CIMA New Zealand · 2011. 12. 12. · 1 Main findings Overview of remuneration packages The 2011...
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CIMA New Zealand qualified salary survey 2011
Transcript of CIMA New Zealand · 2011. 12. 12. · 1 Main findings Overview of remuneration packages The 2011...
CIMA New Zealandqualified salary survey 2011
Table of contents
Main findings 1
Overview of remuneration packages 1
Expectations for future pay and conditions 2
One word to describe...management accounting 4
Appendix 5
Technical information 5
Further information 5
Acknowledgements 5
Global offices 6
Table of figures
Figure 1: Annual remuneration, salary tier and satisfaction level 1
Figure 2: Attitudes towards the CIMA qualification 2
Figure 3: Expectations for the business environment 3
Figure 4: Words used to describe…management accounting 4
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Main findings
Overview of remuneration packages The 2011 CIMA member salary survey for New Zealand reveals that the average basic annual salary is NZ$117,103, and that 78% of members are classified as earning a mid-tier or higher-tier basic salary. The average total annual salary package equates to NZ$124,006, taking into account the average annual bonus of NZ$6,903. Over half (58%) of members expect to receive a bonus in 2011, but the anticipated bonus size varies widely: while 42% expect no bonus29% of members expect a bonus of up to 9% of salary and 31% expect a higher percentage. The majority of members are satisfied with their current salary (82%) and benefits package (78%).
Figure 1: Annual remuneration, salary tier and satisfaction level
Annual remuneration NZ$
Mean basic salary 117,103
Mean bonus (based on all members) 6,903
Mean total salary (basic plus bonus) 124,006
Salary tier Percentage of members
Higher (NZ$150k or more) 18%
Medium (NZ$90k−NZ$150k) 60%
Lower (less than NZ$90k) 22%
Satisfaction level Percentage of members
Satisfied with salary 82%
Satisfied with benefits package 78%
Base 51
‘The average total annual
salary package is NZ$124,006.’
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In addition to salary, CIMA members in New Zealand receive a range of benefits, most commonly contribution to/payment of CIMA fees (60%) and a bonus (48%). The survey indicates that financial benefits and flexible working are the additional incentives most valued by members. Membership of a pension scheme and healthcare are also valued by many members, but are currently available to comparatively few: 31% receive a pension, which scores 4.1 out of 5 for importance, and 37% receive healthcare, which scores 3.9. The ability to work flexible hours receives the highest importance rating (4.3 out of 5), but along with other family-friendly benefits − such as additional holidays and working from home – is currently received by no more than two-fifths of members. The survey of CIMA members reveals that 55% name flexibility/work–life balance as a key motivator in the workplace, compared to only 36% citing financial rewards.This suggests that a wider provision of flexible working would be welcomed by existing staff and candidates. Expectations for the future, pay and conditions
The majority of members agree that the CIMA qualification strengthens the ability to move internationally with one’s career, creates career opportunities and enables movement across all areas of the business. Indeed, more than one-half (56%) of members are considering alternative job opportunities within the next two years to seek new and better employment. Of those planning to seek new roles, almost one-third (29%) are likely to seek work outside New Zealand, mainly in Australia. Figure 2: Attitudes towards the CIMA qualification
77%
75%
69%
Strengthens your ability to move internationally with your career
Strengthens your ability to move across all areas of the business
Creates career opportunities for you
Agree/Strongly agree
Base: (51)
‘The CIMA qualification strengthens the ability to move internationally with one’s career.’
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The survey reveals moderate optimism about the business environment for the coming 12 months. The proportion anticipating increased business profits (48%) is much greater than the proportion anticipating a fall in profits (7%). However, the expectation for increased recruitment is offset by anticipation of job cuts. There is a small positive bias towards salary increases and more money being available for future investment.
Figure 3: Expectations for the business environment
Reduced expenditure and headcount Reduced performance, increased caution
Increased expenditure on staffing Increased performance, more investment
Base: (51)
28%
19%
25%
21%
13%
7%
Budget cuts
Recruitment freeze
Job cuts
Salary freezes
Cuts in funding for staff training
Salary decreases
60%
21%
7%
18%
9%
0%
Business process/policy changes
Greater focus on regulatory issues
Fall in the overall profitability of business
Less money available for future investment
Less outsourcing
Restricted mergers/acquisitions
28%
35%
14%
Increase in staff recruitment
Salary increases
Increased spend on staff training
48%
20%
24%
27%
Increase in the overall profitability of business*
Increased mergers/acquisitions
More money available for future investment
Increase in outsourcing
‘The survey reveals
moderate optimism about
the business environment for
the coming 12 months.’
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The New Zealand economy is forecast to grow by 2.0% in 2011, rising to 3.8% growth in 2012, helped by favourable terms of trade and export demand within regional trade flows. However, the rate of inflation in 2011 is expected to reach 4.4%, squeezing real incomes and dampening real wage increases.1
In terms of members’ own plans and prospects, 47% are expecting their own salary to increase over the next 12 months and most are expecting an increase of between 1% and 4%. The increase will be offset by the rate of inflation. More than half (55%) of members interviewed currently work 41–50 hours per week and a further 18% work 51 or more hours per week. While two-thirds are expecting no change, almost one-third are expecting their working hours to increase over the next 12 months, largely due to the greater responsibilities that come with promotion. These findings are in line with some of the skill sets that members most want to develop over the coming year, which relate to managerial expertise such as strategic planning and implementation (52%) and leadership (47%).
One word to describe...management accounting Members were asked to use one word to describe what management accounting means to them personally. The words below show the most popular responses, with the size of font denoting frequency of mention. Figure 4: Words used to describe…management accounting
1 IMF World Economic Outlook, September 2011.
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Appendix
Technical information
Survey responses were collected by CIMA among active members between 09 June and 04 July 2011, via an online survey. The data was analysed and reported by an independent specialist consultancy.
Just over 21,000 CIMA members were selected and invited to participate in the international study which covers 14 markets. Within the study period 2,367 responded internationally, including 51 from New Zealand.
The response data presented in this report has been weighted to reflect the profile of the CIMA membership by market. All base numbers quoted in Figures report the lowest unweighted base i.e. the number of responses.
Further information
For further information on technical matters relating to this survey, contact [email protected]
For further country specific analysis and reports, visit CIMA MY JOBS at
http://myjobs.cimaglobal.com
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.
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