Cima Salary Survey 2013

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CIMA SALARYSURVEY 2013United Kingdom

1ForewordCIMA’s members and students are looking forward to rapid career progressionand salary rises well above the national average - despite the continuingeconomic uncertainty. This optimistic outlook reflects the growing demandfor professionally qualified management accountants who are focused onhelping organisations – in both the public and private sectors - to developstrategies that are successful and sustainable in the long term.Five years after the onset of the credit crunch, our annual salary surveyof the CIMA community highlights a brightening optimism that the UK’seconomy is finally rallying. Results show an ongoing trend towards greateremployment stability with fewer concerns about falls in business profits, budget cuts or recruitmentand salary freezes.Overall, our members and students told us that they are heading for a dynamic future with promotionand attractive earnings packages on the horizon. Their confidence may well have been boosted byCIMA’s joint venture with the American Institute of Certified Public Accountants. The result of thisalliance is a new global designation, the Chartered Global Management Accountant (CGMA). TheCGMA designation is rapidly gaining globally acceptance as a mark of unparalleled excellence inbusiness and financial management.On average, CIMA members are earning just under 67,000 per annum while CIMA fellows arecommanding significantly more at around 117,000. Those who have reached the top of the ladderas CEOs and MDs are taking home average salaries nearer 143,000. Moreover, our students’ earningsin the UK are a healthy 36% above the national average.The 2013 survey figures for average basic salaries represent a 13% increase compared with last year’sfigures for qualified members. There was also a 9% increase for students. This is far above the increasein the average national salary of just 0.2% reported by the Office for National Statistics - and greatlyexceeds expectations expressed in the 2012 survey.However there is still a considerable gender gap among members where, on average, women earn 17,450 less than their male counterparts. This is a slight drop from last year’s figure and CIMA isworking hard to address this issue. There are signs that the younger generation is beginning to closethe imbalance: the gap between male and female students is significantly lower at just under 3,000.Ambition is a key driver for both members and students. In all, 40% said they want to develop theirleadership skills. Almost all of our members and students (97%) expect to be in a different role inthree years’ time. Over half (53%) expect to be in a senior, finance-related role. The growing diversityof CIMA members as business partners is reflected by members, 17% of whom anticipate being in avery senior, non-finance role such as CEO or leading a non-finance division.However, our survey also revealed a preference for a more flexible approach to career progression.Key workplace motivators were divided fairly equally between a desire for flexibility/work-life balance(49%), a good working environment (47%) financial reward (43%), and a challenging workload (39%).Combined, these responses give a clear indicator to employers of what they should be offering if theywant to attract the very best in management accounting expertise.Charles TilleyChief ExecutiveCIMA

