is influenced not only by country, but also by gender and age. This raises the question of whether businesses could benefit in terms of employee retention and attracting talent by offering flexible benefits packages whereby employees could choose and alter the mix of additional benefits they receive from a given list of options to better suit their needs and wants. Flexible working arrangements are important to both male and female part qualified students who may be juggling family life and careers, although females are significantly more likely than males to rate flexible hours and home working as important. 22 The preference for specific benefits is influenced not only by country, but also by gender and age. Figure 23: Importance of additional benefits key differences by gender Female Male Flexible hours 81% 67% Working from home 62% 49% Company car/allowance 27% 40% Base: 898 1,223 *Figures denote percentage citing the benefit as important Priorities also tend to change with age. Those aged less than 25 years tend to favour benefits which help with day-to-day budgeting and incentivise studying alongside employment. In contrast, financial products tend to increase in importance with age. Childcare vouchers tend to be more popular among those aged years (30%) than younger or older part qualified students (20% and 17% respectively). Figure 24: Importance of additional benefits key differences by age group Decreasing importance with age: Under 25 years years years 45 years or over Contribution to/payment of CIMA fees 95% 88% 82% 75% Leisure facilities 45% 27% 27% 32% Pay rise as an incentive for passing exams 85% 80% 75% 70% Bonus as an incentive for passing exams 81% 72% 67% 60% Sabbatical 34% 26% 25% 23% Travel benefits 67% 51% 52% 42% Daily subsidised food 27% 23% 18% 17% Product/service discounts 32% 26% 21% 20% Increasing importance with age: Under 25 years years years 45 years or over Pension 71% 86% 90% 91% Life assurance 48% 54% 66% 70% Healthcare 67% 69% 74% 79% Base: 199 1, Benefits cited as extremely important or important on a five-point balanced scale. Figures denote percentage citing the benefit as important

32 29 One word to describe...management accounting Part qualified students 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 25: Words used to describe management accounting

33 30 Appendix Figure 26: Table of salaries and bonuses India India Base (Rs. lakh per annum) (Rs. lakh per annum) (Rs. lakh per annum) Total Salary tier Lower* Medium High Age <25 years* years years* Years of relevant experience Up to 5 years years or more* Gender Male Female* Level Operational/Management Strategic T4 professional competence* Ownership National International Figures may not sum due to rounding

34 31 Figure 27: Table of salaries and bonuses Ireland Ireland Base Salary ( per annum) Bonus ( per annum) Total package ( per annum) Total ,421 1,743 45,164 Salary tier Lower 37 25, ,347 Medium 60 43,329 1,556 44,885 High 26 70,816 4,193 75,009 Age <35 yrs 81 41,282 1,653 42, yrs ,400 3, ,143 Gender Male 64 44,270 1,901 46,170 Female 59 42,485 1,570 44,055 Level Operational/Management 49 39,667 1,775 41,442 Strategic 46 44,076 1,573 45,649 T4 professional competence* 28 49,643 1,904 51,546 Years of experience Up to 3 yrs 49 34,992 1,470 36, yrs 34 45,856 2,073 47, yrs 40 52,015 1,794 53,809 Size of organisation Micro/SME (1 249 employees) 36 43,862 1,865 45,727 Large (250+ employees) 87 43,275 1,698 44,973 Ownership Irish 45 39, ,260 International 78 45,684 2,345 48,029 Industry sector Financial services 31 47,152 2,820 49,972 Manufacturing and engineering* 23 41,906 1,672 43,578 Province/City Leinster 93 47,415 1,996 49,411 Munster* 23 31, ,224 Dublin (city) 80 48,429 2,185 50,614

35 32 Figure 28: Table of salaries and bonuses South Africa South Africa Base Salary (R per annum) Bonus (R per annum) Total package (R per annum) Total ,819 33, ,203 Age <25 yrs ,194 12, , yrs ,826 30, , yrs ,570 56, ,765 Gender Male ,068 35, ,225 Female ,912 30, ,584 Level Operational ,531 28, ,696 Management ,727 34, ,057 Strategic ,562 37, ,038 T4 professional competence ,385 41, ,820 Size of organisation Micro/small (1 49 employees) ,879 17, ,640 Medium ( employees) ,282 31, ,483 Large (250+ employees) ,936 36, ,896 Years of experience Up to 2 years ,525 23, , years ,393 26, , years ,793 31, , years ,227 43, , years ,161 54, ,648 Division Finance ,039 31, ,528 Operations* ,248 39, ,323 Industry sector Accountancy* ,486 23, ,987 Banking ,754 30, ,327 Financial services ,556 36, ,206 ICT, technology and telecoms* Manufacturing and engineering ,649 36, , ,359 39, ,510 Retail and consumer goods ,732 29, ,767

36 33 Figure 28 cont.: Table of salaries and bonuses South Africa South Africa Base Salary (R per annum) Bonus (R per annum) Total package (R per annum) Total ,819 33, ,203 City Cape Town ,875 26, ,491 Durban* ,775 28, ,191 Johannesburg ,593 36, ,934 Pretoria* ,270 22, ,155 Ethnicity Black ,868 32, ,548 Coloured* ,585 28, ,132 Indian/Asian ,728 34, ,788 White ,894 34, ,316 Figures may not sum due to rounding.

