CIMA Qualified Salary Survey_UK_20.10

8/4/2019 CIMA Qualified Salary Survey_UK_20.10

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CIMA UK memberssalary survey 2010


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CIMA members salary survey 2010 UK

Foreword. 1

Executive summary.. 3

Main findings.. 5

Salaries and bonuses. 5

Experience .. 7

Job role.... 9

CIMA level 10

Sector .. 11

Size of business.. 13

Regional location. 14

Gender.. 16

Age........................ 18

Recruitment and retention.. 20

Satisfaction with salary .. 20

Satisfaction with benefits .. 22

Importance of benefits.. 24

Working hours. 26

Skill set requirements.... 28

Geographical mobility.... 30Extent of movement.. 30

Top destinations.... 32

Future...... 34

One word to describe CIMA difference.. 35

UK salary information..... 36

Technical information. 38

Further information. 39

Global contacts.... 40


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Foreword

Despite the difficult economic conditions we have beenexperiencing, prospects for CIMA members appear to beextremely favourable. Prudent businesses are increasinglyturning to our members to help drive them through the recessionand on to sustainable success in the long term. This demand formanagement accounting expertise is reflected in the results ofour second global members salary survey.

Clearly, CIMA members are highly valued, especially during aperiod when businesses are looking for skilled financialmanagers to put them on a firm footing. Our global survey of

CIMA members shows that Chartered Management Accountants earn significantly higher

salaries than the national average in every nation featured in our research.

In developed economies, members salaries are usually between two and three times thenational average. But in developing economies such as Malaysia or Sri Lanka, thepercentage can be as much as six or even ten times average earnings. Bonuses are alsofeaturing as a significant proportion of member remuneration. By country, this accounts forbetween 8% and 15% of their salary with the figure rising to 20% in the USA and HongKong.

Recovery from the downturn is having a mixed impact on our members. Malaysia andAustralia show the most significant increases in average remuneration since our last surveyin 2009. But countries such as the UK and Sri Lanka have experienced only modest growth- less than 4% on average. There has been a measurable decline in average salaries inSouth Africa and, to a lesser degree, in Ireland. Sectors currenly offering the highest

salaries are oil, gas and alternative energy as well as the retail, consumer, FMCG, food anddrink and transport sectors.

In the UK, the figures reflect continued economic uncertainty. The average remunerationpackage for a CIMA member in 2010 is 65,267 - a small increase (3.8%) on the 2009figure. The annual average salary is 58,820 and the average bonus is 6,447. Howeveralmost a third (32%) expect to receive a bonus this year. Fellow chartered managementaccountants (FCMAs) earn on average 54% more than associate chartered managementaccountants (ACMAs) - in part, this may well be because they are three times as likely to bea board director. Remuneration in the public sector is 81% of the overall average.

A cause for some concern is the earnings disparity between genders. Across the world,male CIMA members appear to be earning significantly more on average than their female

counterparts. In the UK, the average remuneration package for men is 24% higher than forwomen. Part of this disparity could be explained by the fact that there are a greater numberof more experienced male CIMA members in our global community. However this issueneeds to be looked at more closely.

CIMA has recently completed a report which identifies the main barriers to womenachieving positions of leadership and outlines four strategies for success. We very muchhope that this analysis will help highlight the value that women can add to the workplace and the boardroom in particular. We are also launching a womens network on our online

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community forum, CIMAsphere. The new network will provide our female members with aplace to share advice and experiences.

When it comes to employment benefits in the UK, access to a pension scheme (received by86%) and contribution/payment of CIMA fees (69%), are rated as amongst the mostimportant. The increasing desire for a better work/life balance is illustrated by the fact thatflexible hours is considered one of the most attractive offerings in a benefits package.

At first glance, it appears that our members are feeling less confident than our studentsabout enhancing their employment mobility. Just over half (52%) of members are thinkingabout a job move in the next two years. This is a lower percentage that the result wereceived from our recent survey of CIMA students (62%). However CIMA students are keento develop their skill set and this often means changing to more challenging roles withdifferent companies. Once qualified, our members take on more senior roles and may bemore reluctant to move to new companies as senior positions tend to be fewer in number.

Overall, our UK members satisfaction with their remuneration is down a few percentagepoints from our last survey but the figures are still high. In total, 67% are satisfied with theirsalary and 80% are satisfied with their benefits. Evidently, the continuing fragile economicenvironment is still having an impact on our members. However, in general, they appear tobe taking a cautious but confident approach.

Almost half (48%) are worried that they may experience a pay freeze but far fewer (9%) areworried about possible redundancy during the coming year. Clearly we are not out of thewoods yet in terms of economic recovery but the unique toolkit of training, experience andprofessional standards carried by our members will place them in a prime position to helporganisations build firm foundations for future success.