2Salary survey resultsUK average salary figures‘On average CIMAFellows (FCMA) willearn c. 117k andAssociates (ACMA)c. 63k in 2013.’In 2013, qualified CIMA members in the UK1are earning on average 60,655 in basic salaryplus 6,055 in bonus payments, totalling 66,710 per annum. Part qualified students inthe UK are earning on average 34,309 in basicsalary plus 1,836 in bonus payments, totalling 36,146. This compares with a current averagenational UK salary figure of 26,664.2Total salaries for CIMA members haveincreased well above the national averageThe 2013 figures for average basic salariesrepresent a 13% increase on equivalent2012 figures for qualified members and a 9%increase for part qualified students.3 Theseare far above the increase in average nationalsalary of just 0.2% reported by the Office forNational Statistics.4‘70% of partqualified studentssay the CIMAqualificationstrengthens theirposition in salarynegotiations.’Robust salary satisfactionparticularly among part qualified students.Above-inflation salary increases anticipatedfor 2014In contrast to the continued dampening ofnational average wage rises, CIMA membersand students are optimistic about theirpersonal salary rises over the next 12 months.An average rise of 3.4% is anticipated by the87% of qualified members, who are expectinga salary increase; which in real terms will beabove inflation forecasts of 2.7% to 2.8%.5Among the 89% of part qualified students whoare anticipating higher salaries, the averageexpected pay rise tends to increase with CIMAlevel attained, from 4.7% among those atoperational level to 6.4% among those at T4professional competence level.CIMA boosts salary dealsOverall, 69% of all CIMA members are satisfiedwith their current salary and the figure isgreater among the higher-earning Fellows at81%. Among part qualified students, 62% aresatisfied with their current salary. There is alsoconsiderable optimism about future salaries,The optimism of part qualified and newlyqualified students about pay increases isboosted by the CIMA qualification: over twothirds (70%) of them agree that it strengthenstheir position in salary negotiations.Figure 1: Annual remuneration by CIMA level 116,767START: 28,000*AVERAGE SALARYOffice for National Statistics, 2012 62,598 32,413 34,695 37,356Operational Management Strategic 40,469T4 professionalcompetenceCIMA memberACMA, CGMACIMA memberFCMA, CGMA1 The UK survey for 2013 includes England, Scotland and Wales and excludes Northern Ireland. Previous UK salary surveyshave included Northern Ireland.2 Office for National Statistics (ONS) Annual Survey of Hours and Earnings. Provisional data 2012. Figure quoted isthe mean average gross annual earnings for all full-time employees (Table 1.7a). Available at: s.html?edition tcm%3A77-280149 Accessed 6 June 2013.3 2012 UK figures adjusted to remove Northern Ireland to match 2013 survey.4 Comparison of mean average gross annual earnings for all full-time employees (Table 1.7a); 2012 provisional figures and2011 revised figures.5 Office for Budget Responsibility. Consumer Prices Index (CPI) forecast for 2013. Available at: /March-2013-EFO-44734674673453.pdf HM Treasury Forecasts for the UKeconomy: a comparison of independent forecasts. Available at: hment data/file/199018/201305 - Forecasts for the UK economy.pdf Both accessed 17 June 2013.

3Salary patterns‘Part qualifiedstudents working asbusiness analysts canearn c. 39k per yearon average.’One-fifth of qualified CIMA members arein very senior roles, earning in the regionof 100,000 to 150,000 and upwards perannum. Among them, 80–90% are satisfiedwith their salary.Annual remuneration varies by job role butincreases substantially with experienceAmong part qualified students, those inassisting roles, such as assistant managementaccountant, are typically earning between 25,000 and 27,000 per annum in totalsalary.Finance managers, project accountantsand financial controllers earn on average 58,000 to 65,000 in total annual salary,while accountants typically earn 41,000 to 44,000.Management accountants typically earn 35,000 and financial analysts/businessanalysts 39,000 per annum on average,including bonus. However, many are alreadyin managerial roles (both finance and nonfinance related), and earn in the region of 40,000 to 55,000 per year.‘One-fifth ofqualified CIMAmembers are invery senior roles,earning in theregion of 100,000to 150,000 andupwards per annum.’More generally, over one-half (56%) of allqualified members are earning a mid-tier basicsalary of 40,000 to 70,000 per year, whileone-quarter are earning a higher-tier basicsalary of 70,000 or more.Figure 2: Annual remuneration by job roleUK total - partqualified students 34,309Manager (otherthan finance)*UK total qualified members 36,145 50,586Financial controller 41,254Finance manager 40,985 55,035Finance/businessanalyst 36,736 39,128Project accountant/manager 36,686 38,403Other accountant* 34,964 37,339Financial accountant 35,101 37,205ManagementaccountantAccountantOther finance roleAssistant managementaccountant 33,664 26,693Other assistantaccountant 25,276Accountsassistant/executive 23,942 123,528 143,227 107,512CFO* 124,449Director (non-finance)/COO/partner* 90,746 104,556Head/chief/VP(not accounting/finance) 89,331 104,051Financial director 86,338Head/Cheif/VP(accounting or finance) 34,832 32,888Finance assistant 66,710 97,326 81,917Manager ( other than finance) 65,476Other financial role* 64,900 92,066 73,630 71,067 35,031 33,210 26,325CEO/Managing director 44,521 43,371 60,655 34,525 27,271Financial controller 59,308Project accountant/manager 57,867Finance manager 53,592Finance/business analyst 50,619 64,870 61,571 58,210 55,137 26,333Managementaccountant 41,603 44,435 25,792Financial accountant 41,466 43,983Accountant 39,015 24,729*Caution: Low base, under 30.Lowest base: Other accountant (17*)Highest base: Finance/business analyst (331)Basic salary 40,782*Caution: Low base, under 30.Lowest base: CEO/Managing Director (19*).Highest base: Finance manager (176)BonusTotal

