CIMA Russia part qualified salary survey 2010 locations docs/Ru… · · 2010-07-22CIMA salary...
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CIMA Russia part qualified salary survey 2010
Transcript of CIMA Russia part qualified salary survey 2010 locations docs/Ru… · · 2010-07-22CIMA salary...
CIMA Russia part qualified salary survey 2010
CIMA salary survey 2010 – Russia
Executive summary 1
Main findings 2
Salaries and bonuses 2
Sector 2
Job role 3
Recruitment and retention 4
Satisfaction with salary and benefits 4
Importance of benefits 4
Working hours 5
Skill set requirements 6
Geographical mobility 7
Extent of movement 7
One word to describe CIMA difference 7
Technical information 8
Further information 8
Global contacts 9
1
Executive summary
The last few years have seen significant economic growth in the Russian Federation, much of it
based on its vast energy and oil reserves. However, the global economic downturn affected Russia
far more than most countries in 2009, with the International Monetary Fund (IMF) reporting that
the economy contracted by 9%. With the outlook for the global economy generally improving in
2010, the IMF forecasts that Russia will see growth in GDP of 3.6%, followed by 3.4% in 2011.
The second annual global salary survey of CIMA students was carried out in February 2010. A
total of 2,563 employed students (who had sat an exam in the last two years under the 2005
CIMA qualification structure) contributed to the survey of which 47 responses were from Russia.
This report summarises the results of this survey with a particular focus on Russia, looking at how
recent economic events are impacting on salary levels and benefit packages experienced by CIMA
students working there. Please note that due to small base numbers, only indicative results are
given for Russia. The results should be viewed with caution when compared to global averages.
Salaries and bonuses
• The average CIMA student’s monthly salary is 154,255 roubles.
• The average bonus across all students is 17,969 roubles, giving a total monthly remuneration
package of 172,224 roubles.
• Just over three-quarters (77%) are expecting to receive an on target earnings bonus in 2010.
• Only one-quarter of students in Russia anticipate a pay freeze in 2010, compared with 39% of
students globally
Recruitment and retention
• Nearly three-fifths of students (59%) are satisfied with their level of salary (global average,
51%).
• Overall 68% are satisfied with the benefits they receive (global average, 67%).
• The most desired benefits are bonus, healthcare, flexible hours and study leave, whilst the
main benefits received are healthcare (81%), contribution to CIMA fees (60%), life assurance
(60%), and bonus (53%).
• Leadership (53%), personal development (43%), persuading and influencing (38%), and
strategic planning and implementation (36%) are the main focus for skills development in the
next 12 months.
• Russian economy is expected to show recovery during 2010, and 45% report company growth
as a reason for needing to work more hours, compared to 28% globally.
Geographical mobility
• 36% of students currently have no plans to move employer, but 34% plan to move within the
next year. Another 30% are looking to move in the next one to two years.
• Of those looking to move jobs, 60% plan to stay in Russia. The most popular overseas
employment destinations are Switzerland (42%) and the UK (33%).
2
Main findings
Salaries and bonuses
The average basic salary per month is 154,255 roubles plus a bonus of 17,969 roubles,
producing a total average monthly remuneration package of 172,224 roubles. The average is
pushed up by a small proportion of individuals (11%) earning a basic monthly salary of over
300,000 roubles. A further 15% earn between 200,000 roubles and 299,999 roubles.
For the 77% of Russian respondents expecting to receive a bonus in 2010, the average rises to
23,138 roubles, equating to 15% of their salary.
Certainly, relative to CIMA students in other countries, there is an expectation that students in
Russia will suffer fewer ill effects of the global economic downturn. While almost one-quarter
of students in Russia anticipate a pay freeze in 2010, this compares with 39% of students
globally. Only 2% anticipate salary reductions or redundancy in the coming year.
55% of students in Russia are at managerial level, 21% are at strategic level, 11% are studying
TOPCIMA and 13% are passed finalists. In general, salaries increase with CIMA level1.
70% of students live in Moscow and 11% in St Petersburg.