Charles TilleyChief ExecutiveCIMA


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Executive summary

2009 saw very tough trading conditions for UK businesses, with the economy only barely

escaping recession at the end of the year with marginal increases in GDP of 0.4% for Q4

and 0.3% in Q1 2010. As the UK tentatively emerges from its worst economic recession

since World War II, the question arises as to how the management accounting profession is

coping in these demanding times. With this in mind CIMA sought to gauge its members

views of the current climate and understand what impact, if any, the recession has had on

their salary levels.

The second annual global salary survey of CIMA members was carried out in April 2010. A

total of 1,959 members contributed to the survey of which 547 responses were from the UK.

This report summarises the results of this survey with a particular focus on the UK, looking

at how recent economic events are impacting on salary levels and benefits packages ofCIMA members working in the UK.

Salaries and bonuses

The average remuneration package for a CIMA member in 2010 is 65,267, an

increase of 3.8% on the 2009 figure:

CIMA members average annual salary is 58,820

the average bonus is 6,447 across all respondents.

32% do not expect to receive a bonus in 2010.

On average, male CIMA members are earning a package which is worth 24%

(13,562) more than their female colleagues.

Industries that offer their staff the largest remuneration packages include:

retail and FMCG (76,470)

information and communication technology (ICT), technology and telecoms

(73,646)

banking, finance and insurance (69,624).

The average remuneration package within the public sector was found to be at only

81% of the overall average for the profession.

Geographic differences indicate that members working in London earn 16% more

than the average.

Fellow chartered management accountants (FCMA) earn on average, 54% more

than associate management accountants (ACMA), no doubt at least partly because

they are three times as likely to be a board director.

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Recruitment and retention

66% are satisfied or extremely satisfied with their salary. 80% are satisfied or extremely satisfied with their benefits package.

Pension schemes and annual bonuses are key benefits sought from an employer.

A significant proportion also feel that flexible working hours are important,

something that is of particular interest to female members in their 30s.

The average member works 44 hours per week with nearly 40% expecting their

working hours to increase during the coming year.

Increased working hours are largely attributed to a combination of understaffing

and member promotion/increasing responsibilities.

In terms of future development, members are most interested in leadership skills,

persuading and influencing skills and personal development skills.

Geographical mobility

Around half of members (52%) intend to change jobs in the next two years.

Only 7% are considering a relocation overseas; with Australia, Canada and the

USA proving to be popular potential destinations.

Future

The current economic conditions are having some impact on member expectations,

with 48% expecting a possible pay freeze during the coming year.

A further 9% expressed concerns that they might face redundancy.

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Main findings

Salaries and bonuses

CIMA members average annual salary is 58,820. The average bonus is 6,447 across all

respondents. This produces an average package of 65,267, representing a 3.8% increase

on 2009. This is reasonably impressive, given the tough economic conditions of the past

year, in which people in many other professions would have seen little or nothing by way of

a pay increase.

However, it must be noted that in comparison with the 2009 survey, a higher proportion of

respondents are working in London or the South East of England (47% vs. 41% in 2009),

which is traditionally where the highest average salaries are paid. It is also the case that the

proportion of respondents working within the public/not-for-profit sector (the lowest paidsegment) has reduced from 16% to 8%. In a similar manner there has been a shift in the

employment profile in favour of larger, corporate, employers (with 500+ staff) 76%

compared to 69% in 2009. Thus the proportion of respondents employed in what have

traditionally proven to be the higher paid areas of the profession has increased.

Remuneration packages 2010 vs. 2009

57,600

58,820

5,300

6,447

2009

2010

Average salary Average bonus

65,267

62,900

Averageremunerationpackage risesby 3.8% despitethe recession

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The average annual bonus received is 6,447 across all respondents. However, this

average masks some significant variances in the levels of bonuses received by individual

members. For a start, 32% do not expect to receive any bonus at all in 2010, so this benefitis by no means automatic. For the 68% expecting a bonus the average is 9,429 but even

this average hides some significant variations, with 17% receiving bonuses in excess of

20% of their annual salary and 26% receiving bonuses equivalent to less than 9% of their

annual salary.

Bonuses likely to be received in 2010

None: 32%

Under 9% ofannual salary:

26%

Between 9% and19.9% of annual

salary: 25%

Over 20% ofannual salary:

17%

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Experience

It is no surprise to find that members with the most work experience are more likely toreceive higher salaries and bonuses than their less experienced colleagues. Indeed, the

years of experience a member has is one of the strongest influencers on remuneration.

Average salary and bonus by experience

58,820

43,112

46,671

55,469

60,635

67,160

84,951

6,447

2,878

4,201

5,478

7,632

7,314

12,249

UK overall

Newly qualified

1-3 years experience




20+ years experience


65,267

Total

97,200

74,474

68,267

60,947

50,872

45,990

It would seem that once a member gains more experience they can expect to see a steady

increase in their salary and benefits. Those with the most experience (20 years or more)

begin to command significantly higher salaries and bonuses than their less experienced

colleagues.