4‘Part qualifiedstudents working inLondon are earning 40,000 in averagetotal salary.’Annual remuneration by regionRegions with strong bases in finance, bankingand HQ presence report higher average totalannual salaries: London, the South East andScotland (where the oil, gas and alternativeenergy sector is also key) are more likely thanaverage to report higher-tier basic salariesand bonus payments. On average, membersin southern regions anticipate 9% in bonuspayments, compared to 7% among those innorthern regions.Part qualified students working in Londonearn 40,000 in average total salary, includingbonus, which is typically 6% on top of basicsalary.Mid to northern regions, by contrast,have strong manufacturing, transport anddistribution sectors, and account for 30% ofqualified members and part qualified students.These sectors tend to attract salaries in linewith the overall national average.In 2013, a higher average salary is reportedfor members working in the East of Englandcompared to previous years, but over half(56%) continue to earn a mid-tier basic salaryof 40,000 to 70,000 per annum.Figure 3: Annual remuneration by regionScotlandPart qualified: 33,133Qualified: 64,287North WestPart qualified: 29,744Qualified: 57,343North East andYorkshire/HumbersidePart qualified: 29,067Qualified: 49,619East and WestMidlandsPart qualified: 30,835Qualified: 57,237East of EnglandPart qualified: 31,663Qualified: 84,114South WestPart qualified: 31,495Qualified: 62,640LondonPart qualified: 40,185Qualified: 79,078South EastPart qualified: 34,843Qualified: 69,967

5oil, gas and alternative energy earn 16% morethan the UK total salary package of 36,146.Annual remuneration by sectorThe sectors that tend to pay higher thanaverage total annual salaries across the CIMAmembership are:Qualified members in accountancy practicesare more likely to own the practice in whichthey work and therefore command high-tiersalaries. Conversely, part qualified studentsworking in the accountancy sector report anaverage total salary package 11% below theUK average. Those working in the educationsector report an average total annual salary16% below the UK average. banking, business services (typically consultancy andlegal professional services), financial services and oil, gas and alternative energy.Compared to the average pay package amongqualified members ( 66,710), those working inbanking earn 23% more and those working inbusiness services earn 22% more.The banking,business services,financial and oil,gas and alternativeenergy sectorstend to pay higherthan average totalannual salariesacross the CIMAmembership.’For qualified members, three sectors arereporting salary packages lower than thenational average: education (23% lower),public sector (25%) and not-for-profit/charity(30%).In 2013, part qualified students working in thebanking sector earn 27% more and those inFigure 4: Annual remuneration by sectorUK total - partqualified membersBanking 34,309 42,067Oil, gas andalternative energy 38,620Business services 38,148Financial servicesICT, technologyand telecomsMedia, marketing,advertising and PRPublic sectorTransport, distributionand storageRetail andconsumer goodsTravel, leisureand tourismNatural resources,energy/fuel and utilitiesSales, purchasing andsupply chain*Manufacturingand engineeringConstructionand propertyHealthcare andpharmaceuticalNot-for-profit/charityUK total qualified members 36,146 46,057Accounting* 36,552 77,671 82,377 39,975Business services 72,031 81,294 39,569Financial services 67,308 38,782Oil, gas andalternative energy 65,431 32,625 34,191 31,877 33,896 32,109 33,842 31,320 33,545 31,789 33,174 31,578 32,870 31,420 32,631 31,360 32,267Education* 51,090 31,879 32,253Public sector 49,421 32,055Not-for-profit/charity 34,774Accountancy 30,857Education* 30,376 84,032 72,336Healthcare andpharmaceuticalMedia, marketing,advertising and PRTransport, distributionand storageICT, technologyand telecomsRetail andconsumer goodsConstructionand propertyManufacturingand engineeringTravel, leisureand tourism*Natural resources,energy/fuel and utilities* 36,442 66,710Banking 41,984 36,138 60,655 37,690 35,226 76,917 72,867 64,654 71,718 62,928 68,679 60,774 68,514 59,971 66,381 58,757 65,851 60,524 65,124 58,425 64,579 58,734 64,397 51,296 46,303 56,437 51,583 49,746 46,991 30,535*Caution: Low base, under 30.Lowest base: Accountancy (18*)Highest base: Manufacturing and engineering (145)*Caution: Low base, under 30.Lowest base: Sales, purchasing and supply chain (21*)Highest base: Retail and consumer goods (174)Basic salaryBonusTotal