Sector
CIMA is important to the broad base of industries in Russia with the accountancy sector
(19%), and banking, finance and insurance sectors (17%) employing the highest proportion of
CIMA students. The retail sector and oil, gas and alternative energy sectors are also important,
accounting for 15% and 13% of students respectively.
Given the low base numbers it is difficult to make comparisons across the sectors.
The majority (81%) are working for organisations employing 500 or more staff internationally.
Job role
In terms of fitting into the business, the organisational structure is traditional, as 81% of
respondents sit in the finance division. A further 11% reside in operations.
The most common job titles are finance analyst/business analyst (26%), finance manager
(15%) and financial controller (13%) demonstrating the strategic nature of many students’ roles.
1 For the purposes of this survey CIMA level data was collected under the 2005 CIMA qualification structure and refers to those at managerial level, strategic level, TOPCIMA and passed finalists. For comparison under the 2010 qualification structure these levels are respectively now known as operational/management level, strategic level, T4 Part B Case Study and exams complete.
• On average CIMA students monthly salary is 154,255 roubles
• The average bonus is 17,969 roubles across all respondents
• 77% expect to receive an on target earnings bonus in 2010
• For the 77% expecting a bonus the average is 23,138 roubles
3
Recruitment and retention
Satisfaction with salary and benefits
Almost three-fifths of students (59%) are happy with their level of salary, compared to the
global average of 51%, with just 4% being extremely satisfied. Some 9% are very dissatisfied.
Satisfaction with benefits received is much higher than salaries, with 68% indicating they
are extremely satisfied or satisfied with the benefits they receive, in line with global scores
(67%).
Importance of benefits
Bonuses, healthcare, flexible hours and study leave are the key benefits sought by students
in Russia. In common with most other countries, bonuses are highly valued by students in
Russia (scored 4.6 in terms of importance and 64% stated they are extremely important),
alongside healthcare (which scored 4.4 in terms of importance and is considered to
be extremely important by 51% of students). Pensions, although generally considered
important, are clearly less of a priority (the lowest score of all countries), with a mean score
of 3.6 and just 16% stating that receiving a pension is extremely important (again the
lowest globally).
Importance of benefits (mean score) by benefits received 5 = extremely important, 1 = not at all important
4.6
3.9 3.9 3.8 3.8 3.8 3.7 3.6 3.6 3.5 3.4 3.4 3.4 3.4 3.3 3.1 3 3 2.8 2.8 2.7
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2.5
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Other benefits considered relatively important relate to work life balance, including extra
holidays, flexible working, working from home and study leave but with less students
receiving these as part of their benefits package, expectations are not fully being met.
81% of students receive healthcare benefits as part of their package and 60% receive life
assurance and a contribution to CIMA fees (compared to 40% and 23% globally). 53%
receive a bonus and 47% receive a daily subsidised food allowance, the highest of all
countries surveyed.
Working hours
A 41-50 hour week is most commonly worked by over half (53%) of students. But one-
quarter of students work more than 50 hours per week. The average working week is 46
hours in Russia (compared with 42 hours globally).
Some 23% of students are under pressure to increase their number of hours (compared to
31% globally), but the majority (70%) expect working hours to remain the same. Increased
hours can often be as a result of career progression with 64% of those anticipating longer
hours having taken on more responsibilities or a more pressurised position. Unlike some
other countries, the Russian economy is expected to show recovery during 2010, and 45%
report company growth as a reason for needing to work more hours, compared to 28%
globally.
Requirement to work outside normal hours
23%
6%
Increasing
Decreasing
Staying the same70%
5
Skill set requirements
CIMA students are well aware that their future careers will need them to be good at
elements other than just technical accountancy. Therefore students seek to improve their
skills in a wide range of areas, particularly leadership (53%), personal development (43%),
persuading and influencing (38%), and strategic planning and implementation (36%). Around
one-third of students are also interested in skills for developing others and reporting and
analysis.