Members with20+ yearsexperience earnmore than doublenewly qualifiedmembers

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People are most likely to receive a bonus as a matter of course once they have at least a

full year of work experience after qualification. Thereafter, it seems that members are most

likely to receive bonuses up until ten years experience. After this time the annual bonus isless likely to be received, especially once a member has 20 years experience or more.

Members likely to receive a bonus by experience

68%

62%

73% 72% 73%

66%

59%

UK overall Newlyqualifiedmembers

1-3 yearsexperience

4-5 yearsexperience

6-9 yearsexperience

10-19 yearsexperience

20+ yearsexperience

Of course, it must be remembered that once a member has attained over 20 years

experience the basic salary levels are very high (averaging nearly 85,000 per annum) and,

even though bonuses are less likely to be received, the typical bonus at this stage of a

members career is very high indeed (approaching 21,000 for those who actually receive

one).

Experience andseniority havethe mostsignificantimpact on salaryand bonuslevels

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Job role

Clearly, a members position within the business has a significant impact on their salary andbonus potential. More senior members receive significantly higher rewards than those at

the most junior levels. This is especially the case once a member reaches board level in

their company.

Average salary and bonus by job title

58,820

42,131

46,864

54,888

56,250

79,387

6,447

2,309

4,321

5,564

6,636

9,542

UK overall

Management accountants

Finance or business analysts

Financial managers

Financial controllers

Finance directors


51,185

65,267

Total

88,929

62,886

60,452

44,440

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When it comes to the likelihood of receiving a bonus it is not necessarily the case that the

most senior members would also be more likely to receive a bonus.

Members likely to receive a bonus by job role

68%

81%

73% 72%

66%

52%

UK overall Financialcontrollers

Finance orbusinessanalysts

Financialmanagers

Financialdirectors

Managementaccountants

In terms of seniority it would appear that middle managers are the most likely to receivebonuses. However, when board level members do qualify for a bonus, the size of the bonus

received is very substantial (averaging 14,554 for financial directors in the 66% of cases

where a bonus is paid).

Overall, it is the most junior members at non-managerial level who are clearly the least

likely to be granted a bonus and would receive the smallest bonuses when they do.

CIMA level

Fellow Chartered Management Accountants (FCMAs) receive significantly higher salaries

and benefits than Associate Management Accountants (ACMA). The typical ACMA would

receive a base salary of 55,786, supplemented by an average bonus of 5,951. An FCMA

receives an average base salary of 84,471, supplemented by an average bonus of

10,643. In total FCMAs earn 54% more than ACMA members.

On averageFCMAs earn54% more thanACMAs

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However, this disparity may well be explainable by the fact that it is the members in more

senior positions, with the most experience, who are most likely to become FCMAs. 48% of

FCMAs have a board level position or are, at least, a head of function within their company.This compares to only 16% of ACMAs. In a similar manner, 56% of FCMAs have more than

20 years of work experience, compared with just 7% of ACMAs.

Sector

Remuneration packages within certain industry sectors such as banking, retail and ICT are

higher than the average, whereas packages in other sectors, such as the public sector and

in accounting practice, are lower than the average. Total remuneration within the public

sector is 81% of the national average, and for those in accountancy practices 84%.

Average salary and bonus by sector

58,820

51,214

50,555

53,319

61,369

65,099

64,905

6,447

1,421

4,480

5,036

8,255

8,547

11,565

UK overall

Public sector/not-for-profit

Accounting practice

Manufacturing and engineering

Banking, finance and insurance

ICT, technology and telecoms

Retail, consumer, FMCG, food and drink


52,635

65,267

Total

76,470

73,646

69,624

58,355

55,035

Those workingin the retailsector earn 45%more than those

in the publicsector

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Members working in the banking, retail and ICT sectors are also most likely to receive

bonuses, with public sector employees being the least likely.

Members likely to receive a bonus by sector

68%

33%

62%

66%

77%

83%

86%

UK overall

Public sector/not-for-profit

Accounting practice

Manufacturing and engineering

ICT, technology and telecoms

Retail, consumer, FMCG, food and drink

Banking, finance and insurance

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Size of business

There is no significant difference in basic pay by size of the business, but larger companiespay on average approximately twice the bonus of firms with less than 250 employees.

Average salary and bonus by size of business

58,820

57,935

59,059

6,447

3,332

7,285

UK overall

Under 250 staff

250+ staff


Total

66,344

61,267

65,267

The availability of bonuses increases in larger businesses to the extent that three out of four

members in the larger companies would receive a bonus, compared to only half of the

members working in the smaller companies.