6Annual remuneration by business sizeBusiness and the economyThe number and size of bonuses awarded tendto increase with business size. Businesses with250 or more employees are largely clusteredaround London and the South East, wheresalaries are generally higher. They also includevery large businesses (with 10,000 or moreemployees), which covers the high-payingbanking sector.Expectations for future pay and conditionsAmong qualified members and part qualifiedstudents working in very large organisations,70% are expecting to receive a bonus, atan average of 12% of annual salary. Thoseworking in micro/small businesses with up to10 employees are the least likely to receivean annual bonus (55% do not expect toreceive one), but among those that do, theaverage is a 10% bonus. This compares wellto the 11% bonus for those expecting one inmedium and large businesses.Although there have been dramaticimprovements since 2009, lingering questionsover Eurozone economic performance,ongoing austerity measures and weak UKeconomic data are manifested in a continuedcautious outlook among CIMA members andstudents. However, there are some glimmersof optimism. The percentage expecting a fall inbusiness profits has reduced slightly from 19%in 2011/12 to 16%, while there seems to be avery slight upward trend in anticipated mergersand acquisitions activity, from 18% in 2011to 21% in 2013. Outsourcing activity remainssignificantly higher than in 2009.In addition, expectations for budget cuts,recruitment freezes and salary freezes appearto be moving slowly in a positive direction andthere is good news about staff training, withfewer CIMA members anticipating cuts (15%),down from 19% in 2011/12.Figure 5: Expectations for the business environment over the coming 12 months selectedindicators37%38%40%Budget cutsIncrease in the overallprofitability of the business*32%33%32%Job cuts26%30%30%Salary freezesIncrease l in the overall profitability of the business16%19%19%Cuts in funding for staff training15%19%19%*Indicator not featured in 200958%27%25%26%Salary increases*Less outsourcing49%28%29%30%Recruitment freezeIncrease in 009

7Working conditionsWorking hoursOn average, UK members and students work43 hours per week, although 43% work lessthan the average.Longer hours are linked to seniority: 44%of part qualified students are working morethan 40 hours per week, compared to 61%of qualified Associates and 79% of Fellows.Very large organisations (with 10,000 or moreemployees) tend to demand longer workinghours, with 63% working more than 40 hoursper week, compared to 57% in medium and52% in micro/small businesses.Two-fifths (38%) of members and studentsexpect their working hours to increase overthe coming 12 months, while over onehalf (59%) expect no change. The primaryThe CIMAqualificationcreates careeropportunities for me91%agreeThe CIMA qualificationstrengthens my abilityto move internationallywith my career76%agreeThe CIMA qualificationstrengthens my abilityto move across all areasof the business71%agreereason for increasing working hours is relatedto career progression – taking on moreresponsibility is cited by 65% of members andstudents. A secondary factor, mentioned by54%, is understaffing/lack of resource. This isespecially evident in large businesses, whereunderstaffing (55%) and company culture(38%) are cited by significant proportions.However, in small and medium businesses,company growth (40%, 38%) and the currentfinancial climate (37%, 30%) seem to berequiring more input from staff.Motivators at workThe key motivators at work for both membersand students are flexibility/work-life balance(49%), a good working environment (47%),financial reward (43%) and a challengingworkload (39%).Career-building aspects are especiallyimportant for part qualified students, onethird of whom are motivated by promotionprospects; the same proportion are seekingtraining and development. 91% of CIMAmembers and students agree that the CIMAqualification creates career opportunities.‘91% of CIMAstudents andmembers agreethat the CIMAqualification createscareer opportunities.’

