Despite another rollercoaster year, finance professionals have shown notable resilience to the ongoing turbulence of the global economy according to the 2011 members’ salary survey carried out by the Chartered Institute of Management Accountants (CIMA).
The majority of CIMA members are feeling comparatively recession-proof and are confident of developing their careers in the near future. Nearly half of respondents expect a salary increase in the next 12 months, and just a quarter anticipate a pay freeze, which is notably more positive than the 45% polled in 2010.
Although salary is clearly important to members, their quality of life is becoming more of a priority.
In seven of the 14 countries surveyed, a good working environment, a challenging workload and a good work-life balance are also considered major motivators.
But long hours are becoming more common. In 13 of the 14 countries surveyed, two-thirds or more of respondents are working over 40 hours a week – and sometimes up to 50 hours.
There are widespread expectations of increased working hours in the future, largely due to reduced headcounts, particularly in the UK, Asia and the Middle East.
CIMA members’ skills are valued all around the world in a number of diverse sectors.
Of the 61% of members planning to move jobs within the next two years, 15% plan to emigrate. The most popular destinations include: Australia (35%), the US (33%) and the UK (17%).
“In these difficult times the CIMA qualification remains highly valued by employers," says Andrew Harding, managing director, CIMA. According to Harding, the qualification provides opportunity and mobility to CIMA members.
"An impressive 91% said that their CIMA skills has opened up greater career opportunities and 75% said the qualification has given them greater access to others areas of the business. It has truly never been a better time to be a management accountant,” he notes.
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