Largeremployersprovide thehighestremunerationpackages,mainly becausethey pay more inbonuses

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Regional location

Due to a combination of the higher cost of living and the higher than average concentrationof businesses from high paying sectors, such as banking and ICT, members working in

London receive the highest average salaries and bonuses.

The overall remuneration package in the London region is 16% higher than the national

average and 37% higher than that received by members in regions such as Wales and the

South West of England.

Average salary and bonus by region

LondonSalary 67,254Bonus 8,584Total 75,838

South East England outside LondonSalary 61,929Bonus 6,700Total 68,629

Central EnglandSalary 56,791Bonus 6,367

Total 63,158

Northern England and ScotlandSalary 52,064Bonus 5,723Total 57,787

Wales and South West EnglandSalary 52,637Bonus 2,851Total 55,488

Members inLondon and theSouth Eastcommand thehighest salariesand bonuses

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Bonuses are a significant percentage of the annual salary across all regions. In London it is

13% of the base salary on average and is often as high as 11% in most regions outside of

London.

The exception is in Wales and the South West of England where the level drops to just 5%.

Members working in this particular region are also significantly less likely to receive a bonus

as a matter of course (only just over half would do, compared to two thirds or more in every

other part of the country).

Part of the explanation for low bonuses in the Wales and South West region is that fact that

nearly 20% of members in this region are employed in the public/not-for-profit sector

(compared to just 8% nationally), where bonuses are much less likely to be paid.

Members likely to receive a bonus by region

London79%

South East England outside London69%

Central England65%

Northern England and Scotland

65%

Wales and South West England55%

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Gender

The survey shows that the total remuneration package received by male CIMA membersexceeds that received by women to a significant degree. The average salary is 62,690 for

male CIMA members, supplemented by a typical bonus of 7,299, providing a total

package worth 69,989 on average. For female members, the average salary is 51,575

and the average bonus is 4,852, which provides a total annual package of 56,427.

Therefore, males are earning on average 24% more than their female colleagues.

In terms of the salaries received, the proportion of men whose salaries exceed 70,000 per

annum is significantly higher than for women (26% vs. 13%). Similarly, at the other end of

the scale the proportion of women earning less than 55,000 is significantly greater (68%)

than for men (51%).

Average salary and bonus by gender

6%

14%

45%

54%

23%

18%16%

11%10%

2%

Male Female

100K+70k-99k

55k- 69k

35k-54k

Under 35k

Men are paid24% more thanwomen

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The question arises as to what factors differentiate male and female CIMA members that

might account for these differences? Key factors that appear to contribute to this

differentiation are:

Male CIMA members tend to have more experience, usually a key factor in

determining remuneration. 37% of men became fully qualified CIMA members more

than 10 years ago, compared to just 25% of women. Indeed, 17% of men have

more than 20 years experience (the level at which the average salary rises

dramatically) against only 3% of women.

A slightly higher proportion of men are working in London and the South East,

where salaries are higher (49% vs. 43% of women).

A slightly higher proportion of men are working in larger companies (companies

with over 250 staff employed internationally), where remuneration packages tend to

be higher (84% vs. 76% of women).

A slightly higher proportion of men hold the most senior board level jobs which

command the highest salaries (22% vs. 15% of women).

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Age

As seniority and level of experience are both closely associated with age, it is no surprise tofind that average salaries and bonuses increase as members get older. Salaries begin to

rise significantly amongst those aged over 40.

Average salary and bonus by age

58,820

45,233

55,181

55,796

67,392

78,913

6,447

4,796

6,022

6,037

7,434

9,046

UK overall

Aged under 31

31-35

36-40

41-50

51+


65,267

Total

87,959

74,826

61,833

61,203

50,029

The level ofaverage salariesand bonusesrise as membersget older

Members agedover 50 are lesslikely to receive

a bonus thantheir youngercolleagues.However, whenthey do, the sizeof the bonus isoftenconsiderablylarger

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As members grow older they become less likely to receive a bonus, especially once they

pass the age of 50. However, those who do receive a bonus are more likely to receive

significantly more money than their younger colleagues. This would lend weight to the viewthat the receipt of an annual bonus is most likely to feature for mid-career/middle

management members. Later on in a management accounting career, one might expect to

receive bonuses less frequently but, when one does, the bonus is likely to be significantly

higher.

Members likely to receive a bonus by age

68%

73%

67%

45%

UK overall Aged under 40 Aged 41-50 Aged 51+

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Recruitment and retention

Satisfaction with salary

Despite the fact that average salaries and bonuses have risen over the past year, the level

of overall satisfaction has reduced slightly, with 72% satisfied or extremely satisfied in

2009 compared to 67% in 2010.