8Career plansSeeking new opportunities‘93% anticipatebeing in a newrole within thenext three years.’Only 7% of qualified members and partqualified students see themselves in the samerole in three years’ time, further suggestingthe presence of a high degree of mobility andpromotion prospects.Among all members and students, 23% planto find another job over the next six monthsand a total of 57% expect to move job withinthe next two years. Of those, 89% plan to staywithin the UK.Students at the T4 professional competencelevel are the most likely to be seeking newemployment (73%), presumably as theyplan to embark on their careers as qualifiedchartered management accountants.While one-half (53%) of members andstudents anticipate a senior finance-relatedrole such as finance manager, financialdirector, financial controller, CFO, head ofaccounting or self-employed practitioner,17% of qualified members anticipate a verysenior non-finance role such as CEO/MD,head, or director or manager of a non-financedivision 57% anticipate a senior finance role.Among members and students already workingas management accountants, 48% expectto progress to finance manager, financialcontroller or director.Among part qualified students currentlyworking as an assistant managementaccountant, one-half (52%) expect to progressto a management account role in the nextthree years. Among those working as anaccounts assistant/executive, 39% expect toprogress to management accountant and afurther 37% to another other accountancyrole, such as accountant or financialaccountant.A global careerAmong members and students who plan toseek employment abroad, Australia remainsthe most frequently named destination (43%),followed by the USA (33%). Other populardestinations for planned relocations are theUAE (15%), New Zealand (14%), South Africa(13%), Singapore (13%) and Canada (13%).In 2013, a key reason for relocation is theopportunity to experience a different culture(mentioned by 63%). An improved quality oflife (57%), new career opportunity (46%) andimproved salary (40%) are other importantfactors.89% plan to stay in the UK57% are looking to move jobwithin the next two years, of which 11% plan to move abroad

9Building skill setsOver the coming 12 months, there will be astrong focus on honing personal developmentand leadership skills among part qualifiedstudents. In addition, they will be keen todevelop a mix of personal communicationskills as well as strategic managerial skills,particularly those at the T4 professionalcompetence level.As students progress from the operational andmanagement levels towards T4 professionalcompetence, developing strategic andmanagerial skills becomes more importantthan personal development and the moretechnical aspects of accounting.Figure 6: Top skills that students and members wish to developPart qualified studentsQualified members45% Personal development43% Leadership44% Leadership37% Strategic planning and implementation39% Strategic planning and implementation35% Persuading and influencing37% Communication32% Personal development37% Financial reporting29% Skills for developing others35% Decision making25% Communication34% Persuading and influencing24% Project management32% Project management21% Relationship management32% Skills for developing others20% Change management‘Over the coming 12months there willbe a strong focuson honing personaldevelopment andleadership skillsamong part qualifiedstudents.’

10AppendixPart qualified studentsQualified membersUKBaseBasic salary( perannum)Bonus( perannum)Totalpackage( perannum)**BaseBasic salary( perannum)Bonus( perannum)Totalpackage( 566,710 25 yrs23028,8961,38730,28225–34 yrs94934,0791,87835,95735–44 yrs27538,3412,12140,46245 yrs6439,9481,62141,5698145,8954,33850,233AgeAge 31 yrs31–35 yrs18454,9035,48160,38336–40 yrs11854,9554,67459,62941-50 yrs19671,0407,00778,04751 1,79637,356T4 evelSize of organisationMicro/small(1–50 Medium 16368,007All Large (250 4250 00 or on: Low base, under 30. **Figures may not sum due to rounding. *** Data unavailable due to low base numbers.

