The Chartered Institute of Management Accountants (CIMA) has today published the findings of its 2009 Irish student/unqualified salary survey. The survey is part of CIMA’s first ever global salary survey of individuals currently studying to qualify as a Chartered Management Accountant. A total of 2,093 people contributed to the survey of which 194 were in Ireland. The average annual salary for a student/unqualified is €49,565 and fully qualified CIMA member working in Ireland in 2008 was €99,419.
Key findings:
- The average basic salary for a CIMA student in Ireland is €47,384 per annum, plus a bonus of €2,181, producing a total average annual package of €49,565.
- 57% of students still expect to receive a bonus in 2009 despite current economic conditions. The average expected bonus is €3,598.
- Male students earn on average €6,330 p.a. more than their female colleagues. This figure rises to €7,452 when bonuses are taken into account.
- Bonuses for students who have passed their final exams are also 52% higher than managerial level.
- Overall, 65% of Irish students claim to be satisfied with their salary with the percentage rising to 88% for those earning greater than €55,000
- 67% of Irish students felt their promotion prospects were average, good or excellent.
- The most popular benefits, both in terms of availability and satisfaction, are pensions, study leave and contribution/payment of CIMA fees
- 77% of CIMA students in Ireland are confident that they would be able to keep their current job over the coming year should they choose. Just 48% however plan to stay with their current employer over the next two years.
- 72% of students who plan to move employment intend to move within Ireland, while 28% plan to find work overseas with the UK, America and Australia the most preferred destinations.
Salary freezes are the key action students anticipate their organisations taking during the downturn, with just over three-quarters (76%) expecting this. Passed Finalist students are considerably more pessimistic about the prospect of salary freezes than managerial grade students – 89% versus 70%. Recruitment freezes and a greater focus on regulatory issues are a key concern particularly for the finance sector.
Denis McCarthy, Divisional Director, CIMA Ireland stated “This survey serves as a good benchmark of current and future salary potential for CIMA students. At a time when there is downward pressure on salaries across all sectors of the economy it’s encouraging to see management accounting students reporting strong value linked salaries as well as realistic expectations. The current economic climate means that the role of the management accountant in helping businesses survive and thrive is more important than ever. Innovation is the key to leading enterprises back into growth and CIMA graduates are focused on the need to be more innovative, creative and do things in a smarter way.”
The survey was undertaken by CIMA between January and February 2009 and looks at the salaries and bonuses paid to CIMA students throughout Ireland and how these vary according to factors such as sector and size of business. It also examines recruitment and retention issues and identifies the geographical mobility of CIMA’s part qualified students. The survey found that the key work motivator for CIMA students is having a challenging workload (16%) and the scope of role/projects (15%), followed closely by job security (15%).
It also found that employers could improve satisfaction levels by offering pay rises or bonuses as an incentive for passing exams, as well as flexible working hours.A survey of qualified CIMA members in Ireland in 2008 found that three out of ten (29%) held a job function at director level or above. Such roles include a range of senior finance and management related in-house roles which include Financial Controller, Finance Director, Managing Director, Chief Financial Officer and Chief Executive. Other occupations include self-employed practitioners and consultants.