Satisfaction with current salary package

2% 5%

25%28%

65%61%

7% 6%

2009 2010

Extremely satisfied

Satisfied

Dissatisfied

Very dissatisfied

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A major influence on the level of satisfaction is the level of salary received. Those earning

in excess of 70,000 per annum report higher satisfaction (87%) than those on lower

salaries, especially those earning a base salary less than 55,000 (58% satisfaction).

Satisfaction with current salary package by salary level

5%8%

0%

28%

35%

26%

13%

61%

54%

64%

79%

6% 4% 10% 8%

UK overall Low (under 55k) Medium (55k-70k) High (70k+)

Extremely satisfied

Satisfied

Dissatisfied

Very dissatisfied

By region, those working in the South East are most satisfied (75%) with their salary whilst

members in Wales and the South West are least satisfied (55%).

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Satisfaction with benefits

Satisfaction with benefits has more or less stayed the same year on year, with 80%satisfied overall.

Satisfaction with current benefits

1% 3%

16% 16%

73% 70%

9% 10%

2009 2010

Extremely satisfied

Satisfied

Dissatisfied

Very dissatisfied

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Again, salary has the biggest influence on benefits satisfaction levels, with close to 90% of

those earning in excess of 55,000 per annum satisfied with their benefits package

compared to 74% of those earning less than 55,000.

Satisfaction with current benefits by salary level

3% 5% 2%

16%

21%

10% 11%

70%

68%

75%72%

10% 6% 13% 17%

UK overall Low (under 55k) Medium (55k-70k) High (70k+)

Extremely satisfied

Satisfied

Dissatisfied

Very dissatisfied

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Importance of benefits

The type of benefits that members typically receive from employers have remained largelyunchanged over the last year. The majority (86%) are provided with a company pension

scheme as part of their remuneration package. Employers also commonly provide their staff

(69% of cases) with a financial contribution to their CIMA membership fees. Other common

benefits include a guaranteed annual bonus (64%) and healthcare provision (61%).

Support for flexible working is less widespread but nevertheless received by a significant

minority. 37% of members are able to work from home when desired, 33% have flexible

working hours and 23% receive assistance with childcare from their employers.

Access to benefits varies a little according to the circumstance of the respondent. Of

course, some industries and different sizes of organisation may favour different benefits

packages. For example, mortgage relief is very rarely offered as a benefit except within the

finance industry itself, where 9% have access to it. Similarly mobile phones/ Blackberries/

PDAs are most likely to be provided to members working in the ICT segment (65%). A

further example can be seen in the fact that season ticket loans are very commonly

available to members working in London (55%) but comparatively rarely offered in other

regions.

It may also be that some members are provided with a menu of possible benefits from

which they can select. 29% of women have access to childcare arrangements/vouchers via

their employer, compared to only 19% of men, which suggests a certain amount of

selectivity on the part of the employee. In contrast, women are less likely than men to

receive mobile phones (48% vs 31%) and company car allowances (46% vs 32%).

A pensionscheme, anannual bonusand contributionto/payment ofCIMA fees arethe most widelyavailablebenefits forCIMA members

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Respondents were asked to rate the importance of various benefits, using a scoring system

from one to five (where an average score close to five indicates a benefit of high

importance).

Pensions, an annual bonus and flexible working hours were judged to be the most

important benefits that employers might offer. Indeed, employers currently provide

pensions, as well as bonuses to a considerable proportion of members already. Access to

flexible working hours stands out as one area that is not available to any more than a

minority at present but which is, nonetheless, seen as a very significant potential benefit.

Importance of benefits (mean score) by benefits received

5 = extremely important, 1 = not at all important

86%

64%

33%

61%

69%

40%37%

24%

41%

29%

14%

42%

4.7

4.2

4

3.83.7 3.7 3.7

3.6

3.43.3

3.13

1

1.5

2

2.5

3

3.5

4

4.5

5

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Benefit received

Importance

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Working hours

The typical UK member works a 44 hour week, no different from the average recorded in2009. 45% of members work between 41 and 50 hours a week. A significant minority (18%)

work longer hours than this (although only a small percentage of respondents work more

than 60 hours in a typical week). 32% work between 35 and 40 hours a week, which leaves

only a small minority working less than 35 hours on average (5%).

Typical working hours for UK respondents

Under 35 hours,5%

35-40 hours, 32%

41-50 hours, 45%

51-60 hours, 15%

More than 60hours, 3%

Most members (60%) do not believe that their working hours are likely to change

significantly over the coming year. Only 2% believe their hours are likely to reduce at all,

which leaves 38% who feel their hours will probably increase.

UK CIMAmembers workan average 44hour week

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Reasons for increasing working hours

66%

61%

45%

32% 31%29%

50%

66%

34%

27% 29%

22%

Understaffing/lack ofresource

Taken on moreresponsibility/more

pressure

Company cul ture Current f inancialclimate

My role has changed Company growth

2010 2009

It would seem, therefore, that increased working hours are most closely associated with a

combination of understaffing on the one hand and increased responsibilities on the other.