11Part qualified studentsQualified membersUKBaseBasicsalary( perannum)Bonus( perannum)Totalpackage( perannum)**BaseBasicsalary( perannum)Bonus( perannum)Totalpackage( 566,710Up to 1 year11428,0901,16529,2551 2 years32231,1321,37132,5022–3 years30433,3941,85835,2523–4 years18435,4041,98137,3854–5 years13337,8922,65940,5515 years29339,5712,31541,886Up to 1 year7838,1412,60740,7481–3 years21446,6693,50650,1754–5 years15453,0665,05558,1216–9 years17861,6376,78568,42210–19 years21172,5207,49480,01520 years11888,22710,60798,834Experience since enrollingExperience since 33610,04082,377Business truction and ation3230,37615930,53525*51,09049351,583Financial lthcare 718ICT, technology anufacturing ,579Media, marketing,advertising and PR12936,4421,24837,6904962,9285,75168,679Natural resources, energy/fuel and ,991Oil, gas and 2,867Public sector11734,77445235,2269049,42132649,746Retail, consumer goods17431,8772,02033,8968058,7577,09465,851Sales, purchasing, supplychain2131,7891,38533,174***Transport, distribution ravel, leisure, tion: Low base, under 30. **Figures may not sum due to rounding. *** Data unavailable due to low base numbers.

12Part qualified studentsQualified membersUKBaseBasicsalary( perannum)Bonus( perannum)Totalpackage( perannum)**BaseBasicsalary( perannum)Bonus( perannum)Totalpackage( 566,7105030,84082331,6634875,2578,85784,114East on78037,8832,30240,18525071,2277,85179,078North East25*26,50054927,04928*40,8932,41343,305North nd4131,2051,92833,1335759,2745,01364,287South East21833,3551,48834,84318163,3026,66469,967South 28,5081,15029,65716*45,0002,07047,070West ,669London South East99836,8882,12339,01143167,9007,35375,252East West rth East t10333,2101,62134,8323339,0151,76740,782Accounts assistant/accounts executive9223,94278724,729***Assistant 49Director (other than offinance)/COO/ partner***20*90,74613,811104,556RegionEast of EnglandJob roleFinance assistant4725,69364126,333***Finance ancial inancial 194,51755,137Financial inancial director***8286,33810,98897,326Head/chief/VP (ofaccounting or finance)***3181,91710,15092,066Head/chief/VP (not ofaccounting or finance)***15*89,33114,720104,051Management Manager 30Other accountant17*34,9642,37537,339***Other assistant accountant4525,27651625,792***Other finance role6532,8881,63734,52525*64,9006,16771,067Project 61,571*Caution: Low base, under 30. **Figures may not sum due to rounding. *** Data unavailable due to low base numbers.

13Technical informationFurther informationSurvey responses were collected by CIMAamong active qualified members and partqualified students between 25 April and 19May 2013, via an online survey. The data wasanalysed and reported by an independentspecialist consultancy.For further information on technical mattersrelating to this survey, contactyourvoice@cimaglobal.comApproximately 25,000 qualified membersand just over 21,000 part qualified studentswere selected and invited to participate in theinternational study, which covers 23 markets intotal. Within the study period 6,039 respondedglobally, including 2,471 from the UK.The response data presented in this report hasbeen weighted to reflect the profile of CIMAqualified members and part qualified studentsby market and level of study. All base numbersquoted in figures report the lowest unweightedbase; i.e. the number of responses.For further country specific analysis andreports, visit CIMA MY JOBS athttp://myjobs.cimaglobal.comAcknowledgementsThis research was conducted by CIMAin conjunction with Spotlight MarketResearch & Editing. The Chartered Instituteof Management Accountants is a MarketResearch Society Company Partner. Both CIMAand Spotlight abide by the Market ResearchSociety’s Code of Conduct and the DataProtection Act.

Chartered Institute ofManagement Accountants26 Chapter StreetLondon SW1P 4NPUnited KingdomT. 44 (0)20 7663 5441F. 44 (0)20 7663 5442E. September 2013, Chartered Institute of Management Accountants

business and financial management. On average, CIMA members are earning just under 67,000 per annum while CIMA fellows are . salary. Management accountants typically earn 35,000 and financial analysts/business analysts 39,000 per annum on average, including bonus. However, many are already

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on average Rs.58,769 in basic monthly salary plus Rs.6,046 in bonus payments, totalling Rs.64,814.1 Salary satisfaction Overall 62% of CIMA members and students are satisfied with their current salary. The figure is higher among Fellows (FCMAs) at 73% and Associate members (ACMAs) at 65%. Students at the operational and management