CIMA salary survey 2012

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on average K6,850,000 in basic monthly salary ... CIMA boosts salary deals ... 1 Average salary figures for qualified me
CIMA salary survey 2012 Zambia

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Salary survey results Zambia average salary figures ‘Qualified members are earning on average K25.5m per month.’

Survey figures for 2012 reveal that part qualified CIMA students in Zambia are earning on average K6,850,000 in basic monthly salary plus K191,500 in monthly bonus payments, totalling K7,041,500 per month. Tentative figures suggest that qualified members are earning on average K25,130,400 in basic monthly salary plus K380,435 in bonus payments, totalling K25,510,835 per month.1 The mean figure is boosted by 52% of members who are reportedly earning upwards of K20,000,000 each month.

‘76% of students and members say the CIMA qualification strengthens their position in salary negotiations.’

Earning a bonus is not the norm: 20% of members and students say they receive one, at an average rate of 2% of gross salary.

CIMA boosts salary deals Students and members in Zambia are very positive about the benefits of the CIMA qualification on employability and salary. Three-quarters (76%) agree that the CIMA qualification strengthens their position in salary negotiations, while over 91% say it creates career opportunities, widens career choice and strengthens international employability. The CIMA qualification creates career opportunities for you

agree

Satisfaction with salary Among all part qualified students and qualified members, 38% are satisfied with their current salary. However, figures indicate that 32% of students are satisfied with their salary compared to 57% of qualified members. The low level of salary satisfaction is likely to be a symptom of double digit consumer price inflation that has persisted for many years in Zambia and which has only come down below 10% since 2010.2 Salary increases anticipated A positive outcome is expected, however, with 79% of CIMA students and members in Zambia anticipating a salary rise over the next 12 months, at an average rate of 12.1%, which in real terms will be above single digit inflation forecasts.3

97%

The CIMA qualification strengthens your ability to move internationally with your career

93% agree

The CIMA qualification strengthens your ability to move across all areas of the business

92% agree

1 Average salary figures for qualified members should be treated with caution as the respondent base is 23. 2 IMF World Economic Outlook, April 2012. Available at: www.imf.org/external/pubs/cat/longres.aspx?sk=25342 Accessed 18 July 2012; African Economic Outlook. Zambia. Available at: www.africaneconomicoutlook.org/en/ countries/southern-africa/zambia/ Accessed 19 July 2012. 3 Ibid.

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Figure 1: Monthly remuneration by CIMA level

K25,510,835 K7,041,500

Part qualified students

Qualified members2

Business and the economy Expectations for future pay and conditions Zambia’s economic growth remains strong, with GDP growth expected to reach about 7% in 2012, as trade and investment ties with China continue to strengthen. However, a slowdown in China’s growth, the global financial crisis affecting mining exports and a question mark on investor confidence are factors which are dampening sentiment.4 Reflecting this picture, the expectations of CIMA students and members in Zambia in 2012 are mildly optimistic.

The most positive expectations held by students and members are for increased headcount (34%) and salary rises across the board in the organisation in which they work (27%), buoyed by increased profitability, which is anticipated by 28%. On balance, headcount is expected to rise, as 34% expect increased staff recruitment against 15% who expect job cuts. Other, less positive expectations of significance are budget cuts (32%) and recruitment freezes (19%), which offset positive expectations to some extent.

Figure 2: Expectations for the business environment over the coming 12 months − selected indicators 34%

Increase in staff recruitment Budget cuts

32%

Increase in the overall profitability of the business

28%

Salary increases

27%

More money available for future investment

21%

Increased spend on staff training

19%

Recruitment freeze

19%

Job cuts Fall in the overall profitability of business

15% 11%

4 African Economic Outlook. Zambia. Available at: http://www.africaneconomicoutlook.org/en/countries/southern-africa/ zambia/; ft.com, L. Hook. July 19, 2012 9:21 am. ‘Zuma warns on Africa’s trade ties to China’. Available at: www.ft.com/ cms/s/0/33686fc4-d171-11e1-bbbc-00144feabdc0.html#axzz213h2nRIx; ft.com, A. Bowman, July 17, 2012 3:34 pm.’ Zambia: saying goodbye to the dollar?’ Available at: http://blogs.ft.com/beyond-brics/2012/07/17/zambiasaying-goodbye-to-the-dollar/#axzz213izYvCN. All accessed 19 July 2012.