Some evidence exists to support the latter of these perceptions within the survey itself, with

board level members working an average of 48 hours per week, compared to management

accountants with no managerial responsibility working an average of 41 hours per week.

A similar pattern can be seen when considering the relationship between the hours worked

and the salaries earnt. Those earning a base salary under 55,000 per annum would

typically work 42 hours per week, whereas those earning a base salary in excess of

70,000 per annum would typically work a 48 hour week.

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Skill set requirements

Members were asked to comment on their skills and training requirements for the comingyear. Members were most likely to identify leadership skills as a priority for future training.

Other popular areas included persuading and influencing and personal development

(e.g. career planning, time management).

Perceived skills/training requirements

15%

18%

19%

20%

20%

22%

26%

29%

34%

34%

39%

39%

48%

Time management

Team building

IT software skills

Reporting and analysis

Risk management

Decision making

Communication skills

Project management

Strategic planning and implementation

Skills for developing others

Persuading and influencing

Personal development

Leadership

Leadership skills are of greatest interest to younger members (under 40) where the

proportion keen to acquire such skills is 58%. Indeed, the age and level of experience a

member has appears to influence the type of skills they are most interested in acquiring.

Newly qualified members are far more interested in acquiring the following types of skillsthan those with more experience:

leadership skills required by 58% of newly qualified members

personal development (e.g. career planning, time management) required by 47%

communication skills (e.g. negotiating, writing, presenting) required by 38%

reporting and analysis skills required by 35%

decision making skills required by 31%.

Leadershipskills are ofgreatest interestto members

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In general, members with considerable work experience are much less likely to feel that

they need anywhere near as much skills training. This attitude exists across most of the

skills tested. However, a small number of specific skills remain attractive to members withmore experience, these are:

Strategic planning and implementation remains of interest to 32% of members with

more than 20 years experience, making it the most attractive area of training for

members in this group.

Risk management is of interest to 23% of members with more than 20 years

experience, making it the second most attractive area for training for members in

this group.

It is also worth noting that training in IT software (examples given being MS Excel, Word,

PowerPoint, etc.) remains equally high across all ages/levels of experience. The highest

levels of interest for training in this area comes from members aged under 31 and members

aged over 51.

Organisation size can also have an influence on the types of skills people feel they require.

Members working in larger companies (250+ staff) are more likely than their peers working

in smaller businesses to feel that certain skills would benefit them:

51% of members in large companies are interested in leadership skills, compared

to just 38% in smaller companies.

38% of members in companies with more than 250 staff are interested in skills for

developing others (e.g. assessing performance, coaching) as compared with just

21% of members in smaller businesses.

Strategicplanning andriskmanagement areof greatestinterest to moreexperiencedmembers

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Geographical mobility

Extent of movement

There has been a limited change in the proportion of people who are planning to look for a

new job since 2009. 52% are thinking about a move in the next two years, slightly higher

than the 46% recorded for 2009. There is also some evidence to suggest that a higher

proportion are now more serious about moving. The 2009 survey showed 19% were looking

to move within six months and this proportion has increased to 24% in 2010.

Plans to move job 2010 vs. 2009

54%48%

27%

28%

19%24%

2009 2010

Within six months

Within seven months - two years

No plans

52% of CIMAmembers areconsideringchanging jobsin the next twoyears

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There are a number of reasons members may have become slightly more likely to look to

change jobs:

The tough economic conditions have increased the risk of pay freezes and

redundancy in certain areas. Indeed, 48% of CIMA members are expecting a pay

freeze whilst 9% are concerned about the risk of redundancy in the coming year.

This would no doubt play a role in prompting people to consider looking for

alternative employment.

Salary and remuneration in general has increased only slightly over the past year

(3.8%) and some members may be inclined to feel that prospects for any future

increases are similarly limited within their current role, and hence be more open to

the idea of looking at alternatives.

Those most likely to be considering alternative employment match the following profile:

younger members (67% of members under 31 are considering a move)

members working in ICT, technology or telecoms (63%) or in banking, finance and

insurance (61%)

members in more junior positions (64% of management accountants)

members with less than three years experience (60%)

members on lower salaries (59% of those earning under 55,000)

members working in Northern England or Scotland (59%).

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Top destinations

13% of those considering a change in jobs are thinking about a possible move overseas(which equates to around 7% of total respondents). This proportion is little different from the

situation in 2009, which revealed that 6% (compared to the 7%) were considering such a

move at that time. Those most likely to consider a move overseas were:

members who are newly qualified (22% of those considering a move)

members aged under 31 (22%)

members on higher salaries over 70,000 per annum (22%)

members working in ICT, technology or telecoms (22%)

members currently working in London (18%).