37 34 Figure 29: Table of salaries and bonuses Sri Lanka Sri Lanka Base (unweighted) Salary (Rs. per month) Bonus (Rs. per month) Total package (Rs. per month) Total ,876 6,588 57,464 Salary tier Lower* 25 10, ,592 Medium 71 34,798 4,507 39,305 High 58 90,596 12, ,651 Age <25 yrs 44 26,247 2,514 28, yrs 88 55,941 7,897 63, yrs* 22 83,200 10,326 93,526 Gender Male ,499 7,301 59,800 Female 51 47,628 5,161 52,788 Level Operational/Management 42 41,779 3,426 45,205 Strategic 54 53,472 7,506 60,978 T4 professional competence 58 58,819 8,978 67,797 Size of organisation Micro/SME (1 249 employees) 48 49,018 5,261 54,278 Large (250+ employees) ,687 7,105 58,793 Ownership Sri Lankan 97 50,767 6,800 57,567 International 57 51,052 6,247 57,299 City Colombo ,404 6,276 56,680 Figures may not sum due to rounding.

38 35 Figure 30: Table of salaries and bonuses UK UK Base Salary ( per annum) Bonus ( per annum) Total package ( per annum) Total 1,063 30,947 1,271 32,218 Industry sector Accountancy 40 29, ,129 Banking 43 38,216 2,664 40,880 Business services* 28 30,807 1,038 31,845 Construction and property 63 30, ,984 Financial services 97 33,123 2,716 35,838 Healthcare and education 61 30, ,238 ICT, technology and telecoms 64 33,315 1,837 35,152 Manufacturing and engineering ,600 1,087 29,687 Media, marketing, advertising and PR Natural resources, energy/fuel and utilities 71 32,435 1,084 33, ,710 1,495 31,205 Not-for-profit/charity 42 29, ,187 Oil, gas and alternative energy 39 35,513 2,488 38,001 Public sector 99 29, ,043 Retail and consumer goods ,509 1,258 31,767 Transport, distribution and storage 30 30,265 1,617 31,881 Travel, leisure and tourism 47 29,931 1,091 31,022 Region East of England 34 30, ,183 East/West Midlands , ,037 London ,579 2,038 38,617 North East and Yorkshire/Humberside , ,992 North West , ,590

39 36 UK Base Salary ( per annum) Bonus ( per annum) Total package ( per annum) Total 1,063 (r annum30,947) 1,271 32,218 Northern Ireland* 20 24, ,618 Scotland 61 26, ,290 South East ,491 1,461 33,952 South West 89 30, ,148 Wales* 16 25, ,848 London + South East ,064 1,824 36,888 All southern ,074 1,627 35,701 All mid to northern , ,944 Job role Accountant 62 31,557 1,277 32,834 Financial accountant 49 32,252 1,304 33,557 Management accountant ,292 1,016 32,308 Project accountant/manager 31 35,992 1,527 37,519 Other accountant* 29 34,221 2,286 36,507 Finance manager 76 35,935 1,549 37,485 Accounts assistant/accounts executive 47 22, ,182 Finance assistant 43 23, ,448 Assistant management accountant , ,068 Other assistant accountant* 29 26, ,699 Financial analyst/business analyst ,086 1,683 33,769 Financial controller 45 40,138 2,428 42,565 Other finance role 39 29, ,028. Figures may not sum due to rounding.

40 37 Figure 31: Comparison of annualised basic salaries in USD ($) 23 Australia (31) USD 100,017 Hong Kong (10*) Ireland (123) UAE (15*) Russia (37) South Africa (308) UK (1063) Poland (42) China (29*) Botswana (18*) Zambia (44) Malaysia (79) India (119) USD 33,842 USD 25,653 USD 22,696 USD 19,725 USD 18,776 USD 51,350 USD 50,156 USD 47,768 USD 72,528 USD 61,488 USD 58,812 USD 58,032 Pakistan (49) Sri Lanka (154) Base: Shown in brackets USD 10,494 USD 5, Sources: Unless shown otherwise: Sri Lanka; Zambia: Botswana: All sites accessed 4 5pm 17/05/11.

41 38 Technical information Survey responses were collected by CIMA among active part qualified students between 2 and 20 February 2011, via an online survey. The data was analysed and reported by an independent specialist consultancy. Just over 13,000 part qualified students were selected and invited to participate in the international study which covers 15 markets. Within the study period 2,121 responded internationally. The response data presented in this report has been weighted to reflect the profile of the CIMA part qualified membership by market and, where possible, by level of study. 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 yourvoice@cimaglobal.com 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.