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‘Students most want to develop their strategic skills such as risk management. Leadership and people skills are also very important.’

Working conditions

Career plans

Working hours

Seeking new opportunities

Students and members in Zambia work 44 hours per week on average. Over the coming 12 months, while 50% expect no change, 40% are expecting their working hours to increase, primarily due to taking on more responsibility/ more pressure (60%) and understaffing (52%).

Mobility of students and members remains robust, with 24% planning to move job within six months and a total of 73% planning to move job within the next two years. Of those, 70% plan to stay within Zambia, but 30% plan to move abroad. Indeed, 92% of all students and members agree that the CIMA qualification enables international employability.

Motivators at work The key motivators at work for students and members are a challenging workload (43%), training and development (41%), a good working environment (41%) and job security (39%). ‘Within two months of joining my current employer, my immediate supervisor made the following remark “of the many accountants, I have had, this is the first time I am getting such an informative report ...” I was the first CIMA accountant at my work place.’ Student, finance manager in the not-for-profit sector

‘Not only do you become an accountant, but [CIMA] equips you to become a top business executive internationally.’ Male student, management accountant in a large manufacturing business

Building skill sets Over the coming 12 months, students in Zambia are keen to develop a broad range of strategic, managerial, technical and ‘people’ skills. Strategic skills − risk management, strategic planning and implementation, and decision making – are of most importance to students in Zambia, underpinned by a desire to develop leadership skills. ‘People’ skills are also frequently mentioned − communication skills, (including writing, presenting and negotiating), persuading and influencing, relationship management and skills for developing others.

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Figures suggest that skills development is also of high importance to qualified members. The most important are strategic planning and development, skills for developing others, leadership and risk management. When asked why they chose to become CIMA qualified, the priorities for students and members in Zambia were the reputation of the qualification, both at home and internationally, the breadth of the syllabus and the resultant competitive advantage it provides in industry.

Figure 3: Top skills that part qualified students wish to develop 60% Risk management 57% Strategic planning and implementation 55% Decision making 48% Leadership 47% Personal development

‘… CIMA is the best all-round qualification for a business person … it develops an allround manager ... that can go out and run any form of business.’ Male student, credit controller in very large automotive business

43% Problem solving 40% Persuading and influencing 40% Communication 40% Financial reporting

Many mentioned the wider range of business opportunities open to them by becoming CIMA qualified − particularly to manage and lead businesses. ‘…the respect and the recognition of CIMA above the other accountancy qualifications in my country gives the CIMA qualified a competitive advantage.’ Male Associate member, director in education sector.

37% Relationship management 35% Skills for developing others

‘CIMA qualified students are always ready to take up leadership roles and drive the business.’ Female Associate member, financial accountant in the banking sector

‘[The] CIMA qualification teaches broader thinking skills and complete knowledge of the dynamics of an organization.’ Male student, working as a personal banker

‘Members and students chose the CIMA qualification for its reputation, competitive advantage and the breadth of employability it provides.’

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Technical information Survey responses were collected by CIMA among active part qualified students and qualified members between 2 and 29 May 2012, via an online survey. The data was analysed and reported by an independent specialist consultancy. Just under 15,000 part qualified students and approximately 21,000 qualified members were selected and invited to participate in the

international study, which covers 19 markets in total. Within the study period 5,558 responded internationally, including 83 from Zambia. The response data presented in this report has been weighted to reflect the profile of CIMA part qualified students and qualified members 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.

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 E. [email protected] www.cimaglobal.com © August 2012, Chartered Institute of Management Accountants