Skill sets required
53%
43%
38%
36%
32%
30%
28%
28%
26%
23%
21%
17%
15%
15%
13%
13%
2%
Leadership
Personal development (e.g. career planning, time management)
Persuading and influencing
Strategic planning and implementation
Skills for developing others (e.g. assessing performance, coaching)
Reporting and analysis
Problem solving
Decision making
Project management
Communication (e.g. negotiating, writing, presenting)
Risk management
Internal audit and control
Team building
Budgeting
Time management
IT software (MS Excel, Word, Powerpoint, etc.)
IT (hardware systems)
6
Geographical mobility
Extent of movement
Almost two-thirds of students (64%) intend to change jobs over the next two years, which
may reflect increased confidence in the Russian economy and job market in 2010-11. Over
one-third are looking to move job within the next 12 months, and 30% in the next one to
two years.
Over half of potential movers (60%) want to remain in Russia for their next position,
but of those interested in travelling outside Russia, the most popular destinations are
Switzerland (42%) and the UK (33%), followed by Canada, Germany and Singapore.
Improved employment opportunities and quality of life are the key drivers to move to new
destinations.
Career plans for the next two years
One word used to describe how CIMA is different from other accountancy qualifications...
The size of the font reflects the number of times the word was spontaneously mentioned.
Stay in current job
Find a new job in Russia
Find a new job abroad38%
26%36%
professional up-to-date
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exciting
Easier
logical
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Useful
knowledgeperspective
Interesting
Universaldiversified
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7
professional up-to-date
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logical
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Technical information
Data collection for the CIMA Global Part Qualified Salary Survey 2010 was carried out
by CIMA itself online during the period 28 January to 14 February 2010. The data was
subsequently rim weighted (by Redshift Research) by country to ensure the profile of the
survey sample accurately represents all CIMA markets.
13,980 CIMA students globally were selected and invited to participate (UK, Ireland, South
Africa, Sri Lanka, Malaysia, India, Hong Kong, Australia, Mainland China, UAE, Botswana,
Pakistan, Russia, Poland and Zambia). A total of 2,563 completed the study globally (18%
response rate), with 47 responses from Russia. Please note that due to small base numbers,
only indicative results are given for Russia. The results should be viewed with caution when
compared to global averages.
For the purposes of this survey, CIMA level data was collected under the 2005 CIMA
qualification structure and refers to those at managerial level, strategic level, TOPCIMA and
passed finalists. For comparison under the 2010 qualification structure, these levels are
respectively now known as operational/management level, strategic level, T4 Part B Case
Study and exams complete.
Further information
For further information on technical matters relating to this survey, contact
For further country specific analysis and reports, visit CIMA MY JOBS at
http://myjobs.cimaglobal.com/
Both the Chartered Institute of Management Accountants and Redshift Research are Market
Research Society Company Partners. The organisations abide by the Market Research
Society’s Code of Conduct and the Data Protection Act.
Table of responses by age band
Under 25 1
25-34 37
35-44 8
45 and over 1
Total 47
Table of responses by gender
Male 20
Female 27
Total 47
Table of responses by CIMA level
Managerial 26
Strategic 10
TOPCIMA 5
Passed finalist 6
Total 47
8
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 9900F. +61 (0)2 9376 9905E. [email protected]/australia
CIMA BotswanaPlot 50676, 2nd Floor, Block BBIFM Building, Fairgrounds Office ParkGaborone, 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 0401E. [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 3PO 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, South AfricaT. +27 (0)11 788 8723/0861 CIMA SAF. +27 (0)11 788 8724E. [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, LusakaZambiaPostal 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
CIMA’s global offices may change during the year, so please visit the global web links for the most up-to-date contact details. For a full list of global contacts, please visitwww.cimaglobal.com/globalcontacts
Chartered Institute of
Management Accountants
26 Chapter Street
London SW1P 4NP
United Kingdom
T. +44 (0)20 7663 5441
F. +44 (0)20 7663 5442
www.cimaglobal.com
© May 2010, Chartered Institute of Management Accountants