A total of 37 members were identified by the survey who were potentially considering

working overseas in their next job. In general these individuals preferred to look at

opportunities in English speaking countries such as Australia, Canada, the USA and New

Zealand.

Mobility of CIMA qualification

7% of membersare consideringworking overseas

Canada

31%

USA31%

UAE

11%

Switzerland10%

Australia44%

New Zealand19%

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Canada

31%

USA31%USA31%


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Those members who were considering working overseas were asked to say why they

wanted to relocate. The main reasons were likely to be lifestyle oriented (quality of life and

experiencing different cultures), although career related motives were also in evidence.

The numbers stating improved quality of their l ife as their reason for wishing to workoverseas has increased significantly since 2009.

Motives for wishing to work overseas

3%

8%

10%

13%

15%

17%

27%

30%

32%

47%

49%

70%

14%

19%

8%

16%

11%

27%

30%

14%

27%

62%

62%

49%

To learn a new language

Take time out/travel

Improved employment conditions

Stronger economy

Internal company transfer

Work promotion

Better employment opportunities

Friends and family

Improved salary

Experience a different culture

New career opportunity

Improved quality of life

2009

2010

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Future

The greatest aspect of the tough economic conditions appears to be manifesting itself in

terms of pay freezes. As many as 48% of members feel that they might experience a pay

freeze during the coming year. Those members who are most concerned about this fit the

following profile:

members working in the South West of England or Wales (65%)

members working in ICT, technology or telecoms (65%)

members working in the public sector (61%)

members with 10-19 years experience (59%)

members working as management accountants rather than managers or directors

(58%)

members aged 41-50 (57%).

A further 9% of members are concerned that they might face redundancy during the coming

year. This is the second most significant fear that members identify as a potential effect of

the current economic problems. Management accountants are most likely to be concerned

about redundancy (14%). Members with four to five years experience also seem more

concerned than average (17%) along with members with more than 20 years experience

(16%). The threat of redundancy also appears to be more acute in companies with more

than 250 staff (10%) than in smaller organisations (4%).

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One word to describe how CIMA is different from other accountancy

qualifications

A summary of respondent perceptions is illustrated below (the size of the font reflects thenumber of times the word was spontaneously mentioned).

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UK salary information

This section provides a breakdown of UK specific salary information by key indicators

(where the sample base is large enough to provide reliable information). All salary

information was collected in April 2010 and is presented in local currency.

UK

Base: 547

Salary

( per

annum)

Bonus

( per

annum)

Total

package (

per annum)

Total 58,820 6,447 65,267

Salary level

Lower 41,889 2,604 44,493

Medium 63,000 7,189 70,189

High 100,038 16,013 116,051

Age

Under 31 45,233 4,796 50,029

31-35 55,181 6,022 61,203

36-40 55,796 6,037 61,833

41-50 67,392 7,434 74,826

51 and over 78,913 9,046 87,959

Gender

Male 62,690 7,299 69,989

Female 51,575 4,852 56,427

LevelAssociate 55,786 5,951 61,737

Fellow 84,471 10,643 95,114

Size of organisation

Under 50 staff 61,993 3,235 65,228

50 - 249 staff 51,475 3,486 54,961

250+ staff 59,059 7,285 66,344

Years of experience

Newly qualified 43,112 2,878 45,990

1-3 years 46,671 4,201 50,872

4-5 years 55,469 5,478 60,947

6-9 years 60,635 7,632 68,267

10-19 years 67,160 7,314 74,474

20 years + 84,951 12,249 97,200

Job role

Finance director 79,387 9,542 88,929

Financial controller 56,250 6,636 62,886

Financial managers 54,888 5,564 60,452

Finance/business analysts 46,864 4,321 51,185

Management accountants 42,131 2,309 44,440

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UK

Base: 547

Salary

( perannum)

Bonus

( perannum)

Total

package (per annum)

Total 58,820 6,447 65,267

Industry sector

Retail, consumer, FMCG

and food and drink 64,905 11,565 76,470

ICT, technology and telecoms 65,099 8,547 73,646

Banking, finance and insurance 61,369 8,255 69,624

Manufacturing and engineering 53,319 5,036 58,355

Accounting practice 50,555 4,480 55,035

Public sector/not-for-profit 51,214 1,421 52,635

Region

London 67,254 8,584 75,838

South East (exc. London) 61,929 6,700 68,629

Central England 56,791 6,367 63,158

Northern England and Scotland 52,064 5,723 57,787

Wales and South West England 52,637 2,851 55,488

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Technical information

Data collection for the CIMA UK members salary survey 2010 was carried out online by

CIMA during the period 19 March to 19 April 2010. The data was subsequently rim

weighted (by Redshift Research) by CIMA member level to ensure the profile of the survey

accurately represents all CIMA members working in business.

