This research was conducted by CIMA in conjunction with Spotlight Market. Research & Editing. The Chartered Institut
CIMA salary survey 2012 China
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Salary survey results China average salary figures ‘On average, qualified members earn more than three times the salary of part-qualified students.’
Survey figures for 2012 suggest that qualified CIMA members in China are earning on average RMB820,455 in basic annual salary plus RMB132,580 in annual bonus payments, totalling RMB953,035 per annum.1
Salary increases anticipated
Tentative figures suggest that part qualified CIMA students in China are earning on average RMB242,391 in basic salary plus RMB29,582 in bonus payments, totalling RMB271,973.1 The mean figure is boosted by 35% of students who are reportedly earning upwards of RMB300,000 plus bonus each year.
94% of CIMA students and members in China are anticipating a salary rise over the next 12 months, at an average rate of 10.3%, which in real terms will be well above the IMF’s price inflation forecast of 2.5%.2 Satisfaction with salary Among all part qualified students and qualified members, 61% are satisfied with their current salary. This is not significantly different from the 2011 figure of 68%.
Figure 1: Annual remuneration by CIMA level
RMB953,035 RMB271,973
Part qualified students
Qualified members
Business and the economy Expectations for future pay and conditions China’s economic growth remains strong, although it slowed in the second quarter of 2012 due to falling exports following the global financial crisis and dampened domestic demand.
However, current expectations remain positive for a recovery in the second half.3 Reflecting this picture, the expectations of CIMA students and members in China in 2012 are – on balance – mildly optimistic, although to a lesser extent than in 2011.
1 Average salary figures should be treated with caution. The respondent base is 23 for qualified members and 22 for part qualified students. 2 IMF World Economic Outlook, April 2012. Available at: www.imf.org/external/pubs/cat/longres.aspx?sk=25342 Accessed 19 July 2012. 3 IMF World Economic Outlook, April 2012. Available at: www.imf.org/external/pubs/cat/longres.aspx?sk=25342 Accessed 19 July 2012; The Telegraph online July 16, 20121:10PM. ‘Dollar higher after Chinese GDP data.’ Available at: www.dailytelegraph.com.au/business/dollar-higher-after-chinese-gdp/story-fn7ki99q-1226426821791 Accessed 19 July 2012; ft.com, S. Rabinovitc, July 13, 2012 12:54 pm. ‘Chinese economic growth slows to 7.6%’. Available at: www.ft.com/cms/s/0/241b0dc8-cc90-11e1-839a-00144feabdc0.html#axzz20nA7A3Cw Accessed 19 July 2012.
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The most positive expectation held by students and members is for salary increases across the board in the organisation in which they work (51%), buoyed by increased profitability, which is anticipated by 38%. On balance, headcount is also expected to rise, as 37% expect increased staff recruitment
against 17% who expect job cuts. Other less positive expectations are budget cuts (31%), recruitment freezes (29%) and a fall in business profitability (24%), all of which have risen since 2011 and offset positive expectations to some extent.
Figure 2: Expectations for the business environment over the coming 12 months − selected indicators 51%
Salary increases 38%
Increase in the overall profitability of the business
Budget cuts
29%
6% 13%
Base: 2012 (45), 2011 (47)
24%
20% 25%
Increased spend on staff training
Salary freezes
31%
19%
Fall in the overall profitability of business
Job cuts
46%
37% 40%
Increase in staff recruitment
Recruitment freeze
60%
17% 11% 8% 2012
15% 2011
Working conditions Working hours
Motivators at work
CIMA students and members in China work 47 hours per week on average. Despite these long hours, over the coming 12 months, while 55% expect no change, 38% are expecting their working hours to increase, primarily due to taking on more responsibility/more pressure and company growth.
The key motivators at work for students and members are flexibility/work–life balance (62%) and the scope of the role (49%). A good working environment (40%), financial reward (38%), promotion prospects (31%) and training and development (30%) are also important incentives.
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Career plans ‘Members and students choose the CIMA qualification for its global reputation and the employability it provides.’
Seeking new opportunities Mobility of students and members remains robust, with 21% planning to move job within six months and a total of 78% planning to move job within the next two years. Of those, 80% plan to stay within China, but 20% plan to move abroad. Indeed, 83% of all students and members agree that the CIMA qualification enables international employability. ‘[I chose to become CIMA qualified] to have an internationally recognised qualification that will add credibility to my CV as a finance professional.’ Female Associate member working as a department head in the banking sector
Figure 3: Top skills that part qualified students and qualified members wish to develop 54% Relationship management 51% Communication 51% Leadership 45% Strategic planning and implementation 40% Risk management 38% Problem solving 38% Persuading and influencing 35% Change management 34% Decision making
The CIMA qualification strengthens your ability to move internationally with your career
83% agree
The CIMA qualification creates career opportunities for you
80% agree
The CIMA qualification strengthens your ability to move across all areas of the business
76% agree
Building skill sets Over the coming 12 months students and members in China are keen to develop a range of managerial, technical and ‘people’ skills. Relationship management is the most frequently desired skill set, followed by communication (including writing, presenting and negotiating) and leadership. When asked why they chose to become CIMA qualified, the priorities for members in China were the global reputation of the qualification, the syllabus and the competitive advantage it provides in industry by improving employability and prospects. ‘CIMA relates closely to the business environment. It incorporates a lot of non-financial values, which is essential in understanding the business; for example, strategies, human resources, IT, etc. I am proud to be a CIMA member!’ Female Associate member employed as a financial controller in the oil, gas and alternative energy sector
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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 45 from China. 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.
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