17,489 CIMA members globally (excluding retired members) were selected and invited to

participate (UK, Ireland, Australia, Malaysia, Sri Lanka, South Africa, USA, Canada,

Singapore, New Zealand, UAE, China and India) a total of 1,959 completed the study

globally (11% response rate), with 547 respondents from the UK. Basic responses from the

UK were as follows:

Sample profile

Respondent type Proportion of Sample

Aged under 31 20%

31-35 27%

36-40 17%

41-50 25%

51 and over 10%

Male 65%

Female 35%

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Further information

For further information on technical matters relating to this survey, [email protected]

For further country specific analysis and reports, visit CIMA MY JOBS athttp://myjobs.cimaglobal.com

Both the Chartered Institute of Management Accountants and Redshift Research areMarket Research Society Company Partners. The organisations abide by the MarketResearch Societys Code of Conduct and the Data Protection Act.

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Global contacts

CIMA UK Head Office26 Chapter StreetLondonSW1P 4NPUnited KingdomT. +44 (0)20 8849 2287F. +44 (0)20 8849 2450E. [email protected]

CIMA AustraliaSuite 1305109 Pitt StreetSydney NSW 2000AustraliaT. +61 (0)2 9376 9900

F. +61 (0)2 9376 9905E. [email protected]/australia

CIMA BotswanaPlot 50374, Block 3, 1

stFloor

Southern WingFairgrounds Financial CentreGaborone, BotswanaPostal address:PO Box 403475Gaborone, BotswanaTelefax. +267 395 2362F. +267 395 2362/397 2982E. [email protected]/botswana

CIMA ChinaUnit 1508AAZIA Center, 15th floor1233 Lujiazui Ring RoadPudongShanghai 200120P.R.ChinaT. +86 400 820 4080+86 (0)21 5528 5119F. +86 (0)21 5228 5120E. [email protected]/chinawww.cncima.com

CIMA Hong KongSuites 1414 141514th Floor Jardine HouseCentral, Hong KongT. +852 2511 2003F. +852 2507 4701E. [email protected]

CIMA IndiaUnit 1-A-1, 3rd FloorVibgyor Towers C-62, G Block,Bandra Kurla Complex,Bandra (East),Mumbai - 400 051T. +91 (0)22 4237 0100F. +91 (0)22 4237 0109E. [email protected]/india

CIMA Ireland45-47 Pembroke RoadBallsbridge, Dublin 4T. +353 (0)1 643 0400F. +353 (0)1 643 0401

[email protected]

CIMA MalaysiaLots 1.03b and 1.05, Level 1KPMG TOWER8 First Avenue, Bandar Utama47800 Petaling JayaSelangor Darul EhsanMalaysiaT. +60 (0)3 7723 0230F. +60 (0)3 7723 0231E. [email protected]/malaysia

CIMA Middle EastOffice E01, 1st Foor, Block 3

PO Box 502221Dubai Knowledge VillageAl Sofouh RoadDubai, UAET. +971 4434 7370F. +971 4434 1998E. [email protected]/middleeast

CIMA PakistanNo. 201, 2nd floor Business ArcadePlot No. 27 A, Block 6, P.E.C.H.S.Shahra-e-FaisalKarachi, PakistanT. +92 21 3432 2387/88/89F. +92 21 3432 2390E. [email protected]/pakistan

CIMA Singapore51 Goldhill Plaza, #08-02Singapore 308900T. +65 6535 6822F. +65 6534 3992E. [email protected]/singapore

CIMA South Africa1st Floor, 198 Oxford RoadIllovo, JohannesburgSouth AfricaPostal address:PO Box 745, Northlands 2116, SouthAfricaT. +27 (0)11 788 8723/0861 CIMA SA

F. +27 (0)11 788 [email protected]/southafrica

CIMA Sri Lanka356 Elvitigala MawathaColombo 5Sri LankaT. +94 (0)11 250 3880F. +94 (0)11 250 3881E. [email protected]/srilanka

CIMA Zambia6053, Sibweni RoadNorthmead, LusakaZambia

Postal address:PO Box 30640, Lusaka, ZambiaT. +260 21 1 290 219/291 708F. +260 21 1 290 548E. [email protected]/zambia

CIMA Zimbabwe6th Floor, Michael House62 Nelson Mandela Avenue,HarareZimbabwePostal address:PO Box 3831, Harare, ZimbabweTelefax. +263 (0) 4 708600/702617F. +263 (0) 4 708600/702617E. [email protected]/zimbabwe

CIMAs global offices may change duringthe year, so please visit the global weblinks for the most up-to-date contactdetails. For a full list of global contacts,please visitwww.cimaglobal.com/globalcontacts

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Documents

CIMA Qualified Salary Survey_UK_20.10